Cornish Metals Provides Update for the South Crofty Tin Project
14 6월 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
“Activities at South Crofty continue at a good pace with the
commencement of dewatering on-track for later this summer. Good
progress is also being made with many aspects of the Feasibility
Study to examining the re-opening of South Crofty. Initial results
are very encouraging. The mine site team have also reached another
important milestone with the installation of the first submersible
pump into NCK shaft now underway.”
Submersible Pump
Installation
The first submersible pump has been suspended in
New Cooks Kitchen (“NCK”) shaft:
- This pump is
the first of two submersible pumps to be installed in NCK shaft for
Stage 1 of the two-stage mine dewatering programme;
- The pumps are
specialist high-head 950 kW vertical submersible pumps manufactured
by KSB in Germany, controlled by variable speed drives to enable
the 25,000 cubic metres (m3) per day pumping rate to the Mine Water
Treatment Plant (“MWTP”) to be maintained as the water level drops
and the pumping head increases;
- The pumps will
be lowered to immediately below the 195 fathom level (360 metres
below surface) suspended from one hundred and twenty x 3-metre long
pipes that will form the temporary rising main;
- When the water
level reaches 195 fathom level, (360m below surface) a permanent
set of pumps will be installed and the submersible pumps will be
lowered to the 400 (approximately 700m below surface) fathom level
for Stage 2 of the dewatering programme;
- Installation of
the second pump is expected to commence before the end of
June;
- See photos 1,
2, and 3 here.
Feasibility Study
Work continues on the Feasibility Study with
highlights summarised below:
- The
metallurgical testwork programme is well underway with Wardell
Armstrong International, physical competency, characterisation and
gravity response testwork has been completed on No.4, No.8 and
Roskear Lodes, with mineralogy completed by Petrolab Ltd. Early
gravity response results have been very good and are in line with
previous operational results.
- The first bulk
composite sample of the metallurgical testwork programme has
arrived in Germany for XRT ore sorter testing at TOMRA Sorting
GmbH.
- Fairport
Engineering, who completed an initial conceptual study of the
processing plant design, layout and cost in Q1 2023, have nearly
completed the second optimisation phase, prior to the feasibility
level design, which will incorporate further results of the
metallurgical testwork programme. The final plant design will
incorporate potential future throughput expansions;
- Site
investigation for the process plant footprint has been completed by
AGS Ground Solutions;
- Numerical
modelling of the proposed underground mining methods and stope
designs has been completed by MiningOne. Results confirm the
historical operating data and that the ground conditions and
excavation stability are expected to be very good.
- Geotechnical
televiewing has been completed on the majority of mining areas by
RobertsonGeo, validating previous known structural data. Core
samples have been taken for laboratory testing.
- Paterson &
Cooke UK has started concept engineering on paste backfill options
and physical testing, preliminary results show samples gain
sufficient strength at target densities.
- Entech Mining
is working with RSV Group to provide method, costing and schedule
for refurbishment and recommissioning of NCK and Roskear
shafts.
- Piteau
Associates has been engaged for the Hydrogeological works for the
Feasibility Study.
Mineral Resource Estimate
The mine geological team continues to digitise
and incorporate historic assay data into the South Crofty Mineral
Resource model. Recent work has focussed on No.1 and No.2 Lodes,
and a new Mineral Resource estimate including these lodes together
with data from the metallurgical drilling programme, is targeted
for release at the end of Q3 this year.
The work between now and the end of the summer
will concentrate on the “MING” zone, located immediately south of
No.1 and No.2 Lodes, and comprising Main, Intermediate, North and
Great Lodes.
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, Planning Permission 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.
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 |
LowerMine |
Indicated |
2,084 |
1.59% Sn |
33 |
10.2% |
Inferred |
1,937 |
1.67% Sn |
32 |
129.8% |
|
UpperMine |
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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