TIDMCUSN
RNS Number : 8175E
Cornish Metals Inc.
01 November 2022
CORNISH METALS SIGNS A NEW MINERAL LEASE ADJACENT TO SOUTH
CROFTY
The South Carn Brea Exploration Area
Vancouver, November 1, 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 a parallel mine
dewatering programme and delivery of a Feasibility Study, as well
as exploring its additional mineral rights, all located in
Cornwall, South West England, is pleased to report that it has
reached an agreement with Roskear Minerals LLP ("Roskear Minerals")
to lease certain mineral rights located immediately adjacent to the
southern boundary of the South Crofty Underground Permission area
(see map ).
The 49 hectare lease area covers part of the historic Great Flat
Lode and lies within the Company's South Carn Brea Exploration
Area. Exploration targets in this area include the sections of the
Great Flat Lode not previously mined, as well as the Wide
Formation, a structure interpreted to exist parallel to and beneath
the Great Flat Lode.
The initial Prospecting Lease period is for five years, with the
Company having the option to extend for a further five years if
required, and can be converted to a Mining Lease at any time within
the 10 year period. The agreement will enable Cornish Metals to
explore and, if successful, mine within all of the lease area. The
terms of the Prospecting Lease require Cornish Metals to pay an
annual rent to Roskear Minerals, plus a tin price-based sliding
scale net smelter return royalty on production of any minerals
recovered from the leased area under a subsequent Mining Lease.
The agreement with Roskear Minerals LLP is arms-length.
Richard Williams, CEO of Cornish Metals, stated, "This lease
agreement with Roskear Minerals opens up an area we believe has
significant exploration potential, covering a large section of the
historic Great Flat Lode, and any other potential zones of tin
mineralisation between the Great Flat Lode and South Crofty."
The Great Flat Lode
Most of the mining on the Great Flat Lode occurred in the 18th
and 19th centuries. Underground mining commenced primarily for
copper, with several narrow, steeply dipping veins exploited. A
significant tin-bearing lode (mineralised structure) lying at a
relatively shallow angle (approximately 30deg degrees to the south)
beneath these copper veins was discovered during the 1860s. This
tin lode, located approximately 1km south of the South Crofty tin
mine, became known as the Great Flat Lode and has a known strike
length in excess of 3.2km.
The Great Flat Lode was subsequently developed into one of the
most productive areas of tin production in Cornwall during the
latter part of the 19th century, with workings extending down to a
vertical depth of 600m from surface. Notable mines include Wheal
Frances to the south, Wheal Basset mines to the east, South Carn
Brea Mine to the north-east and Great Condurrow Mine to the
west.
The Wide Formation
The last exploration activity in the area was in the 1960s /
1970s, when three drill holes located at the Great Condurrow Mine
intersected a new tin-bearing structure named the "Wide Formation"
(see map ) beneath and to the north of the Great Flat Lode. The map
outlines the extent of the South Carn Brea Exploration Area, which
covers the Great Flat Lode and Wide Formation targets.
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, and can be accessed on the Company's SEDAR
page as well.
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 .
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
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 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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END
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