Strongbow Exploration, which is in the process of acquiring the South Crofty mine and other mineral rights in Cornwall, UK, has announced a new mineral resource for the project, prepared in accordance with the Canadian NI 43-101 standard.
The indicated and inferred resource in the lower mine is estimated at 2.4 million tonnes of ore grading 1.84% tin, or 50,800 tonnes contained tin. Meanwhile the tin equivalent content of near surface poly-metallic ore is calculated at an additional 6,700 tonnes. Average tin equivalent grade in the upper mine area is 0.93% tin, allowing for copper and zinc content. The estimate is based on a 0.6% Sn cut-off grade, which in turn was derived from the two-year averages of tin, copper and zinc prices up to end-March 2016.
In a statement Richard Williams, President & CEO of Strongbow, commented that “we are very pleased with this new resource estimate and the independent assessment that the South Crofty project has the potential to host a significant amount of additional mineral resources.”
Strongbow has said that if it succeeds in acquiring the assets out of administration it will focus on the deep (below 400 metres) underground areas of the project. These can potentially be accessed from 4 existing vertical shafts with a combined depth of 2,940 metres. South Crofty has an active mine permit valid to 2071.