Strategic Minerals signs exclusive mineral rights agreement with Duchy of Cornwall
() , an exploration and mining company focused on critical minerals, announced that its wholly-owned subsidiary Cornwall Resources (CRL) has finalised an exclusivity and prospecting agreement with the Duchy of Cornwall that will quadruple CRL's footprint in the East Cornwall/Tamar Valley region to 87.95 km².
The agreement is a first of its kind in modern times, aimed at advancing commercialisation of the Duchy's mineral rights via an exclusivity and prospecting contract. The deal provides exclusive rights to certain areas adjacent to CRL's Redmoor licence, located within the Duchy's mineral rights in North and East Cornwall. The licence covers 6,427 hectares (64.27 km²), including the historically mined and deemed highly prospective Tamar Valley mining district.
The initial exclusive exploration period is for 3 years effective from April 1st, 2024 with an option to extend. Exploration activities will initially focus on a desktop review prior to the continuation of the regional exploration and targeting program following on from activities undertaken as part of Strategic Minerals' Deep Digital Cornwall project.
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Strategic Minerals' wholly-owned CRL has signed an exclusive exploration mineral rights agreement with the Duchy of Cornwall, thereby quadrupling its footprint in the region. Next, CRL will progress reviews of data and historical information aimed at designing the most effective work programmes, with further announcements expected.
The agreement builds on CRL's 8-year history of exploration at adjacent Redmoor where CRL is focused on developing high-grade tungsten, tin, and copper, and advancing the project through feasibility studies. Following the successful completion of the Deep Digital Cornwall programme, CRL is in active funding negotiations to progress the project. The acquisition of new mineral rights areas that were historically mined for critical metals gives CRL the opportunity to add additional satellite resources to a mine at Redmoor, subject to exploration.
Today's agreement is also in keeping with the Duchy's development strategy for the area and supports the UK's Critical Minerals Strategy amid the sector's resurgence in the UK. Within the agreed area, CRL has exclusive rights for exploration activities for all ores, minerals and metalliferous substances, alongside other stores of metals at surface, with the exception of those reserved to the Coal Authority, the Crown and Mines Royal.
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