Copper interception one of the highest grades in the world16 Feb 2021 21:32
The company is exposed to battery metals (tin, copper and lithium) but for this particular funding round is largely focused on copper mining at the United Downs copper project in Cornwall.
The company, through recent drilling results, produced copper with exceptional grades in excess of 8% copper and 1.2% tin. The copper grades were one of the highest grade intercepts in the world and the asset is sandwiched right in between four old mines. As the presentation states, one of the best places to find a new mine, is to be next to an old mine!
As the mineralisation is close to the surface, CAPEX should be relatively low and the company will have the ability to use existing infrastructure.
Cornish Metals also has the South Crofty tin mine, under care & maintenance but also has one of the most highest grade tin mines in the world. The company also has an option agreement with Cornish Lithium to allow the latter to explore on Cornish Metals exploration rights areas in exchange for a 25% free carried interest and a 2% gross royalty fee.