Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) has announced a new high-grade tin discovery following drilling at the southern boundary of its South Crofty project in Cornwall.
Called the Wide Formation, this new target lies parallel to, north of, and beneath an existing discovery (Great Flat Lode) and is easily accessible from existing mine infrastructure, Cornish said in a statement.
Richard Williams, chief executive, added: "The Wide Formation has been interpreted to exist from exploration drilling conducted in the 1960s but has never been followed up until now.
“Discovering a new high-grade zone of tin mineralisation in the middle of a historic mining district is a tremendous outcome, and again demonstrates the exploration potential of the region."
Best grades from the drilling at the Carn Brea South area included 2.77 metres (m) grading 0.99% tin within a 12.14m zone, though all eight holes in the programme intersected metal in either the Great Flat Lode or Wide Formation.
“The Great Flat Lode, which lies above the Wide Formation, was mined historically over a five-kilometre strike length, so we believe we have a very compelling target to explore within and immediately adjacent to the South Crofty Underground Permission area," Williams said.
"The shallow, high-grade, tin intersects from the Great Flat Lode, represent an opportunity to define nearby and near-surface mineral resources to complement those we have already identified at South Crofty."
House broker SP Angel added: "The Carn Brea drilling has identified additional mineralisation south of the South Crofty mine providing an opportunity for further resource expansion as exploration progresses.
"The identification of previously unmined mineralisation in the ‘Wide Formation’ underlines the continuing exploration potential in an area with an extensive mining history."
SP Angel has a share price target of 48p compared to 17p today, up 6%.
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