Cornish Metals Provides an Update for the South Crofty Tin Project
October 09 2023 - 2:00AM
Cornish Metals Inc. (
AIM/TSX-V:
CUSN) (“Cornish Metals” or the “Company”), a mineral
exploration and development company focused on its South Crofty Tin
Project (“South Crofty” or the “Project”) in Cornwall, United
Kingdom, is pleased to provide an update on the progress of
activities at South Crofty. The Feasibility Study is advancing on
schedule with a substantial amount of the study completed.
Richard Williams, CEO and Director of
Cornish Metals, stated: “We expected the mineralisation at
South Crofty to respond well to X-Ray Transmission (“XRT”) ore
sorting, but these results exceed even our most optimistic
expectations. XRT ore sorting has proven highly effective at
preconcentrating mineralisation sampled from five different zones
of the South Crofty deposit. We expect this result will have a
positive effect on the project economics, allowing for lower power
consumption and a smaller process plant and therefore lower capital
and operating costs.
“In addition, good progress is being made on the
Feasibility Study as project activities continue at pace at South
Crofty.”
Metallurgical Testwork – Excellent Ore
Sorting Results
- Both XRT ore sorting and Heavy
Liquid Separation (“HLS”) pre-concentration testwork completed with
excellent results:
- XRT: 55% mass rejection and <3%
metal loss (-50mm – +15mm size fraction);
- HLS: 50% mass rejection and <5%
metal loss (-15mm – +0.85mm size fraction);
- XRT ore sorter testwork of bulk
composite samples completed by TOMRA Sorting GmbH (see photos here
and here);
- HLS testwork of bulk composite
samples completed by Wardell Armstrong International;
- The metallurgical testwork was
conducted on samples from the 2023 metallurgical drill programme
across five mineralised zones (No. 4 Lode, No. 8 Lode, Roskear B/D
Lodes, North Pool Zone and Dolcoath South), representing the
majority of the potential production areas in the first six years
of the proposed mine life;
- The testwork results confirm the
upgrading potential of South Crofty mineralisation and enables
continuation of the process design optimisation work to reduce the
size of the mineral processing plant and materially lower capital
costs, operating costs and environmental footprint.
Feasibility Study Progress
In addition to ore-sorting testwork, the
following Feasibility Study components have also been
completed:
- Headframe
structural modelling and refurbishment;
- Schedule and
costing for the refurbishment and recommissioning of New Cooks
Kitchen and New Roskear shafts;
- Televiewer
investigations and geotechnical rock testing to confirm known
historical structural and rock mass property data;
- Conceptual
numerical modelling of the proposed underground mining methods and
stope designs. Back analysis supports historical operating data.
Ground conditions and excavation stability are expected to be very
good;
- Phase 1 of the
metallurgical testwork programme (mineralogy, physical competency,
characterisation and gravity response testwork). The gravity
response results are very good and confirm previous operational
results;
- Concept
engineering on paste backfill options and sighter testwork;
and
- Ground
investigations for the new mineral processing plant.
The following Feasibility Study components are
currently underway:
- Mineral
processing plant design, layout and capital cost study,
incorporating the results of the metallurgical testwork programme
reported today and potential future throughput expansions;
- Underground
mine design and optimisation using the latest South Crofty Mineral
Resource Estimate published in September 2023 (see news release
dated September 13, 2023);
- A mine
ventilation study, underground infrastructure design and hoisting
analysis;
- A Feasibility
Study level engineering design for the paste backfill plant;
- Hydrogeology,
environmental, social, marketing and closure studies; and
- AMC Mining Consultants has been
appointed to independently review and compile the Feasibility Study
with initial gap analysis and site visits completed.
Cornish Metals has published an updated
corporate presentation to its website that can be accessed at
Cornish Metals Presentations.
Background
- South
Crofty is a historical, high-grade, underground tin mine that
started production in the sixteenth century, and continued
operating until 1998;
- The
Project possesses Planning Permission for underground mining, valid
to 2071, Planning Permission to construct a mine water treatment
plant, new processing facilities, all necessary site
infrastructure, and an Environmental Permit to dewater the
mine;
- South
Crofty has the 4th highest grade tin Mineral Resource globally and
benefits from the presence of multiple shafts that can be used for
future operations;
- Tin is a
Critical Mineral as defined by the UK, USA, and Canadian
governments, with approximately 75% of the tin mined today coming
from China, Myanmar and Indonesia;
- There is
no primary tin production in Europe or North America;
-
Responsible sourcing of critical minerals and security of supply
are key factors in the energy transition and technology
growth;
- South
Crofty benefits from strong local community and regional and
national government support. The Project could generate 250 – 300
direct jobs.
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, United Kingdom. Cornish Metals has a growing team of
skilled people, local to Cornwall. 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.
An updated Mineral Resource was completed in
September 2023 as summarised below:
South Crofty Summary (JORC 2012) Mineral Resource
Estimate |
Area |
Classification |
Mass(kt) |
Grade |
Contained Tin / Tin Equivalent
(kt) |
Lower Mine |
Indicated |
2,896 |
1.50% Sn |
43.6 |
Inferred |
2,626 |
1.42% Sn |
37.4 |
Upper Mine |
Indicated |
260 |
0.99% SnEq |
2.6 |
Inferred |
465 |
0.91% SnEq |
4.2 |
The Mineral Resource Estimate for South Crofty
was updated in September 2023 (see news release dated September 13,
2023). An updated NI 43-101 Technical Report will be filed on SEDAR
within 45 days of the September 13 news release.
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.
ON BEHALF OF THE BOARD OF
DIRECTORS
“Richard D. Williams”Richard D. Williams,
P.Geo
For additional information please contact:
In North America: Irene Dorsman
at (604) 200 6664 or by e-mail at irene@cornishmetals.com
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SP Angel Corporate Finance LLP (Nominated Adviser
& Joint Broker) |
Richard Morrison Charlie Bouverat Grant Barker |
Tel: +44 203 470 0470 |
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Hannam & Partners(Joint Broker) |
Matthew HassonAndrew Chubb Jay Ashfield |
Tel: +44 207 907 8500email:
cornish@hannam.partners |
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BlytheRay(Financial PR) |
Tim Blythe Megan Ray |
Tel: +44 207 138 3204email: tim.blythe@blytheray.com
megan.ray@blytheray.com |
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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; outcome of the current
Feasibility Study; projected dates to commence mining operations;
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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