Cornish Metals updates South Crofty tin resources, targets 2024 feasibility

Cornish Metals (TSXV: CUSN; AIM: CUSN), owner and operator of the South Crofty tin project located in Cornwall, U.K., has put out an updated resource estimate, placing it on track towards a feasibility study and production decision as soon as next year.

The focus of this new resource, says Cornish, is the Lower Mine area, tin-only section of the project, which has been subject to a thorough review, including further digitization and modelling of historical data. Resources in the Upper Mine polymetallic area have also been reported using current metal prices.

In addition, assay results from recent drilling of the existing major structures at depth (No. 4, No. 8, Roskear and North Pool Zone) as part of a metallurgical test work program have also been incorporated into the estimate.

Overall, in the indicated category, tonnage is up 39% from a 2021 estimate, and contained tin total is up 31.6%. In the inferred category, tonnage has risen by 35.6% and contained tin by 15.5%.

The majority of new resources are contained within the central part of the mine in No. 1, No. 2, No. 3, Main, Intermediate, North and Great Lodes following digitization and modelling of historical data. The major lode structures that comprise the resource remain open along strike and at depth.

“This is another positive development for South Crofty as we advance the project through to delivery of a feasibility study by the end of 2024 and continue to demonstrate the potential to increase the project’s mineral resource and mine life,” Richard Williams, CEO of Cornish Metals, said in a release.

The South Crofty project is host to a historical, high-grade, underground tin mine that started production in the 16th Century, and continued operating until 1998. Between that period, about 450,000 tonnes of tin from the Central Mining District have been mined.

Since acquiring the project in 2016, Cornish Metals has focused on demonstrating the economic viability of re-opening the operation and acquiring additional mineral rights containing past-producing mines. The property currently covers 14.9 sq. km and 26 former producing mines.

The project is fully permitted, having obtained its underground mining licence valid until 2071, planning permission to construct a new process plant and a permit from the environment agency to dewater the mine.