Strongbow Exploration is pleased to announce that it has reached an agreement whereby Strongbow has the right to acquire, from administration, a 100% interest in the South Crofty Tin Project and associated mineral rights in Cornwall, UK.
Richard Williams, President and CEO of Strongbow states; "Cornwall is a world class tin district with a rich mining history spanning over 400 years, and South Crofty is one of the best known past producing mines in the district.
"We believe that South Crofty represents one of the best tin opportunities currently available globally. Strong support for new mine development locally, and in the UK in general, is demonstrated by the recent start-up of the Drakelands tungsten-tin mine, owned by Wolf Minerals and located in the neighbouring county of Devon, the development of Dalradian Resources’ Curraghinalt gold project in Northern Ireland, and Sirius Minerals’ York Potash project in North Yorkshire."
The South Crofty tin project is located in the towns of Pool, Camborne, and Redruth in the county of Cornwall, SW England, approximately 465km drive west of London.
There has been tin mining in Cornwall since at least 2,300 BC. The South Crofty commenced large scale production in the mid 17th century. The mine managed to continue operations until it shut down in 1998 following the tin price collapse of 1984.
Several companies attempted to revive the mine between 2001 and 2013. Significant advances were made, primarily the agreement to secure a site for future mill construction, and the grant of a mining permit which is valid until 2071, subject to certain planning conditions being met.
Unfortunately, the timing of the mine permit grant coincided with the current poor market conditions in the resource sector and the assets were put into administration in 2013.
The mine has seen production from near-surface copper mineralization and deeper tin-only mineralization. The focus for Strongbow will be to evaluate the deeper tin-only mineralization that occurs primarily from a depth of 400m below surface.
NI 43-101 Mineral Resource Estimate
Strongbow has commissioned a NI 43-101 Mineral Resource Estimate, which is expected to be published within 2 weeks of this news release.
Completion of the transaction is subject to a number of conditions, including Galena having provided an unconditional and absolute discharge and release of its security, the Companies having exited administration and approval of the TSX Venture Exchange.