IWA recently received an update from Richard Williams, CEO, Cornish Metals Inc.
It is understatement to say that CEO, Richard Williams as been busy the last six months.
Cornish Metals Inc. just announced that it has added a second drill rig to its continuing 8,000-to-9,000-metre drill program at United Downs, Cornwall, United Kingdom. The second rig will explore the Trenares lode, a new target located approximately 900 m south of the UD lode where drilling is continuing. The most recent details on the status of drilling at the UD lode were provided in Cornish Metals’ news release dated Aug. 30, 2021.
The Trenares lode, located 300 m south of the former producing Mount Wellington mine, is a polymetallic (copper-tin-zinc) target that was discovered in the 1970s by Cornwall Tin & Mining Ltd. The lode was first identified through surface drilling and subsequently an exploration drift was extended toward the lode from Mount Wellington 4 level; however, no further exploration work was conducted after the Mount Wellington mine closed in 1977. The company believes the Trenares lode represents a prospective new target in an area where no historic mining has taken place.
Drilling has commenced at the Trenares lode, and the initial program will involve up to 12 holes from four locations over the next three months.
The ongoing United Downs drilling program focused on the UD lode has successfully demonstrated the existence and the continuity of mineralization in the holes returned to date. The addition of a second drill rig allows us to test additional targets that have been identified. We look forward to sharing results as they are received.
Richard told IWA the following:
“The past six months has been a busy period for the company after the successful listing on AIM earlier in the year. The company’s capital structure has been simplified through the conversion of the Osisko loan note into royalties and the restructuring of the deferred consideration payable in respect of the acquisition of the Cornwall mineral properties into fixed payments linked to project-related milestones.
Operationally, after the commencement of the exploration program at United Downs in April, we have reported promising results from the first 3,000 metres of drilling, with further drilling planned to fully determine the extent of mineralization at United Downs. We have also reported a substantial increase in mineral resource for South Crofty with further potential with the major lode structures remaining open along strike.
After the simplification of our capital structure and increase in mineral resource, we are assessing various financing options to progress South Crofty, which remains a key strategic asset for the company. South Crofty could potentially play a pivotal role in securing a domestic and sustainable source of battery metals as the U.K. transitions to a low-carbon economy.”
About Cornish Metals Inc.
Cornish Metals is exploring and evaluating development options for the South Crofty tin and United Downs copper/tin projects, plus additional mineral rights located in Cornwall, U.K. The additional mineral rights cover an area of approximately 15,000 hectares and are distributed throughout Cornwall. Some of these mineral rights cover old mines that were historically worked for copper, tin, zinc, and tungsten.
IWA is a shareholder of Cornish Metals Inc.
Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental, and technological factors that may affect the Company’s operations, markets, products, and prices. Readers should refer to the risk disclosures outlined in the Company’s Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
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