Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) executive chair Patrick Anderson told investors 2024 is shaping up to be another busy year for the company, as teams on the ground continue dewatering and shaft refurbishment at the Crofty project.
The company, in its financial results statement, highlighted what Anderson described as “excellent progress” during 2023.
The year saw considerable operational work as well as desktop and corporate changes.
Later this month, meanwhile, sees the company’s management transition with chief executive Richard Williams exiting – replaced initially by non-executive director Ken Armstrong stepping in as interim CEO, assisted by Anderson who takes over as executive chair.
For Crofty, the focus is on the completion of a feasibility study as the dewatering continues to progress following the commission of the project’s water treatment plant, with shaft refurbishment continuing with a recently rephased approach.
"The Cornish Metals team made excellent progress in 2023, achieving several important milestones, in particular, the construction and commissioning of the water treatment plant, further de-risking South Crofty and advancing the project closer towards a construction decision,” Anderson said in the statement.
He added: “2024 is shaping up to be another busy year for the company with mine dewatering and the refurbishment of NCK shaft progressing to deeper levels of the mine.
“The South Crofty PEA [preliminary economic assessment] is nearing completion and we look forward to reporting the updated mine plan and project economics in the second quarter this year.
“We are also excited by the ongoing Wide Formation drilling programme, with results to date confirming our model that this represents a new, large-scale, tin-bearing exploration target lying beneath the historically mined Great Flat Lode, demonstrating the exploration upside of this area, which we view as having substantial potential to add to our current Mineral Resource base at South Crofty.”