UK Lithium extraction firm raises £6 million on Crowdcube
Cornish Lithium Ltd, the innovative mineral exploration and development company based in Cornwall, UK, today announces that it has successfully completed a crowdfunding campaign on Crowdcube raising £6 million to progress its geothermal and hard rock projects in Cornwall and to create additional value for shareholders.
The Company opened up the opportunity to pre-registered investors today at 9:00am and had raised it’s £6 million target within 20 minutes.
Cornish Lithium announced on 7 December 2020 that it had successfully produced nominal battery grade lithium hydroxide utilising Lepidico Ltd’s (“Lepidico”) proprietary and environmentally-responsible L-Max® and LOH-Max® process technologies on lithium mica samples obtained during its initial hard rock lithium drilling programme. Following these successful test results, Cornish Lithium acquired an exclusive licence to use Lepidico’s processing technology covering the St Austell region.
The Company has subsequently completed its second drilling campaign at the Trelavour Project and work is now underway to define a JORC resource for the project, which will ultimately define the scale of the project.
In addition, test work is being conducted to optimise the extraction of lithium from mica minerals in the granite. A demonstration mineral concentrator plant has been constructed by Grinding Solutions Ltd, a Cornish mineral processing consultancy and laboratory, which is currently being used to refine the plant design that Cornish Lithium intends to use on lithium bearing granites extracted from the Trelavour Project. The results of this work together with the resource statement will inform the project’s scoping study, which is being partly funded through a grant awarded in April 2021 by the Government’s Automotive Transformation Fund.
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Cornish Lithium uses innovative techniques and digital technology to explore for, discover and ultimately extract lithium and other battery metals.