Gold Fever had struck England. Believing she had a source of gold equal to the Spanish in South America, Queen Elizabeth I commissioned yet another voyage for Martin Frobisher. With investment backing, Frobisher set sail in 1578 with 15 ships, 300 Cornish miners, and enough lumber to build a colony. It was the largest Arctic expedition in history.
Shortly after setting sail, one of the ships deserted and returned to England. Later, before reaching Greenland, the ship carrying the lumber sank, thus ending any hope of settlement. Still, Frobisher continued where he mined 1,100 tons of ore and returned to England.
The ore, however, turned out to be worthless iron pyrite. Many of the investors went bankrupt and Frobisher's reputation was ruined. The ore Martin Frobisher brought from the Arctic remains in England today. It was used to repair the roads in the county of Kent.
Frobisher returned to piracy, and, along with Francis Drake, began raiding Spanish settlements in the Carribean. He returned to England with 60,000 pounds worth of gold. Much of his share went to the Crown, regaining at least a modicum of favour with the Queen.
First Voyage 1576 - The Northwest Passage
Second Voyage 1577 - Meta Incognita
* Third Voyage 1578 - Gold Fever *