TIDMCUSN
RNS Number : 8314E
Cornish Metals Inc.
04 July 2023
CORNISH METALS RELEASES ASSAY RESULTS FOR No. 4, No. 8 and
ROSKEAR B LODES AS PART OF THE SOUTH CROFTY TIN PROJECT
METALLURGICAL DRILL PROGRAMME
True width intercepts up to 2.12m grading 3.24% tin in No 4
Lode
And up to 1.46m grading 4.66% tin in Roskear B
Vancouver, July 3, 2023
Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the
"Company"), a mineral exploration and development company focused
on its South Crofty tin project in Cornwall, United Kingdom, is
pleased to announce assay results from the recently completed
metallurgical drill programme at South Crofty Tin Project,
Cornwall, UK.
Richard Williams, CEO of the Company stated: "On a global
perspective these are high grade tin assay results, but they
reflect typical widths and grades of the tin mineralisation we have
encountered and mined historically at South Crofty and serve to
confirm and add further confidence to the Mineral Resource estimate
we have for the No. 4, No. 8, and Roskear B Lodes. We look forward
to receiving the results from the metallurgical studies for these
areas, including diluted head grades, ore sorting amenability,
gravity release and paste backfill studies, which are expected by
the end of Q3, 2023."
The assays results for this drilling are presented below and can
be viewed in the long sections of No. 4 , No. 8 and Roskear B Lodes
through the links.
Target Hole ID From (m) To (m) Length True Thickness Sn %
No. 4 Lode SDD20_001C1 984.17 986.77 2.60 2.44 1.27
------------- --------- --------- ------- --------------- -----
SDD20_001D 981.65 983.46 1.81 1.66 1.15
---------------------------- --------- --------- ------- --------------- -----
SDD20_001E 980.44 982.74 2.30 2.12 3.24
---------------------------- --------- --------- ------- --------------- -----
No. 8 Lode SDD20_001C1 1,039.78 1,040.68 0.90 0.89 1.80
------------- --------- --------- ------- --------------- -----
SDD20_001D 1,031.15 1,033.97 2.82 2.77 1.09
---------------------------- --------- --------- ------- --------------- -----
SDD20_001E 1,030.00 1,030.95 0.95 0.95 0.03
---------------------------- --------- --------- ------- --------------- -----
Roskear Lode DD22_001 924.67 926.21 1.54 1.34 1.27
------------- --------- --------- ------- --------------- -----
DD22_001C1 920.11 921.73 1.62 1.46 4.66
---------------------------- --------- --------- ------- --------------- -----
The metallurgical drill programme comprised fourteen parent and
daughter drill holes targeting No. 4 and No. 8 Lodes, and fourteen
parent and daughter holes targeting the Roskear Lode. Visible tin
mineralisation was observed in all 28 drill holes. Three holes from
each Lode were assayed for tin and the rest of the full drill
intercepts were used for metallurgical studies.
Drilling has also now been completed into the North Pool Zone
and the Dolcoath lodes with four parent and 29 daughter holes
respectively. Assay and metallurgical results from these holes will
be released when received.
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.
TECHNICAL INFORMATION
Drilling at South Crofty was performed by Priority Drilling
Company Ltd using an Atlas Copco CS14 Surface Diamond Drill Rig and
an Atlas Copco U6 deep hole underground Diamond Drill Rig. The
mineralised zones were drilled in NQ (76 mm diameter) to recover a
48mm diameter drill core. Core recovery was greater than 95%. The
core was logged, split via core saw, and sampled by Cornish Metals
personnel. The samples, comprising quarter 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. 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. Mr. Mihalop 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
In the UK:
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
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 when required
and on terms acceptable to the Company and the potential
consequences if the Company fails to obtain any such financing,
such as a potential disruption of the Company's exploration
program(s); 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.
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.
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