Cornish Metals (CUSN.V) is focused on advancing the South Crofty high grade underground tin project located in Cornwall, SW England. The company’s mineral rights have the potential for discovery of tin, copper, lithium, tungsten, zinc and silver. The company has completed and published a maiden NI 43-101 mineral resource for South Crofty.
In May 2022, Cornish Metals completed a £40,500,000 financing, which included a £25,000,000 investment from Vision Blue Resources, a resource investment fund focused on metals essential to the energy transition to renewable power sources. VBR is headed by Sir Mick Davis, who was instrumental in growing Xstrata to one of the world’s largest mining companies.
Today, Cornish Metals announced drill results from 8 drill holes drilled in the Carn Brea South exploration area, which is located along the southern boundary of the South Crofty underground permission area.
The drill holes have confirmed up-dip, near-surface, extensions of the historic Great Flat Lode and discovered tin mineralization in a new target called the “Wide Formation”.
Here are highlights from the drilling:
- Drilling was conducted along the southern boundary of South Crofty – an area easily accessible from existing mine infrastructure
- New discovery of high-grade tin mineralisation in the Wide Formation
- CB21_002 2.77 metres (“m”) grading 0.99% tin (Figure 2) within a 12.14m wide zone of strong alteration and disseminated tin mineralisation;
- All eight drill holes intersected tin mineralization;
- Multiple high-grade tin intersects from the Great Flat Lode and related mineralised structures, including:
- CB21_003 2.00m grading 1.44% tin
- CB21_004 2.91m grading 1.66% tin
- And 5.00m grading 0.97% tin
- CB21_005 3.04m grading 1.08% tin
- And 2.24m grading 3.93% tin
- And 3.80m grading 1.64% tin
Richard Williams, CEO of Cornish Metals, stated: “The Wide Formation has been interpreted to exist from exploration drilling conducted in the 1960s but has never been followed up until now. Discovering a new high-grade zone of tin mineralisation in the middle of a historic mining district is a tremendous outcome, and again demonstrates the exploration potential of the region. The Great Flat Lode, which lies above the Wide Formation, was mined historically over a five kilometre (“km”) strike length, so we believe we have a very compelling target to explore within and immediately adjacent to the South Crofty Underground Permission area. We look forward to the next phase of drilling to determine the extent of this discovery.
“The shallow, high-grade tin intersects from the Great Flat Lode represent an opportunity to define nearby and near surface Mineral Resources to complement those we have already identified at South Crofty.”
The stock is up over 13% and has a volume of over 140,000 shares traded at time of writing.
Cornish Metals stock recently triggered a major breakout of the $0.25 zone on December 12th 2022. What you see after is the typical retest of the breakdown zone. This saw buyers jump in and drive the stock higher. One stage in the new uptrend is complete. As long as the stock remains above $0.25, we should expect more higher lows and higher highs in this new uptrend.
Investors and traders should watch recent highs at $0.315. Once we get a close above this level, a higher low will be confirmed and the next resistance price target comes in at $0.40.
