Strategic Minerals PLC (LON:SML) has received £248,155 in research & development (R&D) tax relief from Her Majesty’s Revenue and Customs (HMRC) relating to exploration work at its Redmoor tin and tungsten project in Cornwall.
The AIM-listed group received the payment in return for research work carried out on potential areas of mineralisation at the project in order to build geological data and increase understanding of the area and its economic feasibility for mining.
A preliminary assessment of Redmoor by consultant Wardle Armstrong previously concluded that there is scope to mine 600,000 tonnes of ore a year for the next decade based on a 7.1mln-tonne resource with a 1.09% tin equivalent grade.
“We are pleased that continued support from HMRC’s R&D tax relief scheme continues to supplement our progress at Redmoor”, said Peter Wale, executive director of Strategic Minerals.
“After the highly encouraging update to our Mineral Resource earlier this year, our team remains excited and engaged with furthering our potential world class project”, he added.
In late-afternoon trading on Tuesday, shares in Strategic Minerals were steady at 0.6p.