Cornish Metals (AIM/TSX-V: CUSN) has announced the company is on track to complete the South Crofty Preliminary Economic Assessment (PEA) in the second quarter of 2024.

The company has been working on the refurbishment of the historic South Crofty mine in Cornwall, UK, which closed in 1998 after over 400 years in production and has since flooded. Recent activities have included the continuing refurbishment of New Cook’s Kitchen (NCK) shaft, with two new winders now fully commissioned, and the ongoing project to dewater the mine and treat the wastewater for discharge into the adjacent Red River.

An eighteen-month dewatering programme commenced in the fourth quarter of 2023, and the water level at NCK has reached 280 m below surface. The NCK shaft is the second deepest usable shaft at South Crofty, at 770 m deep.

Cornish Metals’ Interim CEO, Ken Armstrong, commented “Work is well advanced on the South Crofty PEA, which remains scheduled for delivery this quarter. The project team continues to advance mine dewatering and NCK shaft refurbishment, ventilation shaft and process plant design work, and stakeholder engagement and outreach in support of a future Feasibility Study and potential construction decision.”

The company has also made progress on an exploratory drilling campaign at the Wide Formation in the Carn Brea area. Nine drill holes have been completed, for a total of 7,200 metres, and two more drill holes are currently in progress.

Our view: Progress on the Preliminary Economic Assessment is welcome, while continued exploratory drilling poses potential for expansion of the South Crofty resource. ITA looks forward to the publication of the PEA in the coming weeks.

Cornish Metals Inc. is a member of ITA’s Explorers & Developers Group.