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VANCOUVER, British Columbia, June 27, 2023 (Globe Newswire) — Corniche Metal Company (TSX-V/AIM: CUSN) (“Cornish Metals” or “the Company”) to report that the first of two submersible pumps has now been installed 360 meters below the surface in the New Cooks kitchen shaft at the South Crofty Tin Mine, Cornwall, United Kingdom. The installation of this pump is a major milestone in the company’s plans to begin dewatering the South Crofty mine later this summer. The installation required connecting and lowering the pump onto 120 three-meter steel tubes, suspended from the shaft for first-stage dewatering.
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“Awesome job” well done for the team at South Crofty to achieve this milestone in less time than planned, stated Richard Williams, CEO and Director. This pump installation is a technical exercise and the team did a great job, completing the job safely without any incidents. We expect to install the second pump by the end of July.”
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The pumps are specialized 950 kW high head vertical submersible pumps manufactured by KSB in Germany, controlled by variable speed motors to enable 25,000 cubic meters (m)3) pumping rate per day to the mine water treatment plant.
Work continues on the mines water treatment plant with 95% mechanical completion, work is now focused on electrical installations and instrumentation. The plant is expected to be completed later this summer and mine dewatering to begin immediately thereafter.
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Pictures of pump installation can be found here.
background
- South Crofty is a historic, quality underground tin mine that began production in the 16th century, and continued to operate until its closure in 1998;
- The company is carrying out a comprehensive mine dewatering and feasibility study program and aims to submit a feasibility study by the end of 2024;
- The project has an underground mining planning permit, valid until 2071, planning permission for the construction of a mine water treatment plant, new treatment facilities, all necessary site infrastructure, and an environmental permit for mine dewatering;
- South Croft has 4y The world’s highest grade tin mineral resource and benefits from having multiple columns that can be used for future processes;
- Tin is a critical metal as defined by the UK, USA, and Canadian governments, with approximately 75% of the tin mined today coming from China, Myanmar, and Indonesia;
- There is no primary production of tin in Europe or North America;
- Responsible sourcing of vital minerals and security of supply are key drivers of the energy transition and growth of technology;
- South Crofty benefits from a strong local community and regional and national government support. The project could create 250-300 direct jobs.
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about corn minerals
Cornish Metals is a dual listed company (AIM and TSX-V: CUSN) focused on developing a high quality underground South Crofty project by submitting a feasibility study, as well as exploring for its additional mineral rights, all located in Cornwall, South West England. The former producing South Crofty tin mine, located below Poole and Camborne, closed in 1998 after more than 400 years of continuous production. Since acquiring the project in 2016, Cornish Metals has completed and deployed the first NI 43-101 Mineral Resources for South Crofty using an extensive archive of historical production data and more recent drilling completed between 2007 and 2013. In addition, Cornish Metals has carried out a trial Extensive – extensive water treatment trials and has successfully applied for and received the necessary environmental permits for mine water extraction, treatment and discharge for mine dewatering. Planning permissions have been secured for the mine to run and the surface facilities to be redeveloped, and construction of the water treatment plant is well under way.
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The Mineral Resources update was completed in June 2021 as summarized below:
| South Crofty Abstract (JORC 2012) Mineral Resource Estimation | |||||
| region | classification | Mass (thousand tons) |
degree | contain box / equivalent to tin (thousand tons) |
increase in containment Equivalent to tin / tin From 2016 MRE |
| Lower mine | Shown | 2,084 | 1.59% age | 33 | 10.2% |
| deduced | 1,937 | 1.67% age | 32 | 129.8% | |
| upper mine | Shown | 277 | 1.01% SnEq | 3 | 9.5% |
| deduced | 493 | 0.93% SnEq | 5 | 8.0% | |
South Crofty mineral resource estimate (see press release dated June 9, 2021), available in a report entitled “Mineral resource update for the South Crofty Tin Project’, dated 7 June 2021, authored by Mr N. Szebor, CGeol (London), EuroGeol, FGS, of AMC Consultants (UK) Ltd, accessible via the link or on the company’s SEDAR page.
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The technical information contained in this press release was compiled by Mr. Owen Mihalup who has reviewed the data and geological interpretation and is responsible for it. Mr. Owen Mihalup (MCSM, BA (Hons), MSc, FGS, MIMMM, CEng) is the Operations Manager of Cornish Metals Inc. and has sufficient experience relevant to the method of mineralization, type of deposit under study, and activity that he undertakes to qualify as a competent person as defined by the JORC Code (2012) and as a qualified person under NI 43-101. Mr. Mihaloub consents to the inclusion in this announcement of matters based on his information in the form and context in which they appear.
For additional information, please contact:
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In North America:
Erin Dorsman at (604) 200-6664 or by email at irene@cornishmetals.com
| SP Angel Corporate Finance LLP (Nominated consultant and subscriber mediator) |
the phone: | +44 203470 0470 |
| Richard Morrison | ||
| Charlie Bouvierat | ||
| Grant Parker | ||
| Hannam and company (common broker) |
the phone: | +44 207 907 8500 |
| Matthew Hasson | ||
| Andrew Chubb | ||
| Jay Ashfield | ||
| blithray (Financial PR/IR-London) |
the phone: | +44 207 138 3204 |
| Tim Blyth | tim.blythe@blytheray.com | |
| Megan Ray | megan.ray@blytheray.com |
On behalf of the Board of Directors
Richard D. Williams
Richard D. Williams, BG
Neither TSX Venture Exchange nor the Arranging Services Provider (as defined in the TSX Venture Exchange Policies) accepts responsibility for the adequacy or accuracy of this release.
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Caution regarding forward-looking statements
This press release contains “forward-looking statements”. Forward-looking statements, although based on management’s best estimates and assumptions at the time such statements are made, are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including but not limited to On: risks related to receiving regulatory approvals, risks related to general economic and market conditions; risks related to the global COVID-19 pandemic and any variants of COVID-19 that may emerge; risks related to the availability of financing; the timing and content of upcoming work programmes; the actual results of the proposed exploration activities; potential differences in mineral resource or grade; results of the current feasibility study; expected dates for the start of mining operations; failure of plant, equipment, or processes to operate as expected; accidents, labor disputes, property disputes, claims, limitations on insurance coverage, and other perils of the mining industry; Changes in national and local government regulations for mining operations, tax rules and regulations.
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Although Cornish Metals has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be as expected, 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 assumes no obligation or responsibility to update forward-looking statements, except as required by law.
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