1994 Stumpjumper, big rust problem - beyond hope?

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I've just been given this to renovate and fettle by someone in my village, but despite many obvious little issues, the big issue is the rusted-through chainstay bridge. This is weak enough to push a key through, with a big hole underneath, though the chainstays themselves are solid enough.

Any thoughts on what this particular damage means for overall salvageability would be appreciated. I fear I may be cheated out of a project :mad:

Andrew
 

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I’ve got a couple of bikes (Raleigh) where that part is not structural (it is only attached to one side and doesn’t bridge the two stays) and is there just for somewhere to attach a mudguard. I’d want to strip and really clean up the frame to check how bad the rest of it is.
 
Personally I think that one's wall art. I wouldn't want to guess what's going on in those tubes.
 
if you had that professionally shot blasted, well there wouldnt be much steel left. argos cycles in bristol once told me their most infamous frame for rust wasnt a yeti or fat chance, it was 90s stumpjumpers because the oval chainstay are so deep, but the drainage hole is half way up the chainstay. so any water that gets in, doesnt drain away, it rusts away
 
I picked up my 91 Stumpjumper for $25. I see 90's Stumpjumpers for under $100 regularly. Shouldn't be difficult to find a better starting point for a restoration.
 
This is not a restoration project for me, just a (karma) service and prep before handing back to the owner doing the best I can for as little cost as possible. Ideally finding a good home for some of my unneeded parts too.

I will be having a much closer look at the offending areas in the next few days, it will have been like that for years and probably doesn't stop it being used for trips to the shops.
 
Many good bikes are scrapped due to the repair (s) being too expensive, very good of you to take this bike on! So long as the rust has not eaten into the chainstays this could be fettled so as to produce a safe ride for the owner. The chainstay bridge does add extra strength but is not really necessary especially if this is ultimately a knockaround type bike. Brush/ cut away the rot and treat the rust. Then maybe seal the holes with some sort of filler, silicone? Crikey this sounds like old car bodging advice!
Just noticed the anodised purple bottle boss bolts :D
 
Pity. When someone says “stumpjumper” (which doesn’t happen often around my ‘hood) this is the exact colour scheme I think of.
 
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