Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) chief executive Richard Williams said great progress had been made over the past quarter advancing the South Crofty project in Cornwall.
The feasibility study is on track to be finalised in 2024, he said, while there is an 18-month target for mine dewatering.
“The recently announced 39% increase in tonnes and the 32% increase in contained tin confirms management's belief in the potential to continue to grow the mineral resource base at South Crofty,” he added.
"Much has been achieved since the beginning of the year and, with commissioning of the water treatment plant underway, it is pleasing to see that commencement of dewatering the mine is just around the corner.
"Additionally, a successful drill program at the Wide Formation will allow us to assess the potential to extend both the mine life and increase production throughput at South Crofty.
"Overall, the last few months have been very busy but also exceptionally rewarding as we move towards a construction decision for South Crofty.“
Losses in the six months to end July 2023 were C$887,000 (C$3.25 million) while cash at the end of the half totalled C$39.9 million (£24 m).