CORNISH METALS INC. RELEASES AUDITED FINANCIAL STATEMENTS AND MANAGEMENTS DISCUSSION AND ANALYSIS FOR THE PERIOD ENDED DECEMBER 31, 2023
Cornish Metals Inc. has released its annual audited financial statements and managements discussion and analysis for the period ended December 31, 2023. The reports are available under the Company's profile on SEDAR and on the Company's website. The period saw significant progress in the refurbishment of the New Cooks Kitchen (NCK) shaft, completion of the Water Treatment Plant (WTP), and the release of an updated Mineral Resource Estimate (MRE) for the South Crofty mine.
The refurbishment of the NCK shaft has commenced ahead of schedule, which will improve its functionality and enable larger equipment to access the mine at an earlier stage in its re-development. The commissioning of the Water Treatment Plant was completed at the end of October 2023, with the discharge of treated water to the Red River commencing in early November 2023 in accordance with permitted standards. The dewatering of the mine progressed well, with water levels drawing down as expected.
The updated Mineral Resource Estimate for South Crofty mine released in September 2023 showed a 31.6% increase to contained tin in the Indicated Mineral Resource category for the Lower Mine. Additionally, the drill program to collect samples for metallurgical testwork as part of the South Crofty Feasibility Study was completed in June 2023, confirming visible tin mineralization in all 28 drill holes with assay results reported.
The company also reported successful exploration drilling at the Wide Formation target in the Carn Brea exploration area, confirming the Wide Formation structure over a 1.6km strike length and identifying a new mineralized structure lying directly beneath the Great Flat Lode and several high-grade, steeply dipping tin zones.
Work on the Feasibility Study continues and is well underway, with the Preliminary Economic Assessment (PEA) expected to be published in Q2 2024 to provide interim guidance ahead of the publication of the Feasibility Study. Additionally, a fifteen-month power supply contract has been agreed for the provision of 100% renewably generated power, providing certainty over power costs during the mine dewatering phase.
In executive management changes, the Chief Executive Officer, Richard Williams, will depart the Company effective on March 31, 2024, and Ken Armstrong, a non-executive director, will be appointed as Interim CEO. Samantha Hoe-Richardson joined the Board as an independent non-executive director effective January 8, 2024.