Cornish Metals Commences 8,000m - 12,000m Metallurgical Study Drill Programme at South Crofty
July 11 2022 - 1:00AM
Cornish Metals Inc. (
TSX-V/AIM:
CUSN) (“Cornish Metals” or the “Company”), a dual-listed
company focused on advancing its high-grade South Crofty
underground tin project through to delivery of a Feasibility Study,
as well as exploring its additional mineral rights located in
Cornwall, SW England, is pleased to report that it has commenced a
minimum 8,000 metre drill programme at South Crofty. The programme
is designed to collect samples for metallurgical testwork as part
of the Feasibility Study.
Key Points
- Three
drill rigs have been contracted from Priority Drilling, two
drilling from surface and one from underground in the Tuckingmill
Decline (see Figure 1).
- The first
drill rig has commenced drilling and will collect samples from the
central part of the mine complex, focusing on No. 4 and No. 8
Lodes.
- The
second rig will be on site by the third week of July and will
target the North Pool Zone, located in the east of the resource
area.
- The third
rig is expected in late July and will drill from underground in the
Tuckingmill Decline, collecting samples from Roskear and Dolcoath
Lodes in the western part of the mine complex.
- “Parent”
diamond drill holes will be drilled initially and multiple wedges
(“daughter” and “granddaughter” holes) will be drilled from the
parent hole to collect the samples.
- Samples
will be collected for various metallurgical studies, including XRT
ore sorting, flowsheet optimisation, and paste backfill studies, as
well as collecting assay data to complement the current Mineral
Resource Estimate (see news release dated June 9, 2021).
Richard Williams, CEO of the Company,
stated; “This drill programme allows us to accelerate the
South Crofty Feasibility Study in advance of dewatering the mine
and will provide key information for the mineral processing
flowsheet, especially the amenability of the mineralised zones to
ore sorting which, if successful, will present an opportunity to
deliver higher grade feed and reduce the size of a process
plant.”
GEOLOGY AND MINERALISATION
The geology at South Crofty comprises
metasediments (locally termed “killas”) overlying an intrusive
granite body. The killas typically hosts vein structures (“lodes”)
containing polymetallic copper – tin – zinc mineralisation, whereas
the underlying granite hosts lodes that are predominantly tin only.
The granite hosted tin mineralisation (“Lower Mine”) is the focus
of ongoing work at South Crofty (see below for a summary of the
Mineral Resource Estimate for South Crofty).
TECHNICAL INFORMATION
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.
ABOUT CORNISH METALS
Cornish Metals completed the acquisition of the
South Crofty tin and United Downs copper / tin projects, plus
additional mineral rights located in Cornwall, UK, in July 2016
(see Company news release dated July 12, 2016). The additional
mineral rights cover an area of approximately 15,000 hectares and
are distributed throughout Cornwall. Some of these mineral rights
cover old mines that were historically worked for copper, tin,
zinc, and tungsten.
The South Crofty project covers the former
producing South Crofty tin mine located beneath the towns of Pool
and Camborne, Cornwall. South Crofty mine 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. In 2017, Cornish Metals completed a
Preliminary Economic Assessment that demonstrated the economic
viability of re-opening the mine. 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 foundations
commenced. The dewatering pumps, variable speed drives and new
high-voltage power supply have been delivered to site.
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.
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 |
|
Richard Morrison |
|
|
Charlie Bouverat |
|
|
Grant Barker |
|
|
|
|
Hannam & Partners(Joint
Broker) |
Tel: |
+44 207 907 8500 |
|
Matthew Hasson |
|
|
Andrew Chubb |
|
|
Ernest Bell |
|
|
|
|
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
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 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.
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