Cornish Metals Inc. has achieved significant milestones and de-risked the South Crofty tin project. The company updated the Mineral Resource Estimate for the Lower Mine, increased contained tin by 31.6%, and completed the construction and commissioning of the Water Treatment Plant. The dewatering of the South Crofty Mine is progressing well, with water levels drawing down as expected. The company plans to advance the South Crofty Feasibility Study and complete the 14-hole / 9,000 metre Wide Formation exploration drill program in 2024.

The mine dewatering and water treatment to remove dissolved metals and suspended solids have been underway since November 2023. The water level in the mine is ahead of projections, and the treated water from the WTP is being discharged into the Red River, positively affecting the water quality downstream. The company also plans to explore renewable energy opportunities. The first stage dewatering to the 195-fathom level is anticipated to be completed in early Q2-2024, with the second stage planned to commence in Q3-2024.

The Feasibility Study components, including geotechnical testwork, headframe structural modeling, and mineral processing plant design, have been completed or are underway. The company is making good progress advancing the Feasibility Study, with all study components, except infill drilling, expected to be finalized in H1 2024. The company maintains guidance of 18 months to complete dewatering of South Crofty Mine to the 400-fathom level from the commencement of dewatering in November 2023.