Cornish Metals Files Technical Report for the South Crofty Tin Project Mineral Resource Update on SEDAR
October 30 2023 - 2:00AM
Cornish Metals Inc. (
AIM/TSX-V:
CUSN) (“Cornish Metals” or the “Company”), a mineral
exploration and development company focused on its South Crofty Tin
Project (“South Crofty” or the “Project”) in Cornwall, United
Kingdom, is pleased to report that it has filed a technical report
pursuant to National Instrument 43-101 – Standards for Disclosure
for Mineral Projects (“NI 43-101”) for the South Crofty Tin
Project, Cornwall, United Kingdom under Cornish Metals’ profile on
Sedar (www.sedar.com). The Company’s news release dated September
13, 2023 summarises the mineral resource estimate.
The technical report, titled “South Crofty Tin
Project - Mineral Resource Update NI 43-101 Technical Report” (the
“Technical Report”) was prepared by AMC Consultants (UK) Limited on
behalf of Cornish Metals and was co-authored by Mr. N. Szebor
(MCSM, MSc, BSc, CGeol, EurGeol, FGS) and Mr. R. Chesher
(FAusIMM(CP), RPEQ, MTMS). All of the co-authors of the Technical
Report are independent of Cornish Metals, meet the definition of a
“Qualified Person” under NI 43-101 and have consented to the
disclosure in Cornish Metals’ September 13, 2023 news release which
describes the updated mineral resource estimate for the South
Crofty Tin Project.
Background
- South
Crofty is a historical, high-grade, underground tin mine that
started production in the sixteenth century, and continued
operating until 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, United Kingdom. Cornish Metals has a growing team of
skilled people, local to Cornwall. 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.
An updated Mineral Resource was completed in
September 2023 as summarised below:
South Crofty Summary (JORC 2012) Mineral Resource
Estimate |
Area |
Classification |
Mass(kt) |
Grade |
Contained Tin / Tin Equivalent
(kt) |
Lower Mine |
Indicated |
2,896 |
1.50% Sn |
43.6 |
Inferred |
2,626 |
1.42% Sn |
37.4 |
Upper Mine |
Indicated |
260 |
0.99% SnEq |
2.6 |
Inferred |
465 |
0.91% SnEq |
4.2 |
-
The Mineral Resource estimate is reported in accordance with the
requirements of the Joint Ore Reserves Committee of the Australian
Institute of Mining and Metallurgy, the JORC Code (2012).
- The Qualified
Person for this Mineral Resource estimate is Mr Nicholas Szebor,
MCSM, MSc, BSc, Cgeol, EurGeol, FGS, of AMC Consultants (UK)
Limited.
- Mineral
Resources for the Lower Mine are estimated by conventional block
modelling based on wireframing at 0.4% Sn threshold whilst
honouring lode continuity and by ordinary kriging or inverse
distance to the power of 3 grade interpolation.
- Mineral
Resources for the Upper Mine are estimated by conventional 3D block
modelling based on wireframing at 0.5% SnEq cut-off grade and a
minimum width of 1.2 m and estimated by inverse distance to the
power of 3 grade interpolation.
- Assumptions for process recovery are
88.5% for Sn.
- Cornish Metals
has used a metal price of US$24,500/tonne Sn.
- SnEq for the
Upper Mine is calculated using the formula: SnEq% = Sn% + (Cu% x
0.314) + (Zn% x 0.087). Cornish Metals has used metal prices of
US$24,500/tonne Sn, US$8,000/tonne Cu, and US$2,700/tonne Zn.
Assumptions for process recovery are 88.5% for Sn, 85% for Cu, and
70% for Zn.
- For the purpose
of this Mineral Resource estimate, assays were capped by lode for
the “Lower Mine” between 1.5% Sn and 23% Sn, and for the “Upper
Mine” at 6% for Sn, 4% for Cu, and 20% for Zn.
- Bulk densities
of 2.77 t/m3 and 3.00 t/m3 have been applied for ore volume to
tonnes conversion for the granite-hosted and killas-hosted Mineral
Resources, respectively.
- Mineral
Resources have had a minimum mining width of 1.2 m applied using
0.0% Sn dilution.
- Mineral
Resources for the “Upper Mine” are estimated from near-surface to a
depth of approximately 350 m, and the “Lower Mine” are estimated
from a depth of approximately 350 m to a depth of approximately 870
m.
- Mineral
Resources are classified as Indicated and Inferred based on
drillhole and channel sample distribution and density, interpreted
geological continuity, and quality of data.
- The Mineral
Resources have been depleted for past mining; however, they contain
portions that may not be recoverable pending further engineering
studies.
- Mineral
Resources which are not Mineral Reserves do not have demonstrated
economic viability. The estimate of Mineral Resources may be
materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant
issues.
- Effective date 6
September 2023.
- Totals
presented in the table are reported from the resource model are
subject to rounding and may not sum exactly.
The Mineral Resource Estimate for South Crofty
(see news release dated September 13, 2023) is available in a
report titled the “South Crofty Tin Project - Mineral Resource
Update NI 43-101 Technical Report”, dated October 27, 2023,
co-authored by Mr. N. Szebor (MCSM, MSc, BSc, CGeol, EurGeol, FGS)
and Mr. R. Chesher (FAusIMM(CP), RPEQ, MTMS) of AMC Consultants,
and can be accessed through the above link and 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.
ON BEHALF OF THE BOARD OF
DIRECTORS
“Richard D. Williams”Richard D. Williams,
P.Geo
For additional information please contact:
Cornish Metals |
Fawzi HananoIrene Dorsman |
investors@cornishmetals.com info@cornishmetals.com |
|
|
Tel: +1 (604) 200 6664 |
SP Angel Corporate Finance LLP (Nominated Adviser
& Joint
Broker) |
Richard Morrison Charlie Bouverat Grant Barker |
Tel: +44 203 470 0470 |
|
|
|
Hannam & Partners(Joint
Broker) |
Matthew HassonAndrew Chubb Jay Ashfield |
cornish@hannam.partners Tel: +44
207 907 8500 |
|
|
|
BlytheRay(Financial PR) |
Tim Blythe Megan Ray |
tim.blythe@blytheray.com megan.ray@blytheray.comTel: +44 207 138
3204 |
|
|
|
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.
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