Cornish Metals Inc. (TSX-V:CUSN, AIM:CUSN), is a dual-listed company focused on advancing the South Crofty high-grade, underground tin project through to delivery of a feasibility study, as well as exploring its additional mineral rights, all located in Cornwall, SW England. The Company’s mineral rights have potential for the discovery of tin, copper, lithium, tungsten, zinc and silver mineralization.
In May 2022, the Company completed a £40,500,000 financing, which included a £25,000,000 investment from Vision Blue Resources (“VBR”), 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. As a result of its investment, VBR owns approximately 27% of CUSN’s issued and outstanding shares.
The £40.5M funding is designed to achieve the following objectives:
- Construct a water treatment plant at South Crofty
- Dewater the South Crofty underground mine workings
- 22,000m of diamond drilling from surface to collect samples for various metallurgical, ore sorting, and tailings studies
- 25,000m of underground diamond drilling to convert Inferred Mineral Resources to Indicated Mineral Resources and to increase the size of the current Mineral Resource Estimate
- Deliver a Feasibility Study by the end of 2024 in order to make a project financing and production decision at South Crofty
South Crofty possesses one of the highest grade undeveloped tin resources globally, and has a very long history of mining, with first recorded production commencing in 1592, and continuing up until 1998. The project has an Underground Permission valid until 2071, full Planning Permission to build a new process plant, and an Environmental Permit to dewater the mine.
Tin, copper and lithium are fundamental to growth in the technology sector and the transition to a low carbon economy and are used in key fast growing technological applications including batteries, robotics, renewable power, 5G and cloud-based data storage.
Tin, in particular, has seen very strong price increases since early 2021, reflecting a growing supply / demand deficit.
The Company believes that demand for ethically / responsibly / domestically mined tin will continue to increase.