Cornish Metals releases NI 43-101 South Crofty estimate
2021-06-09 06:33 ET - News Release
Mr. Richard Williams reports
CORNISH METALS RELEASES UPDATED MINERAL RESOURCE ESTIMATE FOR SOUTH CROFTY TIN MINE
Cornish Metals Inc. has released the results of an updated mineral resource estimate (MRE) for South Crofty in accordance with the JORC (Joint Ore Reserves Committee) code (2012). The Mineral Resource is divided into the "Lower Mine" and "Upper Mine" areas for reporting purposes. A summary of the updated MRE is tabulated below:
SOUTH CROFTY SUMMARY MINERAL RESOURCE ESTIMATE Contained Tin/Tin Increase in contained Area Classification Mass Grade Equivalent Tin/Tin equivalent (000 tonnes) (000 tonnes) 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%
Richard Williams, CEO of Cornish Metals, stated, "We are very pleased with the outcome of this new Mineral Resource Estimate, which shows a material increase in both tonnage and contained tin in the ground at South Crofty. Following on from our successful surface drilling campaign in 2020, where we intersected high-grade tin mineralisation below the historical workings, this new Mineral Resource Estimate confirms our belief in the resource expansion potential at South Crofty.
"Coming at a time when governments around the world are increasingly focussed on reducing carbon emissions, enhancing security of supply of critical minerals, investing in technology and developing the green economy, this is a further demonstration that Cornwall has the potential to become a significant tin producer once again and make a valuable contribution to providing the responsibly sourced technology metals that we need to meet our climate change goals."
Overview
- P&E Mining Consultants provided an initial MRE in 2016. Since then, additional sampling information has been audited, verified and added to the resource model leading to an updated MRE for the "Lower Mine" and a re-stated MRE for the "Upper Mine" using updated metal prices to calculate tin equivalent grades;
- The "Lower Mine" MRE is reported using a 0.6% tin ("Sn") cut-off grade and the "Upper Mine" is reported using a 0.6% tin equivalent ("SnEq.") cut-off grade, the same cut-off grades as the 2016 MRE;
- 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;
- The "Lower Mine" contains tin mineralisation within quartz-tourmaline veins or "lode" structures, which are hosted entirely within granitic rocks;
- The "Upper Mine" contains tin, copper and zinc mineralisation within quartz-chlorite veins, predominantly hosted within meta-sedimentary units;
- AMC will prepare and file an updated NI 43-101 Technical Report within 45 days of this announcement; and
- The major lode structures that comprise the Mineral Resource remain open along strike and to depth.
The full classified MRE for the "Lower Mine" is shown in Table 1 and the full classified MRE for the "Upper Mine" is shown in Table 2 below.
South Crofty Lower Mine Mineral Resource Estimate at 0.6% Sn Cut-Off Grade (1) to (12) Lode/Zone Mass Grade Contained Tin (kt) % Sn (t) No. 2 248 1.40 3,476 No. 4 505 1.82 9,197 No. 8 115 2.07 2,381 No. 9 - - - Dolcoath 422 1.55 6,542 North Pool Zone 319 1.49 4,738 Providence - - - Pryces/Tincroft 334 1.26 4,198 Roskear 141 1.82 2,566 Total Indicated 2,084 1.59 33,098 No. 2 55 1.26 691 No. 4 274 1.54 4,208 No. 8 151 2.36 3,566 No. 9 196 1.57 3,086 Dolcoath 287 1.42 4,075 North Pool Zone 209 1.44 3,004 Providence 71 1.83 1,299 Pryces/Tincroft 167 1.48 2,472 Roskear 527 1.90 9,995 Total Inferred 1,937 1.67 32,396
Notes to Table 1:
(1) 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). (2) The Qualified Person for this Mineral Resource Estimate is: Mr Nicholas Szebor, MCSM, MSc, BSc, CGeol, EurGeol, FGS, of AMC Consultants (UK) Ltd. (3) Mineral Resources for the "Lower Mine" are estimated by conventional block modelling based on wireframing at 0.4% Sn cut-off grade whilst honouring lode continuity and by ordinary kriging or inverse distance to the power of 3 grade interpolation. (4) For the purpose of this Mineral Resource Estimate, assays were capped by lode for the "Lower Mine" between 4% Sn and 20% Sn. (5) Bulk densities of 2.77t/m 3 have been applied for volume to tonnes conversion for the Lower Mine. (6) Mineral Resources for the Lower Mine have had a minimum mining width of 1.20m applied using 0.0% Sn dilution. (7) Mineral Resources are estimated from a depth of approximately 350m to a depth of approximately 870m. (8) Mineral Resources are classified as Indicated and Inferred based on drill hole and channel sample distribution and density, interpreted geological continuity and quality of data. (9) The Mineral Resources have been depleted for past mining, however, they contain portions that may not be recoverable pending further engineering studies. (10) 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. (11) Effective date June 7, 2021. (12) Totals presented in the table are reported from the resource model are subject to rounding and may not sum exactly.
South Crofty Upper Mine Mineral Resource Estimate at 0.6% SnEq. Cut-Off Grade (1) to (12) Lode/Zone Mass Grade Contained Tin Equivalent (kt) % Sn % Cu % Zn % SnEq. (t) Dolcoath Middle 95 0.70 0.86 0.17 1.03 970 Dolcoath Middle Branch 41 0.84 0.37 0.02 0.97 402 Dolcoath Upper Main - - - - - - Dolcoath Upper South South Branch - - - - - - Dolcoath NVC - - - - - - Dolcoath Little NW 13 0.68 0.16 0.89 0.82 105 Dolcoath Little NW FW - - - - - - Dolcoath Little NE - - - - - - Dolcoath South Entral 128 0.60 0.91 1.02 0.96 1,309 Total Indicated 277 0.67 0.78 0.57 1.01 2,785 Dolcoath Middle 22 0.75 0.05 0.01 0.77 172 Dolcoath Middle Branch - - - - - - Dolcoath Upper Main 285 0.60 0.60 0.23 0.83 2,376 Dolcoath Upper South South Branch 91 0.49 0.72 1.78 0.92 836 Dolcoath NVC 45 0.64 1.09 0.24 1.05 469 Dolcoath Little NW - - - - - - Dolcoath Little NW FW 1 0.81 0.03 0.25 0.84 8 Dolcoath Little NE 48 1.13 0.55 1.43 1.46 700 Dolcoath South Entral - - - - - - Total Inferred 493 0.64 0.63 0.63 0.93 4,561
Notes to Table 2:
(1) 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). (2) The Qualified Person for this Mineral Resource Estimate is: Mr Nicholas Szebor, MCSM, MSc, BSc, CGeol, EurGeol, FGS, of AMC Consultants (UK) Ltd. (3) 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. (4) SnEq. is calculated using the formula: SnEq% = Sn% + (Cu% x 0.360) + (Zn% x 0.092). Cornish Metals has used metal prices of US$24,000/Tonne Sn, US$9,000/Tonne Cu, and US$2,800/Tonne Zn. Assumptions for process recovery are 88.5% for Sn, 85% for Cu and 70% for Zn. (5) 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. (6) Bulk densities of 3.00t/m 3 have been applied for volume to tonnes conversion for the Upper Mine. (7) Mineral Resources are estimated from near surface to a depth of approximately 350 m. (8) Mineral Resources are classified as Indicated and Inferred based on drill hole and channel sample distribution and density, interpreted geological continuity and quality of data. (9) The Mineral Resources have been depleted for past mining, however, they contain portions that may not be recoverable pending further engineering studies. (10) 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. (11) Effective date June 7, 2021. (12) Totals presented in the table are reported from the resource model are subject to rounding and may not sum exactly.
Independent Qualified Person
This Mineral Resource Estimate was prepared by Mr. Nicholas Szebor (MCSM, BSc, MSc, CGeol, EurGeol, FGS), Acting General Manager and Principal Geologist of AMC, a Qualified Person under NI 43-101 and a Competent Person as defined under the JORC Code (2012). A Technical Report disclosing the Mineral Resource Estimate in accordance with the requirements of National Instrument 43-101 will be prepared by AMC on behalf of Cornish Metals and filed on SEDAR within 45 days of this news release. Mr. Szebor consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
Technical Information
The technical information in this news release has been compiled by Mr. Owen Mihalop. Mr. Mihalop has reviewed and takes responsibility for the technical information provided. 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.
Use of Foreign Reporting Code
Mineral Resources are classified in accordance with the JORC Code (2012). The confidence categories assigned under the JORC Code were reconciled to the confidence categories in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards {䪳 –} for Mineral Resources and Mineral Reserves May 2014 (the CIM Definition Standards). Mineral Resource classifications of "Indicated" and "Inferred" have been used in this press release.
The South Crofty data has been reviewed and verified in relation to CIM best operating practices for reporting and for scope and content of JORC and NI 43-101 reporting through a due diligence conducted by Mr. Nicholas Szebor (MCSM, BSc, MSc, CGeol, EurGeol, FGS), Acting General Manager and Principal Geologist of AMC, an independent qualified person on behalf of the Company. The technical report in respect of the updated Mineral Resource, when filed, will contain more detailed information concerning individual responsibilities, associated quality assurance and quality control, and other data verification matters, and the key assumptions, parameters and methods used by the Company.
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.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.