Cornish Tin has raised £1.1 million on Crowdcube, over 250% of its £420,000 target, from 1,700 investors for its Great Wheal Vor tin exploration project in Cornwall.
Great Wheal Vor is a group of 26 former tin and copper mines that closed in the 1870s during a crackdown on illegal mining operations. Historical production saw grades above 3% Sn, peaking at 5.5% Sn.
Since acquiring the project in 2017, Cornish Tin has undertaken exploratory drilling for tin, copper, lithium, and tungsten, as well as evaluating the prospect for geothermal energy. Drilling in 2022 discovered multiple tin lodes, with one drill hole recording 0.6 metres from 319.25 m at 6.28% Sn. The company has estimated that “a head grade of at least 2% Sn” could be achievable. Previous drilling has also reported tin and lithium occurrences within the roof complex of the G5 Tregonning granite, with further lithium intercepts deeper below.
The company intends to continue with a second drilling campaign to constrain tonnage and test the continuity of mineralisation across Great Wheal Vor.