Cornish Metals Inc. said it had developed a “near mine exploration target” with the potential to add six to 13 million tonnes resource at the South Crofty tin project in Cornwall.
GENERATIONS
The quantity and grade are “conceptual in nature” and without sufficient data for mineral resource classification but the target demonstrates the “potential to define additional mineralisation”.
South Crofty currently has “one of the highest grade tin resources in the world” at 1.5% in the indicated category.
The Canadian company said that the potential additional mineralisation was at 0.5 to 1.8% in the lower mine area.
The target’s assessment is based on “current understanding of the geological controls on mineralisation”.
Cornish Metals generated the target by “extrapolating known structures along strike and down dip” and estimated the tonnages by “applying assumed minimum and maximum thicknesses”.
The company added that over the last 20 years of operation South Crofty mine’s mineral resource had “consistently increased” in line with production each year.
Longer term exploration within the permitted mining area and within the company’s mineral rights holdings in the county would also provide a “multi-generational asset”.
“This exploration target supports our view that there is a lot more tin at South Crofty waiting to be discovered,” said chief executive Don Turvey.
“South Crofty is a generational asset with a long history of mineral resource discovery and conversion, and we expect this trend to continue after the mine restarts production.
“The PEA results represent a strong foundation for advancing South Crofty to production, but it is only the starting point, and this exploration target illustrates the potential for immense upside.”