Sounds like the cold water preserved it well

Almost 170 years after British polar explorer Sir John Franklin’s doomed attempt to complete the Northwest passage in two warships, the second of the missing vessels – the HMS Terror has been located.

The ship was found at the bottom of the Arctic, in the aptly named Terror Bay. The expedition, led by Captain Sir John Franklin, had departed England in 1845 in search of the Northwest Passage.
Found about 60 miles from where they expected it to be.