Canada listed Strongbow Exploration Inc. (TSX-V:SBW) has announced that it has reached an agreement whereby it has the right to acquire a 100% interest in the South Crofty tin project and its associated mineral rights, in Cornwall, UK
The present owner, Western United Mines Ltd., is currently in administration, but Strongbow has successfully negotiated a deal with the only secured creditor and another invested party for the purchase of the project. The site includes 26 historical mines that extend up to a depth of 1 km, with mineral lodes that remain open along strike and at depth, as well as an active mining permit that is valid until 2071. The company has commissioned a new NI 43-101 Mineral Resource Estimate, which it aims to publish by the end of March, focussed in particular on the higher grade tin mineralisation at depths exceeding 400m. The existing mine infrastructure includes 4 vertical shafts that could be used to access this deeper mineralisation in any future operation.
President and CEO of Strongbow, Richard Williams, states; “We believe that South Crofty represents one of the best tin opportunities currently available globally… We are very pleased to announce today’s acquisition, which fits into our objective of acquiring high quality mining assets in the strategic metals space.“
ITRI View: Industrial-scale mining at South Crofty commenced during the 17th century producing copper from the near-surface and tin at depth. From the early 1980s the mine passed through a number of owners but closed in 1998 due to low tin prices and was allowed to flood. The last NI 43-101 compliant inferred mineral resource for South Crofty was published in 2011. However, this estimate was predominantly of the near surface, polymetallic mineralisation, which totalled 2.47 Mt at 0.46% Sn (or 11,362 tonnes of contained tin), 0.54% Cu and 0.23% Zn.