Cornish Metals Inc has increased its acreage by signing a lease for certain mineral rights next to its South Crofty tin project in Cornwall.
GREAT FLAT LODE
The Canadian company said that the deal with Roskear Minerals LLP is for a 49 hectare area adjacent to the southern boundary of its underground permission area.
The additional land covers part of the historic Great Flat Lode and lies within the company’s South Carn Brea exploration area.
Exploration targets include previously unmined sections of the Great Flat Lode, as well as the Wide Formation, a structure interpreted to exist parallel to and beneath the Great Flat Lode.
The Great Flat Lode has a known strike length in excess of 3.2km and was developed into one of the most productive areas of tin production in Cornwall during the latter part of the 19th century, with workings extending down to a vertical depth of 600m from surface.
Notable mines include Wheal Frances to the south, Wheal Basset mines to the east, South Carn Brea mine to the north-east and Great Condurrow mine to the west.
LEASE TERMS
Cornish Metals signed the prospecting lease for an initial five years, with the option of a five-year extension.
The arms-length agreement can see the lease converted to a mining lease at any time within the 10-year period.
Cornish Metals plans to explore and, if successful, mine within all of the lease area.
The company will pay an annual rent to Roskear Minerals, plus a tin price-based sliding scale net smelter return royalty on production of any minerals recovered from the leased area under a subsequent mining lease.