Cornish Metals Inc. (TSX-V/AIM: 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 release an updated JORC (2012) Mineral Resource Estimate (“MRE”) for the South Crofty Tin Project. Cornish Metals has a 100% interest in, and is the operator of, the South Crofty Project.
The focus of this new MRE is the Lower Mine area (“Lower Mine”) tin-only section of the Project, which has been subject to a thorough review, including further digitisation and modelling of historical data, but the Upper Mine polymetallic area has also been reported using current metal prices. Furthermore, assay results from recent drilling of the existing major structures at depth (No.4, No.8, Roskear and North Pool Zone) as part of a metallurgical testwork programme, have been incorporated into the new MRE.
This Lower Mine Tin-only updated MRE is summarised in Table 1 below:
| Table 1: Summary of South Crofty Lower Mine Mineral Resource Estimate at 0.6% Sn Cut-Off Grade, 6th September 2023 | ||||
| Classification | Mass (kt) | Grade (% Sn) | Contained Tin (t) | Increase to Contained Tin from 2021 MRE (t / %) |
| Indicated | 2,896 | 1.50 | 43,573 | 10,475 / 31.6% |
| Inferred | 2,626 | 1.42 | 37,422 | 5,026 / 15.5% |
Note: See footnotes below in Table 2.
Key Points
- 39.0% increase in tonnes and 31.6% increase in contained tin in the Indicated Mineral Resource category from the 2021 MRE (see news dated June 9, 2021);
- 35.6% increase in tonnes and 15.5% increase in contained tin in the Inferred Mineral Resource category from the 2021 MRE;
- This MRE is based on a 0.6% Sn cut-off grade, as was used in the 2021 MRE;
- The majority of new Mineral Resources are contained within the central part of the mine in No. 1, No. 2, No. 3, Main, Intermediate, North and Great Lodes following digitization and modelling of historical data;
- The major lode structures that comprise the Mineral Resource remain open along strike and at depth;
- The MRE was prepared by Cornish Metals’ in-house geology team and independently reviewed and verified by Nicholas Szebor of AMC Consultants (UK) Ltd (“AMC”), who takes responsibility for the estimate; and
- AMC will prepare an updated NI 43-101 Technical Report which will be filed on SEDAR within 45 days of this announcement.
Richard Williams, CEO and Director, stated; “This is another positive development for South Crofty as we advance the Project through to delivery of a Feasibility Study (“FS”) by the end of 2024 and continue to demonstrate the potential to increase the Project’s Mineral Resource and mine life. The updated MRE will be incorporated into the FS mine plan scheduled for release before the end of 2024.”
Table 2 below details the Lower Mine MRE by individual Lode / Zone:
| Table 2: South Crofty Lower Mine Mineral Resource Estimate at 0.6% Sn Cut-Off Grade, 6th September 2023 | ||||
| Lode / Zone | Classification | Mass | Grade | Contained Tin |
| (kt) | (% Sn) | (t) | ||
| No. 1 and No. 2 | Indicated | 479 | 1.31 | 6,281 |
| No. 3 | Indicated | 164 | 1.26 | 2,070 |
| No. 4 | Indicated | 488 | 1.76 | 8,595 |
| No. 8 | Indicated | 113 | 2.00 | 2,264 |
| No. 9 | Indicated | 98 | 1.47 | 1,442 |
| Dolcoath | Indicated | 466 | 1.39 | 6,464 |
| Main/Intermediate/North/Great | Indicated | 61 | 1.09 | 662 |
| North Pool Zone | Indicated | 283 | 1.35 | 3,814 |
| Providence | Indicated | – | – | – |
| Pryces / Tincroft | Indicated | 347 | 1.18 | 4,092 |
| Roskear | Indicated | 397 | 1.99 | 7,889 |
| Total Indicated | 2,896 | 1.50 | 43,573 | |
| No. 1 and No. 2 | Inferred | 580 | 1.21 | 7,029 |
| No. 3 | Inferred | 183 | 1.13 | 2,079 |
| No. 4 | Inferred | 293 | 1.53 | 4,467 |
| No. 8 | Inferred | 149 | 2.08 | 3,103 |
| No. 9 | Inferred | 103 | 1.54 | 1,597 |
| Dolcoath | Inferred | 304 | 1.31 | 3,993 |
| Main/Intermediate/North/Great | Inferred | 276 | 1.16 | 3,214 |
| North Pool Zone | Inferred | 185 | 1.30 | 2,391 |
| Providence | Inferred | 98 | 1.55 | 1,578 |
| Pryces / Tincroft | Inferred | 177 | 1.34 | 2,375 |
| Roskear | Inferred | 278 | 2.01 | 5,596 |
| Total Inferred | 2,626 | 1.42 | 37,422 | |
Notes to Table 2:
- The Mineral Resource Estimate is reported in accordance with the requirements of the Joint Ore Reserves Committee of the Australian Institute of Mining and Metallurgy, the JORC Code (2012).
- The Qualified Person for this Mineral Resource Estimate is: Mr Nicholas Szebor, MCSM, MSc, BSc, Cgeol, EurGeol, FGS, of AMC Consultants (UK) Ltd.
- Mineral Resources for the Lower Mine are estimated by conventional block modelling based on wireframing at 0.4% Sn threshold whilst honouring lode continuity and by ordinary kriging or inverse distance to the power of 3 grade interpolation.
- Cut-off grade was calculated assuming a 24,500 $/t tin price and an assumed metal recovery of 88.5%
- For the purpose of this Mineral Resource Estimate, assays were capped by lode for the “Lower Mine” between 1.5% Sn and 23% Sn.
- Bulk densities of 2.77 t/m3 have been applied for volume to tonnes conversion for the Lower Mine.
- Mineral Resources for the Lower Mine have had a minimum mining width of 1.2 m applied using 0% Sn dilution.
- Mineral Resources are estimated from a depth of approximately 350 m to a depth of approximately 870 m.
- Mineral Resources are classified as Indicated and Inferred based on drillhole and channel sample distribution and density, interpreted geological continuity and quality of data.
- The Mineral Resources have been depleted for past mining, however, they contain portions that may not be recoverable pending further engineering studies.
- Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- Effective date 6th September 2023.
- Numbers may not compute exactly due to rounding.
Table 3 below details the Upper Mine MRE by individual Lode / Zone. The only change to the Upper Mine MRE is a recalculation of Tin equivalent grades due to changes in metal prices since the 2021 MRE was published:
| Table 3: South Crofty Upper Mine Mineral Resource Estimate at 0.6% SnEq Cut-Off Grade, 6th September 2023 | ||||||
| Lode / Zone | Mass | Grade | Contained Tin Equivalent | |||
| (kt) | % Sn | % Cu | % Zn | % SnEq. | (t) | |
| Dolcoath Middle | 90 | 0.72 | 0.88 | 0.16 | 1.01 | 904 |
| Dolcoath Middle Branch | 37 | 0.89 | 0.34 | 0.02 | 1.00 | 367 |
| Dolcoath Upper Main | – | – | – | – | – | – |
| Dolcoath Upper South South Branch | – | – | – | – | – | – |
| Dolcoath NVC | – | – | – | – | – | – |
| Dolcoath Little NW | 12 | 0.69 | 0.16 | 0.87 | 0.81 | 99 |
| Dolcoath Little NW FW | – | – | – | – | – | – |
| Dolcoath Little NE | – | – | – | – | – | – |
| Dolcoath South Entral | 122 | 0.62 | 0.91 | 1.05 | 1.00 | 1,213 |
| Total Indicated | 260 | 0.69 | 0.78 | 0.59 | 0.99 | 2,583 |
| Dolcoath Middle | 22 | 0.75 | 0.05 | 0.01 | 0.77 | 171 |
| Dolcoath Middle Branch | – | – | – | – | – | – |
| Dolcoath Upper Main | 271 | 0.61 | 0.60 | 0.22 | 0.82 | 2,210 |
| Dolcoath Upper South South Branch | 88 | 0.50 | 0.73 | 1.83 | 0.88 | 778 |
| Dolcoath NVC | 36 | 0.75 | 1.09 | 0.15 | 1.10 | 395 |
| Dolcoath Little NW | – | – | – | – | – | – |
| Dolcoath Little NW FW | 1 | 0.81 | 0.03 | 0.25 | 0.84 | 8 |
| Dolcoath Little NE | 47 | 1.15 | 0.55 | 1.43 | 1.45 | 677 |
| Dolcoath South Entral | – | – | – | – | – | – |
| Total Inferred | 465 | 0.66 | 0.63 | 0.63 | 0.91 | 4,239 |
Notes to Table 3:
- The Mineral Resource Estimate is reported in accordance with the requirements of the Joint Ore Reserves Committee of the Australian Institute of Mining and Metallurgy, the JORC Code (2012).
- The Qualified Person for this Mineral Resource Estimate is: Mr Nicholas Szebor, MCSM, MSc, BSc, Cgeol, EurGeol, FGS, of AMC Consultants (UK) Ltd.
- Mineral Resources for the Upper Mine are estimated by conventional 3D block modelling based on wireframing at 0.5% SnEq cut-off grade and a minimum width of 1.2m and estimated by inverse distance to the power of 3 grade interpolation.
- SnEq is calculated using the formula: SnEq% = Sn% + (Cu% x 0.314) + (Zn% x 0.087). Cornish Metals has used metal prices of US$24,500/Tonne Sn, US$8,000/Tonne Cu, and US$2,700/Tonne Zn. Assumptions for process recovery are 88.5% for Sn, 85% for Cu and 70% for Zn.
- For the purpose of this Mineral Resource Estimate, assays were capped by lode for the Upper Mine at 6% for Sn, 4% for Cu and 20% for Zn.
- Bulk densities of 2.77 t/m3 and 3.00 t/m3 have been applied for ore volume to tonnes conversion for the granite hosted and metasediment (Killas) hosted Mineral Resources respectively.
- Mineral Resources are estimated from near surface to a depth of approximately 350 m.
- Mineral Resources are classified as Indicated and Inferred based on drillhole and channel sample distribution and density, interpreted geological continuity and quality of data.
- The Mineral Resources have been depleted for past mining; however, they contain portions that may not be recoverable pending further engineering studies.
- Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- Effective date 6th September 2023.
- Numbers may not compute exactly due to rounding.
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