Cornish Metals: Well positioned to capitalise on rising tin prices
- Cornish Metals posts strong results from drilling at United Downs
- Cornish Metals working towards re-opening the iconic South Crofty tin mine
- Cornish Metals' continue momentum after G7 summit with 'tin essential to electrification globally'
Quick facts: Cornish Metals Inc
Price: 11.175 GBX
Market Cap: £30.11 m
About the company
Cornish Metals is a mineral exploration and development company focused on its United Downs copper-tin project and the South Crofty tin project in Cornwall, United Kingdom.
The company aims to capitalize on the increasing demand for ethically sourced tin and copper; metals fundamental to growth in the technology sector and transition to a low carbon economy.
The near-term strategy is to focus on exploration and delineation of the near-surface high-grade copper and tin mineralization at the United Downs project. Success at United Downs would be complemented by the option to build a new process plant at the fully permitted South Crofty project which could serve as a central processing facility for projects within reasonable transport distance.
How it is doing
The drill programme is designed to follow up on the discovery of high-grade copper-tin mineralisation in a structure named "Lithium Lode" which was intersected earlier this year, and which showed grades of 8.5% copper and 1.2% tin over nearly 14.7 metres.
The new hole, drill hole UD21_001, was drilled to a total depth of 260.24 metres and intersected two zones of high-grade mineralisation, one with tin mineralisation, and the second with tin, copper and silver.
The hole hit 7.9% tin across 1.04 metres at a depth of 47.57 metres, and 5.2% copper and 1.3% tin across 2.61 metres from a depth of 227.1 metres. The second intercept also contained 77 grams per tonne silver.
Cornish Metals Inc. (LON:CUSN, TSX-V:CUSN) said it had reached an agreement to restructure the deferred payments to be made to the sellers of the South Crofty tin project and associated mineral rights.
The agreement was reached with Galena Special Situations Ltd (formerly Galena Special Situations Master Fund Ltd) and Tin Shield Production Inc, a private company that had an option with Galena to acquire the tin project.
An updated mineral resource estimate (MRE) showed a 10% increase in indicated resources in both the lower mine and upper mine areas and an almost 130% gain in inferred resources at the lower mine. The JORC-compliant MRE was divided into the lower mine and upper mine areas for reporting purposes.
Insight: Cornish Metals working towards re-opening the iconic South Crofty tin mine
What management says
Cornish Metals' Richard Williams joins Proactive (CVE:CUSN)(LON:CUSN) for a catch up after releasing their first batch of results from its diamond drilling programme at the United Downs copper-tin project in Cornwall.
Williams takes viewers through the results which for the first time showed silver grades.
He says following the G7 summit in Cornwall they've had a number of visits from local councillors and MPs right up to senior staff in central government, 'highlighting the opportunity for Cornwall to contribute to the UK's objective for net zero'.
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