The shaft is important for ventilation and access to South Crofty, the company, which began trading on the Alternative Investment Market (AIM) of the London Stock Exchange in February, said.
Cornish Metals had also agreed to lease the mineral rights owned by Roskear Minerals within the South Crofty Underground Permission Area for up to 25 years.
During the 1980s and 1990s, much of the ore mined from South Crofty came from this part of the mine, and the Vancouver-based company considers it a key area for delineation of additional mineral resources.
Cornwall’s last mine, South Crofty, closed in 1998, after more than 400 years of continuous operations.
A third agreement, with Wheal Jane for the disposal of waste material derived from the dewatering of South Crofty will enable to drain and clean the mine.
Cornwall’s last mine, South Crofty, closed in 1998, after more than 400 years of continuous operations. In July 2016, Cornish Metals completed the acquisition of the South Crofty and United Downs copper-tin projects.
It also acquired additional mineral rights in Cornwall, covering an area of about 15,000 hectares that hold past-producing mines which were historically worked for copper, tin, zinc, and tungsten.
In 2017, Cornish Metals completed a preliminary economic assessment that demonstrated the economic viability of re-opening South Crofty.
