Cornish Metals Inc. (
TSX-V/AIM:
CUSN) (“Cornish Metals” or the “Company”), a dual-listed
company 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, SW England, is pleased to report the assay results from
nine diamond drill holes drilled to test the Trenares Lode target
within the United Downs project.
Key Points
- The
Trenares target area is located approximately 300 metres (“m”)
south of the historic, copper-rich, United Mines (Figure 1);
- Nine
drill holes were completed, on three drill sections, for a total of
2,683.55m drilled (see Figures 2, 3, 4, and 5);
- Multiple
zones of mineralisation were intersected on each drill section
(Table 1, below);
-
Mineralisation is principally tin – zinc - silver with minor
copper.
-
Intersects include (full table presented below):
-
TN21_002 2.42m
grading 2.88% tin and 1.43% zinc
-
TN21_002 3.34m
grading 2.48% zinc and 22 grammes per tonne (“g/t”) silver
-
TN21_002 0.90m
grading 10.30% zinc and 18 g/t silver
-
TN21_003 1.52m
grading 0.72% tin, 1.69% zinc and 14 g/t silver
-
TN21_004 0.62m
grading 1.46% tin, 5.23% zinc and 18 g/t silver
Richard Williams, CEO of the Company, stated
“The Trenares Target drill programme has been successful in
demonstrating the presence of multiple zones of mineralisation in
an area of the United Downs project that is underexplored, has
never been mined and represents a compelling exploration target.
The presence of high-grade tin and zinc warrants further follow-up
exploration. Once we are in receipt of all remaining drill
programme assays, we can evaluate the priority targets for follow
up work.”
DRILLING UPDATE
The drill programme at United Downs project is
now complete, with results pending for a further five holes drilled
into the Mount Wellington, UD Lode, and United Mine targets still
pending. In addition, eight drill holes for 2,501m were drilled at
the Carn Brea South Target, located approximately 2km southeast of
South Crofty mine site. Results for these drill holes will be
released in due course.
The drill rig has now been moved to South Crofty
where it will start an 8,000-12,000m drill programme designed to
collect samples for metallurgical testwork as part of the South
Crofty Feasibility Study (see news release dated May 23, 2022)
leading to a construction decision for the South Crofty mine. This
programme will involve three drill rigs testing the eastern,
central, and western part of the mine complex. The other two drill
rigs are expected to arrive at South Crofty over the next four to
six weeks.
Table of Significant Drill
Results
Hole |
From (m) |
To (m) |
Hole Depth |
Width (m) |
Copper(Cu) (%) |
Tin (Sn)(%) |
Zinc(Zn) (%) |
Silver(Ag)(ppm) |
Cross-section identifier |
TN21_001 |
136.02 |
137.31 |
301.40 |
1.29 |
0.04 |
0.08 |
1.03 |
5 |
|
and |
217.43 |
218.40 |
|
0.97 |
0.03 |
0.32 |
0.14 |
4 |
1 |
and |
238.76 |
239.90 |
|
1.14 |
0.06 |
0.09 |
1.93 |
4 |
2 |
|
|
|
|
|
|
|
|
|
|
TN21_002 |
80.9 |
83.32 |
299.40 |
2.42 |
0.13 |
2.88 |
1.43 |
1 |
3 |
Including |
82.28 |
83.32 |
|
1.04 |
0.08 |
4.13 |
1.56 |
7 |
|
and |
218.87 |
220.47 |
|
1.60 |
0.10 |
0.22 |
1.20 |
15 |
4 |
and |
229.06 |
232.40 |
|
3.34 |
0.33 |
0.10 |
2.48 |
22 |
5 |
and |
234.1 |
235.00 |
|
0.90 |
0.19 |
0.25 |
10.30 |
18 |
|
|
|
|
|
|
|
|
|
|
|
TN21_003 |
64.5 |
66.56 |
311.50 |
2.06 |
0.04 |
0.09 |
1.16 |
5 |
6 |
Including |
64.5 |
65.35 |
|
0.85 |
0.06 |
0.12 |
2.02 |
8 |
|
and |
92.98 |
94.50 |
|
1.52 |
0.21 |
0.72 |
1.69 |
14 |
7 |
Including |
93.3 |
93.81 |
|
0.51 |
0.10 |
1.43 |
2.19 |
15 |
|
And |
92.98 |
93.30 |
|
0.32 |
0.76 |
0.56 |
3.83 |
39 |
|
And |
253.47 |
254.23 |
|
0.76 |
0.12 |
0.74 |
1.09 |
10 |
8 |
|
|
|
|
|
|
|
|
|
|
TN21_004 |
66.5 |
68.11 |
245.00 |
1.61 |
0.10 |
0.06 |
1.15 |
5 |
9 |
And |
192.38 |
195.06 |
|
1.68 |
0.01 |
0.02 |
1.13 |
1 |
|
And |
204.07 |
204.75 |
|
0.68 |
0.01 |
0.00 |
1.17 |
2 |
|
And |
218.96 |
219.58 |
|
0.62 |
0.15 |
1.46 |
5.23 |
18 |
10 |
Including |
219.26 |
219.58 |
|
0.32 |
0.10 |
1.96 |
5.49 |
19 |
|
And |
228.99 |
230.51 |
|
1.52 |
0.15 |
0.50 |
2.23 |
11 |
11 |
Including |
230 |
230.51 |
|
0.51 |
0.20 |
0.16 |
3.25 |
15 |
|
And |
233.82 |
234.34 |
|
0.52 |
0.04 |
0.13 |
1.67 |
2 |
|
|
|
|
|
|
|
|
|
|
|
TN21_005 |
66.49 |
67.63 |
263.00 |
1.14 |
0.16 |
0.61 |
0.08 |
12 |
12 |
And |
248.2 |
249.33 |
|
1.13 |
0.04 |
0.34 |
0.63 |
2 |
|
Including |
248.2 |
248.63 |
|
0.43 |
0.09 |
0.44 |
1.44 |
4 |
|
|
|
|
|
|
|
|
|
|
|
TN21_006 |
246.84 |
247.18 |
326.40 |
0.34 |
0.10 |
0.44 |
2.76 |
6 |
13 |
|
|
|
|
|
|
|
|
|
|
TN21_007 |
74.32 |
75.45 |
253.90 |
1.13 |
0.07 |
0.03 |
1.70 |
36 |
14 |
And |
241.74 |
244.1 |
|
2.36 |
0.04 |
0.58 |
1.41 |
2 |
15 |
Including |
241.74 |
243.33 |
|
1.59 |
0.01 |
0.64 |
0.12 |
0 |
|
|
|
|
|
|
|
|
|
|
|
TN21_008 |
75.15 |
77.19 |
281.50 |
2.04 |
0.13 |
0.27 |
2.88 |
29 |
16 |
Including |
75.15 |
76.13 |
|
0.98 |
0.13 |
0.25 |
4.66 |
46 |
|
And |
76.13 |
76.65 |
|
0.52 |
0.17 |
0.57 |
1.99 |
14 |
|
And |
242.05 |
246.48 |
|
4.43 |
0.09 |
0.15 |
3.82 |
6 |
17 |
Including |
242.05 |
242.57 |
|
0.52 |
0.25 |
0.03 |
10.45 |
11 |
|
And |
244.81 |
246.48 |
|
1.67 |
0.14 |
0.36 |
5.84 |
8 |
|
|
|
|
|
|
|
|
|
|
|
TN21_009 |
78.91 |
81.11 |
401.45 |
2.2 |
0.15 |
0.70 |
0.12 |
12 |
18 |
Including |
78.91 |
79.65 |
|
0.74 |
0.11 |
0.96 |
0.23 |
13 |
|
And |
96.21 |
96.82 |
|
0.61 |
0.10 |
0.18 |
4.81 |
16 |
|
And |
115.26 |
116.06 |
|
0.8 |
0.07 |
0.51 |
2.27 |
12 |
|
And |
240.51 |
241.18 |
|
0.67 |
0.07 |
0.56 |
0.81 |
4 |
19 |
Note 1: Reported intercepts are drilled lengths.
True thicknesses of the mineralised intercepts are estimated to
range between 85-95% of the drilled lengths.
GEOLOGY AND MINERALISATION
The geology at United Downs comprises
metasediments (locally termed “killas”), which overlie an intrusive
granite body. The historic mines within the area (United Mines,
Consolidated Mines, Mount Wellington, and Wheal Jane) exploited
copper – tin – zinc – silver mineralisation hosted entirely within
killas.
The polymetallic 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
320m and 720m north, respectively, of the Trenares Target 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.
The 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 has been 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 florescence (XRF) following a lithium borate
fusion. Samples were assayed for with this technique include
copper, tin, tungsten, zinc and arsenic. A multi-element 4 Acid
Digestion ICP-AES analysis was also carried out to further
characterise the mineralisation and alteration assemblages.
Overlimit assays on silver 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 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.
The South Crofty project covers the former
producing South Crofty tin mine located beneath the towns of Pool
and Camborne, Cornwall. South Crofty mine closed in 1998 following
over 400 years of continuous production. Since acquiring the
project in 2016, Cornish Metals has completed and published maiden
NI 43-101 Mineral Resources for South Crofty using the vast archive
of historical production data and more recent drilling completed
between 2007 and 2013. In 2017, Cornish Metals completed a
Preliminary Economic Assessment that demonstrated the economic
viability of re-opening the mine. Additionally, Cornish Metals has
undertaken extensive pilot-scale water treatment trials and
successfully applied for and received the necessary environmental
permits to abstract, treat and discharge mine water in order to
dewater the mine. Planning permissions for the operation of the
mine and re-development of the surface facilities have been secured
and construction of the water treatment plant foundations
commenced. The dewatering pumps, variable speed drives and new
high-voltage power supply have been delivered to site.
An updated Mineral Resource was completed in
June 2021 as summarised below:
South Crofty Summary (JORC 2012) Mineral Resource
Estimate |
Area |
Classification |
Mass(‘000 tonnes) |
Grade |
Contained Tin / Tin Equivalent (‘000 tonnes) |
Increase in contained 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 Mineral Resource Estimate for South Crofty
(see news release dated June 9, 2021), is available in a report
titled the “South Crofty Tin Project Mineral Resource Update”,
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 SEDAR page and website.
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@blytheray.com |
|
Megan Ray |
megan.ray@blytheray.com |
ON BEHALF OF THE BOARD OF
DIRECTORS
“Richard D. Williams”Richard D. Williams,
P.Geo
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: completion of this NSR royalty sale
transaction, 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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