TIDMCUSN
RNS Number : 1367R
Cornish Metals Inc.
03 November 2021
CORNISH METALS CONTINUES TO INTERSECT HIGH GRADE TIN, COPPER,
SILVER AND ZINC AT UNITED DOWNS
Including 1.62m at 9.75% Tin, and 6.72m at 3.67% Copper and
202g/t Silver
Vancouver, November 3, 2021
Cornish Metals Inc. (TSX-V / AIM: CUSN) ("Cornish Metals" or the
"Company") is pleased to report assay results from two diamond
drill holes, UD21-006 and UD21-008, which are part of the ongoing
drill programme at the United Downs copper - tin project, Cornwall
UK.
The table below summarises the significant intercepts from the
two drill holes:
Drill Hole From To Length Copper Tin Zinc Silver Copper Equivalent
(m) (m) (m) (% Cu) (% Sn) (% Zn) (g/t Ag) (% Cu Eq.)
UD21_006 215.41 217.02 1.61 1.23 0.46 - 14.0 3.08
------- ------- ------- -------- -------- -------- ---------- ------------------
UD21_008 153.02 154.01 0.99 1.81 0.06 0.58 74.9 2.83
------- ------- ------- -------- -------- -------- ---------- ------------------
UD21_008 160.00 161.62 1.62 - 9.75 0.06 0.6 36.84
------- ------- ------- -------- -------- -------- ---------- ------------------
UD21_008 164.57 193.45 28.88 1.50 0.05 0.28 63.4 2.29
------- ------- ------- -------- -------- -------- ---------- ------------------
Including 167.49 174.21 6.72 3.67 0.07 0.80 202.4 5.82
------- ------- ------- -------- -------- -------- ---------- ------------------
Including 187.61 191.62 4.01 1.16 0.03 0.04 14.7 1.39
------- ------- ------- -------- -------- -------- ---------- ------------------
Including 192.27 193.45 1.18 2.48 0.02 0.14 26.4 2.81
------- ------- ------- -------- -------- -------- ---------- ------------------
UD21_008 287.39 292.20 4.81 0.56 0.24 8.99 27.1 4.82
------- ------- ------- -------- -------- -------- ---------- ------------------
Note 1: Reported intercepts are drilled lengths. True
thicknesses of the mineralised intercepts are estimated to range
between 20-50% of the drilled lengths. Further drilling is required
to establish true thickness of the structures.
Note 2: Copper Equivalents calculated using: Copper Price -
$9,800/t; Tin Price - $37,000/t; Zinc Price - $3,400/t; and Silver
Price - $24/oz.
Richard Williams, CEO, stated "These results continue to
demonstrate the presence of multiple mineralised structures within
the UD Lode target area. The intercepts in the latest holes do not
appear to be part of UD Lode itself but represent new sub-parallel
zones of mineralisation, including some exceptionally high tin
grades. This is the first time we have encountered high-grade zinc
mineralisation, which occurs as coarse black sphalerite, and also
note the high silver grades associated with the copper-rich zones.
Additional drilling is required to understand the geometry and
scale of these zones.
The continued discovery of new mineralization by the current
drilling underscores the prospective and under-explored nature of
the United Downs area for near surface tin, copper, zinc and
silver. The drill programme continues and results will be reported
as and when received."
GEOLOGY AND MINERALISATION
The geology at United Downs comprises metasediments (locally
termed "killas"), which overlie an intrusive granite body. All the
historic copper mines within the area (United Mines and
Consolidated Mines) and the historic tin, copper and zinc mines
(Mount Wellington and Wheal Jane) exploited mineralisation hosted
entirely within killas.
The mineralisation is primarily hosted in narrow, steeply
dipping vein or "lode" structures, and consists of cassiterite
(tin), chalcopyrite (copper) and sphalerite (zinc) with other
copper minerals such as chalcocite and bornite occasionally
present.
United Mines and Consolidated Mines, located 200m south and 400m
north of UD Lode, respectively, operated between the early 1700s
and the 1870s, mining high-grade copper ores (reported grades of
7.5% copper) to depths of up to 500m below surface.
Mount Wellington and Wheal Jane mines exploited similar
structures located along strike from the historic mining at United
Downs, where tin, copper and zinc mineralisation was mined and
processed until 1978 and 1991, respectively. Wheal Jane was mined
to a depth of approximately 500m below surface whereas Mount
Wellington only reached approximately 200m depth before closing.
Mount Wellington is located within Cornish Metals' mineral rights
and was still in mineralisation when the mined closed.
TECHNICAL INFORMATION
Drilling at United Downs is being performed by Priority Drilling
Company Ltd using an Epiroc Christensen CT14 Diamond Drill Rig.
Mineralised zones were drilled in NQ (76 millimetre ("mm")
diameter) to recover a 48mm diameter drill core. Core recovery was
greater than 95%. The core was logged, split and sampled by Cornish
Metals personnel. The samples, comprising half 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 was X-ray
fluorescence (XRF) following a lithium borate fusion. Samples were
assayed for with this technique include Cu, Sn, W, Zn and As. A
multi-element 4 Acid Digestion ICP-AES analysis was also carried
out to further characterise the mineralisation and alteration
assemblages. Overlimit assays on Ag were carried out using a 3 acid
digest and a HCl leach ICP AES analysis. 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 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 .
ABOUT CORNISH METALS
Cornish Metals owns a 100% interest in the South Crofty tin and
United Downs copper / tin projects, plus additional mineral rights
located in Cornwall, UK, in July 2016 (see Company news release
dated July 12, 2016 ). The Company recently published an updated
Mineral Resource Estimate for South Crofty (see news release dated
June 9, 2021), as summarised below. The "South Crofty Tin Project
Mineral Resource Update" report, dated June 9, 2021, authored by
Mr. N. Szebor, CGeol (London), EuroGeol, FGS, of AMC Consultants
(UK) Ltd, can be accessed on the Company's website.
South Crofty Summary 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 additional mineral rights cover an area of approximately
15,000 hectares and are distributed throughout Cornwall. Some of
these mineral rights cover old mines that were historically worked
for copper, tin, zinc, and tungsten.
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 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
Ernest Bell
Blytheweigh
(Financial PR/IR-London) Tel: +44 207 138 3204
Tim Blythe tim.blythe@blytheweigh.com
Megan Ray megan.ray@blytheweigh.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 .
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
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 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.
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END
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