Indicated Resource Increases 10.2% to 2.08 Mt Grading 1.59% Tin for the
Inferred Resource Increases 129.8% to 1.94 Mt Grading 1.67% Tin for the
South Crofty Summary Mineral Resource Estimate | |||||
Area | Classification | Mass (000’ tonnes) | Grade | Contained Tin / Tin Equivalent (000’ tonnes) | Increase in contained Tin / Tin equivalent from 2016 MRE |
Indicated | 2,084 | 1.59% Sn | 33 | 10.2% | |
Inferred | 1,937 | 1.67% Sn | 32 | 129.8% | |
Indicated | 277 | 1.01% SnEq | 3 | 9.5% | |
Inferred | 493 | 0.93% SnEq | 5 | 8.0% |
“Coming at a time when governments around the world are increasingly focussed on reducing
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.
Table 1: South Crofty Lower Mine Mineral Resource Estimate at 0.6% Sn Cut-Off Grade (1-12) | |||
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 |
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 |
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 |
(2) The Qualified Person for this Mineral Resource Estimate is: Mr Nicholas Szebor, MCSM, MSc, BSc, CGeol, EurGeol, FGS, of |
(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/m3 have been applied for volume to tonnes conversion for the |
(6) Mineral Resources for the |
(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) |
(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 |
(12) Totals presented in the table are reported from the resource model are subject to rounding and may not sum exactly. |
Table 2: South Crofty Upper Mine Mineral Resource Estimate at 0.6% SnEq. Cut-Off Grade (1-12) | ||||||
Lode/Zone | Mass | Grade | Contained Tin Equivalent | |||
(kt) | % Sn | % Cu | % Zn | % SnEq. | (t) | |
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 |
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 |
(2) The Qualified Person for this Mineral Resource Estimate is: Mr Nicholas Szebor, MCSM, MSc, BSc, CGeol, EurGeol, FGS, of |
(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). |
(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/m3 have been applied for volume to tonnes conversion for the |
(7) Mineral Resources are estimated from near surface to a depth of approximately 350m. |
(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) |
(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 |
(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
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
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
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
The South Crofty project covers the former producing South Crofty tin mine located beneath the towns of Pool and
ON BEHALF OF THE BOARD OF DIRECTORS
“Richard D. Williams”
Neither the
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 programs; actual results of proposed exploration activities; possible variations in Mineral Resources or grade; 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
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of
Appendix
“Cu” means Copper
"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
“kt” means thousand tonnes
“Lodes” means a vein of metal ore in the earth
"MRE" means Mineral Resource Estimate
“Mt” means million tonnes
“Sn” means Tin
“Sn Eq” means Tin Equivalent
“Zn” means Zinc
For additional information please contact: InNorth America :Irene Dorsman at (604) 200 6664 or by e-mail at irene@cornishmetals.comSP Angel Corporate Finance LLP (Nominated Adviser & Joint Broker) Tel: +44 203 470 0470Richard Morrison Charlie Bouverat Grant Barker Hannam & Partners (Joint Broker) Tel: +44 207 907 8500Matthew Hasson Andrew Chubb Ernest Bell Blytheweigh (Financial PR/IR-London ) Tel: +44 207 138 3204Tim Blythe tim.blythe@blytheweigh.comMegan Ray megan.ray@blytheweigh.com
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