Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) shares strengthened in Monday’s early deals as the UK mine developer told investors that the Crofty project’s feasibility study is advancing on schedule, with a substantial amount of the study now completed.
Significantly, the company highlighted enhancement to the project with a new proposed sorting approach which is expected to boost metallurgy at Crofty.
"We expected the mineralisation at South Crofty to respond well to X-ray transmission ore sorting, but these results exceed even our most optimistic expectations,” chief executive Richard Williams said in a statement.
“XRT ore sorting has proven highly effective at preconcentrating mineralisation sampled from five different zones of the South Crofty deposit.
“We expect this result will have a positive effect on the project economics, allowing for lower power consumption and a smaller process plant and therefore lower capital and operating costs.”
Metallurgical test work on samples from the 2023 metallurgical drill programme at South Crofty mine yielded promising results, the company noted, with XRT ore sorting and Heavy Liquid Separation (HLS) pre-concentration test work showing 55% and 50% mass rejection respectively, and minimal metal loss.
The test work, conducted across five mineralised zones, confirmed an upgrading view of the potential at South Crofty and will inform process design optimisation to reduce costs and environmental impact.
Concurrently, progress on the Feasibility Study included completed components such as headframe structural modelling and refurbishment, and ongoing components like mineral processing plant design.
Contractor AMC Mining Consultants will independently review and compile the study, ensuring thorough analysis and validation of the findings and methodologies employed, the company noted.
Shares jumped 13.16% to 10.75p.