Cornish Metals Installs Second Submersible Pump, Commences Commissioning of Variable Speed Drives for the Pumps and Signs 100% Renewable Power Contract
19 7월 2023 - 3:00PM
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 that
the second submersible pump has now been installed, commissioning
of the Variable Speed Drives (“VSDs”) to operate the pumps has
commenced, and that the Company has entered into a contract for the
supply of 100% renewably generated power for the next 15 months.
Richard Williams, CEO and Director,
stated “These are all significant milestones for the
project as we advance South Crofty towards a production decision.
The team at site has done an excellent job installing the second
pump ahead of the estimated timeframe. Also, securing a 100%
renewable power contract was important as we demonstrate our
commitment to the reduction of greenhouse gases from the project as
much as possible.”
Submersible Pump Installation and VSD
Commissioning
The second submersible pump has been suspended
in New Cooks Kitchen (“NCK”) shaft:
- This pump is
the second 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 manufactured
by Schneider Electric and supplied through Siemag Tecberg UK, 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 are
located immediately below the 195 fathom level (360 metres below
surface);
- Schneider and
Siemag Tecberg are now on site commissioning the VSDs in advance of
commissioning the MWTP;
- The VSD
commissioning is expected to take two weeks to complete;
- Commissioning
of the MWTP is scheduled to commence in August, with dewatering of
the mine expected to commence before the end of summer.
100% Renewable Power
Contract
The Company has entered into a 15 month supply
contract with NPower for the provision of 100% renewably generated
power. The supply contract allows the Company to advance through
the mine dewatering phase with certainty over the power costs for
the next 15 months, an important factor given the power price
volatility over the last eighteen months.
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
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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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Cornish Metals (TSXV:CUSN)
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