REG - Cornish Metals Inc. - DRILLING FROM TRENARES TARGET UNITED DOWNS PROJECT

Cornish MetalsAnnouncement

30/06/2022 07:16

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220630:nRSd7274Qa&default-theme=true

RNS Number : 7274Q  Cornish Metals Inc.  30 June 2022

 

CORNISH METALS REPORTS DRILLING FROM THE TRENARES TARGET, UNITED DOWNS
PROJECT, CORNWALL, UK

Vancouver, June 29, 2022

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
(https://cornishmetals.com/site/assets/files/5518/2022-06-29_fig__1_-_ud_plan_map.jpg)
);

·    Nine drill holes were completed, on three drill sections, for a total
of 2,683.55m drilled (see Figures 2
(https://cornishmetals.com/site/assets/files/5518/2022-06-29_fig__2_-_drill_sections_trenares_target.jpg)
, 3
(https://cornishmetals.com/site/assets/files/5518/2022-06-29_fig__3_-_section_aa_trenares_target.jpg)
, 4
(https://cornishmetals.com/site/assets/files/5518/2022-06-29_fig__4_-_section_bb_trenares_target.jpg)
, and 5
(https://cornishmetals.com/site/assets/files/5518/2022-06-29_fig__5_-_section_cc_trenares_target.jpg)
);

·    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):

o  TN21_002            2.42m grading 2.88% tin and 1.43% zinc

o  TN21_002            3.34m grading 2.48% zinc and 22 grammes per
tonne ("g/t") silver

o  TN21_002            0.90m grading 10.30% zinc and 18 g/t silver

o  TN21_003            1.52m grading 0.72% tin, 1.69% zinc and 14
g/t silver

o  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
(https://www.cornishmetals.com/news/2022/cornish-metals-successfully-closes-40.5-million-financing/)
) 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)               Width (m)  Copper  Tin (Sn)  Zinc       Silver  Cross-section identifier

                              Hole Depth              (Cu)    (%)       (Zn) (%)   (Ag)

                                                      (%)                          (ppm)
 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
(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%

 

The Mineral Resource Estimate for South Crofty (see news release dated June 9,
2021
(https://www.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://www.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
and website
(https://www.cornishmetals.com/site/assets/files/5449/421007_south_crofty_tin_project_mineral_resource_update_-_22_july_2021_-_sedar_copy.pdf)
.

 

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@blyther (mailto:tim.blythe@blytheray.com) ay
                                                                                                                        (mailto:tim.blythe@blytheray.com) .com (mailto:tim.blythe@blytheray.com)
                                          Megan Ray                                                                     megan.ray@blythe (mailto:megan.ray@blytheray.com) ray
                                                                                                                        (mailto:megan.ray@blytheray.com) .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:
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.

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCEAEKNALKAEAA