Cornish Metals Inc. has reported the final results from its 14-hole / 8,993m drilling program at the Wide Formation target, located near the South Crofty tin project in Cornwall, UK. The program successfully tested the geometry and continuity of tin mineralization within a 2,500m by 800m extent of the Wide Formation, confirming the potential for new discoveries and expansion of mineral resources within the South Crofty mine permission area. Notable tin and copper intercepts were found, increasing overall confidence in the company's exploration model.
The Wide Formation structure has been confirmed over a strike length of over 2,500m and a downdip extent of at least 800m, with true thicknesses ranging from approximately 2m to 10m. The structure remains open at depth and along strike. Additionally, notable tin intercepts were found within the Wide Formation, as well as from the steeply-dipping, high-grade Dropper zones and a new structure interpreted as the eastern extension to Great Condurrow Mines Main Lode.
Ken Armstrong, Interim CEO and Director of Cornish Metals, expressed confidence in the drilling program, stating, "This drilling program has validated the Wide Formation as a new, large-scale, tin-bearing exploration target that is potentially accessible from the underground workings at South Crofty." The company's South Crofty project possesses Planning Permission for underground mining, to construct new processing facilities, and an Environmental Permit to dewater the mine. The 2024 Preliminary Economic Assessment for South Crofty validates the project's potential, with a US$201 million after-tax NPV8% and 29.8% IRR, among other positive indicators.
Tin is a Critical Mineral as defined by the UK, American, and Canadian governments, and the South Crofty project could generate up to 320 direct jobs. The project benefits from strong local community, regional, and national government support. Cornish Metals continues to focus on advancing the South Crofty high-grade, underground tin project through to a construction decision, as well as exploring its additional mineral rights in Cornwall, UK.