TIDMCUSN
RNS Number : 1922K
Cornish Metals Inc.
31 August 2021
CORNISH METALS REPORTS RESULTS FROM ONGOING UNITED DOWNS DRILL
PROGRAMME
"UD Lode" extended to over 200m strike length
Five new zones of mineralisation intersected
Vancouver, August 31, 2021
Cornish Metals Inc. (TSX-V / AIM: CUSN) ("Cornish Metals" or the
"Company") is pleased to report results from five new diamond drill
holes that are part of the ongoing drill 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 now named "UD Lode" (formerly named
"Lithium Lode"), announced April 6, 2020 (14.7metres ("m") grading
8.5% copper and 1.2% tin).
Key Points
-- UD Lode has been intersected in five of the six drill holes
reported to date, and has been traced over a 200m strike length and
remains open along strike
-- Four new zones of copper +/- tin +/- silver mineralisation have been intersected
-- The table below summarises all intercepts from the current drill programme
Drill From To Length Copper Tin Silver Structure Hole Length
Hole (m) (m) (m) (%) (%) (g/t) (m)
UD21_001* 47.57 48.61 1.04 - 7.9% - New zone 260.24
------- ------- ------- ------- ------ ------- ---------- ------------
And 227.1 229.7 2.61 5.2% 1.3% 77.0 UD Lode
------- ------- ------- ------- ------ ------- ---------- ------------
UD21_002 115.85 117.53 1.68 2.75% 0.05% 8.0 New zone 464.56
------- ------- ------- ------- ------ ------- ---------- ------------
And 405.31 406.34 1.03 0.82% 0.02% 22.0 UD Lode
------- ------- ------- ------- ------ ------- ---------- ------------
UD21_003 217.78 217.99 0.21 1.98% 0.13% 21.0 UD Lode 299.04
------- ------- ------- ------- ------ ------- ---------- ------------
And 278.33 280.26 1.59 0.04% 1.14% 2.0 New zone
------- ------- ------- ------- ------ ------- ---------- ------------
Inc 278.33 279.07 0.74 0.05% 1.74% 1.0 New zone
------- ------- ------- ------- ------ ------- ---------- ------------
UD21_004 145.44 147.64 2.20 2.63% 0.11% 10.0 UD Lode 220.40
------- ------- ------- ------- ------ ------- ---------- ------------
Inc 146.44 147.20 0.76 6.38% 0.28% 23.0 UD Lode
------- ------- ------- ------- ------ ------- ---------- ------------
UD21_005 143.69 145.25 1.56 1.62% 0.26% 11.0 UD Lode 152.06
------- ------- ------- ------- ------ ------- ---------- ------------
Inc 144.81 145.25 0.44 3.83% 0.04% 27.0 UD Lode
------- ------- ------- ------- ------ ------- ---------- ------------
UD21_007 150.37 151.89 1.52 0.94% 0.07% 33.0 New zone 357.00
------- ------- ------- ------- ------ ------- ---------- ------------
Inc 150.37 150.74 0.37 3.30% 0.27% 122.0 New zone
------- ------- ------- ------- ------ ------- ---------- ------------
And 203.82 205.96 2.14 0.93% 0.01% 28.0 New zone
------- ------- ------- ------- ------ ------- ---------- ------------
Inc 204.88 205.96 1.06 1.59% 0.01% 12.0 New zone
------- ------- ------- ------- ------ ------- ---------- ------------
* Results for UD21_001 were reported July 5, 2021
* Reported intercepts are drilled lengths. True thicknesses of
the mineralised intercepts are estimated to range between 30-60% of
the drilled lengths.
* The results reported to date represent a total of 3,042m of
drilling. A further 5,000m - 6,000m is planned.
Richard Williams, CEO, stated "Drilling at United Downs has
successfully demonstrated the continuity of UD Lode along strike
over a 200m distance, and highlights the potential to discover new
zones of copper - tin - silver mineralisation adjacent to the main
target. Drilling is ongoing to fully determine the lateral and
vertical extent of these zones of mineralisation."
The linked plan map and cross section provide an overview of
where drilling has been conducted to date, and where the zones of
mineralisation occur. Contrary to initial interpretation, UD Lode
dips south at approximately 80 degrees, counter to the predominant
trends in the area.
Results for drill holes UD21_006 and UD21_008 to UD21-010 will
be released as 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 drillcore. 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. 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 .
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 (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 7, 2021, authored by Mr. N. Szebor,
CGeol (London), EuroGeol, FGS, of AMC Consultants (UK) Ltd, can be
accessed on the Company's web and SEDAR page.
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 .
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.
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.
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