Cornish Metals Inc. has announced its intention to float on the AIM (Alternative Investment Market) of the London Stock Exchange. The company aims to raise £5 million to advance the United Downs copper-tin project and expects to be admitted to AIM in February 2021. Subject to completion of the AIM listing and funding, they plan is to conduct an 8,000m drill programme at United Downs to define the resource potential over a 1,000m+ strike length of the main target zone
Cornish Metals Inc. owns extensive mineral rights across Cornwall, approximately 15,000 hectares, including both at United Downs and most famously, South Crofty. The United Downs project covers, or is adjacent to, four former producing copper and tin mines: Consolidated Mines, United Mines, Mount Wellington and Wheal Jane.
Previously Cornish Metals reported the discovery of a new zone of high-grade copper-tin mineralisation located in a previously unmined area between the historic United Mines and Consolidated Mines at United Downs. Cornish Lithium drilling assays at United Downs demonstrated grades of copper at 8.45%, tin at 1.19%, and zinc at 0.15% between 90.60 m to 105.29 m, downhole length.
Drilling in 2020 identified a further six mineralised lode structures located between the historic high-grade copper producing mines, United and Consolidated Mines. These mines had a maximum depth of 500 m but drilling intersected mineralisation at over 700 m in depth, confirming that the structures mined at United mines continue beneath the historical workings.
Cornish Metals has full planning permission to construct a new processing plant in Pool at the South Crofty mine site, which could be used for the United Downs project, located 8 km east of South Crofty as the crow flies.
Richard Williams, CEO of Cornish Metals, stated, “I am delighted to share our decision to bring Cornish Metals to the London market. This is an opportunity for us to partner with investors from the United Kingdom, to work towards becoming a domestic supplier of technology metals fundamental to the world of e-vehicles, battery technology, renewable energy, 5G internet, computing, data storage, robotics, etc.”
“United Downs is one of the most exciting exploration projects in the country. The commencement of a drilling programme will mark the start of a strategy to create a mining company with a Cornwall focus. There is an opportunity for Cornish Metals to become a domestic source of metals to the UK’s high-tech sector, where copper, tin and lithium are important.”
To read the full release from Cornish Metals please visit their website.