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(Alliance News) - Cornish Metals Inc shares rose on Monday as the firm provided positive test results from South Crofty tin deposit in Cornwall, which are likely to result in lower costs for the project.
Shares in Cornish Metals jumped 18% to 11.19 pence each in London on Monday morning
The mineral exploration and development company said that it saw "excellent" results from the X-ray transmission ore sorting and heavy liquid separation pre-concentration testwork at South Crofty.
"We expected the mineralisation at South Crofty to respond well to x-ray transmission ore sorting, but these results exceed even our most optimistic expectations," said Chief Executive Officer Richard Williams.
The XRT ore sorting proved to be "highly effective" at pre-concentrating mineralisation sampled across five different zones at the deposit, he continued.
"We expect this result will have a positive effect on the project economics, allowing for lower power consumption and a smaller process plant and therefore lower capital and operating costs."
South Crofty is an underground tin mine that was used to produce tin from the sixteenth century through to 1998, boasting the fourth-highest grade of tin mineral resource globally. It is located beneath the towns of Pool and Camborne in Cornwall. Cornish Metals has planning permission for underground mining until 2071.
Further, Cornish Metals said the feasibility study for South Crofty is on schedule, with a substantial amount of the work already completed. Various outstanding components of the study are underway, including the mineral processing plant design, layout and capital cost study.
By Elizabeth Winter, Alliance News senior markets reporter
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