Cornish Metals Inc. (AIM/TSX-V: CUSN) has provided an update on the dewatering of the historic South Crofty tin mine, which is progressing at a faster-than-expected rate.
The company last month commenced dewatering of the mine near Redruth, which was in continuous production from the sixteenth century until 1998, and has since flooded. Up to 25,000 cubic metres of water has been pumped out, treated at the Water Treatment Plant, and discharged into the Red River.
Water discharged from the mine powers a 75 kW hydro-turbine, which ITA analysts saw on a recent visit to South Crofty, generating up to 20% of the power consumed by the Water Treatment Plant.
On 05 December 2023, the water level was reported to be 155 m below the surface. As the water level continues to fall, Cornish Metals expects the rate of drop to decline as the void volume of the historic workings increases with depth.
Richard Williams, CEO and Director of Cornish Metals reiterated the company’s objective to “complete dewatering of South Crofty within 18 months”.
Our view: Positive dewatering progress bodes well for Cornish Metals’ published project timescale of completion of dewatering in mid-2025, followed by further mineral resource drilling, the subsequent completion of a Complete Feasibility Study, and a potential commencement of mining by end-2026.
Cornish Metals is a member of the ITA’s Explorers & Developers Group.