Cornish Metals Inc. has released its unaudited financial statements and management discussion and analysis (MD&A) for the nine months ended October 31, 2023. The reports can be accessed on the company's profile on SEDAR+ and its website.
Some highlights from the nine-month period include the completion of the water treatment plant (WTP) commissioning, with treated water being discharged to the Red River in accordance with permitted standards. The mine dewatering process is progressing well, with the water level falling faster than expected. An updated Mineral Resource Estimate (MRE) for the South Crofty mine showed a 31.6% increase in contained tin in the Indicated Mineral Resource category for the Lower Mine.
The company also completed a drill program to collect samples for metallurgical testwork as part of the South Crofty Feasibility Study. Ore sorting testwork yielded excellent results, with a mass rejection rate of 55% and less than 3% metal loss. Metallurgical testwork confirmed the potential to upgrade the mineralization of the South Crofty mine and optimize the process design of the mineral processing plant.
Other developments include the installation of submersible pumps in the New Cooks Kitchen (NCK) shaft, the agreement of a fifteen-month power supply contract for renewable energy, and the delivery of two single drum winders for shaft re-access. Remedial work is also underway on the south headframe and winder building.
CEO Richard Williams commended the progress made in 2023, particularly the commissioning of the water treatment plant and the successful mine dewatering. Looking ahead to 2024, the company aims to complete the dewatering of South Crofty within 18 months and expects to complete the Feasibility Study, which will move the project closer to a construction decision. The results of the drill program at the Wide Formation target are also anticipated, with the potential to increase production and extend the mine life. The company's financial position remains healthy.