Cornish Metals Share News (CUSN)

(Sharecast News) - Cornish Metals said on Monday that it had completed the first drillhole in its ongoing Roskear exploration programme at the South Crofty tin project in Cornwall, with visual indications of mineralisation supporting its geological model.

The AIM-traded mineral exploration and development company said drillhole SDD26_001A had reached a final depth of 1,199.1 metres and intersected multiple target mineralised structures, including structures that host existing mineral resources.

The company said the hole also intercepted mineralised structures west of the current mineral resource estimate envelopes, highlighting potential opportunities for future resource growth.

The programme comprises about 2,400 metres of surface diamond drilling and is designed to test extensions to known mineralisation in the Roskear area, as well as several priority exploration targets identified through historic drilling and recent geological interpretation.

Cornish Metals said SDD26_001A intersected projected extensions of the Roskear 1 South, Roskear South, Roskear 6 North and Roskear 7 North structures, in addition to target structures associated with Roskear B.

Roskear South and Roskear B contain mineral resources reported in the company's 2023 mineral resource estimate.

The Roskear 1 South, Roskear 6 North and Roskear 7 North lodes form part of the Roskear Numbered Zone, where supporting data from historic channel sampling and drillhole intercepts remains limited and which is not currently included in the South Crofty resource estimate.

The company said the drillhole had intersected zones of quartz-tourmaline veining with visible cassiterite, sulphide mineralisation and alteration consistent with the target mineralised system.

Samples were being prepared for shipment to ALS Laboratories in Loughrea, Ireland, with assay results expected in June.

Following completion of SDD26_001A, the rig would be realigned to begin the second hole, SDD26_002, which is designed to test the same structures about 100 metres further west.

Chief executive Don Turvey said completion of the first drillhole was an important milestone in the targeted exploration programme at South Crofty.

"The drillhole has successfully intersected multiple projected mineralised structures, including extensions to known resource areas beyond the current Mineral Resource estimate envelopes," he said.

"While assay results are still pending, the visual indications of mineralisation encountered are encouraging and support our geological interpretation of continued mineralisation to the west of the existing Mineral Resource areas."

Turvey said the programme was designed both to assess opportunities for future resource growth and to sterilise key infrastructure areas within the current mine design.

South Crofty is a historic underground tin mine that is fully permitted for underground mining until 2071.

Cornish Metals said the project is expected to produce about 4,700 tonnes of tin-in-concentrate annually in the first five years of full production, over an initial 14-year mine life.

At 1326 BST, shares in Cornish Metals were up 3.13% at 99p.

Reporting by Josh White for Sharecast.com.

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