TIDMCUSN
RNS Number : 3794M
Cornish Metals Inc.
14 September 2023
CORNISH METALS RELEASES UPDATED MINERAL RESOURCE ESTIMATE FOR
SOUTH CROFTY TIN PROJECT
31.6% increase to Contained Tin in the Indicated Category in the
Lower Mine Area
Vancouver, September 13, 2023
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 ("South Crofty" or the "Project")
in Cornwall, United Kingdom, is pleased to release an updated JORC
(2012) Mineral Resource Estimate ("MRE") for the South Crofty Tin
Project. Cornish Metals has a 100% interest in, and is the operator
of, the South Crofty Project.
The focus of this new MRE is the Lower Mine area ("Lower Mine")
tin-only section of the Project, which has been subject to a
thorough review, including further digitisation and modelling of
historical data, but the Upper Mine polymetallic area has also been
reported using current metal prices. Furthermore, assay results
from recent drilling of the existing major structures at depth
(No.4, No.8, Roskear and North Pool Zone) as part of a
metallurgical testwork programme, have been incorporated into the
new MRE.
This Lower Mine Tin-only updated MRE is summarised in Table 1
below:
Table 1: Summary of South Crofty Lower Mine Mineral Resource
Estimate at 0.6% Sn Cut-Off Grade, 6(th) September 2023
Classification Mass Grade Contained Increase to Contained
(kt) (% Sn) Tin (t) Tin from 2021 MRE
(t / %)
------ -------- ---------- ----------------------
Indicated 2,896 1.50 43,573 10,475 / 31.6%
------ -------- ---------- ----------------------
Inferred 2,626 1.42 37,422 5,026 / 15.5%
------ -------- ---------- ----------------------
Note: See footnotes below in Table 2.
Key Points
-- 39.0% increase in tonnes and 31.6% increase in contained tin
in the Indicated Mineral Resource category from the 2021 MRE (see
news dated June 9, 2021);
-- 35.6% increase in tonnes and 15.5% increase in contained tin
in the Inferred Mineral Resource category from the 2021 MRE;
-- This MRE is based on a 0.6% Sn cut-off grade, as was used in the 2021 MRE;
-- The majority of new Mineral Resources are contained within
the central part of the mine in No. 1, No. 2, No. 3, Main,
Intermediate, North and Great Lodes following digitization and
modelling of historical data;
-- The major lode structures that comprise the Mineral Resource
remain open along strike and at depth;
-- The MRE was prepared by Cornish Metals' in-house geology team
and independently reviewed and verified by Nicholas Szebor of AMC
Consultants (UK) Ltd ("AMC"), who takes responsibility for the
estimate; and
-- AMC will prepare an updated NI 43-101 Technical Report which
will be filed on SEDAR within 45 days of this announcement.
Richard Williams, CEO and Director, stated; "This is another
positive development for South Crofty as we advance the Project
through to delivery of a Feasibility Study ("FS") by the end of
2024 and continue to demonstrate the potential to increase the
Project's Mineral Resource and mine life. The updated MRE will be
incorporated into the FS mine plan scheduled for release before the
end of 2024."
Table 2 below details the Lower Mine MRE by individual Lode /
Zone:
Table 2: South Crofty Lower Mine Mineral Resource Estimate at 0.6% Sn Cut-Off Grade, 6(th)
September 2023
Lode / Zone Classification Mass Grade Contained Tin
-------------------- ------- -------- -----------------
(kt) (% Sn) (t)
-------------------- ------- -------- -----------------
No. 1 and No. 2 Indicated 479 1.31 6,281
-------------------- ------- -------- -----------------
No. 3 Indicated 164 1.26 2,070
-------------------- ------- -------- -----------------
No. 4 Indicated 488 1.76 8,595
-------------------- ------- -------- -----------------
No. 8 Indicated 113 2.00 2,264
-------------------- ------- -------- -----------------
No. 9 Indicated 98 1.47 1,442
-------------------- ------- -------- -----------------
Dolcoath Indicated 466 1.39 6,464
-------------------- ------- -------- -----------------
Main/Intermediate/North/Great Indicated 61 1.09 662
-------------------- ------- -------- -----------------
North Pool Zone Indicated 283 1.35 3,814
-------------------- ------- -------- -----------------
Providence Indicated - - -
-------------------- ------- -------- -----------------
Pryces / Tincroft Indicated 347 1.18 4,092
-------------------- ------- -------- -----------------
Roskear Indicated 397 1.99 7,889
-------------------- ------- -------- -----------------
Total Indicated 2,896 1.50 43,573
------- -------- -----------------
No. 1 and No. 2 Inferred 580 1.21 7,029
-------------------- ------- -------- -----------------
No. 3 Inferred 183 1.13 2,079
-------------------- ------- -------- -----------------
No. 4 Inferred 293 1.53 4,467
-------------------- ------- -------- -----------------
No. 8 Inferred 149 2.08 3,103
-------------------- ------- -------- -----------------
No. 9 Inferred 103 1.54 1,597
-------------------- ------- -------- -----------------
Dolcoath Inferred 304 1.31 3,993
-------------------- ------- -------- -----------------
Main/Intermediate/North/Great Inferred 276 1.16 3,214
-------------------- ------- -------- -----------------
North Pool Zone Inferred 185 1.30 2,391
-------------------- ------- -------- -----------------
Providence Inferred 98 1.55 1,578
-------------------- ------- -------- -----------------
Pryces / Tincroft Inferred 177 1.34 2,375
-------------------- ------- -------- -----------------
Roskear Inferred 278 2.01 5,596
-------------------- ------- -------- -----------------
Total Inferred 2,626 1.42 37,422
------- -------- -----------------
Notes to Table 2:
1. 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).
2. The Qualified Person for this Mineral Resource Estimate is:
Mr Nicholas Szebor, MCSM, MSc, BSc, Cgeol, EurGeol, FGS, of AMC
Consultants (UK) Ltd.
3. 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.
4. Cut-off grade was calculated assuming a 24,500 $/t tin price
and an assumed metal recovery of 88.5%
5. For the purpose of this Mineral Resource Estimate, assays
were capped by lode for the "Lower Mine" between 1.5% Sn and 23%
Sn.
6. Bulk densities of 2.77 t/m(3) have been applied for volume to
tonnes conversion for the Lower Mine.
7. Mineral Resources for the Lower Mine have had a minimum
mining width of 1.2 m applied using 0% Sn dilution.
8. Mineral Resources are estimated from a depth of approximately
350 m to a depth of approximately 870 m.
9. Mineral Resources are classified as Indicated and Inferred
based on drillhole and channel sample distribution and density,
interpreted geological continuity and quality of data.
10. The Mineral Resources have been depleted for past mining,
however, they contain portions that may not be recoverable pending
further engineering studies.
11. 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.
12. Effective date 6(th) September 2023.
13. Numbers may not compute exactly due to rounding.
Table 3 below details the Upper Mine MRE by individual Lode /
Zone. The only change to the Upper Mine MRE is a recalculation of
Tin equivalent grades due to changes in metal prices since the 2021
MRE was published:
Table 3: South Crofty Upper Mine Mineral Resource Estimate at 0.6% SnEq Cut-Off Grade, 6(th)
September 2023
Lode / Zone Mass Grade Contained Tin Equivalent
===== ============================ ===========================
(kt) % Sn % Cu % Zn % SnEq. (t)
===== ===== ===== ==== ======== ===========================
Dolcoath Middle 90 0.72 0.88 0.16 1.01 904
===== ===== ===== ==== ======== ===========================
Dolcoath Middle Branch 37 0.89 0.34 0.02 1.00 367
===== ===== ===== ==== ======== ===========================
Dolcoath Upper Main - - - - - -
===== ===== ===== ==== ======== ===========================
Dolcoath Upper South South Branch - - - - - -
===== ===== ===== ==== ======== ===========================
Dolcoath NVC - - - - - -
===== ===== ===== ==== ======== ===========================
Dolcoath Little NW 12 0.69 0.16 0.87 0.81 99
===== ===== ===== ==== ======== ===========================
Dolcoath Little NW FW - - - - - -
===== ===== ===== ==== ======== ===========================
Dolcoath Little NE - - - - - -
===== ===== ===== ==== ======== ===========================
Dolcoath South Entral 122 0.62 0.91 1.05 1.00 1,213
===== ===== ===== ==== ======== ===========================
Total Indicated 260 0.69 0.78 0.59 0.99 2,583
===== ===== ===== ==== ======== ===========================
Dolcoath Middle 22 0.75 0.05 0.01 0.77 171
===== ===== ===== ==== ======== ===========================
Dolcoath Middle Branch - - - - - -
===== ===== ===== ==== ======== ===========================
Dolcoath Upper Main 271 0.61 0.60 0.22 0.82 2,210
===== ===== ===== ==== ======== ===========================
Dolcoath Upper South South Branch 88 0.50 0.73 1.83 0.88 778
===== ===== ===== ==== ======== ===========================
Dolcoath NVC 36 0.75 1.09 0.15 1.10 395
===== ===== ===== ==== ======== ===========================
Dolcoath Little NW - - - - - -
===== ===== ===== ==== ======== ===========================
Dolcoath Little NW FW 1 0.81 0.03 0.25 0.84 8
===== ===== ===== ==== ======== ===========================
Dolcoath Little NE 47 1.15 0.55 1.43 1.45 677
===== ===== ===== ==== ======== ===========================
Dolcoath South Entral - - - - - -
===== ===== ===== ==== ======== ===========================
Total Inferred 465 0.66 0.63 0.63 0.91 4,239
===== ===== ===== ==== ======== ===========================
Notes to Table 3:
1. 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).
2. The Qualified Person for this Mineral Resource Estimate is:
Mr Nicholas Szebor, MCSM, MSc, BSc, Cgeol, EurGeol, FGS, of AMC
Consultants (UK) Ltd.
3. 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 1.2m and estimated by inverse
distance to the power of 3 grade interpolation.
4. SnEq 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.
5. For the purpose of this Mineral Resource Estimate, assays
were capped by lode for the Upper Mine at 6% for Sn, 4% for Cu and
20% for Zn.
6. 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
metasediment (Killas) hosted Mineral Resources respectively.
7. Mineral Resources are estimated from near surface to a depth of approximately 350 m.
8. Mineral Resources are classified as Indicated and Inferred
based on drillhole and channel sample distribution and density,
interpreted geological continuity and quality of data.
9. The Mineral Resources have been depleted for past mining;
however, they contain portions that may not be recoverable pending
further engineering studies.
10. 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.
11. Effective date 6(th) September 2023.
12. Numbers may not compute exactly due to rounding.
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 4(th) 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.
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 .
Independent Qualified Person
This Mineral Resource Estimate was prepared by Mr. Nicholas
Szebor (MCSM, BSc, MSc, CGeol, EurGeol, FGS), General Manager and
Principal Geologist at AMC Consultants (UK) Limited, a Qualified
Person under National Instrument 43-101 (NI 43-101) and a Competent
Person as defined under the JORC Code (2012). A Technical Report
disclosing the Mineral Resource Estimate in accordance with the
requirements of NI 43-101 will be prepared by AMC on behalf of
Cornish Metals and filed on SEDAR within 45 days of this news
release. Mr. Szebor consents to the inclusion in this announcement
of the matters based on his information in the form and context in
which it appears.
Use of Foreign Reporting Code
Mineral Resources are classified in accordance with the JORC
Code (2012). The confidence categories assigned under the JORC Code
were reconciled to the confidence categories in the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM) Definition
Standards - for Mineral Resources and Mineral Reserves May 2014
(the CIM Definition Standards). Mineral Resource classifications of
"Indicated" and "Inferred" have been used in this press
release.
The South Crofty data has been reviewed and verified in relation
to CIM best operating practices for reporting and for scope and
content of JORC and NI 43-101 reporting through a due diligence
conducted by Mr. Nicholas Szebor (MCSM, BSc, MSc, CGeol, EurGeol,
FGS), General Manager at AMC, an independent qualified person on
behalf of the Company. The technical report in respect of the
updated Mineral Resource, when filed, will contain more detailed
information concerning individual responsibilities, associated
quality assurance and quality control, and other data verification
matters, and the key assumptions, parameters and methods used by
the Company.
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.
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 Tel / email: +44 207 907 8500 /
(Joint Broker) cornish@hannam.partners
Matthew Hasson
Andrew Chubb
Jay Ashfield
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; 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.
Appendix
"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.
"kt" means thousand tonnes
"Lodes" means a vein of metal ore in the earth
"MRE" means Mineral Resource Estimate
"Mt" means million tonnes
"Sn" means Tin
"Sn Eq" means Tin Equivalent. SnEq 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.
"t" means tonnes;
"Zn" means Zinc
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