Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) said it continues to intersect high-grade tin, copper, silver and zinc at its United Downs copper-tin project in Cornwall.
The mining company said assay results from two diamond drill holes, UD21-006 and UD21-008, included 1.62 metres (m) at 9.75% tin, 6.72m at 3.67% copper and 6.72m at 202 grams per tonne (g/t) silver.
Chief executive Richard Williams said the intercepts in the latest holes appear to represent new sub-parallel zones of mineralisation, including some exceptionally high tin grades.
“This is the first time we have encountered high-grade zinc mineralisation, which occurs as coarse black sphalerite, and also note the high silver grades associated with the copper-rich zones. Additional drilling is required to understand the geometry and scale of these zones,” he said.
“The continued discovery of new mineralization by the current drilling underscores the prospective and under-explored nature of the United Downs area for near surface tin, copper, zinc and silver. The drill programme continues and results will be reported as and when received."
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Cornish Metals also announced that it has received final approval from the TSX Venture Exchange to restructure the deferred payments for the South Crofty tin project and associated mineral rights, which it acquired from Galena Special Situations Limited and Tin Shield Production Inc in 2016.
Under the restructuring, the fixed and variable payments under the original share purchase agreement have been replaced with fixed payments linked to pre-agreed project-related milestones.
The new fixed payments comprise of 7.0mln shares in Cornish Metals, subject to shareholder approval; US$4.75mln in shares to be paid upon closing of either the financing for the dewatering of the mine at the South Crofty tin project, and or any interim financings; and US$5.0mln in shares upon closing of the development and/or construction financing of a mine either at the South Crofty tin project or at the United Downs property.
Cornish Metals shares were 0.34% lower at 14.65p in early trade.