TIDMCUSN
RNS Number : 7274Q
Cornish Metals Inc.
30 June 2022
CORNISH METALS REPORTS DRILLING FROM THE TRENARES TARGET, UNITED
DOWNS PROJECT, CORNWALL, UK
Vancouver, June 29, 2022
Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the
"Company"), a dual-listed company 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, SW England, is pleased to report
the assay results from nine diamond drill holes drilled to test the
Trenares Lode target within the United Downs project.
Key Points
-- The Trenares target area is located approximately 300 metres
("m") south of the historic, copper-rich, United Mines (Figure
1);
-- Nine drill holes were completed, on three drill sections, for
a total of 2,683.55m drilled (see Figures 2, 3, 4, and 5);
-- Multiple zones of mineralisation were intersected on each drill section (Table 1, below);
-- Mineralisation is principally tin - zinc - silver with minor copper.
-- Intersects include (full table presented below):
o TN21_002 2.42m grading 2.88% tin and 1.43% zinc
o TN21_002 3.34m grading 2.48% zinc and 22 grammes per tonne ("g/t") silver
o TN21_002 0.90m grading 10.30% zinc and 18 g/t silver
o TN21_003 1.52m grading 0.72% tin, 1.69% zinc and 14 g/t silver
o TN21_004 0.62m grading 1.46% tin, 5.23% zinc and 18 g/t silver
Richard Williams, CEO of the Company, stated "The Trenares
Target drill programme has been successful in demonstrating the
presence of multiple zones of mineralisation in an area of the
United Downs project that is underexplored, has never been mined
and represents a compelling exploration target. The presence of
high-grade tin and zinc warrants further follow-up exploration.
Once we are in receipt of all remaining drill programme assays, we
can evaluate the priority targets for follow up work."
DRILLING UPDATE
The drill programme at United Downs project is now complete,
with results pending for a further five holes drilled into the
Mount Wellington, UD Lode, and United Mine targets still pending.
In addition, eight drill holes for 2,501m were drilled at the Carn
Brea South Target, located approximately 2km southeast of South
Crofty mine site. Results for these drill holes will be released in
due course.
The drill rig has now been moved to South Crofty where it will
start an 8,000-12,000m drill programme designed to collect samples
for metallurgical testwork as part of the South Crofty Feasibility
Study (see news release dated May 23, 2022 ) leading to a
construction decision for the South Crofty mine. This programme
will involve three drill rigs testing the eastern, central, and
western part of the mine complex. The other two drill rigs are
expected to arrive at South Crofty over the next four to six
weeks.
Table of Significant Drill Results
Copper Silver
Hole Tin
Depth (Cu) (Sn) Zinc (Ag)
From Width (Zn) Cross-section
Hole (m) To (m) (m) (%) (%) (%) (ppm) identifier
TN21_001 136.02 137.31 301.40 1.29 0.04 0.08 1.03 5
------- ------- -------- ------ ------- ------ ------ ------- --------------
and 217.43 218.40 0.97 0.03 0.32 0.14 4 1
------- ------- -------- ------ ------- ------ ------ ------- --------------
and 238.76 239.90 1.14 0.06 0.09 1.93 4 2
------- ------- -------- ------ ------- ------ ------ ------- --------------
TN21_002 80.9 83.32 299.40 2.42 0.13 2.88 1.43 1 3
------- ------- -------- ------ ------- ------ ------ ------- --------------
Including 82.28 83.32 1.04 0.08 4.13 1.56 7
------- ------- -------- ------ ------- ------ ------ ------- --------------
and 218.87 220.47 1.60 0.10 0.22 1.20 15 4
------- ------- -------- ------ ------- ------ ------ ------- --------------
and 229.06 232.40 3.34 0.33 0.10 2.48 22 5
------- ------- -------- ------ ------- ------ ------ ------- --------------
and 234.1 235.00 0.90 0.19 0.25 10.30 18
------- ------- -------- ------ ------- ------ ------ ------- --------------
TN21_003 64.5 66.56 311.50 2.06 0.04 0.09 1.16 5 6
------- ------- -------- ------ ------- ------ ------ ------- --------------
Including 64.5 65.35 0.85 0.06 0.12 2.02 8
------- ------- -------- ------ ------- ------ ------ ------- --------------
and 92.98 94.50 1.52 0.21 0.72 1.69 14 7
------- ------- -------- ------ ------- ------ ------ ------- --------------
Including 93.3 93.81 0.51 0.10 1.43 2.19 15
------- ------- -------- ------ ------- ------ ------ ------- --------------
And 92.98 93.30 0.32 0.76 0.56 3.83 39
------- ------- -------- ------ ------- ------ ------ ------- --------------
And 253.47 254.23 0.76 0.12 0.74 1.09 10 8
------- ------- -------- ------ ------- ------ ------ ------- --------------
TN21_004 66.5 68.11 245.00 1.61 0.10 0.06 1.15 5 9
------- ------- -------- ------ ------- ------ ------ ------- --------------
And 192.38 195.06 1.68 0.01 0.02 1.13 1
------- ------- -------- ------ ------- ------ ------ ------- --------------
And 204.07 204.75 0.68 0.01 0.00 1.17 2
------- ------- -------- ------ ------- ------ ------ ------- --------------
And 218.96 219.58 0.62 0.15 1.46 5.23 18 10
------- ------- -------- ------ ------- ------ ------ ------- --------------
Including 219.26 219.58 0.32 0.10 1.96 5.49 19
------- ------- -------- ------ ------- ------ ------ ------- --------------
And 228.99 230.51 1.52 0.15 0.50 2.23 11 11
------- ------- -------- ------ ------- ------ ------ ------- --------------
Including 230 230.51 0.51 0.20 0.16 3.25 15
------- ------- -------- ------ ------- ------ ------ ------- --------------
And 233.82 234.34 0.52 0.04 0.13 1.67 2
------- ------- -------- ------ ------- ------ ------ ------- --------------
TN21_005 66.49 67.63 263.00 1.14 0.16 0.61 0.08 12 12
------- ------- -------- ------ ------- ------ ------ ------- --------------
And 248.2 249.33 1.13 0.04 0.34 0.63 2
------- ------- -------- ------ ------- ------ ------ ------- --------------
Including 248.2 248.63 0.43 0.09 0.44 1.44 4
------- ------- -------- ------ ------- ------ ------ ------- --------------
TN21_006 246.84 247.18 326.40 0.34 0.10 0.44 2.76 6 13
------- ------- -------- ------ ------- ------ ------ ------- --------------
TN21_007 74.32 75.45 253.90 1.13 0.07 0.03 1.70 36 14
------- ------- -------- ------ ------- ------ ------ ------- --------------
And 241.74 244.1 2.36 0.04 0.58 1.41 2 15
------- ------- -------- ------ ------- ------ ------ ------- --------------
Including 241.74 243.33 1.59 0.01 0.64 0.12 0
------- ------- -------- ------ ------- ------ ------ ------- --------------
TN21_008 75.15 77.19 281.50 2.04 0.13 0.27 2.88 29 16
------- ------- -------- ------ ------- ------ ------ ------- --------------
Including 75.15 76.13 0.98 0.13 0.25 4.66 46
------- ------- -------- ------ ------- ------ ------ ------- --------------
And 76.13 76.65 0.52 0.17 0.57 1.99 14
------- ------- -------- ------ ------- ------ ------ ------- --------------
And 242.05 246.48 4.43 0.09 0.15 3.82 6 17
------- ------- -------- ------ ------- ------ ------ ------- --------------
Including 242.05 242.57 0.52 0.25 0.03 10.45 11
------- ------- -------- ------ ------- ------ ------ ------- --------------
And 244.81 246.48 1.67 0.14 0.36 5.84 8
------- ------- -------- ------ ------- ------ ------ ------- --------------
TN21_009 78.91 81.11 401.45 2.2 0.15 0.70 0.12 12 18
------- ------- -------- ------ ------- ------ ------ ------- --------------
Including 78.91 79.65 0.74 0.11 0.96 0.23 13
------- ------- -------- ------ ------- ------ ------ ------- --------------
And 96.21 96.82 0.61 0.10 0.18 4.81 16
------- ------- -------- ------ ------- ------ ------ ------- --------------
And 115.26 116.06 0.8 0.07 0.51 2.27 12
------- ------- -------- ------ ------- ------ ------ ------- --------------
And 240.51 241.18 0.67 0.07 0.56 0.81 4 19
------- ------- -------- ------ ------- ------ ------ ------- --------------
Note 1: Reported intercepts are drilled lengths. True
thicknesses of the mineralised intercepts are estimated to range
between 85-95% of the drilled lengths.
GEOLOGY AND MINERALISATION
The geology at United Downs comprises metasediments (locally
termed "killas"), which overlie an intrusive granite body. The
historic mines within the area (United Mines, Consolidated Mines,
Mount Wellington, and Wheal Jane) exploited copper - tin - zinc -
silver mineralisation hosted entirely within killas.
The polymetallic mineralisation is primarily hosted in narrow,
steeply dipping vein or "lode" structures, and consists of
cassiterite (tin), chalcopyrite (copper) and sphalerite (zinc) with
other copper minerals such as chalcocite and bornite occasionally
present.
United Mines and Consolidated Mines, located 320m and 720m
north, respectively, of the Trenares Target operated between the
early 1700s and the 1870s, mining high-grade copper ores (reported
grades of 7.5% copper) to depths of up to 500m below surface.
The Mount Wellington and Wheal Jane mines exploited similar
structures located along strike from the historic mining at United
Downs, where tin, copper and zinc mineralisation was mined and
processed until 1978 and 1991, respectively. Wheal Jane was mined
to a depth of approximately 500m below surface whereas Mount
Wellington only reached approximately 200m depth before closing.
Mount Wellington is located within Cornish Metals' mineral rights
and was still in mineralisation when the mined closed.
TECHNICAL INFORMATION
Drilling at United Downs has been performed by Priority Drilling
Company Ltd using an Epiroc Christensen CT14 Diamond Drill Rig.
Mineralised zones were drilled in NQ (76 millimetre ("mm")
diameter) to recover a 48mm diameter drill core. Core recovery was
greater than 95%. The core was logged, split, 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 was X-ray florescence (XRF) following a lithium borate fusion.
Samples were assayed for with this technique include copper, tin,
tungsten, zinc and arsenic. 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. 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 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 on the Company's SEDAR page
and website .
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@blyther
ay .com
Megan Ray megan.ray@blythe ray
.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:
completion of this NSR royalty sale transaction, 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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