Cornish Metals Updates on Good Progress of Dewatering South Crofty Mine
December 07 2023 - 1:00AM
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 provide an update on the progress of
dewatering of South Crofty Mine.
Mine Dewatering Tracking Ahead of
Expectations
- Dewatering has been underway since
early November with up to 25,000m3 per day of water pumped directly
from South Crofty Mine and treated at the Water Treatment Plant
(“WTP”);
- Treated water is being discharged
into the Red River which is having a positive effect on the water
quality of the river downstream of the discharge point;
- The water discharged from South
Crofty Mine powers a 75 kW hydro-turbine located ahead of the
discharge point that generates up to 20% of the power consumed by
the WTP;
- The water level within the New
Cook’s Kitchen (“NCK”) shaft and underground workings is falling at
a faster than expected rate;
- On December 5th the water level
stood at approximately 155 metres below the surface;
- As the water level falls the rate
of drop is expected to decline reflecting more underground workings
at the deeper levels of the mine;
- The Company maintains guidance of
18-months (from start of dewatering) to complete dewatering of
South Crofty Mine.
Richard Williams, CEO and Director of
Cornish Metals, stated: “The start of dewatering of South
Crofty Mine was an important milestone for the Company and it is
pleasing to see the water level in the NCK shaft dropping faster
than expected over the last month. We remain focussed on our
objective to complete the dewatering of South Crofty within 18
months.”
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, construct new processing facilities and 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 two-thirds 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 (see news release dated September 13, 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 for South Crofty
is available in a report titled “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 |
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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 |
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|
Hannam & Partners(Joint Broker) |
Matthew HassonAndrew Chubb Jay Ashfield |
cornish@hannam.partners Tel: +44
207 907 8500 |
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|
BlytheRay(Financial PR) |
Tim Blythe Megan Ray |
tim.blythe@blytheray.com megan.ray@blytheray.comTel: +44 207 138
3204 |
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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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