Cornish Metals’ South Crofty project covers the former producing South Crofty tin mine in Cornwall which closed in 1998. South Crofty is fully permitted: underground permission till 2071, water discharge permission and planning permission to build a process plant in place. In 2017 Cornish completed a Preliminary Economic Assessment that demonstrated the economic viability of re-opening the mine. Followed by a discovery of high-grade copper + tin at United Downs (8kms to the NE of South Crofty). In 2021 we completed updated Mineral resource for South Crofty followed by a raise of £40.5 million with Vision Blue Resources in 2022.
Vision Blue Resources – 26.14%
Osisko Development – 10.13%
Morgan Stanley Client Securities Nominees – 6.27%
N. Reed – 5.54%
Galena – 3.83%
Management Ownership – 2.84%
Richard Williams – CEO and Director
Richard Williams is a Professional Geologist with a B.Sc (Hons) degree in Geology from Portsmouth University, and a Masters degree in Mineral Exploration from Queen’s University, Ontario. He also serves as CEO of Winshear Gold Corp. (TSX-V:WINS), an exploration company with gold projects in Peru. He has over 30 years of experience in the mining and mineral exploration sector principally in southern Africa, and south and Central America. Richard has spent the last 18 years in public company corporate management, and has developed a wide network of business and financial contacts. He co-founded, and is CEO and director of, Winshear Gold Corp. (formerly Helio Resource Corp) which previously discovered the 1 million ounce SMP gold project in Tanzania.
August 2022: Completion of 10,159 meters of drilling at the United Downs exploration project with assay results from the program confirming management’s belief in the potential to develop a Mineral Resource in the United Downs project area.
July 2022: Commencement of a drill program on South Crofty in July 2022 to collect samples for metallurgical testwork as part of the Feasibility Study, with the program likely to be between 8,000 and 12,000 meters of drilling.
May 2022: Completion of financing for gross proceeds of £40.5 million ($65.1 million based on closest available exchange rate), including a strategic investment by Vision Blue Resources of £25.0 million ($40.1 million), to advance the South Crofty tin project to a potential construction decision.
– Run drill program at South Crofty to collect samples for metallurgical testwork as part of the Feasibility Study, with the program likely to be between 8,000 and 12,000 meters of drilling.
– Start build of Water Treatment Plant
– Finish construction of Water Treatment Plant
– Start dewatering process
– Work on Feasibility Study
In general the next 30 months we’ll focus on South Crofty and:
– Construct the water treatment plant during H1 2023; and
– Complete dewatering of the mine within the following 18 months; and
– Start an underground resource drilling campaign to “delineate a JORC compliant Measured and Indicated Mineral Resource and increase the Indicated and Inferred JORC Mineral Resource once access to the underground workings is obtained”; and
– Expect to complete a “Feasibility Study using all reasonable commercial efforts on or before 31 December 2024”.
With the current raise most risks have mitigated.
Tin is the metal most impacted by new technology. Hence the designation of critical mineral by US/Canada and UK. South Crofty would be the only primary tin producing mine in northern hemisphere. With all permits in place, very strong local and national support, positive PEA and updated Mineral Resource, infrastructure in place and last financing closed we can focus on working towards a construction decision. Upside is the potential at United Downs, only 8kms NE of South Crofty.
Responsibly sourced UK based supply of tin – essential to the technology sector and the drive to carbon net-zero. ESG – Positive environmental benefits, renewable power generating opportunities, small surface footprint, zero surface waste. South Crofty is a proven high-grade tin producer, fully permitted and locally supported with significant upside Mineral Resource potential and exploration potential for tin, copper, zinc, silver and lithium at other mineral rights areas such as United Downs.