TIDMCUSN
RNS Number : 9874M
Cornish Metals Inc.
20 September 2023
CORNISH METALS COMMENCES 9,000 METRE DRILLING PROGRAMME AT WIDE
FORMATION TARGET, SOUTH CROFTY TIN PROJECT
Vancouver, September 19, 2023
Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the
"Company"), a mineral exploration and development company focused
on its South Crofty Tin Project ("South Crofty" or the "Project")
in Cornwall, United Kingdom, is pleased to report that it has
commenced a 14-hole / 9,000 metre ("m") exploration drilling
programme at the Wide Formation target in the Carn Brea South
exploration area, located along the southern boundary of the South
Crofty underground mine permission area ( Figure 1 ).
The drill programme is designed to test the geometry and the
continuity of tin mineralisation within the recently discovered
Wide Formation target (see news release dated January 10, 2023
).
Key Points
-- The Wide Formation represents a high-grade tin target
inferred to lie parallel to, north of, and beneath the Great Flat
Lode ( Figure 2 );
-- Discovery hole CB21-002 intersected 2.77m grading 0.99% tin
("Sn") within a 12.14m wide zone of strong alteration and
disseminated tin mineralisation;
-- The alteration style in the Wide Formation, comprising
pervasive tourmaline and quartz (termed "blue peach"), is similar
in character to that associated with No 8 Lode, one of the most
prolific tin producing lodes in the latter years of operation of
the South Crofty mine;
-- The drill programme will test an area measuring 2,500m along
strike (northeast to southwest) and 500m downdip (north to
south).
The Great Flat Lode district comprised a series of copper and
tin mines that covered a strike length of approximately 5
kilometres ("km").
Richard Williams, CEO and Director of Cornish Metals, stated;
"We are very excited to start this drill programme, testing what we
believe represents a new district-scale target that is only 500m -
1,000m south of the Tuckingmill Decline at South Crofty. It
reflects the opportunity to make new discoveries close to the South
Crofty underground infrastructure and, if the programme is
successful, we believe there is potential to not only grow the
Mineral Resource base, but also to potentially expand production
rates if the project advances through to mine development."
Geology and Mineralisation
The geology in the Carn Brea South exploration area is identical
to that at South Crofty, comprising metasediments (locally termed
"killas") which overlie an intrusive granite body. The
mineralisation of the 'Wide Formation' structure is predominantly
blue tourmaline with disseminated cassiterite, hosted within a
siliceous tourmaline altered granite. The cassiterite is mostly
hosted within chlorite-rich, quartz-chlorite veins which overprint
the interpreted earlier blue tourmaline lode structure. No mining
has ever been carried out on the Wide Formation.
Background
-- South Crofty is a historical, high-grade, underground tin
mine that started production in the sixteenth century, and
continued operating until 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.
An updated Mineral Resource was completed in September 2023 as
summarised below:
South Crofty Summary (JORC 2012) Mineral Resource Estimate
Area Classification Mass Grade Contained Tin
(kt) /
Tin Equivalent
(kt)
---------------- ------ ----------- ----------------
Lower Mine Indicated 2,896 1.50% Sn 43.6
---------------- ------ ----------- ----------------
Inferred 2,626 1.42% Sn 37.4
----------------------------- ------ ----------- ----------------
Upper Mine Indicated 260 0.99% SnEq 2.6
---------------- ------ ----------- ----------------
Inferred 465 0.91% SnEq 4.2
----------------------------- ------ ----------- ----------------
The Mineral Resource Estimate for South Crofty was updated in
September 2023 (see news release dated September 13, 2023 ). An
updated NI 43-101 Technical Report will be filed on SEDAR within 45
days of the September 13 news release.
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 .
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
Richard D. Williams, P.Geo
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 Richard Morrison Tel: +44 203 470 0470
LLP Charlie Bouverat
(Nominated Adviser & Joint Grant Barker
Broker)
Hannam & Partners Matthew Hasson Tel: +44 207 907 8500
(Joint Broker) Andrew Chubb email: cornish@hannam.partners
Jay Ashfield
BlytheRay Tim Blythe Tel: +44 207 138 3204
(Financial PR/IR-London) Megan Ray email: tim.blythe@blytheray.com
megan.ray@blytheray.com
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.
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