Cornish Metals shares rise on new drill results from tin project in Cornwall
Cornish Metals (LON, TSXV: CUSN) shares rose on Monday on new drill results from its flagship South Crofty tin project in southwest England.
Earlier, the company reported results from the first six drill holes of the ongoing 9,000-metre Carn Brea drill program.
All six drill holes intersected the Wide Formation lode structure, which is characterized by strong tourmaline alteration and variable tin mineralization, similar to all historically mined tin-bearing structures in the South Crofty area.
This structure has been confirmed over a strike length of at least 1.6 kilometres, a downdip extent of at least 525 metres, with thicknesses ranging from 1.8 to 4.8 metres, and remains open.
Highlighted Wide Formation drill intercepts include 1.21 metres grading 0.87% tin and 1.90 metres grading 0.83% tin. Drilling at the newly identified Great Flat lode splay also returned 3.38 metres grading 1.01% tin and 1.00 metre grading 1.56% tin.
Additional notable intercepts include 0.30 metre grading 7.48% tin and 3.09 metres grading 1.21% tin between the two structures.
There is currently no primary mine production of tin in Europe or North America, and the US has included the metal in a list of minerals considered critical to the country’s economic and national security.
South Crofty could generate up to 5,000 tonnes of tin a year, with first production expected in 2026. The company said the mine will create up to 270 direct jobs and support a further 750 in the region, one of the UK’s most underprivileged.
Shares of Cornish Metals rose 9.3% by 2:10 p.m. EDT. The company has a market capitalization of C$91 million ($67 million).