Cornish Metals Inc. has announced the commencement of the second phase of shaft refurbishment at its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom. The refurbishment of the New Cooks Kitchen (NCK) shaft is progressing as planned, with the installation of the Phase 2 work platform enabling faster replacement of old shaft timbers with new steel guides. The water level in NCK shaft is being maintained at approximately 280 meters below the surface, and the treated water being discharged to the Red River is consistently within permitted standards.
The company has completed the 14-hole Wide Formation exploration drilling program, testing the Wide Formation target approximately 1,000m south of the South Crofty mine. The program aimed to test the geometry and continuity of tin mineralization within the Wide Formation target over a significant area. All samples have been submitted for analysis, and final assay results will be reported when available.
The company has received the initial payment for the announced sale of the Nickel King asset in Canada and is progressing discussions for the sale of other non-core assets located outside of the UK. Additionally, the search for a permanent CEO is advancing, with an appointment expected in Q3-2024. Market fundamentals remain supportive of the tin price, which has traded above US$30,000 over the last three months and is presently up nearly 40% year-to-date to approximately US$35,000.
Owen Mihalop, COO of Cornish Metals, highlighted the importance of the installation of the Phase 2 work platform for the refurbishment and dewatering program at South Crofty. Ken Armstrong, Interim CEO and Director of Cornish Metals, emphasized the company's focus on advancing the South Crofty tin project towards project financing with the aim of commencing production in 2027.
The NCK shaft refurbishment and mine dewatering are progressing as planned, with the company maintaining guidance to complete NCK shaft refurbishment and dewatering of South Crofty Mine to the 400-fathom level (approximately 730 meters below surface) in Q3-2025. The Wide Formation structure, located parallel to and between the South Crofty mine workings and the historically mined Great Flat lode, was intersected in all drill holes, and final assay results are awaited.
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.