REG - Cornish Metals Inc. - CORNISH METALS MAKES NEW DISCOVERY

Cornish MetalsAnnouncement

11/01/2023 07:00

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RNS Number : 3150M  Cornish Metals Inc.  11 January 2023

 

 

CORNISH METALS MAKES NEW DISCOVERY AND REPORTS OTHER HIGH-GRADE TIN INTERCEPTS
FROM THE SOUTH CROFTY PROJECT

 

Vancouver, January 10, 2022

Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the "Company") is
pleased to report drill results from eight drill holes drilled in the Carn
Brea South exploration area, located along the southern boundary of the South
Crofty underground permission area (Figure 1
(https://cornishmetals.com/site/assets/files/5559/2023-01-10_collar_locations_carn_brea_-_1.jpg)
).  The drill holes confirmed up-dip, near-surface, extensions of the
historic Great Flat Lode and discovered tin mineralisation in a new target
called the "Wide Formation", inferred to lie parallel to, north of, and
beneath the Great Flat Lode.

Highlights

·    Drilling was conducted along the southern boundary of South Crofty -
an area easily accessible from existing mine infrastructure;

·    New discovery of high-grade tin mineralisation in the Wide Formation
(Figure 2
(https://cornishmetals.com/site/assets/files/5559/2023-01-10_section_aa_-_1.jpg)
);

o  CB21_002            2.77 metres ("m") grading 0.99% tin (Figure
2) within a 12.14m wide zone of strong alteration and disseminated tin
mineralisation;

·    All eight drill holes intersected tin mineralization;

·    Multiple high-grade tin intersects from the Great Flat Lode (Figures
2
(https://cornishmetals.com/site/assets/files/5559/2023-01-10_section_aa_-_1.jpg)
, Figure 3
(https://cornishmetals.com/site/assets/files/5559/2023-01-10_section_bb_-_3.jpg)
and Figure 4
(https://cornishmetals.com/site/assets/files/5559/2023-01-10_orientation_cross_sections_-_4.jpg)
) and related mineralised structures, including:

o  CB21_003            2.00m grading 1.44% tin

o  CB21_004            2.91m grading 1.66% tin

o  And                        5.00m grading 0.97% tin

o  CB21_005            3.04m grading 1.08% tin

o  And                        2.24m grading 3.93% tin

o  And                        3.80m grading 1.64% tin

·      Table 1 (below) presents all significant intersects.

Richard Williams, CEO of Cornish Metals, stated: "The Wide Formation has been
interpreted to exist from exploration drilling conducted in the 1960s but has
never been followed up until now.  Discovering a new high-grade zone of tin
mineralisation in the middle of a historic mining district is a tremendous
outcome, and again demonstrates the exploration potential of the region.  The
Great Flat Lode, which lies above the Wide Formation, was mined historically
over a five kilometre ("km") strike length, so we believe we have a very
compelling target to explore within and immediately adjacent to the South
Crofty Underground Permission area.   We look forward to the next phase of
drilling to determine the extent of this discovery.

"The shallow, high-grade, tin intersects from the Great Flat Lode, represent
an opportunity to define nearby and near surface Mineral Resources to
complement those we have already identified at South Crofty."

 Hole       Hole         From (m)  To (m)  Recovered Length (m)  Tin (%)  Comment

            Length (m)
 CB21_001   212.40       160.29    161.75  1.46                  0.60     Great Flat Lode

 CB21_002   725.73       154.28    156.26  1.98                  0.63     Great Flat Lode
 Including               154.92    155.4   0.48                  1.79
 AND                     622.64    624.01  1.37                  0.45     Parallel to Wide Formation
 Including               623.56    624.01  0.45                  0.83
 AND                     649.43    652.2   2.77                  0.99     Wide Formation
 Including               651.26    652.2   0.94                  2.86

 CB21_003   200.60       137.87    138.51  0.64                  1.18     Great Flat Lode splay
 AND                     160.6     162.6   2.00                  1.44     Great Flat Lode

 CB21_004   281.10       112.98    115.89  2.91                  1.66     Great Flat Lode splay
 Including               114.18    114.69  0.51                  8.27
 AND                     201.97    206.97  5.00                  0.97     Great Flat Lode
 Including               204.97    206.97  2.00                  1.44

 CB21_005   260.10       64.94     68.34   3.40                  1.08     Unknown
 Including               66.56     67.64   1.08                  1.79
 AND                     188.3     188.85  0.55                  0.93     Unknown
 AND                     221.55    223.66  2.11                  0.53     Great Flat Lode splay
 Including               222.26    222.89  0.63                  0.93
 AND                     229.25    232.63  3.38                  0.88     Great Flat Lode
 Including               230.32    232.2   1.88                  1.16
 AND                     241.38    243.62  2.24                  3.93     Great Flat Lode splay
 Including               241.7     241.87  0.17                  51.30
 AND                     245.54    249.34  3.80                  1.64     Great Flat Lode splay
 Including               247.04    248.66  1.62                  3.46

 CB21_006   273.97       223.13    224.7   1.57                  0.44     Great Flat Lode
 Including               224.3     224.7   0.40                  0.86

 CB21_007   284.20       87.9      88.56   0.66                  0.84     Unknown
 AND                     230.69    230.99  0.30                  0.80     Great Flat Lode

 CB21_008   263.57       207.31    207.61  0.30                  0.61     Great Flat Lode

* Reported widths are estimated to be 80-90% of the true width.

 

 

 

 

GEOLOGY AND MINERALISATION

 

The geology in the Carn Brea South exploration area is identical to that at
South Crofty, comprising metasediments (locally termed "killas") which overlie
an intrusive granite body.  The mineralised structures of interest
encountered are the Great Flat Lode and the Wide Formation, descriptions of
which are as follows:

 

The Great Flat Lode mineralisation occurs as a blue tourmaline-rich lode with
quartz (occasionally brecciated) hosting disseminated cassiterite
mineralisation throughout. The mineralised structure, which appears to lie
along the metasedimentary/granite boundary, has a strong alteration halo
extending many metres above and below the structure. Downhole widths of the
mineralised lodes vary between >4m to <15m. The blue tourmaline host to
the mineralisation is similar to the predominant mineralised structures at
South Crofty mine, namely No. 8 and Roskear A lodes.  The Great Flat Lode was
extensively mined for tin in the 1800s in several mines over a five kilometre
strike length and from depths ranging from surface to 680 metres below the
surface.

 

The mineralisation of the 'Wide Formation' structure is also predominantly
blue tourmaline with disseminated cassiterite, hosted within a siliceous
tourmaline altered granite. The cassiterite is mostly hosted within
chlorite-rich, quartz-chlorite veins which overprint the interpreted earlier
blue tourmaline lode structure. No mining has ever been carried out on the
Wide Formation.

 

TECHNICAL INFORMATION

Drilling at Carn Brea South was performed by Priority Drilling Company Ltd
using an Atlas Copco CS14 Diamond Drill Rig. The shallower Great Flat Lode
mineralised zones were drilled in HQ (96.1 millimetre ('mm') diameter) to
recover 72.8mm diameter drill core. The deeper Wide Formation intersection was
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 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 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. 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. 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 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. The dewatering pumps,
variable speed drives and new high-voltage power supply have been delivered to
the site and dewatering of the mine is expected to commence at the end of Q2
this year.

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 by clicking the above link
or on the Company's SEDAR page.

 

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

 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

 

 

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 programmes;
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.

 

 

 

 

 

 

Appendix

 

"alteration halo" means a border of minerals produced by hydrothermal
alteration in the rock surrounding a vein

 

"cassiterite" means a tin oxide mineral which is the principal source for tin
metal

 

"Cu" means Copper

 

"grade(s)" means the quantity of ore or metal in a specified quantity of rock

 

"Indicated Mineral Resource" is that part of a Mineral Resource for which
quantity, grade or quality, densities, shape and physical characteristics are
estimated with sufficient confidence to allow the application of mining,
processing, metallurgical, infrastructure, economic, marketing, legal,
environmental, social and governmental factors to support mine planning and
evaluation of the economic viability of the deposit. Geological evidence is
derived from adequately detailed and reliable exploration, sampling and
testing and is sufficient to assume geological and grade or quality continuity
between points of observation. An Indicated Mineral Resource has a lower level
of confidence than that applying to a Measured Mineral Resource and may only
be converted to a probable mineral reserve.

 

"Inferred Mineral Resource" is that part of a Mineral Resource for which
quantity and grade or quality are estimated on the basis of limited geological
evidence and sampling. Geological evidence is sufficient to imply but not
verify geological and grade or quality continuity. An Inferred Mineral
Resource has a lower level of confidence than that applying to an Indicated
Mineral Resource and must not be converted to a mineral reserve. It is
reasonably expected that the majority of Inferred Mineral Resources could be
upgraded to Indicated Mineral Resources with continued exploration. An
Inferred Mineral Resource is based on limited information and sampling
gathered through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes.

 

 "JORC Code" means the 2012 edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint
Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy,
Australian Institute of Geoscientists and Minerals Council of Australia. The
JORC Code is an acceptable foreign code for purposes of NI 43-101.

 

"Lodes" means a vein of metal ore in the earth

 

"MRE" means Mineral Resource Estimate

 

"Mt" means million tonnes

 

"NI 43-101" means National Instrument 43-101 - Standards of Disclosure for
Mineral Projects issued by the Canadian Securities Administrators, which
provides standards of disclosure of scientific and technical information
regarding mineral projects

 

"Sn" means Tin

 

"tourmaline" means the crystalline silicate mineral group that occurs
as prismatic crystals in granitic and other rocks

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