Cornish Metals Plans London AIM Market Float, GBP5 Million Fundraise

(Alliance News) - Cornish Metals Inc on Wednesday announced its intention to float on the London ...

Alliance News 13 January, 2021 | 12:35PM
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(Alliance News) - Cornish Metals Inc on Wednesday announced its intention to float on the London Stock Exchange's junior AIM market alongside an up to GBP5 million equity raise.

The company holds mineral rights covering an areas of around 15,000 hectares in Cornwall, UK. These rights cover a number of past producing mines such as the South Crofty and United Downs group of mines.

United Downs is a near-surface, high-grade copper-tin discovery and is surrounded by past producing mines. Assays from prior drilling by Cornish Lithium at United Downs returned 14.69 metres grading 8.45% copper, 1.19% tin, and 0.15% zinc from 90.60 metres to 105.29 metres, downhole length.

Drilling in 2020 found another six mineralised lode structures between the United and Consolidated Mines, which are both historic high-grade copper producers. Furthermore, 2020 drilling intersected mineralisation at over 700 metre depth, confirming that structures mined at United Mines continue below historical workings.

Concurrently with AIM admission and with approvals, including from the TSX Venture Exchange, Cornish Metals plans to raise GBP5 million though a private placement of new common shares. Cornish Mine's shares will continued to be listed on the TSX Venture Exchange in Canada.

The GBP5 million will be used to advance the United Downs copper-tin project.

Chief Executive Richard Williams: "This is an opportunity for us to partner with investors from the UK, to work towards becoming a domestic supplier of technology metals fundamental to the world of e-vehicles, battery technology, renewable energy, 5G internet, computing, data storage, robotics, etc.

"United Downs is one of the most exciting exploration projects in the country. The commencement of a drilling programme will mark the start of a strategy to create a mining company with a Cornwall focus. There is an opportunity for Cornish Metals to become a domestic source of metals to the UK's high-tech sector, where copper, tin and lithium are important."

By Anna Farley; annafarley@alliancenews.com

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