Update for shareholders of Cornish Tin Limited
1st August 2023
The maiden Great Wheal Vor drilling campaign, from April to December 2022, has delivered very successful results and a step-change in value for Cornish Tin shareholders. A total of 22 diamond drillholes for 6,480 metres were drilled under 2 General Permitted Development Orders, with 100% Land Access Agreement sign up. The many discoveries made by the Company include multiple new tin lodes in a number of locations with grades of up to 6.28% Sn. Strong tin results are so far concentrated in Vor West, Vor Central and the Tregonning Granite, with significant intercepts returned from multiple mineralised structures open in multiple directions. The results confirm the high grade potential documented in the historic records of these mines, and have delivered proof of concept: significant tin mineralisation exists beyond the extent of the historic mining. We have also discovered lithium.
Significant Tin Intercepts
The final 2022 drillhole (GWV22022) was designed to test for tin and also lithium hosted in the granite. We identified in the core from this drillhole significant zones of both tin and lithium mineralisation. The Tregonning Granite, which underlies much of our Exploration Area, is a rare G5 Granite, enriched in lithium. Only ~1.3% of all the granite outcrop of Cornwall is classified as G5 Granite. The Great Wheal Vor area has never been explored for lithium, and this is an important discovery for Cornwall and the UK of a potential new lithium field, also containing high tin values. We continue to develop our technical knowledge base by accelerating scientific research: ongoing structural and geochemical analysis of drill core, microscopy, petrography and X-ray diffraction. We have also conducted an extensive gravity survey this year across the Exploration Area, to gain insights into the relative density of the subsurface for the purposes of drill hole planning. There are a number of prospective high value tin targets, as well as targets to assess the potential continuity and extent of the lithium zones, which are planned to be the subject of further exploration drilling.
Protecting the Environment
· Tree planting in March 2023 of 75 trees and hedging native to Cornwall, in a local amenity field;
· Ongoing support of Kernow Conservation including sponsoring protection and re-introduction of water voles; support for the re-introduction of ospreys to Cornwall as breeding birds;
· Three Ecological Impact Assessments commissioned;
· Ongoing water sampling programme in the local area;
· Sponsoring ecological surveying for a local pond reclamation project;
· All drill sites successfully remediated.
Application to HMRC for EIS status
The Company’s original application for Enterprise Investment Scheme status was questioned by HMRC in January 2022 as to whether the future mineral extraction activities of the Company would be a qualifying trade for EIS purposes. We have now submitted a further application on 19 July 2023 which demonstrates research and development expenditure of approx 93% and a detailed body of evidence that our future revenue would be generated by a qualifying trade for EIS purposes. We will keep shareholders updated on this.