Zinc-lead Exploration & Development
Selwyn Resources Ltd. is a publicly traded, Canadian base metals exploration and development company established in 2004. The Company is focused on the restart of the ScoZinc mine in Nova Scotia.
The Company sold its core project, the World class Selwyn Project located in eastern Yukon, in June 2013. Selwyn reactivated the Howard's Pass zinc-lead district, and since 2005 the Company invested over $120M to define the Selwyn deposit as one of the largest undeveloped zinc-lead deposit in the world.
In August 2010, Selwyn completed a 50:50 Joint Venture Agreement with Yunnan Chihong Zinc and Germanium Co. Ltd. Chihong, a fully integrated zinc-lead mining and smelting company based in Yunnan Province in southern China, to invest $100 Million to advance Selwyn Project to bankable feasibility and complete permitting. Selwyn and Yunnan Chihong have formed Selwyn Chihong Mining Ltd. to advance the project and have launched an approximate $85M exploration and development programs of definition drilling, engineering, permitting and complete bankable feasibility study.
On March 4, 2013, Selwyn Resources Ltd. announces that it has entered into an asset and share purchase agreement with Chihong Canada Mining Ltd. and Selwyn Chihong Mining Ltd. to sell the company’s remaining 50 % joint venture interest in the Selwyn zinc and lead project in the Yukon Territory for $50 million in cash. Completion of the transaction was subject to certain conditions. All conditions of the closing were satisfied on June 3, 2103. With the completion of the transaction, Selwyn Resources Ltd. does not have any further interest in the Selwyn Project and the JV agreement is terminated. (See more information in Recent News)
In mid February 2011, Selwyn entered into an acquisition agreement to purchase all assets of ScoZinc Limited from Acadian Mining Corporation. The assets include the Scotia Mine and 12, 256 hectares of mineral claims covering much of the prospective geology in the Windsor Basin in Central Nova Scotia.
The purchase price was $10 million less funds paid to the Nova Scotia government related to unpaid mineral taxes on former mine production and funds needed to top up the reclamation and closure bond for the Scotia Mine property.
ScoZinc has undertaken approximately $10 million of expenditures on the property to May 2013 including mine refurbishment, purchase of surface rights, permitting and engineering and exploration. A Preliminary Economic Assessment was released August 30, 2011 and updated December 20, 2012 and updated again on June 12, 2013.