Cornish Tin Ltd ended last year with a total £2,080,000 million raised via a private placing by its shareholders and crowdfunding.
EXPLORATION
Funds will be used for working capital and to progress phase II drilling, started on 15 February 2024, after receiving permission on 9 January from Cornwall Council.
Contractor Priority Drilling UK Ltd is operating two drill rigs near Breage in Helston at Cornish Tin’s flagship The Great Wheal Vor project.
Operations are targeting high-grade tin and also beginning to measure the continuity and extent of the company’s lithium discovery.
Both the placing and the crowdfunding were for the issue of ordinary shares of £0.00001 each with one vote per share.
The fundraise follows Cornish Tin’s £1.9m raised in December 2021 and £900,000 in April 2022, which both funded phase I exploration drilling for 6,500m.
The programme resulted in the discovery of a new high-grade tin lode Hichens lode and multiple new tin lodes with grades of up to 6.28% tin.
Results returned “significant” intercepts from a number of mineralised structures open in multiple directions as well as a potential new lithium field in the rare G5 granite also associated with high tin values.
Cornish Tin was additionally granted the rights in October to prospect for and extract gold and silver across a total 500km2 of Cornwall, including the Great Wheal Vor area, which comprises approximately 14% of the land mass of the county.
The company said while it was primarily exploring for high grade tin and hardrock lithium, the grant from The Crown Estate “consolidates” its position in its chosen exploration areas.
Founder and chief executive Sally Norcross-Webb added that 2024 would be an exciting year for the company.
“We remain primarily focused on pursuing high-grade tin and consider the market outlook for tin very strong.
“Nevertheless, our potential hard rock lithium asset could deliver significant value in the future, despite recent corrections in lithium prices.”