Cornish Metals Inc said it had signed an additional mineral lease to extend its copper-tin exploration area at South Crofty in Cornwall.
TERMS
The agreement with Sir Ferrers Vyvyan of Trelowarren covers 222 hectares and is valid for 25 years.
The Canadian company will pay an annual rent, plus a tin price-based sliding scale net smelter return royalty on production of any minerals recovered from the leased area.
Cornish Metals will be able to explore and mine within all the mineral right areas owned by the Vyvyan family inside the South Crofty underground permission area.
The company will also explore certain other mineral right areas adjacent to the South Crofty property.
The current published JORC (2012) compliant Mineral Resource estimate for the South Crofty project is contained within these areas.
VYVYANS
The Vyvyan family has been involved with mining in the Camborne area since the 16th century.
The main street in Camborne is named after the family’s estate, Trelowarren, and the Vyvyan Arms Hotel is a Camborne landmark.