REG - Cornish Metals Inc. - NEW MINERAL LEASE ADJACENT TO SOUTH CROFTY SIGNED

Cornish MetalsAnnouncement

01/11/2022 07:17

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RNS Number : 8175E  Cornish Metals Inc.  01 November 2022

 

CORNISH METALS SIGNS A NEW MINERAL LEASE ADJACENT TO SOUTH CROFTY

The South Carn Brea Exploration Area

 

Vancouver, November 1, 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 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
(https://cornishmetals.com/site/assets/files/5537/2022-11-01_overview_map.jpg)
).

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
(https://cornishmetals.com/site/assets/files/5537/2022-11-01_overview_map.jpg)
) 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 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, 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
(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
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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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