Cornish Metals Inc. provided an update on its South Crofty tin project in Cornwall, United Kingdom. The company is on track to complete the Preliminary Economic Assessment (PEA) in Q2 2024. The refurbishment of the New Cooks Kitchen (NCK) shaft is progressing as planned, with mine dewatering ongoing and exploration drilling of the Wide Formation target in progress. The tin price has surpassed US$30,000 per tonne for the first time in over a year, reflecting ongoing supply disruptions and an expected improving demand outlook.
Ken Armstrong, Interim CEO of Cornish Metals, highlighted the advanced work on the PEA, mine dewatering, and NCK shaft refurbishment. He also emphasized the strengthening tin price and the emerging recognition of tin as a critical metal by national governments, supporting the company's efforts to potentially bring the South Crofty tin mine back into production.
South Crofty is a historical, high-grade, underground tin mine with Planning Permission for underground mining, construction of new processing facilities, and all necessary site infrastructure. It possesses the 4th highest grade tin Mineral Resource globally and benefits from existing mine infrastructure. Tin is considered a Critical Mineral by the UK, American, and Canadian governments, and there is currently no primary tin production in Europe or North America.
The technical information in the news release has been compiled by Mr. Owen Mihalop, Chief Operating Officer for Cornish Metals Inc., who has sufficient experience to qualify as a Competent Person. The company has provided contact information for additional inquiries.
Overall, the update showcases the progress and potential of the South Crofty tin project, highlighting the company's focus on advancing the project and exploring additional mineral rights in Cornwall, United Kingdom.