Cornish Metals leases South Crofty underground area
2021-03-09 06:08 ET - News Release
Mr. Richard Williams reports
CORNISH METALS SIGNS IMPORTANT SOUTH CROFTY LEASES AND AGREEMENT FOR DISPOSAL OF MINE WATER TREATMENT WASTE
Cornish Metals Inc. has provided an update.
- An agreement has been reached with Brownfield Investments Ltd and Roskear Minerals LLP to lease a 1.2 hectare site surrounding New Roskear Shaft in Camborne for up to 23 years;
- An agreement has also been reached to lease the mineral rights owned by Roskear Minerals LLP within the South Crofty Underground Permission Area for up to 25 years;
- A binding heads of terms has been agreed with Wheal Jane Ltd for the disposal of waste material derived from the treatment of mine water from South Crofty Mine into the Wheal Jane tailings dam located 12 kilometres east of South Crofty. The agreement will become effective when dewatering of South Crofty commences.
Richard Williams, CEO of Cornish Metals, stated, "The agreements with Roskear Minerals, Brownfield Investments and Wheal Jane are important steps towards the redevelopment of South Crofty Mine, a strategic asset for the Company.
"Our agreement with Roskear Minerals enables Cornish Metals to explore and develop the mineral resources that are contained in the Roskear section of South Crofty. During the 1980s and 1990s, much of the ore mined from South Crofty came from this part of the mine, and it is considered by the Company to be a key area for delineation of additional mineral resources.
"The agreement with Brownfield Investments and Roskear Minerals secures access to the New Roskear Shaft, a 650 metre deep, six metre diameter, vertical shaft in the centre of Camborne, which is important for ventilation and access to South Crofty.
"Additionally, the binding heads of terms signed with Wheal Jane for the disposal of waste material derived from the dewatering of South Crofty will enable dewatering of the mine."
ABOUT CORNISH METALS
Cornish Metals completed the acquisition of the South Crofty tin and United Downs copper / tin projects, plus additional mineral rights located in Cornwall, UK, in July 2016 (see Company news release dated July 12, 2016). The additional mineral rights cover an area of approximately 15,000 hectares and are distributed throughout Cornwall. Some of these mineral rights cover old mines that were historically worked for copper, tin, zinc, and tungsten.
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