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 a parallel mine dewatering programme and delivery of a
Feasibility Study, as well as exploring its additional mineral
rights, all located in Cornwall, South West England, is pleased to
report that it has reached an agreement with Roskear Minerals LLP
(“Roskear Minerals”) to lease certain mineral rights located
immediately adjacent to the southern boundary of the South Crofty
Underground Permission area (see map).
The 49 hectare lease area covers part of the
historic Great Flat Lode and lies within the Company’s South Carn
Brea Exploration Area. Exploration targets in this area include the
sections of the Great Flat Lode not previously mined, as well as
the Wide Formation, a structure interpreted to exist parallel to
and beneath the Great Flat Lode.
The initial Prospecting Lease period is for five
years, with the Company having the option to extend for a further
five years if required, and can be converted to a Mining Lease at
any time within the 10 year period. The agreement will enable
Cornish Metals to explore and, if successful, mine within all of
the lease area. The terms of the Prospecting Lease require Cornish
Metals to pay an annual rent to Roskear Minerals, plus a tin
price-based sliding scale net smelter return royalty on production
of any minerals recovered from the leased area under a subsequent
Mining Lease.
The agreement with Roskear Minerals LLP is
arms-length.
Richard Williams, CEO of Cornish Metals,
stated, “This lease agreement with Roskear Minerals opens
up an area we believe has significant exploration potential,
covering a large section of the historic Great Flat Lode, and any
other potential zones of tin mineralisation between the Great Flat
Lode and South Crofty.”
The Great Flat Lode
Most of the mining on the Great Flat Lode
occurred in the 18th and 19th centuries. Underground mining
commenced primarily for copper, with several narrow, steeply
dipping veins exploited. A significant tin-bearing lode
(mineralised structure) lying at a relatively shallow angle
(approximately 30° degrees to the south) beneath these copper veins
was discovered during the 1860s. This tin lode, located
approximately 1km south of the South Crofty tin mine, became known
as the Great Flat Lode and has a known strike length in excess of
3.2km.
The Great Flat Lode was subsequently developed
into one of the most productive areas of tin production in Cornwall
during the latter part of the 19th century, with workings extending
down to a vertical depth of 600m from surface. Notable mines
include Wheal Frances to the south, Wheal Basset mines to the east,
South Carn Brea Mine to the north-east and Great Condurrow Mine to
the west.
The Wide Formation
The last exploration activity in the area was in
the 1960s / 1970s, when three drill holes located at the Great
Condurrow Mine intersected a new tin-bearing structure named the
“Wide Formation” (see map) beneath and to the north of the Great
Flat Lode. The map outlines the extent of the South Carn Brea
Exploration Area, which covers the Great Flat Lode and Wide
Formation targets.
ABOUT CORNISH METALS
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. 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 containedTin / Tin equivalentfrom 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, and can be accessed on the Company’s SEDAR
page as well.
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.
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 |
|
|
|
|
BlytheRay(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
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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