REG - Cornish Metals Inc. - ADDITIONAL MINERAL LEASE SIGNED AT SOUTH CROFTY

Cornish MetalsAnnouncement

15/02/2022 07:00

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RNS Number : 6565B  Cornish Metals Inc.  15 February 2022

 

CORNISH METALS SIGNS ADDITIONAL MINERAL LEASE AT SOUTH CROFTY

 

February 15, 2022

Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the "Company"), a
mineral exploration and development company focused on its tin/copper projects
in Cornwall, United Kingdom, is pleased to announce that it has reached an
agreement with Sir Ferrers Vyvyan of Trelowarren in Cornwall to lease certain
mineral rights owned by the Vyvyan family.

The mineral lease covers an area of 222 hectares and is valid for 25 years.
The lease will enable Cornish Metals to explore and mine within all the
mineral right areas owned by the Vyvyan family inside the South Crofty
Underground Permission Area, and explore certain other mineral right areas
adjacent to the South Crofty property. The terms of the lease require Cornish
Metals to pay an annual rent, plus a tin price-based sliding scale net smelter
return royalty on production of any minerals recovered from the leased area.

The Vyvyan family has a long association with Cornish Mining, South Crofty and
Camborne in particular; indeed, the main street in Camborne is named after the
family's estate, Trelowarren, and the historic Vyvyan Arms Hotel is a
well-known Camborne landmark.

Richard Williams, CEO of Cornish Metals, stated, "This mineral lease agreement
with the Vyvyan family is another important step for the Company,
consolidating further ground within the South Crofty Underground Permission
Area.

"The agreement enables Cornish Metals to further explore and develop the
mineral resources that are contained within the South Crofty Underground
Permission Area.

"We very much look forward to working with the Vyvyan family and writing
another chapter in the long history of Cornish Mining."

Sir Ferrers Vyvyan, owner of Trelowarren, stated, "We are delighted to have
reached agreement with Cornish Metals over our interests at South Crofty.
Vyvyans, both with "Y" and "I"s, have been involved with mining in the
Camborne area since the 16th century and we hope this project creates many new
jobs in the County."

 

This linked map
(https://cornishmetals.com/site/assets/files/5491/2022-02-15_nr_sc_permission_area_mineral_rights.png)
shows all the mineral rights now owned, part owned or under lease to Cornish
Metals within the South Crofty Underground Permission Area. The current
published JORC (2012) compliant Mineral Resource estimate for the South Crofty
Project is wholly contained within these areas.

 

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
(https://www.cornishmetals.com/site/assets/files/5021/2016-07-12_nr.pdf) ).
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%

 

 

For additional information please contact:

 

In North America:

 

Irene Dorsman at (604) 200 6664 or by e-mail at irene@cornishmetals.com
(mailto:irene@cornishmetals.com)

 

 

 SP Angel Corporate Finance LLP           Tel:                                                                          +44 203 470 0470

 (Nominated Adviser & Joint Broker)
                                          Richard Morrison
                                          Charlie Bouverat
                                          Grant Barker

 Hannam & Partners                        Tel:                                                                          +44 207 907 8500

 (Joint Broker)
                                          Matthew Hasson
                                          Andrew Chubb
                                          Ernest Bell

 Blytheweigh                              Tel:                                                                          +44 207 138 3204

 (Financial PR/IR-London)
                                          Tim Blythe                                                                    tim.blythe@blytheweigh.com (mailto:tim.blythe@blytheweigh.com)
                                          Megan Ray                                                                     megan.ray@blytheweigh.com (mailto:megan.ray@blytheweigh.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:
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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