Cornish Metals Provides South Crofty Tin Project Progress Report
18 5월 2023 - 3:00PM
Cornish Metals Inc. (
TSX-V/AIM:
CUSN) (“Cornish Metals” or the “Company”) is pleased to
provide an update on progress at the South Crofty Tin Project
(“South Crofty” or the “Project”), located in Cornwall, SW England.
Richard Williams, CEO and Director,
stated “The team in Cornwall has made great progress over
the last five months, despite adverse weather conditions. It is
exciting to see the water treatment plant approach completion and
we now start turning our attention to the commissioning and
commencement of mine dewatering activities this summer. Further
news on the metallurgical drill and testwork programme and ongoing
Feasibility Study will be issued shortly.”
Mine Water Treatment Plant
The mine water treatment plant (“MWTP”) is
designed to treat 25,000 cubic metres (“m3”) of mine water per day,
and based on historic pumping records, mine dewatering is estimated
to take 18 months to complete. Photographs of the construction of
the MWTP can be viewed here, and progress on the MWTP is summarised
below:
- All tanks, except the CO2 and deep
cone thickener, have been installed with those remaining items
expected to be in place by the end of May.
- All structural steelwork and
walkways around the tanks have been assembled and the pipework
connecting the tanks and tank valve installation is underway. The
MCC (Motor Control Centre) design is complete and manufacturing
underway with delivery expected in June.
- Wet commissioning of the MWTP is
now expected to commence in late June (rather than late May) and
extend through July, with commencement of mine dewatering in early
August.
- The discharge pipes from the MWTP
down into the Dolcoath Deep Adit (the historic drainage tunnel
running northwards from South Crofty beneath Pool and Camborne to
Roscroggan) have been installed. A turbine will be added ahead of
the discharge point that will generate up to 15% of the electricity
required to operate the MWTP.
- The first submersible pump has been
successfully tested offsite and is now ready for imminent
installation into New Cook’s Kitchen (“NCK”) shaft. The second pump
is to be delivered by the end of May for subsequent installation.
Piping from NCK shaft to the MWTP is substantially
complete.
- The building housing the high
voltage power supply / sub-station and variable speed drives
required to operate the pumps is complete, and the 11kV power
supply is scheduled to be in place in June.
- The cost of construction of the
water treatment plant is forecast at £6.5 - £7.0 million.
Shaft Re-access Work
Progress on the NCK shaft re-access work is
summarised below:
- Two single drum winders have been
ordered for the shaft re-access work, with the main winder from
Siemag Tecberg and an emergency winder from Zitron. They are due on
site in October and August this year respectively.
- Conveyance and rope attachment
packages for both winders are now being tendered for design and
fabrication, and new winding ropes have been ordered for both
machines.
- Both sheave wheels and bearing
blocks have been removed from the South headframe. The eastern
sheave wheel has been split and the shafts and bearings are now
ready for NDT (non-destructive test) testing.
- Test runs of the submersible pump
installation into the shaft have been successfully completed, and
the pumps will be installed during May and June.
- Interim shaft work platforms have
been designed and are substantially fabricated. The above water
timber compartments in the shaft have been inspected down to No.1
Level, with most sets found to be in good condition.
Background
- South Crofty is an historic,
high-grade, underground tin mine that started production in the
sixteenth century, and continued operating until its closure in
1998;
- The Project possesses Planning
Permission for underground mining, valid to 2071, to construct a
mine water treatment plant, new processing facilities, all
necessary site infrastructure, and an Environmental Permit to
dewater the mine;
- South Crofty has the 4th highest
grade tin Mineral Resource globally and benefits from the presence
of multiple shafts that can be used for future operations;
- Tin is a Critical Mineral as
defined by the UK, USA, and Canadian governments, with
approximately 75% of the tin mined today coming from China, Myanmar
and Indonesia;
- There is no primary tin production
in Europe or North America;
- Responsible sourcing of critical
minerals and security of supply are key factors in the energy
transition and technology growth;
- South Crofty benefits from strong
local community and regional and national government support. The
Project could generate 250 – 300 direct jobs.
ABOUT CORNISH METALS
Cornish Metals is a dual-listed company (AIM and
TSX-V: CUSN) focused on advancing the South Crofty high-grade,
underground tin project through to delivery of a Feasibility Study,
as well as exploring its additional mineral rights, all located in
Cornwall, South West England. The former producing South Crofty tin
mine is located beneath the towns of Pool and Camborne, and closed
in 1998 following over 400 years of continuous production. Since
acquiring the project in 2016, Cornish Metals has completed and
published maiden NI 43-101 Mineral Resources for South Crofty using
the vast archive of historical production data and more recent
drilling completed between 2007 and 2013. Additionally, Cornish
Metals has undertaken extensive pilot-scale water treatment trials
and successfully applied for and received the necessary
environmental permits to abstract, treat and discharge mine water
in order to dewater the mine. Planning permissions for the
operation of the mine and re-development of the surface facilities
have been secured and construction of the water treatment plant is
currently well underway. Dewatering of the mine is expected to
commence in August 2023.
An updated Mineral Resource was completed in
June 2021 as summarised below:
South Crofty Summary (JORC 2012) Mineral Resource
Estimate |
Area |
Classification |
Mass(‘000 tonnes) |
Grade |
Contained Tin / Tin Equivalent (‘000 tonnes) |
Increase in contained Tin / Tin equivalent from 2016
MRE |
Lower Mine |
Indicated |
2,084 |
1.59% Sn |
33 |
10.2% |
Inferred |
1,937 |
1.67% Sn |
32 |
129.8% |
|
Upper Mine |
Indicated |
277 |
1.01% SnEq |
3 |
9.5% |
Inferred |
493 |
0.93% SnEq |
5 |
8.0% |
The Mineral Resource Estimate for South Crofty
(see news release dated June 9, 2021), is available in a report
titled the “South Crofty Tin Project Mineral Resource Update”,
dated June 7, 2021, authored by Mr. N. Szebor, CGeol (London),
EuroGeol, FGS, of AMC Consultants (UK) Ltd, can be accessed on the
Company’s SEDAR page.
The technical information in this news release
has been compiled by Mr. Owen Mihalop who has reviewed and takes
responsibility for the data and geological interpretation. Mr. Owen
Mihalop (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng) is Chief
Operating Officer for Cornish Metals Inc. and has sufficient
experience relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined under the
JORC Code (2012) and as a Qualified Person under NI 43-101. Mr.
Mihalop consents to the inclusion in this announcement of the
matters based on his information in the form and context in which
it appears.
For additional information please contact:
In North America:
Irene Dorsman at (604) 200 6664 or by e-mail at
irene@cornishmetals.com
SP Angel Corporate Finance LLP (Nominated Adviser & Joint
Broker) |
Tel: |
+44 203 470 0470 |
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Richard Morrison |
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Charlie Bouverat |
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Grant Barker |
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Hannam & Partners(Joint Broker) |
Tel: |
+44 207 907 8500 |
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Matthew Hasson |
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Andrew Chubb |
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Jay Ashfield |
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BlytheRay(Financial PR/IR-London) |
Tel: |
+44 207 138 3204 |
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Tim Blythe |
tim.blythe@blytheray.com |
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Megan Ray |
megan.ray@blytheray.com |
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ON BEHALF OF THE BOARD OF
DIRECTORS
“Richard D. Williams”Richard D. Williams,
P.Geo
Market Abuse Regulation (MAR)
Disclosure
The information contained within this
announcement is deemed by the Company to constitute inside
information pursuant to Article 7 of EU Regulation 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Caution regarding forward looking
statements
This news release contains "forward-looking
statements". Forward-looking statements, while based on
management's best estimates and assumptions at the time such
statements are made, are subject to risks and uncertainties that
may cause actual results to be materially different from those
expressed or implied by such forward-looking statements, including
but not limited to: risks related to receipt of regulatory
approvals, risks related to general economic and market conditions;
risks related to the COVID-19 global pandemic and any variants of
COVID-19 which may arise; risks related to the availability of
financing; the timing and content of upcoming work programmes;
actual results of proposed exploration activities; possible
variations in Mineral Resources or grade; outcome of the current
Feasibility Study; projected dates to commence mining operations;
failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes, title disputes, claims and limitations
on insurance coverage and other risks of the mining industry;
changes in national and local government regulation of mining
operations, tax rules and regulations. Although Cornish Metals has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Cornish Metals
undertakes no obligation or responsibility to update
forward-looking statements, except as required by law.
Cornish Metals (TSXV:CUSN)
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