Cornish Metals (TSX-V: CUSN) reported high-grade tin-copper results from its diamond drilling programme at South Crofty mine, located in the Central Mining District of Cornwall, South West England.
The highlight intercepts for hole SDDD20-001 include 5.16% copper over 0.73 metres starting at 378 metres, with 3.43% Sn Eq, at metal prices of $18,400 a tonne for tin and $6,600 a tonne for copper.
According to the company, three additional lode structures have been intersected deeper in hole SDD20-001, the results for which will be released as are tabulated. The dominant lode structures at South Crofty have strike lengths in excess of 3,500 metres and can be traced from surface to at least 1,000 metres depth, the company said.
South Crofty, approximately 390km drive west of London on the Celtic Sea Coast, was the last tin mine in Europe when it closed
“This is an excellent start to the drill programme, which has been designed
to demonstrate the ability to infill drill the current resource from surface, to intersect multiple lodes from single drill holes, and to show the potential exists to materially increase the current resource,” Cornish CEO Richard Williams said.
“In the context of tin deposits, these are high-grade intersects and are in line with the historic production grades from the South Crofty Mine”.
South Crofty is consider the most important tin mine in the UK and hosts one of the highest grade tin resources worldwide. Tin mining in the region dates back to 2,300 B.C.
Cornish (previously Strongbow) bought the underground mine, which holds about 30,000 tonnes of tin, in 2016, though it had been shut down since 1998, as low metal prices made the operation financially unsustainable.
South Crofty, approximately 390km drive west of London on the Celtic Sea Coast, was the last tin mine in Europe when it closed. Several companies attempted to revive the flooded mines between 2001 and 2013, but due persistent poor market conditions the assets were put into administration in 2013.
Cornish has a deal with Cornish Lithium, a start-up hoping to lead the development of a lithium industry in the UK. The agreement allows the British junior to explore using Cornish’s mineral rights, while the Canadian explorer would get royalties from any lithium extracted.
South Crofty received a mining licence in 2013, which is valid until 2071, and planning permission to construct a new process plant in 2011. Cornish hopes to resume production in 2021, with production estimated at 4,500 tonnes of tin metal per year.
Osisko Gold Royalties (TSX-OR) is Cornish’s largest shareholder, currently owning 32.7% of the issued share capital.