TIDMCUSN
RNS Number : 9918W
Cornish Metals Inc.
24 August 2022
CORNISH METALS REPORTS HIGH GRADE COPPER, TIN, AND ZINC
MINERALISATION FROM DRILLING AT THE MOUNT WELLINGTON AND UNITED
MINES TARGETS, UNITED DOWNS PROJECT
August 24, 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, South West England, is pleased to
report the remaining assay results from the Phase 1 drill programme
at United Downs. This release includes results from the Mount
Wellington and United Mines Targets within the United Downs
project, located eight kilometres east of South Crofty ( Figure 1
).
Highlights
-- All four of the remaining drill holes intersected multiple mineralised zones (Table 1 below).
-- Two drill holes (MW22_001 and MW22_002), totaling 1,334.00
metres ('m'), were completed at the Mount Wellington Target,
testing the down dip extensions of both Mount Wellington Mine (tin
- zinc) and United Mines (copper - tin - zinc - silver) (Figure
2).
-- Two drill holes (UD22_01 and UD22_01A), totaling 1010.61m,
drilled in the central part of United Downs project, tested the
down dip extension of United Mines (Figure 2).
-- MW22_001 intersected several high-grade zinc zones (see
Figure 3 showing a cross section of the geology and the
intersects), including;
o 2.05m grading 6.05% zinc from 87.03m;
o 4.25m grading 5.51% zinc from 249.40m, and;
o 0.80m grading 6.48% zinc from 362.53m.
-- MW22_002 (Figure 4) intersected several polymetallic zones, including;
o 1.49m grading 6.17% copper, and 67g/t silver from 326.00m;
o 4.89m grading 2.21% copper, and 19g/t silver from 548.36m;
o 1.66m grading 1.09% tin from 560.61m, and;
o 2.42m grading 3.70% tin, and 9.09% zinc from 649.41m.
-- The high-grade zinc intersections in MW22_001 require further
work to determine continuity along strike and to depth to establish
the Mineral Resource potential.
-- High grade tin intersects were encountered in UD22_01 and
UD22_01A, confirming a potential transition from high grade copper
to high grade tin at depth, similar to the mineralisation
transition seen at South Crofty Mine (Figure 5).
-- High-grade copper and tin intersections beneath United Mines
have now been observed over a strike length of approximately 1,350m
and the zone is open along strike and to depth (Figure 6).
-- The high-grade tin intersects in MW22_002, GWDD_002 (see News
Release dated November 17, 2020), UD21_011A (see News Release dated
December 6, 2021), UD22_001, UD22_001A, and MW22_002 support
management's belief that tin grades increase with depth, similar to
the mineralisation transition seen at South Crofty.
Richard Williams, CEO of the Company, stated "The Phase 1 drill
programme at United Downs has been successful on a number of fronts
- assay results, safety, community support and drill contractor
performance.
"Results from the United Downs drill programme confirm the
potential to develop a Mineral Resource, especially the down dip
section of the United Mine where we encountered high-grade copper,
tin, and silver. The Company is now considering the next steps for
United Downs."
Photographs from the drill programme can be viewed here .
Table 1 - Significant Intersections
Hole From To Hole Length Length Copper Tin Zinc Ag (g/t)
(m) (m) (%) (%) (%)
------- ------- ------------ ------- ------- ----- ------
MW22_001 87.03 89.08 623.46 2.05 0.11 0.38 6.05 8
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
And 249.40 253.65 4.25 0.24 0.07 5.51 13
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
And 307.20 307.58 0.38 0.21 1.38 0.26 7
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
And 362.53 363.33 0.80 0.05 0.07 6.48 9
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
And 473.72 474.04 0.32 0.25 0.41 0.02 1
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
And 615.90 616.24 0.34 1.22 0.45 0.04 23
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
MW22_002 139.79 141.11 710.54 1.32 0.77 0.70 0.23 46
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
And 326.00 327.49 1.49 6.17 0.08 0.53 67
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
And 548.36 553.25 4.89 2.21 0.22 0.07 19
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
Including 548.36 549.30 0.94 5.92 0.30 0.22 56
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
And 560.61 562.27 1.66 0.15 1.09 0.01 1
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
And 649.41 651.83 2.42 0.38 3.70 9.09 6
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
Including 649.81 651.48 1.67 0.28 5.07 12.19 7
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
UD22_001 82.71 84.91 745.47 2.20 0.04 0.90 0.10 1
------- ------- ------------ ------- ------- ----- ------
And 622.13 622.94 0.81 0.12 0.49 0.13 1
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
And 698.82 699.25 0.43 0.01 0.87 0.02
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
And 700.32 701.41 1.09 0.06 0.92 0.01
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
UD22_001A 619.66 622.02 800.64* 2.36 0.15 1.13 0.03
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
And 696.22 697.03 0.81 0.15 0.36 1.20 1
----------- ------- ------- ------------ ------- ------- ----- ------ ---------
True thickness of encountered structures is estimated to be in
the region of 80-90%.
* - UD22_001A was wedged from UD22_001 at a downhole depth of
535.40m
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 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 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. 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
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. 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.
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: 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.
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