REG - Cornish Metals Inc. - ASSAY RESULTS FROM DRILL PROGRAMME

Cornish MetalsAnnouncement

04/07/2023 07:00

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RNS Number : 8314E  Cornish Metals Inc.  04 July 2023

 

CORNISH METALS RELEASES ASSAY RESULTS FOR No. 4, No. 8 and ROSKEAR B LODES AS
PART OF THE SOUTH CROFTY TIN PROJECT METALLURGICAL DRILL PROGRAMME

True width intercepts up to 2.12m grading 3.24% tin in No 4 Lode

And up to 1.46m grading 4.66% tin in Roskear B

 

Vancouver, July 3, 2023

Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the "Company"), a
mineral exploration and development company focused on its South Crofty tin
project in Cornwall, United Kingdom, is pleased to announce assay results from
the recently completed metallurgical drill programme at South Crofty Tin
Project, Cornwall, UK.

Richard Williams, CEO of the Company stated: "On a global perspective these
are high grade tin assay results, but they reflect typical widths and grades
of the tin mineralisation we have encountered and mined historically at South
Crofty and serve to confirm and add further confidence to the Mineral Resource
estimate we have for the No. 4, No. 8, and Roskear B Lodes. We look forward to
receiving the results from the metallurgical studies for these areas,
including diluted head grades, ore sorting amenability, gravity release and
paste backfill studies, which are expected by the end of Q3, 2023."

The assays results for this drilling are presented below and can be viewed in
the long sections of No. 4
(https://cornishmetals.com/site/assets/files/5597/2023-07-03_long_section_no__4_lode.jpg)
, No. 8
(https://cornishmetals.com/site/assets/files/5597/2023-07-03_long_section_no__8_lode.jpg)
and Roskear B
(https://cornishmetals.com/site/assets/files/5597/2023-07-03_long_section_roskear_b_lode.jpg)
Lodes through the links.

 Target        Hole ID      From (m)  To (m)    Length  True Thickness  Sn %
 No. 4 Lode    SDD20_001C1  984.17    986.77    2.60    2.44            1.27
               SDD20_001D   981.65    983.46    1.81    1.66            1.15
               SDD20_001E   980.44    982.74    2.30    2.12            3.24
 No. 8 Lode    SDD20_001C1  1,039.78  1,040.68  0.90    0.89            1.80
               SDD20_001D   1,031.15  1,033.97  2.82    2.77            1.09
               SDD20_001E   1,030.00  1,030.95  0.95    0.95            0.03
 Roskear Lode  DD22_001     924.67    926.21    1.54    1.34            1.27
               DD22_001C1   920.11    921.73    1.62    1.46            4.66

The metallurgical drill programme comprised fourteen parent and daughter drill
holes targeting No. 4 and No. 8 Lodes, and fourteen parent and daughter holes
targeting the Roskear Lode. Visible tin mineralisation was observed in all 28
drill holes. Three holes from each Lode were assayed for tin and the rest of
the full drill intercepts were used for metallurgical studies.

Drilling has also now been completed into the North Pool Zone and the Dolcoath
lodes with four parent and 29 daughter holes respectively. Assay and
metallurgical results from these holes will be released when received.

ABOUT CORNISH METALS

Cornish Metals is a dual-listed company (AIM and TSX-V : CUSN) 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, South West England.  The former producing
South Crofty tin mine is located beneath the towns of Pool and Camborne, and
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 is currently well underway.

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
(https://cornishmetals.com/news/2021/cornish-metals-releases-updated-mineral-resource-estimate-for-south-crofty-tin-mine/)
), is available in a report titled the "South Crofty Tin Project Mineral
Resource Update
(https://cornishmetals.com/site/assets/files/5449/421007_south_crofty_tin_project_mineral_resource_update_-_22_july_2021_-_sedar_copy.pdf)
", 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.

 

TECHNICAL INFORMATION

Drilling at South Crofty was performed by Priority Drilling Company Ltd using
an Atlas Copco CS14 Surface Diamond Drill Rig and an Atlas Copco U6 deep hole
underground Diamond Drill Rig. The mineralised zones were drilled in NQ (76 mm
diameter) to recover a 48mm diameter drill core. Core recovery was greater
than 95%. The core was logged, split via core saw, and sampled by Cornish
Metals personnel. The samples, comprising quarter 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 for copper, tin, tungsten, zinc and arsenic was X-ray
florescence (XRF) following a lithium borate fusion. A multi-element 4 Acid
Digestion ICP-AES analysis was also carried out to further characterise the
mineralisation and alteration assemblages. 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.

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)

 

In the UK:

 

 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
                            Jay Ashfield

 BlytheRay                  Tel:                                                                          +44 207 138 3204

 (Financial PR/IR-London)
                            Tim Blythe                                                                    tim.blythe@blytheray.com (mailto:tim.blythe@blytheray.com)
                            Megan Ray                                                                     megan.ray@blytheray.com (mailto:megan.ray@blytheray.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 when required and on terms acceptable to the Company
and the potential consequences if the Company fails to obtain any such
financing, such as a potential disruption of the Company's exploration
program(s); 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

 

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.

 

 

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