Copper and tin miner Cornish Metals, which is currently listed on the TSX-V, has announced plans to list on the Aim market of the London Stock Exchange in February.
The proceeds of the fundraising will be used to conduct an 8 000 m drill programme at its copper and tin project in Cornwall, in the UK, to determine the resource potential of a 1 000 m strike section of the target area, and for general working capital.
Concurrently with the admission, and subject to receipt of all necessary regulatory approvals, including approval of the TSX-V, the company is proposing to raise £5-million by way of a private placement of new common shares to advance the United Downs project.
Cornish Metals CEO Richard Williams says listing on the Aim is an opportunity for the company to partner with investors from the UK, to work towards becoming a domestic supplier of technology metals fundamental to the world of electric vehicles, battery technology, renewable energy, 5G Internet, computing, data storage and robotics.
“The commencement of a drilling programme will mark the start of a strategy to create a mining company with a Cornwall focus. “
He adds that this also presents an opportunity for Cornish Metals to become a domestic source of metals to the UK’s high-tech sector, where copper, tin and lithium are important.
The United Downs project covers, or is located immediately adjacent to, four former producing copper and tin mines – Consolidated Mines and United Mines to the north and south, respectively; and the Mount Wellington and Wheal Jane mines to the east.
Cornish Metals discovered a new zone of high-grade copper-tin mineralisation located in a previously unmined area between the historic United Mines and Consolidated Mines at United Downs.
Assays from drilling by Cornish Lithium at United Downs returned 14.69 m grading 8.45% copper, 1.19% tin and 0.15% zinc from 90.6 m to 105.29 m, downhole length.
Drilling done in 2020 identified a further six mineralised lode structures located between United and Consolidated Mines, both historic high-grade copper producers that mined from surface to a maximum of 500 m depth.
The 2020 drilling also intersected mineralisation at over 700 m depth, confirming that structures mined at United Mines continue beneath the historical workings.
Subject to continued success at United Downs, Cornish Metals’ strategy is to capitalise on the existing planning permission for the construction of a mineral processing plant at nearby South Crofty (8 km to the west of United Downs), which could serve as a central processing facility for projects within transport distance of the South Crofty mine site.
Meanwhile, Cornish Metals has appointed SP Angel as its nomad and broker together with Hannam & Partners as its joint broker.