Cornish Metals (AIM:TIN) told investors that dewatering at its South Crofty tin project in Cornwall has reached more than 400 metres below surface, with refurbishment of the New Cook's Kitchen (NCK) shaft progressing well.
The AIM-listed company is advancing South Crofty, a wholly owned and permitted underground tin project, toward a final investment decision, with dewatering, shaft refurbishment and process plant construction running in parallel.
Dewatering and shaft refurbishment are tracking to reach the 400-level, approximately 730 metres below surface, in the first half of 2027.
The company opened a new workshop and stores facility at Bartles Foundry on 22 September, providing permanent maintenance, engineering and storage infrastructure for the mine, part-funded by a grant of up to £4.2 million from the UK Shared Prosperity Fund against a total project cost of approximately £6.8 million.
"The opening of Bartles Foundry is an important moment for South Crofty, providing our engineering, maintenance and stores teams the facilities they need as activity on site increases," said Don Turvey, chief executive of Cornish Metals.
At the NCK shaft, the single-drum service winder has been delivered and mounted on its foundation, while the double-drum production winder has arrived on site, with mechanical installation now underway inside the completed winder house.
Bulk excavation for the process plant is substantially complete, and purchase orders for mechanical equipment have ramped up, with most expected to be placed by the end of the year as detailed engineering under lead contractor Ausenco continues.
On the 25-level, 260 metres of underground development has been completed across the Conveyor Drive and Bunker Drive, alongside training of new underground miners.
Cornish Metals also completed its two-hole, 2,330-metre Roskear West surface drilling programme, confirming that tin mineralisation continues west of the current Mineral Resource Estimate and identifying a new high-grade tungsten zone in drillhole SDD26_002, which returned 8.58 metres at 1.41% tungsten, including 0.52 metres at 15.15% tungsten.
Tungsten and copper intersections sit outside the current resource estimate and production guidance, which remain based on tin, though the company said it will assess the results as part of wider exploration work.
"The discovery of high-grade tungsten was an interesting addition, however tin remains our focus, and the next phase of exploration will build on what this programme has shown us," Turvey said.