Cornish Metals Inc. (TSX-V: CUSN) (AIM:CUSN) is pleased to announce that it has entered into a binding letter of intent with Northera Resources Ltd. for the sale of the Company’s 100% interest in the Nickel King and Opescal Lake properties for a total consideration of up to C$8 million.
Ken Armstrong, Interim CEO and Director of Cornish Metals, stated: “The sale of Nickel King aligns with Cornish Metals’ objective to focus its efforts on advancing its 100% owned and fully permitted South Crofty tin project, in the UK, towards a construction decision. Cornish Metals will retain exposure to any future exploration success at Nickel King, as Northera works to recommence exploration activities at the Nickel King Property which comprises approximately 4,000 hectares in mining leases and mineral claims in Canada’s Northwest Territories.”
Under the terms of the Agreement:
The Company’s wholly owned Nickel King Property is located in the Northwest Territories, 135 km northeast of Stony Rapids, Saskatchewan. The Nickel King Nickel-Copper-Cobalt deposit is hosted within two arcuate stacked, moderately south-dipping norite sills and mineralisation has been traced over a total strike length of approximately 2,600 metres. An NI 43-101 compliant geological resource model yielded 11.1 Mt grading at 0.40% Ni, 0.10% Cu and 0.018% Co containing 44,500 t of Ni, 10,600 t of Cu and 2,200 t of Co in the Indicated Category. The total Inferred Resource is 33.1 Mt grading at 0.36% Ni, 0.09% Cu and 0.017% Co containing 119,300 t of Ni, 29,000 t of Cu and 5,600 t of Co. Refer to the Nickel King Technical Report dated 2 June 2010.
The Nickel King Property has a book value of nil.
ABOUT CORNISH METALS
Cornish Metals is a dual-listed mineral exploration and development company focused on advancing the South Crofty high-grade, underground tin project through to a construction decision, as well as exploring its additional mineral rights, located in Cornwall, United Kingdom.
The 2024 Preliminary Economic Assessment for South Crofty is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as mineral reserves. There is no certainty that the 2024 Preliminary Economic Assessment will be realised. Mineral resources that are not mineral reserves do not have economic viability.
TECHNICAL INFORMATION
This news release has been reviewed and approved by Mr Owen Mihalop, MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng, Chief Operating Officer for Cornish Metals Inc. who is the designated Qualified Person under NI 43-101 and a Competent Person as defined under the JORC Code (2012). 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.
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