TIDMCUSN
RNS Number : 3150M
Cornish Metals Inc.
11 January 2023
CORNISH METALS MAKES NEW DISCOVERY AND REPORTS OTHER HIGH-GRADE
TIN INTERCEPTS FROM THE SOUTH CROFTY PROJECT
Vancouver, January 10, 2022
Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the
"Company") is pleased to report drill results from eight drill
holes drilled in the Carn Brea South exploration area, located
along the southern boundary of the South Crofty underground
permission area ( Figure 1 ). The drill holes confirmed up-dip,
near-surface, extensions of the historic Great Flat Lode and
discovered tin mineralisation in a new target called the "Wide
Formation", inferred to lie parallel to, north of, and beneath the
Great Flat Lode.
Highlights
-- Drilling was conducted along the southern boundary of South
Crofty - an area easily accessible from existing mine
infrastructure;
-- New discovery of high-grade tin mineralisation in the Wide Formation (Figure 2);
o CB21_002 2.77 metres ("m") grading 0.99% tin (Figure 2) within
a 12.14m wide zone of strong alteration and disseminated tin
mineralisation;
-- All eight drill holes intersected tin mineralization;
-- Multiple high-grade tin intersects from the Great Flat Lode
(Figures 2, Figure 3 and Figure 4) and related mineralised
structures, including:
o CB21_003 2.00m grading 1.44% tin
o CB21_004 2.91m grading 1.66% tin
o And 5.00m grading 0.97% tin
o CB21_005 3.04m grading 1.08% tin
o And 2.24m grading 3.93% tin
o And 3.80m grading 1.64% tin
-- Table 1 (below) presents all significant intersects.
Richard Williams, CEO of Cornish Metal s, stated: "The Wide
Formation has been interpreted to exist from exploration drilling
conducted in the 1960s but has never been followed up until now.
Discovering a new high-grade zone of tin mineralisation in the
middle of a historic mining district is a tremendous outcome, and
again demonstrates the exploration potential of the region. The
Great Flat Lode, which lies above the Wide Formation, was mined
historically over a five kilometre ("km") strike length, so we
believe we have a very compelling target to explore within and
immediately adjacent to the South Crofty Underground Permission
area. We look forward to the next phase of drilling to determine
the extent of this discovery.
"The shallow, high-grade, tin intersects from the Great Flat
Lode, represent an opportunity to define nearby and near surface
Mineral Resources to complement those we have already identified at
South Crofty."
Hole Hole From To (m) Recovered Tin Comment
Length (m) Length (%)
(m) (m)
--------
CB21_001 212.40 160.29 161.75 1.46 0.60 Great Flat Lode
-------- ------- ------- ---------- ------ ----------------------
CB21_002 725.73 154.28 156.26 1.98 0.63 Great Flat Lode
-------- ------- ------- ---------- ------ ----------------------
Including 154.92 155.4 0.48 1.79
-------- ------- ------- ---------- ------ ----------------------
Parallel to Wide
AND 622.64 624.01 1.37 0.45 Formation
-------- ------- ------- ---------- ------ ----------------------
Including 623.56 624.01 0.45 0.83
-------- ------- ------- ---------- ------ ----------------------
AND 649.43 652.2 2.77 0.99 Wide Formation
-------- ------- ------- ---------- ------ ----------------------
Including 651.26 652.2 0.94 2.86
-------- ------- ------- ---------- ------ ----------------------
CB21_003 200.60 137.87 138.51 0.64 1.18 Great Flat Lode splay
-------- ------- ------- ---------- ------ ----------------------
AND 160.6 162.6 2.00 1.44 Great Flat Lode
-------- ------- ------- ---------- ------ ----------------------
CB21_004 281.10 112.98 115.89 2.91 1.66 Great Flat Lode splay
-------- ------- ------- ---------- ------ ----------------------
Including 114.18 114.69 0.51 8.27
-------- ------- ------- ---------- ------ ----------------------
AND 201.97 206.97 5.00 0.97 Great Flat Lode
-------- ------- ------- ---------- ------ ----------------------
Including 204.97 206.97 2.00 1.44
-------- ------- ------- ---------- ------ ----------------------
CB21_005 260.10 64.94 68.34 3.40 1.08 Unknown
-------- ------- ------- ---------- ------ ----------------------
Including 66.56 67.64 1.08 1.79
-------- ------- ------- ---------- ------ ----------------------
AND 188.3 188.85 0.55 0.93 Unknown
-------- ------- ------- ---------- ------ ----------------------
AND 221.55 223.66 2.11 0.53 Great Flat Lode splay
-------- ------- ------- ---------- ------ ----------------------
Including 222.26 222.89 0.63 0.93
-------- ------- ------- ---------- ------ ----------------------
AND 229.25 232.63 3.38 0.88 Great Flat Lode
-------- ------- ------- ---------- ------ ----------------------
Including 230.32 232.2 1.88 1.16
-------- ------- ------- ---------- ------ ----------------------
AND 241.38 243.62 2.24 3.93 Great Flat Lode splay
-------- ------- ------- ---------- ------ ----------------------
Including 241.7 241.87 0.17 51.30
-------- ------- ------- ---------- ------ ----------------------
AND 245.54 249.34 3.80 1.64 Great Flat Lode splay
-------- ------- ------- ---------- ------ ----------------------
Including 247.04 248.66 1.62 3.46
-------- ------- ------- ---------- ------ ----------------------
CB21_006 273.97 223.13 224.7 1.57 0.44 Great Flat Lode
-------- ------- ------- ---------- ------ ----------------------
Including 224.3 224.7 0.40 0.86
-------- ------- ------- ---------- ------ ----------------------
CB21_007 284.20 87.9 88.56 0.66 0.84 Unknown
-------- ------- ------- ---------- ------ ----------------------
AND 230.69 230.99 0.30 0.80 Great Flat Lode
-------- ------- ------- ---------- ------ ----------------------
CB21_008 263.57 207.31 207.61 0.30 0.61 Great Flat Lode
-------- ------- ------- ---------- ------ ----------------------
* Reported widths are estimated to be 80-90% of the true
width.
GEOLOGY AND MINERALISATION
The geology in the Carn Brea South exploration area is identical
to that at South Crofty, comprising metasediments (locally termed
"killas") which overlie an intrusive granite body. The mineralised
structures of interest encountered are the Great Flat Lode and the
Wide Formation, descriptions of which are as follows:
The Great Flat Lode mineralisation occurs as a blue
tourmaline-rich lode with quartz (occasionally brecciated) hosting
disseminated cassiterite mineralisation throughout. The mineralised
structure, which appears to lie along the metasedimentary/granite
boundary, has a strong alteration halo extending many metres above
and below the structure. Downhole widths of the mineralised lodes
vary between >4m to <15m. The blue tourmaline host to the
mineralisation is similar to the predominant mineralised structures
at South Crofty mine, namely No. 8 and Roskear A lodes. The Great
Flat Lode was extensively mined for tin in the 1800s in several
mines over a five kilometre strike length and from depths ranging
from surface to 680 metres below the surface.
The mineralisation of the 'Wide Formation' structure is also
predominantly blue tourmaline with disseminated cassiterite, hosted
within a siliceous tourmaline altered granite. The cassiterite is
mostly hosted within chlorite-rich, quartz-chlorite veins which
overprint the interpreted earlier blue tourmaline lode structure.
No mining has ever been carried out on the Wide Formation.
TECHNICAL INFORMATION
Drilling at Carn Brea South was performed by Priority Drilling
Company Ltd using an Atlas Copco CS14 Diamond Drill Rig. The
shallower Great Flat Lode mineralised zones were drilled in HQ
(96.1 millimetre ('mm') diameter) to recover 72.8mm diameter drill
core. The deeper Wide Formation intersection was 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 half
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. Overlimit assays on silver were carried out using a
3-acid digest and a HCl leach ICP AES analysis. 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 who has reviewed and takes responsibility for
the data and geological interpretation. Mr. 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 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. The dewatering pumps, variable speed drives and new
high-voltage power supply have been delivered to the site and
dewatering of the mine is expected to commence at the end of Q2
this year.
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 Increase in contained
Equivalent ('000 tonnes) 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 by clicking the above link or
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 programmes; 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.
Appendix
"alteration halo" means a border of minerals produced by
hydrothermal alteration in the rock surrounding a vein
"cassiterite" means a tin oxide mineral which is the principal
source for tin metal
"Cu" means Copper
"grade(s)" means the quantity of ore or metal in a specified
quantity of rock
"Indicated Mineral Resource" is that part of a Mineral Resource
for which quantity, grade or quality, densities, shape and physical
characteristics are estimated with sufficient confidence to allow
the application of mining, processing, metallurgical,
infrastructure, economic, marketing, legal, environmental, social
and governmental factors to support mine planning and evaluation of
the economic viability of the deposit. Geological evidence is
derived from adequately detailed and reliable exploration, sampling
and testing and is sufficient to assume geological and grade or
quality continuity between points of observation. An Indicated
Mineral Resource has a lower level of confidence than that applying
to a Measured Mineral Resource and may only be converted to a
probable mineral reserve.
"Inferred Mineral Resource" is that part of a Mineral Resource
for which quantity and grade or quality are estimated on the basis
of limited geological evidence and sampling. Geological evidence is
sufficient to imply but not verify geological and grade or quality
continuity. An Inferred Mineral Resource has a lower level of
confidence than that applying to an Indicated Mineral Resource and
must not be converted to a mineral reserve. It is reasonably
expected that the majority of Inferred Mineral Resources could be
upgraded to Indicated Mineral Resources with continued exploration.
An Inferred Mineral Resource is based on limited information and
sampling gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes.
"JORC Code" means the 2012 edition of the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves prepared by the Joint Ore Reserves Committee of the
Australasian Institute of Mining and Metallurgy, Australian
Institute of Geoscientists and Minerals Council of Australia. The
JORC Code is an acceptable foreign code for purposes of NI
43-101.
"Lodes" means a vein of metal ore in the earth
"MRE" means Mineral Resource Estimate
"Mt" means million tonnes
"NI 43-101" means National Instrument 43-101 - Standards of
Disclosure for Mineral Projects issued by the Canadian Securities
Administrators, which provides standards of disclosure of
scientific and technical information regarding mineral projects
"Sn" means Tin
"tourmaline" means the crystalline silicate mineral group that
occurs as prismatic crystals in granitic and other rocks
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