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). 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);
-
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,
Figure 3 and Figure 4) and related mineralised structures,
including:
-
CB21_003 2.00m grading 1.44% tin
-
CB21_004 2.91m grading 1.66% tin
- And
5.00m grading 0.97%
tin
-
CB21_005 3.04m grading 1.08% tin
- And
2.24m grading 3.93%
tin
- 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 Length (m) |
From (m) |
To (m) |
Recovered Length (m) |
Tin (%) |
Comment |
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), is available in a report
titled the “South Crofty Tin Project Mineral Resource Update”,
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
SP Angel Corporate Finance LLP (Nominated Adviser & Joint
Broker) |
Tel: |
+44 203 470 0470 |
|
Richard Morrison |
|
|
Charlie Bouverat |
|
|
Grant Barker |
|
|
|
|
Hannam & Partners(Joint Broker) |
Tel: |
+44 207 907 8500 |
|
Matthew Hasson |
|
|
Andrew Chubb |
|
|
Ernest Bell |
|
|
|
|
BlytheRay(Financial PR/IR-London) |
Tel: |
+44 207 138 3204 |
|
Tim Blythe |
tim.blythe@blytheray.com |
|
Megan Ray |
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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