Cornish Metals Inc (LON:CUSN)(CVE:CUSN) lost C$1.6mln during the year to 31 January 2021, as exploration and evaluation work continued on its portfolio of assets in Cornwall.
During the financial year the company raised C$2.4mln and used it for a proof of concept’ drill program at the famous South Crofty tin project and for general working capital purposes.
A new zone of high-grade copper-tin mineralization was also discovered at the United Downs exploration project in April 2020.
Cornish Metals closed out the year end with just over C$353,000 in the bank, but subsequently raised £8.2mln (C$14.4mln) in conjunction with its listing on Aim in February 2021.
Financing options are now being considered for the re-start of operations at South Crofty.
The company now plans an 18 month, 9,100 meter initial drilling program at United Downs to advance the project to an inferred resource definition, fully funded from the proceeds arising from the London listing.
Story by ProactiveInvestors
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