TIDMCUSN
RNS Number : 6207R
Cornish Metals Inc.
30 October 2023
CORNISH METALS FILES TECHNICAL REPORT FOR THE SOUTH CROFTY TIN
PROJECT MINERAL
RESOURCE UPDATE ON SEDAR
Vancouver, October 30, 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 filed
a technical report pursuant to National Instrument 43-101 -
Standards for Disclosure for Mineral Projects ("NI 43-101") for the
South Crofty Tin Project, Cornwall, United Kingdom under Cornish
Metals' profile on Sedar ( www.sedar.com ). The Company's news
release dated September 13, 2023 summarises the mineral resource
estimate.
The technical report, titled "South Crofty Tin Project - Mineral
Resource Update NI 43-101 Technical Report" (the "Technical
Report") was prepared by AMC Consultants (UK) Limited on behalf of
Cornish Metals and was co-authored by Mr. N. Szebor (MCSM, MSc,
BSc, CGeol, EurGeol, FGS) and Mr. R. Chesher (FAusIMM(CP), RPEQ,
MTMS). All of the co-authors of the Technical Report are
independent of Cornish Metals, meet the definition of a "Qualified
Person" under NI 43-101 and have consented to the disclosure in
Cornish Metals' September 13, 2023 news release which describes the
updated mineral resource estimate for the South Crofty Tin
Project.
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
----------------------------- ------ ----------- ----------------
1. The Mineral Resource estimate is reported in accordance with
the requirements of the Joint Ore Reserves Committee of the
Australian Institute of Mining and Metallurgy, the JORC Code
(2012).
2. The Qualified Person for this Mineral Resource estimate is Mr
Nicholas Szebor, MCSM, MSc, BSc, Cgeol, EurGeol, FGS, of AMC
Consultants (UK) Limited.
3. Mineral Resources for the Lower Mine are estimated by
conventional block modelling based on wireframing at 0.4% Sn
threshold whilst honouring lode continuity and by ordinary kriging
or inverse distance to the power of 3 grade interpolation.
4. Mineral Resources for the Upper Mine are estimated by
conventional 3D block modelling based on wireframing at 0.5% SnEq
cut-off grade and a minimum width of 1.2 m and estimated by inverse
distance to the power of 3 grade interpolation.
5. Assumptions for process recovery are 88.5% for Sn.
6. Cornish Metals has used a metal price of US$24,500/tonne Sn.
7. SnEq for the Upper Mine is calculated using the formula:
SnEq% = Sn% + (Cu% x 0.314) + (Zn% x 0.087). Cornish Metals has
used metal prices of US$24,500/tonne Sn, US$8,000/tonne Cu, and
US$2,700/tonne Zn. Assumptions for process recovery are 88.5% for
Sn, 85% for Cu, and 70% for Zn.
8. For the purpose of this Mineral Resource estimate, assays
were capped by lode for the "Lower Mine" between 1.5% Sn and 23%
Sn, and for the "Upper Mine" at 6% for Sn, 4% for Cu, and 20% for
Zn.
9. Bulk densities of 2.77 t/m3 and 3.00 t/m3 have been applied
for ore volume to tonnes conversion for the granite-hosted and
killas-hosted Mineral Resources, respectively.
10. Mineral Resources have had a minimum mining width of 1.2 m
applied using 0.0% Sn dilution.
11. Mineral Resources for the "Upper Mine" are estimated from
near-surface to a depth of approximately 350 m, and the "Lower
Mine" are estimated from a depth of approximately 350 m to a depth
of approximately 870 m.
12. Mineral Resources are classified as Indicated and Inferred
based on drillhole and channel sample distribution and density,
interpreted geological continuity, and quality of data.
13. The Mineral Resources have been depleted for past mining;
however, they contain portions that may not be recoverable pending
further engineering studies.
14. Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability. The estimate of Mineral Resources
may be materially affected by environmental, permitting, legal,
title, taxation, socio-political, marketing, or other relevant
issues.
15. Effective date 6 September 2023.
16. Totals presented in the table are reported from the resource
model are subject to rounding and may not sum exactly.
The Mineral Resource Estimate for South Crofty (see news release
dated September 13, 2023 ) is available in a report titled the "
South Crofty Tin Project - Mineral Resource Update NI 43-101
Technical Report ", dated October 27, 2023, co-authored by Mr. N.
Szebor (MCSM, MSc, BSc, CGeol, EurGeol, FGS) and Mr. R. Chesher
(FAusIMM(CP), RPEQ, MTMS) of AMC Consultants, and can be accessed
through the above link and 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 .
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
Richard D. Williams, P.Geo
For additional information please contact:
Cornish Metals Fawzi Hanano investors@cornishmetals.com
Irene Dorsman info@cornishmetals.com
Tel: + 1 (604) 200 6664
SP Angel Corporate Finance Richard Morrison Tel: +44 203 470 0470
LLP Charlie Bouverat
(Nominated Adviser & Joint Grant Barker
Broker)
Hannam & Partners Matthew Hasson cornish@hannam.partners
(Joint Broker) Andrew Chubb Tel: +44 207 907 8500
Jay Ashfield
BlytheRay Tim Blythe tim.blythe@blytheray.com
(Financial PR) Megan Ray megan.ray@blytheray.com
Tel: +44 207 138 3204
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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END
MSCBLBDGGBDDGXC
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