Cornish Metals, a Vancouver-based exploration company, has announced the sale of its royalty interests in the Mactung and Cantung tungsten projects in Canada to Elemental Altus Royalties for $4.5 million. This strategic move aims to prioritize the development of its tin mining operations in the UK, particularly the re-opening of the South Crofty tin mine in Cornwall.
Cornish Metals plans to focus solely on the South Crofty project, with the goal of commencing tin production by 2027. The South Crofty mine, historically significant for its tin production, is expected to produce an annual average of 4,700 tons of tin during its first six years of operation.
The Mactung project, located on the border of Yukon and Northwest Territories, is an advanced-stage exploration project owned by Fireweed Metals Corp, part of the Lundin Group. Cantung, a tungsten mine, operated intermittently from 1962 until its closure in 2015. At its peak, Cantung produced 1,350 tons per day with an average grade of nearly 1% WO3.
Elemental Altus Royalties, the buyer, specializes in providing upfront financing to mining companies in exchange for a portion of the revenue or production from their mining operations. This acquisition will add to Elemental's diverse portfolio, although they primarily focus on precious and base metals.
Cornish Metals will continue advancing the South Crofty project through various stages, including mine dewatering, resource drilling, and completing a feasibility study. The company will also explore additional downstream opportunities. An environmental assessment for South Crofty has already been completed as part of previous permitting processes.
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