3rd Nov 2021 16:29
Cornish Metals Inc - United Downs copper-and-tin mine and South Crofty tin mine in Cornwall - Intersects high grade copper, tin, silver and zinc at the United Downs mine, including 1.6 metres at 9.75% tin, and 6.72 metres at 3.67% copper and 202 grams per tonne of silver.
"These results continue to demonstrate the presence of multiple mineralised structures within the UD Lode target area. The intercepts in the latest holes do not appear to be part of UD Lode itself but represent new sub-parallel zones of mineralisation, including some exceptionally high tin grades. This is the first time we have encountered high-grade zinc mineralisation, which occurs as coarse black sphalerite, and also note the high silver grades associated with the copper-rich zones. Additional drilling is required to understand the geometry and scale of these zones," says Chief Executive Officer Richard Williams.
Also announces restructuring of deferred consideration for the acquisition of the South Crofty tin mine, first signed in 2016. The new fixed payments comprise 7.0 million shares at CAD0.184 per share and a total of USD9.8 million to be paid in shares once certain milestones are reached.
Milestones include gaining financing for the dewatering of the South Crofty mine, and Cornish Metals making a decision to develop a mine either at South Crofty or United Downs.
Current stock price: 14.88 pence
Year-to-date change: up 49% since February IPO
By Dayo Laniyan; [email protected]
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