TIDMCUSN
RNS Number : 6021F
Cornish Metals Inc.
08 November 2022
CORNISH METALS PROVIDES SOUTH CROFTY PROJECT UPDATE
Vancouver, November 7, 2022
Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the
"Company"), is a dual-listed company focused on advancing the past
producing South Crofty high-grade, underground tin project through
a parallel mine dewatering programme, delivery of a Feasibility
Study and exploring its additional mineral rights, all located in
Cornwall, South West England.
Following the GBP40.5 million financing completed in May 2022,
the Company is pleased to provide the following operations update
on the South Crofty tin project. Photographs of some of the
activities underway can be viewed here .
Richard Williams, CEO of Cornish Metals Inc, commented ; "It is
wonderful to see the level of activity underway at South Crofty, as
we progress through the construction of the Water Treatment Plant,
and undertake a metallurgical sample drill programme. We are now in
an exciting period for the Company and our stakeholders. It is
inspiring to see the pride and dedication that our team displays,
knowing that they are contributing to the success of a project that
means a lot to the local community and a restart of the Cornish tin
industry."
Water Treatment Plant Construction (WTP)
-- The WTP construction is on track for planned commissioning in June 2023.
-- Detailed design of the WTP is now 75% complete.
-- The current cost estimate for the WTP is between GBP6.5 to GBP7.0 million.
-- The foundation slab for the WTP has been designed, the
shuttering and steel reinforcement complete and concrete pouring
has commenced.
-- The treated water discharge duct from the WTP to Middle Engine Shaft is complete.
-- All key equipment suppliers have been engaged, contracts awarded and delivery dates assigned.
-- Six large steel clarifier tanks are being fabricated locally
with delivery and installation expected to commence in December
2022.
-- Ongoing water treatment studies have further optimised the
treatment process, resulting in a reduction in reagent consumption,
an improvement to metal and suspended solids recovery, and an
expected reduction in operating costs.
Mine Dewatering
-- The two submersible pumps purchased in 2018 have been checked
and tested, both of which are in good working order.
-- Pump installation into New Cooks Kitchen (NCK) shaft is
planned to commence this month, with both pumps expected to be
installed to approximately 370 metres depth below surface by the
end of February 2023.
-- Sections of the NCK shaft headframe have been removed to
prepare for pump installation into the shaft.
-- Pump and pipe handling infrastructure has been installed and tested.
-- All steel pipes required for pumping have been delivered to site and ready for installation.
-- A new single drum winder has been ordered, for delivery in Q3
2023, to enable the NCK shaft re-accessing.
Metallurgical Drilling
-- Three diamond drill rigs are currently in use at North Pool
Zone (drilling from surface into the eastern section of the South
Crofty Mineral Resource), No. 4 and No. 8 Lodes (drilling from
surface into the central section), and Roskear / Dolcoath areas
(drilling from underground in the western decline into the western
section).
-- Drilling to the North Pool Zone is nearing completion of the
directional drilling phase, and sample collection for metallurgical
testwork is expected this month.
-- Multiple wedged drillholes have successfully drilled into No.
4 and No. 8 Lodes, with intersects into No. 8 Lode being wider than
anticipated, meaning less drilling will be required for sample
collection from this mineralised structure. Visually, drillholes
into both structures display good cassiterite (tin) mineralisation.
At current rates, completion of the drilling into No. 4 and No. 8
Lodes is expected before year end.
-- The underground drill rig targeting the Roskear section of
the Mineral Resource has completed the directional phase of
drilling and samples are currently being collected for the
metallurgical studies. Encouraging visible tin mineralisation has
been encountered, in line with expectations for this area of the
South Crofty Mineral Resource.
Feasibility Study (FS)
-- Initial work on the FS is underway, including hydrogeology,
geotechnical studies, ventilation, shaft refurbishment, and initial
groundwork investigations for the process plant foundations.
-- A metallurgical testwork programme has been developed,
including ore sorting, process design confirmation and paste
backfill.
Health and Safety
-- Zero lost time incidents to date.
-- A new Health and Safety Officer has been employed.
-- A new underground refuge chamber has been constructed and commissioned.
-- New self-contained Self-Rescuers have been purchased and commissioned.
-- The Company is undertaking comprehensive internal and
external competency training programmes with all new and existing
staff.
-- Two new mine rescue teams have been recruited, with training starting this month.
-- New ventilation ducting has been installed in the western
decline in support of the underground drill progamme.
-- WiFi connections have been installed underground to provide
improved communications with surface.
Community Engagement
-- The most recent Community Meeting was held on 8 September,
2022 at Heartlands World Heritage Mining Site.
-- The local community continues to be very supportive of plans
to progress South Crofty towards production. The full video of the
meeting can be accessed here.
-- The Company continues to provide ongoing support and funding
to local charities, sports teams and also to minerals industry
related education by providing transport and entrance fees for
local primary school trips to the Geevor Tin Mine museum.
Workforce
-- The Company has expanded its staff levels considerably since
closing the May financing, and now has over thirty full-time
employees on site, as well as numerous contractors.
-- Senior staff positions, including Project Manager, Senior
Project Engineer, and Feasibility Study Manager, have been
filled.
Local and National Content
-- The Company is extremely pleased to find that many services
and skills required for the current work at South Crofty are
available within Cornwall and UK.
-- A list of local and national suppliers to the South Crofty project can be found here .
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.
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 .
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.
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 including completion and
commissioning of the water treatment plant; actual results of
proposed exploration activities; possible variations in Mineral
Resources or grade; results of the Feasibility Study, 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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