TIDMCUSN
RNS Number : 2410E
Cornish Metals Inc.
06 July 2021
CORNISH METALS REPORTS RESULTS FROM ONGOING UNITED DOWNS DRILL
PROGRAMME
HIGH GRADE COPPER - TIN - SILVER ASSAYS FROM UD_21-001
NEW ZONE OF COPPER MINERALISATION CONTAINING NATIVE COPPER IN
UD_21-007
(assays for holes 2-7 pending)
July 6, 2021
Cornish Metals Inc. (TSX-V / AIM: CUSN) ("Cornish Metals" or the
"Company") is pleased to report the first batch of results from its
current diamond drilling programme at the United Downs copper - tin
project, Cornwall UK. This drill programme is designed to follow up
on the discovery of high-grade copper - tin mineralisation in a
structure named "Lithium Lode", announced April 6, 2020 (14.7m
grading 8.5% copper and 1.2% tin).
HIGHLIGHTS
-- Drill hole UD21_001, drilled to a total depth of 260.24m, intersected two zones of high-grade mineralisation, one with tin mineralisation, and the second with tin, copper and silver, as follows:
Drill Hole From (m) To (m) Length (m) Copper (%) Tin (%) Silver
(g/t)
UD21_001 47.57 48.61 1.04 - 7.9% -
--------- ------- ----------- ----------- -------- -------
UD21_001 227.1 229.7 2.61 5.2% 1.3% 77.0
--------- ------- ----------- ----------- -------- -------
-- The 2.61m tin, copper and silver intercept is the same zone
of mineralisation as Lithium Lode, indicating that the mineralised
zone has a vertical extent of at least 180m;
-- This is the first time that silver grades have been observed;
-- Drill holes UD21_002 through UD21_006 intersected similar
zones of mineralisation, currently interpreted as the extension of
Lithium Lode - assays for these holes are pending;
-- Drill Hole UD21_007 intersected a new zone of mineralisation
between approximately 204m and 209.6m, containing native copper
(assays pending). This zone is approximately 100m above the target
depth of Lithium Lode and could represent a completely new target.
A photograph of the new zone of mineralisation and the native
copper can be seen here ; and
-- Drilling to date has tested 200m of a strike extent within
the potentially 900m long United Downs target zone.
Richard Williams, CEO, stated "We are pleased with the initial
results and observations from our drilling at United Downs, and
pleasantly surprised with the silver content recorded. The
high-grade nature of the tin and copper mineralisation is similar
to what was mined here between 1700 - 1870 and, subject to proving
continuity of mineralisation, has the potential to support
delineation of a mineral resource. The confirmation of silver in
the system adds to the potential for the area.
"Furthermore, the United Downs project has numerous additional
targets that we will be testing throughout the course of this year,
including the downdip extension of the historic Mount Wellington
Mine, which operated until 1978, and a further lode to the south of
Mount Wellington, which was discovered in the 1970s but never
followed up after the mine closed."
UD21_001 was drilled on an azimuth of 105(0) at an angle of
-50(0) . The copper-tin-silver Lithium Lode appears to be oriented
in an ENE direction, parallel to the orientation of the surrounding
former mines. Further drilling is required to determine the true
width of the mineralised structures.
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.
Both United Mines and Consolidated Mines 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. The
part of the hole in which the reported intersections were
encountered is drilled in NQ (76mm 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 florescence (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. Mr. Mihalop 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 .
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.
ABOUT CORNISH METALS
Cornish Metals completed the acquisition of 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 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 .
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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