TIDMCUSN
RNS Number : 6045C
Cornish Metals Inc.
14 June 2023
CORNISH METALS PROVIDES UPDATE FOR THE SOUTH CROFTY TIN
PROJECT
First pump installation underway in New Cooks Kitchen shaft
Substantial amount of Feasibility Study completed
New Mineral Resource Estimate planned for Q3, 2023
Vancouver, June 13, 2023
Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the
"Company") is pleased to provide an update on progress at the South
Crofty Tin Project ("South Crofty" or the "Project"), located in
Cornwall, SW England.
Richard Williams, CEO and Director, stated "Activities at South
Crofty continue at a good pace with the commencement of dewatering
on-track for later this summer. Good progress is also being made
with many aspects of the Feasibility Study to examining the
re-opening of South Crofty. Initial results are very encouraging.
The mine site team have also reached another important milestone
with the installation of the first submersible pump into NCK shaft
now underway."
Submersible Pump Installation
The first submersible pump has been suspended in New Cooks
Kitchen ("NCK") shaft:
-- This pump is the first of two submersible pumps to be
installed in NCK shaft for Stage 1 of the two-stage mine dewatering
programme;
-- The pumps are specialist high-head 950 kW vertical
submersible pumps manufactured by KSB in Germany, controlled by
variable speed drives to enable the 25,000 cubic metres (m(3) ) per
day pumping rate to the Mine Water Treatment Plant ("MWTP") to be
maintained as the water level drops and the pumping head
increases;
-- The pumps will be lowered to immediately below the 195 fathom
level (360 metres below surface) suspended from one hundred and
twenty x 3-metre long pipes that will form the temporary rising
main;
-- When the water level reaches 195 fathom level, (360m below
surface) a permanent set of pumps will be installed and the
submersible pumps will be lowered to the 400 (approximately 700m
below surface) fathom level for Stage 2 of the dewatering
programme;
-- Installation of the second pump is expected to commence before the end of June;
-- See photos 1, 2, and 3 here and below.
Feasibility Study
Work continues on the Feasibility Study with highlights
summarised below:
-- The metallurgical testwork programme is well underway with
Wardell Armstrong International, physical competency,
characterisation and gravity response testwork has been completed
on No.4, No.8 and Roskear Lodes, with mineralogy completed by
Petrolab Ltd. Early gravity response results have been very good
and are in line with previous operational results.
-- The first bulk composite sample of the metallurgical testwork
programme has arrived in Germany for XRT ore sorter testing at
TOMRA Sorting GmbH.
-- Fairport Engineering, who completed an initial conceptual
study of the processing plant design, layout and cost in Q1 2023,
have nearly completed the second optimisation phase, prior to the
feasibility level design, which will incorporate further results of
the metallurgical testwork programme. The final plant design will
incorporate potential future throughput expansions;
-- Site investigation for the process plant footprint has been
completed by AGS Ground Solutions;
-- Numerical modelling of the proposed underground mining
methods and stope designs has been completed by MiningOne. Results
confirm the historical operating data and that the ground
conditions and excavation stability are expected to be very
good.
-- Geotechnical televiewing has been completed on the majority
of mining areas by RobertsonGeo, validating previous known
structural data. Core samples have been taken for laboratory
testing.
-- Paterson & Cooke UK has started concept engineering on
paste backfill options and physical testing, preliminary results
show samples gain sufficient strength at target densities.
-- Entech Mining is working with RSV Group to provide method,
costing and schedule for refurbishment and recommissioning of NCK
and Roskear shafts.
-- Piteau Associates has been engaged for the Hydrogeological works for the Feasibility Study.
Mineral Resource Estimate
The mine geological team continues to digitise and incorporate
historic assay data into the South Crofty Mineral Resource model.
Recent work has focussed on No.1 and No.2 Lodes, and a new Mineral
Resource estimate including these lodes together with data from the
metallurgical drilling programme, is targeted for release at the
end of Q3 this year.
The work between now and the end of the summer will concentrate
on the "MING" zone, located immediately south of No.1 and No.2
Lodes, and comprising Main, Intermediate, North and Great
Lodes.
Background
-- South Crofty is an historic, high-grade, underground tin mine
that started production in the sixteenth century, and continued
operating until its closure in 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.
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. 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 is currently well
underway.
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 .
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
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDMZGMVVFVGFZM
(END) Dow Jones Newswires
June 14, 2023 02:00 ET (06:00 GMT)
Cornish Metals (LSE:CUSN)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Cornish Metals (LSE:CUSN)
Gráfica de Acción Histórica
De May 2023 a May 2024