Cornish Metals Inc. (
TSX-V/AIM:
CUSN) (“Cornish Metals” or the “Company”), a mineral
exploration and development company focused on its South Crofty tin
project in Cornwall, United Kingdom, is pleased to announce assay
results from the recently completed metallurgical drill programme
at South Crofty Tin Project, Cornwall, UK.
Richard Williams, CEO of the Company stated: “On
a global perspective these are high grade tin assay results, but
they reflect typical widths and grades of the tin mineralisation we
have encountered and mined historically at South Crofty and serve
to confirm and add further confidence to the Mineral Resource
estimate we have for the No. 4, No. 8, and Roskear B Lodes. We look
forward to receiving the results from the metallurgical studies for
these areas, including diluted head grades, ore sorting
amenability, gravity release and paste backfill studies, which are
expected by the end of Q3, 2023.”
The assays results for this drilling are
presented below and can be viewed in the long sections of No. 4,
No. 8 and Roskear B Lodes through the links.
Target |
Hole ID |
From (m) |
To (m) |
Length |
True Thickness |
Sn % |
No. 4 Lode |
SDD20_001C1 |
984.17 |
986.77 |
2.60 |
2.44 |
1.27 |
SDD20_001D |
981.65 |
983.46 |
1.81 |
1.66 |
1.15 |
SDD20_001E |
980.44 |
982.74 |
2.30 |
2.12 |
3.24 |
No. 8 Lode |
SDD20_001C1 |
1,039.78 |
1,040.68 |
0.90 |
0.89 |
1.80 |
SDD20_001D |
1,031.15 |
1,033.97 |
2.82 |
2.77 |
1.09 |
SDD20_001E |
1,030.00 |
1,030.95 |
0.95 |
0.95 |
0.03 |
Roskear Lode |
DD22_001 |
924.67 |
926.21 |
1.54 |
1.34 |
1.27 |
DD22_001C1 |
920.11 |
921.73 |
1.62 |
1.46 |
4.66 |
The metallurgical drill programme comprised
fourteen parent and daughter drill holes targeting No. 4 and No. 8
Lodes, and fourteen parent and daughter holes targeting the Roskear
Lode. Visible tin mineralisation was observed in all 28 drill
holes. Three holes from each Lode were assayed for tin and the rest
of the full drill intercepts were used for metallurgical
studies.
Drilling has also now been completed into the
North Pool Zone and the Dolcoath lodes with four parent and 29
daughter holes respectively. Assay and metallurgical results from
these holes will be released when received.
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 |
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.
TECHNICAL INFORMATION
Drilling at South Crofty was performed by
Priority Drilling Company Ltd using an Atlas Copco CS14 Surface
Diamond Drill Rig and an Atlas Copco U6 deep hole underground
Diamond Drill Rig. The mineralised zones were drilled in NQ (76 mm
diameter) to recover a 48mm diameter drill core. Core recovery was
greater than 95%. The core was logged, split via core saw, and
sampled by Cornish Metals personnel. The samples, comprising
quarter core, were sent for assay at ALS Minerals, Loughrea,
Ireland. Sample preparation involved crushing to 70% less than 2mm,
riffle split and pulverised to 85% less than 75 microns. The
analytical method used for copper, tin, tungsten, zinc and arsenic
was X-ray florescence (XRF) following a lithium borate fusion. A
multi-element 4 Acid Digestion ICP-AES analysis was also carried
out to further characterise the mineralisation and alteration
assemblages. Comprehensive Quality Assurance / Quality Control
programme using standards, duplicates and blanks was included
within the sampling programme.
The technical information in this news release
has been compiled by Mr. Owen Mihalop. Mr. Mihalop 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
In the UK:
SP Angel Corporate Finance LLP(Nominated Adviser & Joint
Broker) |
Tel: |
+44 203 470 0470 |
|
Richard Morrison |
|
|
Charlie Bouverat |
|
|
Grant Barker |
|
|
|
|
Hannam & Partners(Joint Broker) |
Tel: |
+44 207 907 8500 |
|
Matthew Hasson |
|
|
Andrew Chubb |
|
|
Jay Ashfield |
|
|
|
|
BlytheRay(Financial PR/IR-London) |
Tel: |
+44 207 138 3204 |
|
Tim Blythe |
tim.blythe@blytheray.com |
|
Megan Ray |
megan.ray@blytheray.com |
|
|
|
ON BEHALF OF THE BOARD OF DIRECTORS
“Richard D. Williams”Richard D. Williams,
P.Geo
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 when required and on terms acceptable to the Company and
the potential consequences if the Company fails to obtain any such
financing, such as a potential disruption of the Company’s
exploration program(s); the timing and content of upcoming work
programs; actual results of proposed exploration activities;
possible variations in Mineral Resources or grade; 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.
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.
Cornish Metals (TSXV:CUSN)
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