Cornish Lithium Closes £1.4m Financing Through Crowdcube
Cornish Lithium welcomes over 1,200 new investors, many Cornish, on the journey to create a sustainable supply chain for lithium and other battery metals in the UK.
In July, Cornish Lithium announced a unique opportunity to invest in its next phase of exploration via a crowdfunding campaign on the equity platform Crowdcube. This is believed to be the first successful crowdfunding campaign by a British mineral exploration company, offering a role in securing strategic UK mineral supplies.
The Company’s first exploration drill holes targeting lithium in geothermal waters deep beneath the surface of Cornwall will be drilled with the funds raised.
Cornish Lithium will accelerate its desktop approach to exploration for other battery metals in Cornwall by using modern computing technology to analyse historic mining records from Cornwall’s mining past.
The Company plans to investigate the possibility of combining geothermal energy and lithium extraction. The Company will continue to evaluate the potential for lithium extraction from hard-rock sources in Cornwall, particularly in an area where a lithium mine is understood to have operated during World War II.
Jeremy Wrathall, CEO of Cornish Lithium, commented:
“We are delighted to have now closed our crowdfunding and to welcome over 1,200 new investors to Cornish Lithium. We are excited to commence our exploratory drill programme later this year and to move our project to the next stage. We continue to believe that Cornwall holds significant potential to supply UK industry with the lithium needed to build electric cars and power storage batteries. This will enable the carbon footprint of batteries assembled in the UK to be minimised given that the necessary raw materials will not have to be imported from thousands of miles away."
“Domestic production of lithium and other battery metals would also reduce the dependency of the UK economy on imports and has the potential to create significant employment in Cornwall.”
Cornwall has a long history of mining dating back to Roman times, or before. With a wealth of historic mining and exploration information available, Cornish Lithium has, over the last three years, taken a data-driven approach to identify prospective areas for lithium-enriched geothermal waters across Cornwall.
Using data from its geological models, Cornish Lithium has identified sites where, in late October, it plans to drill its first exploration holes.
Cornish Lithium is committed to using the latest technology in its research and development activities with a goal to not only produce metals necessary for a decarbonised society but to do so in an environmentally sustainable manner.
Cornish Lithium is also currently working with Aerospace Cornwall and Tevi (an EU initiative creating economic and environmental growth in Cornwall) to develop innovative approaches to mapping geological structures which host the lithium-enriched geothermal waters.
Domestic production of lithium and other battery metals would also reduce the dependency of the UK economy on imports and has the potential to create significant employment in Cornwall