Proactive Investors - Cornish Metals Inc. (LON:CUSN) said it is looking forward to gaining access to the South Crofty Mine in Cornwall for the first time in 25 years when dewatering is completed.
The miner started dewatering in early November with the process expected to take 18 months from start to finish.
In September, Cornish Metals also upgraded the resource at South Crofty with a 31.6% increase in contained tin in the indicated category for the Lower Mine.
Richard Williams, chief executive, said: “Outstanding progress has been achieved at South Crofty with some very important milestones being met.
“Looking ahead to 2024, we can look forward to another busy year.
“We remain focussed on our objective to complete the dewatering of South Crofty within 18 months from commencement.
"The expected completion of the Feasibility Study will move South Crofty a stage further towards a construction decision.
“I also look forward to reporting on the results of the drill program at the Wide Formation which, if successful, will benefit the economics of South Crofty with the potential to increase production and extend the mine life.”
Cornish Metals posted a loss of C$1.76 million (loss: C$3.5 million) in the nine months to end-October 2023, closing the period with cash of C$31.5 million (around £18.2 million).