Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, FRA:ZYR1, OTC:SBWFF) expects to be fully funded to complete a maiden JORC resource estimate at the United Downs copper-tin project, subject to drilling success, the exploration company said as it released its interim results.
The company, which raised a £8.2mln when it listed on AIM in February, had C$10.14mln (£5.9mln) in cash at the end of July. Losses for the six months to end July extended to C$1.1mln from C$0.8mln in the year-earlier interims.
"The past six months has been a busy period for the company after the successful listing on AIM earlier in the year,” said chief executive Richard Williams.
“Operationally, after the commencement of the exploration program at United Downs in April, we have reported promising results from the first 3,000 meters of drilling, with further drilling planned to fully determine the extent of mineralization at United Downs.”
Cornish Metals acquired United Downs and the South Crofty tin project in 2016.
“We have also reported a substantial increase in mineral resource for South Crofty with further potential with the major lode structures remaining open along strike,” said Williams.
“After the simplification of our capital structure and increase in mineral resource, we are assessing various financing options to progress South Crofty which remains a key strategic asset for the Company. South Crofty could potentially play a pivotal role in securing a domestic and sustainable source of battery metals as the UK transitions to a low carbon economy."
The company plans to develop the South Crofty tin project as and when economic conditions and cashflows are supportive.