TIDMCUSN
RNS Number : 0538P
Cornish Metals Inc.
09 October 2023
CORNISH METALS PROVIDES AN UPDATE FOR THE SOUTH CROFTY TIN
PROJECT
Metallurgical Drill Programme Complete
Favourable Ore Sorting Results
Feasibility Study Advancing
Vancouver, October 8, 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 provide an update on the
progress of activities at South Crofty. The Feasibility Study is
advancing on schedule with a substantial amount of the study
completed.
Richard Williams, CEO and Director of Cornish Metals, stated:
"We expected the mineralisation at South Crofty to respond well to
X-Ray Transmission ("XRT") ore sorting, but these results exceed
even our most optimistic expectations. XRT ore sorting has proven
highly effective at preconcentrating mineralisation sampled from
five different zones of the South Crofty deposit. We expect this
result will have a positive effect on the project economics,
allowing for lower power consumption and a smaller process plant
and therefore lower capital and operating costs.
"In addition, good progress is being made on the Feasibility
Study as project activities continue at pace at South Crofty."
Metallurgical Testwork - Excellent Ore Sorting Results
-- Both XRT ore sorting and Heavy Liquid Separation ("HLS")
pre--concentration testwork completed with excellent results:
o XRT: 55% mass rejection and <3% metal loss (-50mm - +15mm
size fraction);
o HLS: 50% mass rejection and <5% metal loss (-15mm - +0.85mm
size fraction);
-- XRT ore sorter testwork of bulk composite samples completed
by TOMRA Sorting GmbH (see photos here and here);
-- HLS testwork of bulk composite samples completed by Wardell Armstrong International;
-- The metallurgical testwork was conducted on samples from the
2023 metallurgical drill programme across five mineralised zones
(No. 4 Lode, No. 8 Lode, Roskear B/D Lodes, North Pool Zone and
Dolcoath South), representing the majority of the potential
production areas in the first six years of the proposed mine
life;
-- The testwork results confirm the upgrading potential of South
Crofty mineralisation and enables continuation of the process
design optimisation work to reduce the size of the mineral
processing plant and materially lower capital costs, operating
costs and environmental footprint.
Feasibility Study Progress
In addition to ore-sorting testwork, the following Feasibility
Study components have also been completed:
-- Headframe structural modelling and refurbishment;
-- Schedule and costing for the refurbishment and
recommissioning of New Cooks Kitchen and New Roskear shafts;
-- Televiewer investigations and geotechnical rock testing to
confirm known historical structural and rock mass property
data;
-- Conceptual numerical modelling of the proposed underground
mining methods and stope designs. Back analysis supports historical
operating data. Ground conditions and excavation stability are
expected to be very good;
-- Phase 1 of the metallurgical testwork programme (mineralogy,
physical competency, characterisation and gravity response
testwork). The gravity response results are very good and confirm
previous operational results;
-- Concept engineering on paste backfill options and sighter testwork; and
-- Ground investigations for the new mineral processing plant.
The following Feasibility Study components are currently
underway:
-- Mineral processing plant design, layout and capital cost
study, incorporating the results of the metallurgical testwork
programme reported today and potential future throughput
expansions;
-- Underground mine design and optimisation using the latest
South Crofty Mineral Resource Estimate published in September 2023
(see news release dated September 13, 2023 ) ;
-- A mine ventilation study, underground infrastructure design and hoisting analysis;
-- A Feasibility Study level engineering design for the paste backfill plant;
-- Hydrogeology, environmental, social, marketing and closure studies; and
-- AMC Mining Consultants has been appointed to independently
review and compile the Feasibility Study with initial gap analysis
and site visits completed.
Cornish Metals has published an updated corporate presentation
to its website that can be accessed at Cornish Metals Presentations
.
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,
United Kingdom. Cornish Metals has a growing team of skilled
people, local to Cornwall. 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) 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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