Cornish Metals shares rise on new drill results from tin project in Cornwall
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All six drill holes intersected the Wide Formation lode structure, which is characterized by strong tourmaline alteration and variable tin mineralization, similar to all historically mined tin-bearing structures in the South Crofty area.
This structure has been confirmed over a strike length of at least 1.6 kilometres, a downdip extent of at least 525 metres, with thicknesses ranging from 1.8 to 4.8 metres, and remains open.
Highlighted Wide Formation drill intercepts include 1.21 metres grading 0.87% tin and 1.90 metres grading 0.83% tin. Drilling at the newly identified Great Flat lode splay also returned 3.38 metres grading 1.01% tin and 1.00 metre grading 1.56% tin.
Additional notable intercepts include 0.30 metre grading 7.48% tin and 3.09 metres grading 1.21% tin between the two structures.
There is currently no primary mine production of tin in Europe or North America, and the US has included the metal in a list of minerals considered critical to the country’s economic and national security.
South Crofty could generate up to 5,000 tonnes of tin a year, with first production expected in 2026. The company said the mine will create up to 270 direct jobs and support a further 750 in the region, one of the UK’s most underprivileged.
Shares of Cornish Metals rose 9.3% by 2:10 p.m. EDT. The company has a market capitalization of C$91 million ($67 million).
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