Cornish Metals Inc. (
AIM/TSX-V:
CUSN) (“Cornish Metals” or the “Company”), a mineral
exploration and development company focused on advancing the South
Crofty tin project (“South Crofty” or the “Project”) located in
Cornwall, United Kingdom, to a construction decision, is pleased to
report results from the first six drill holes of the ongoing 9,000
metre Carn Brea drill programme.
All six drillholes intersected the Wide
Formation lode structure, which is characterised by strong
tourmaline alteration and variable tin mineralisation, similar to
all historically mined tin-bearing structures in the South Crofty
area.
Drilling has also identified a new mineralised
structure lying directly beneath the Great Flat Lode (named the
“Great Flat Lode Splay”), as well as several high-grade, steeply
dipping tin zones between the Great Flat Lode and the Wide
Formation (see cross sections at the end of this release).
Highlights
- All six drill
holes intersected the Wide Formation at the expected target depths,
proving the exploration model for a parallel tin mineralised
structure beneath the Great Flat Lode;
- Wide Formation
structure has been confirmed over a strike length of at least
1.6km, a downdip extent of at least 525m, thicknesses ranging from
1.8m – 4.8m, and remains open;
- Notable tin intercepts from the
Wide Formation (Figure 2 and Figure 3), including:
- 1.21m grading
0.87% Sn in CB23_004
- 1.90m grading
0.83% Sn in CB23_006
- Notable tin intercepts from the
newly identified Great Flat Lode Splay (Figure 2), including:
- 3.38m grading
1.01% Sn in CB23_002
- 1.00m grading
1.56% Sn in CB23_004
- Notable tin intercepts from
multiple steeply-dipping, high-grade tin zones mainly intersected
between the Great Flat Lode and the Wide Formation, including:
- 0.30m grading
7.48% Sn and 3.09m grading 1.21% Sn in CB23_001
- 1.21m grading
1.83% Sn in CB23_004
- 3.06m grading
0.93% Sn in CB23_005
- 1.17m grading
0.62% Sn in CB23_006
- A further eight
drill holes are planned, testing a 2.5km strike length of the Wide
Formation;
- Table 1 below
presents all significant intercepts.
Richard Williams, CEO and Director of
Cornish Metals, stated: “These results confirm Cornish
Metals’ model that the Wide Formation represents a new,
large-scale, tin-bearing exploration target lying beneath the
historically mined Great Flat Lode. The discovery of additional
mineralised structures above and below the Wide Formation is a
bonus.
The intensity of alteration and the strength and
thickness of the Wide Formation structure is similar to others in
the region, and the next step for us is to define the location,
orientation and extent of the high grade pay shoots, which are
typical of this style of mineralisation.
The discovery of the Great Flat Lode Splay and
the other new zones of high-grade tin mineralisation demonstrates
the exploration upside of this area, which we view as having
tremendous potential to add to our current Mineral Resource base at
South Crofty.“
The Wide Formation
The Wide Formation represents a new high-grade
tin target in the Carn Brea South exploration area, located along
the southern boundary of the South Crofty underground mine
permission area. A 14-hole / 9,000 metre drilling programme
commenced in Q3 2023, with the first six holes confirming the Wide
Formation lies parallel to, north of, and beneath the Great Flat
Lode.
The drill programme is designed to test the
geometry and the continuity of tin mineralisation within the Wide
Formation over an area measuring 2,500m along strike (northeast to
southwest) and 525m downdip to the southeast. Drilling to date has
intersected the Great Flat Lode and Wide Formation tin
mineralisation structures where expected, confirming continuity of
the Wide Formation over a 1.6km strike length and 525m downdip.
Two drill rigs are currently on-site, drilling
holes CB23_008 and CB23_009 of the programme with future holes
planned to continue testing the Wide Formation along strike, and to
improve on-target definition.
The Great Flat Lode Splay
Drilling has also intersected a previously
unrecognised splay structure immediately beneath the Great Flat
Lode. The Great Flat Lode Splay is mineralised, varies up to 9m in
thickness, and represents an important new exploration target less
than 280m below surface (see drill intercepts in table below and
cross sections at the end of this release).
New Steeply Dipping Tin
Zones
The ongoing drill programme also intersected
multiple steeply dipping high-grade tin zones, mainly located
between the Great Flat Lode and the Wide Formation (see table below
and cross here). More work is required to determine the orientation
and true thickness of these zones. Identifying areas where these
structures intersect both the Great Flat Lode and the Wide
Formation is of particular interest as these intersection points
represent areas of greater fracturing and potential for high grade
tin mineralisation.
Hole ID |
From (m) |
To (m) |
Length (m) |
Sn % |
Comment |
CB23_001 |
31.60 |
36.21 |
4.61 |
0.08 |
Great Flat Lode |
Including |
33.90 |
34.78 |
0.88 |
0.30 |
|
|
|
|
|
|
|
CB23_001 |
441.74 |
442.04 |
0.30 |
7.48 |
New Zone |
|
|
|
|
|
|
CB23_001 |
537.32 |
541.33 |
4.01 |
0.06 |
Wide Formation |
Including |
540.38 |
540.91 |
0.53 |
0.31 |
|
|
|
|
|
|
|
CB23_001 |
607.99 |
611.08 |
3.09 |
1.21 |
New Zone |
Including |
607.99 |
608.90 |
0.91 |
2.57 |
|
And |
609.86 |
611.08 |
1.22 |
0.61 |
|
|
|
|
|
|
|
CB23_002 |
204.23 |
208.20 |
3.97 |
0.32 |
Great Flat Lode |
Including |
204.23 |
206.34 |
2.11 |
0.60 |
|
And |
204.23 |
205.28 |
1.05 |
0.90 |
|
|
|
|
|
|
|
CB23_002 |
227.13 |
234.02 |
6.89 |
0.62 |
Great Flat Lode Splay |
Including |
227.13 |
230.51 |
3.38 |
1.01 |
|
And |
229.30 |
230.51 |
1.21 |
2.52 |
|
|
|
|
|
|
|
CB23_002 |
612.37 |
616.32 |
3.95 |
0.08 |
Wide Formation |
Including |
614.81 |
615.30 |
0.49 |
0.58 |
|
|
|
|
|
|
|
CB23_003 |
255.65 |
256.40 |
0.75 |
0.43 |
Great Flat Lode |
|
|
|
|
|
|
CB23_003 |
266.98 |
277.16 |
10.18 |
0.05 |
Great Flat Lode Splay |
Including |
272.35 |
273.10 |
0.75 |
0.45 |
|
|
|
|
|
|
|
CB23_003 |
473.37 |
477.81 |
4.44 |
0.26 |
New Zone |
Including |
473.37 |
474.37 |
1.00 |
0.60 |
|
|
|
|
|
|
|
CB23_003 |
643.72 |
646.53 |
2.81 |
0.06 |
Wide Formation |
|
|
|
|
|
|
CB23_004 |
198.17 |
198.87 |
0.70 |
0.01 |
Great Flat Lode |
|
|
|
|
|
|
CB23_004 |
252.89 |
259.62 |
6.73 |
0.26 |
Great Flat Lode Splay |
Including |
258.62 |
259.62 |
1.00 |
1.56 |
|
|
|
|
|
|
|
CB23_004 |
373.81 |
375.17 |
1.36 |
1.13 |
New Zone |
|
|
|
|
|
|
CB23_004 |
528.47 |
529.68 |
1.21 |
1.83 |
New Zone |
|
|
|
|
|
|
CB23_004 |
538.77 |
540.64 |
1.87 |
0.69 |
New Zone |
Including |
539.88 |
540.64 |
0.76 |
0.96 |
|
|
|
|
|
|
|
CB23_004 |
700.84 |
705.24 |
4.40 |
0.25 |
Wide Formation |
Including |
703.47 |
704.68 |
1.21 |
0.87 |
|
|
|
|
|
|
|
CB23_005 |
78.66 |
82.72 |
4.06 |
0.08 |
Great Flat Lode |
|
|
|
|
|
|
CB23_005 |
350.60 |
359.43 |
8.83 |
0.42 |
New Zone |
Including |
351.19 |
354.25 |
3.06 |
0.93 |
|
|
|
|
|
|
|
CB23_005 |
703.70 |
710.27 |
6.57 |
0.05 |
Wide Formation |
|
|
|
|
|
|
CB23_006 |
64.11 |
65.99 |
1.88 |
0.91 |
Great Flat Lode |
|
|
|
|
|
|
CB23_006 |
152.29 |
153.46 |
1.17 |
0.62 |
New Zone |
|
|
|
|
|
|
CB23_006 |
511.98 |
512.59 |
0.61 |
1.60 |
New Zone |
|
|
|
|
|
|
CB23_006 |
549.62 |
551.52 |
1.90 |
0.83 |
Wide Formation |
Including |
549.62 |
550.63 |
1.01 |
1.30 |
|
Table 1 – Selected drilling results from holes
1-6 at the Wide Formation target.Note 1 – True thickness of
down-hole intersections reported are expected to be approximately
70-100% of the down-hole lengths.
Hole ID |
Hole Length |
CB23_001 |
617.7m |
CB23_002 |
698.9m |
CB23_003 |
731.3m |
CB23_004 |
773.6m |
CB23_005 |
759.3m |
CB23_006 |
614.3m |
Table 2 – Drill hole lengths from surface to end of hole.
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 mineralisation of the Wide Formation consists predominantly of
blue tourmaline with disseminated cassiterite, hosted within a
siliceous tourmaline altered granite. The cassiterite is mostly
hosted within tourmaline-quartz veins which overprint the
interpreted earlier blue tourmaline lode structure. No mining has
ever been carried out on the Wide Formation.
The Great Flat Lode Splay, discovered up dip of
Wheal Bassett mine (Figure 1), occurs as a blue tourmaline-rich
lode with quartz (occasionally brecciated) hosting disseminated
cassiterite mineralisation. The mineralised structure, which
appears to separate away from the metasediment/granite boundary of
its shallower counterpart, is hosted within strongly altered
granite. This structure forms an unmined splay off the Great Flat
Lode, is several meters thick and has an approximate area of 700m
by 450m.
The Wide Formation, Great Flat Lode Splay, and
new zones of steeply dipping high-grade tin mineralisation warrant
further exploration.
TECHNICAL INFORMATION
Drilling at Carn Brea South was performed by
Priority Drilling Company Ltd using an Atlas Copco CS14 Diamond
Drill Rig. Hole construction consisted of HQ (96.1-millimeter
(“mm”) diameter) to recover 72.8mm diameter drill core from within
the shallower Great Flat mineralised zone, before reducing to NQ
(76-mm diameter) to recover a 48mm diameter drill core when
drilling at depth through the Wide Formation target. On completion,
holes were multi-shot surveyed using a Reflex EZ-Trac. 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 tin, copper, 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. 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 and AIM.
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 a construction decision, as well
as exploring its additional mineral rights, all located in
Cornwall, United Kingdom.
- South Crofty is
a historical, high-grade, underground tin mine that started
production in 1592 and continued operating until 1998 following
over 400 years of continuous production;
- The Project
possesses Planning Permission for underground mining (valid to
2071), to construct new processing facilities and 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 existing mine infrastructure including 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 two-thirds of the tin mined today
coming from China, Myanmar and Indonesia;
- There is no
primary tin production in Europe or North America;
- Tin connects
almost all electronic and electrical infrastructure, making it
critical to the energy transition – 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.
- Cornish Metals
has a growing team of skilled people, local to Cornwall, and the
Project could generate 250 – 300 direct jobs.
An updated Mineral Resource was completed in
September 2023 with a 39% increase in tonnes and 32% increase in
contained tin in the Indicated category for the Lower Mine (see
news release dated September 13, 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
is available in a report titled “South Crofty Tin Project - Mineral
Resource Update NI 43-101 Technical Report”, dated October 27,
2023, co-authored by Mr. N. Szebor (MCSM, MSc, BSc, CGeol, EurGeol,
FGS) and Mr. R. Chesher (FAusIMM(CP), RPEQ, MTMS) of AMC
Consultants, and can be accessed through the above link and on the
Company’s SEDAR+ page.
ON BEHALF OF THE BOARD OF
DIRECTORS
“Richard D. Williams”Richard D. Williams,
P.Geo
For additional information please contact:
Cornish Metals |
Fawzi HananoIrene Dorsman |
investors@cornishmetals.com info@cornishmetals.com |
|
|
Tel: +1 (604) 200 6664 |
SP Angel Corporate Finance LLP (Nominated Adviser
& Joint Broker) |
Richard Morrison Charlie Bouverat Grant Barker |
Tel: +44 203 470 0470 |
|
|
|
Hannam & Partners(Joint Broker) |
Matthew HassonAndrew Chubb Jay Ashfield |
cornish@hannam.partners Tel: +44
207 907 8500 |
|
|
|
BlytheRay(Financial PR) |
Tim Blythe Megan Ray |
tim.blythe@blytheray.com megan.ray@blytheray.comTel: +44 207 138
3204 |
|
|
|
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 certain
“forward-looking information” and “forward-looking statements”
(collectively, “forward-looking statements”). Forward-looking
statements include predictions, projections, outlook, guidance,
estimates and forecasts and other statements regarding future
plans, the realisation, cost, timing and extent of mineral resource
or mineral reserve estimates, estimation of commodity prices,
currency exchange rate fluctuations, estimated future exploration
expenditures, costs and timing of the development of new deposits,
success of exploration activities, permitting time lines,
requirements for additional capital, future or estimated mine life
and other activities or achievements of Cornish Metals, including
but not limited to: mineralisation at South Crofty, mine dewatering
expectations, Cornish Metals’ exploration drilling programme,
timing and results of Cornish Metals’ feasibility study, strategic
vision of Cornish Metals and expectations regarding the South
Crofty mine, timing and results of projects mentioned.
Forward-looking statements are often, but not always, identified by
the use of words such as “seek”, “anticipate”, “believe”, “plan”,
“estimate”, “forecast”, “expect”, “potential”, “project”, “target”,
“schedule”, “budget” and “intend” and statements that an event or
result “may”, “will”, “should”, “could”, “would” or “might” occur
or be achieved and other similar expressions and includes the
negatives thereof. All statements other than statements of
historical fact included in this news release, are forward-looking
statements that involve various risks and uncertainties and there
can be no assurance that such statements will prove to be accurate
and actual results and future events could differ materially from
those anticipated in such statements.
Forward-looking statements 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 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.
Cornish Metals’ forward-looking statements are
based on the opinions and estimates of management and reflect their
current expectations regarding future events and operating
performance and speak only as of the date such statements are made.
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ from
those described in forward- looking statements, there may be other
factors that cause such actions, events or results to differ
materially from those anticipated. There can be no assurance that
forward-looking statements will prove to be accurate and
accordingly readers are cautioned not to place undue reliance on
forward-looking statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Cornish Metals does
not assume any obligation to update forward-looking statements if
circumstances or management’s beliefs, expectations or opinions
should change other than as required by applicable law.
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.
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
"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
"kt" means thousand tonnes
"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
"t" means tonnes
“tourmaline” means the crystalline silicate
mineral group that occurs as prismatic crystals in
granitic and other rocks
Cornish Metals (TSXV:CUSN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Cornish Metals (TSXV:CUSN)
Historical Stock Chart
From Sep 2023 to Sep 2024