TIDMCUSN
RNS Number : 9512V
Cornish Metals Inc.
07 December 2023
CORNISH METALS UPDATES ON GOOD PROGRESS OF DEWATERING SOUTH
CROFTY MINE
Vancouver, December 6, 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 dewatering of South Crofty Mine.
Mine Dewatering Tracking Ahead of Expectations
-- Dewatering has been underway since early November with up to
25,000m(3) per day of water pumped directly from South Crofty Mine
and treated at the Water Treatment Plant ("WTP");
-- Treated water is being discharged into the Red River which is
having a positive effect on the water quality of the river
downstream of the discharge point;
-- The water discharged from South Crofty Mine powers a 75 kW
hydro-turbine located ahead of the discharge point that generates
up to 20% of the power consumed by the WTP;
-- The water level within the New Cook's Kitchen ("NCK") shaft
and underground workings is falling at a faster than expected
rate;
-- On December 5(th) the water level stood at approximately 155 metres below the surface;
-- As the water level falls the rate of drop is expected to
decline reflecting more underground workings at the deeper levels
of the mine;
-- The Company maintains guidance of 18-months (from start of
dewatering) to complete dewatering of South Crofty Mine.
Richard Williams, CEO and Director of Cornish Metals, stated:
"The start of dewatering of South Crofty Mine was an important
milestone for the Company and it is pleasing to see the water level
in the NCK shaft dropping faster than expected over the last month.
We remain focussed on our objective to complete the dewatering of
South Crofty within 18 months."
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, construct new processing facilities and 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 two-thirds 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 (see
news release dated September 13, 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 is available in a
report titled " 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
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