Cornish Metals said dewatering of the South Crofty mine in Cornwall is on schedule with the first phase to a depth of around 360m to be completed by early in the second quarter of 2024.
The second stage of dewatering, which involves lowering the submersible pumps to below the 400-fathom level (approximately 730 meters below the surface), should start in the third quarter.
By the second half, Cornish Metals added it expects to have finished all aspects of a feasibility study for South Crofty bar infill drilling.
A preliminary economic assessment will be published first as guidance before the publication of the feasibility study, said the statement.
Cornish Metals added that the 14-hole, 9,000m drill programme at the Wide Formation zone will also be completed during 2024.
Richard Williams, chief executive, commented that numerous important milestones were passed during 2023 as well as the start of the de-watering process.
“Dewatering of the mine continues to progress extremely well with water levels drawing down as expected,” he said.
“Activity levels are expected to remain high through 2024."