UPDATE ON DEWATERING SOUTH CROFTY - GOOD PROGRESS
CORNISH METALS UPDATES ON GOOD PROGRESS OF DEWATERING SOUTH CROFTY MINE
Vancouver, December 6, 2023
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 dewatering of South Crofty Mine.
Mine Dewatering Tracking Ahead of Expectations
· Dewatering has been underway since early November with up to 25,000m3 per day of water pumped directly from South Crofty Mine and treated at the Water Treatment Plant ("WTP");
· Treated water is being discharged into the Red River which is having a positive effect on the water quality of the river downstream of the discharge point;
· The water discharged from South Crofty Mine powers a 75 kW hydro-turbine located ahead of the discharge point that generates up to 20% of the power consumed by the WTP;
· The water level within the New Cook's Kitchen ("NCK") shaft and underground workings is falling at a faster than expected rate;
· On December 5th the water level stood at approximately 155 metres below the surface;
· As the water level falls the rate of drop is expected to decline reflecting more underground workings at the deeper levels of the mine;
· The Company maintains guidance of 18-months (from start of dewatering) to complete dewatering of South Crofty Mine.
Richard Williams, CEO and Director of Cornish Metals, stated: "The start of dewatering of South Crofty Mine was an important milestone for the Company and it is pleasing to see the water level in the NCK shaft dropping faster than expected over the last month. We remain focussed on our objective to complete the dewatering of South Crofty within 18 months."
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, 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 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 two-thirds 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 (see news release dated September 13, 2023) as summarised below:
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South Crofty Summary (JORC 2012) Mineral Resource Estimate |
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Area |
Classification |
Mass (kt) |
Grade
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Contained Tin / Tin Equivalent (kt) |
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Lower Mine |
Indicated |
2,896 |
1.50% Sn |
43.6 |
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Inferred |
2,626 |
1.42% Sn |
37.4 |
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Upper Mine |
Indicated |
260 |
0.99% SnEq |
2.6 |
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Inferred |
465 |
0.91% SnEq |
4.2 |
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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.
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:
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Cornish Metals
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Fawzi Hanano Irene Dorsman |
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Tel: +1 (604) 200 6664
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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 Hasson Andrew Chubb Jay Ashfield |
Tel: +44 207 907 8500
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BlytheRay (Financial PR) |
Tim Blythe Megan Ray |
Tel: +44 207 138 3204 |
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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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