Thundermin Resources Inc.
Feb 03, 2010 08:00 ET.
TORONTO, ONTARIO–(Marketwire – Feb. 3, 2010) – Thundermin Resources Inc. (“Thundermin”) (TSX:THR) and 50% joint venture partner Cornerstone Resources Inc. (“Cornerstone”) (TSX VENTURE:CGP) announce that a $1,500,000 diamond drilling program, comprising approximately 11,000 m of drilling in 15 holes and employing two drills, has commenced on the Little Deer Copper Deposit (“Deposit”) located approximately 10 km north of Springdale in north-central Newfoundland. It is anticipated that this program will be completed by July 2010.
The primary purpose of this drill program is to increase the mineral resource outlined to date in the Deposit to five to six million tonnes and to obtain ore samples for metallurgical testing at SGS Lakefield Research Limited. The locations of the mineralized targets for the holes to be drilled in the current program are presented on the attached composite longitudinal section (see Figure 1). The potential increase of the current mineral resource is conceptual in nature and it is uncertain whether further exploration will result in an expansion of the mineral resource.
Approximately 11 holes, consisting of new holes from surface and wedge-cuts from both the new and existing holes, will be drilled on 100 m centres below the known mineralization over a strike length of approximately 800 m. Two holes will be drilled in the area of previous holes LD- 98-07D and LD-08-15 which intersected significant thicknesses of high grade copper mineralization. These holes will provide sufficient fresh material for initial metallurgical testing and will also provide additional information on the extent of the thick copper mineralization intersected previously in this area of the Deposit. One hole will be drilled in the western end of the Deposit to provide additional information on the continuity, thickness and grades of the copper mineralization intersected previously in holes LD-08-10A, LD-08-16, LD-08-16A and LD-09-23. One hole will be drilled to fill in a large data gap in the central portion of the Deposit.
On July 7, 2009, Thundermin and Cornerstone announced that Micon International Limited (“Micon”) of Toronto, Ontario, Thundermin’s and Cornerstone’s independent resource estimate consultants, estimated that the Deposit contains Indicated Resources of 1,087,000 tonnes at an average grade of 2.9% Cu and Inferred Resources of 1,950,000 tonnes at an average grade of 2.3% Cu. Micon has updated the resource domain models using assay data from holes LD-09-23, LD-09-24, LD-09-25, and LD-09-25A, results of which were released on August 27, 2009, and assay data from holes LD-09-28 and LD-09-30, results of which are set out below in Table 1. These updated domain models were created by employing updated copper prices and exchange rates when compared to the parameters that were used in preparing the initial resource estimate and which were disclosed by Thundermin and Cornerstone in releases issued on July 7, 2009. The updated domain models incorporating the new results have the potential to increase the Inferred Resources by 150,000 tonnes to 2,100,000 tonnes at an average grade of 2.3% Cu. This increase in Inferred Resources, however, is conceptual in nature and it is uncertain whether further exploration will result in an expansion of the mineral resource.
Table 1: Little Deer Drill Results (2009) +
|+ – All holes completed during 2009 are shown on Figure 1. Only the above three holes of the five surface holes, 1 wedge hole and 1 deepened hole completed in the second half of 2009 contain significant mineralization.|
|* – Reported intervals are core lengths. The true thicknesses of the various copper intersections are highly variable due to the stringer nature of the mineralization. Management, however, believes that the true thicknesses of the drill intercepts average approximately 70%-75% of core lengths.|
|B – Wedge hole|
3-D modeling by Crone Geophysics & Exploration Ltd. (“Crone”) of borehole Pulse EM geophysical surveys that were conducted in holes LD-08-16A, LD-09-23 and LD-09-21 suggested the presence of a substantial conductive plate lying east of hole LD-08-16A and below holes LD-09-23 and LD-09-21. Hole LD-08-09B, a wedge cut from hole LD-08-09 that was targeted to intersect this interpreted conductive plate, intersected a thick section of copper-bearing sulphides that assayed 1.2 % Cu over a core length of 27.8 m, including 1.2 % Cu over 9.4 m and 1.6% Cu over 12.5 m, including 2.3% Cu over 5.3 m. The intersection in hole LD-08-09B occurs approximately 250 m east of a similar intersection in hole LD-08-16A and approximately 150 m below and west of hole LD-09-21 that assayed 2.1% Cu over 6.3 m.
Micon has not included the results from hole LD-08-09B in their updated mineral resource domain models for the Deposit as the intersection is deemed to be too far from adjacent holes to ensure continuity without additional follow-up drilling. Micon, however, has prepared a three dimensional model using all available data around this hole. This modeling suggests that there is the potential for an additional 900,000 to 1,100,000 tonnes of similar grade copper mineralization to exist in this area of the Deposit. Five new holes will target this area in the current drill program. This target, however, is conceptual in nature and it is uncertain whether further exploration will lead to the discovery of additional mineral resources in this area. 3-D modeling by Crone of borehole Pulse EM geophysical surveys conducted in holes LD-09- 20, LD-07-03 and LD-99-10 suggests the existence of a similar conductive plate lying at depth in the eastern portion of the Deposit below holes LD-07-02, LD-09-20, LD-09-25 and LD-09-25A. It is felt that there is good potential to expand the overall tonnage in this area of the Deposit and six new holes will target this area during the current drill program.
Little Deer Gold
A prospecting program undertaken in 2004 over claims held 100% by Thundermin and Cornerstone led to the discovery of high grade gold in float and outcrop over a 1.5 km long, southwest trending area located 800 m from the southwest end of the Deposit. Eleven of fifteen grab samples collected over this area returned gold values ranging from 0.3 to 22.7 g/t Au with the five highest samples assaying 22.7, 21.7, 19.6, 10.9 and 10.4 g/t Au. Limited prospecting last fall confirmed the high grade boulders but did not locate the source of the mineralization in bedrock. Several lines of reconnaissance Induced Polarization geophysical survey will be completed over this area after freeze-up in order to help define a drill target for the source of this high grade gold mineralization.
Little Deer Joint Venture
Thundermin, the operator, and Cornerstone have the option, on a 50/50 basis to earn a 100% interest in the Little Deer copper deposit and adjacent property from Weyburn Investments Ltd. Thundermin, under its joint venture agreement with Cornerstone, has the right to increase its interest in the Little Deer property to 75% by completing a feasibility study and by arranging 100% of the necessary bank financing required to place the property into commercial production. Details on the Little Deer copper deposit and the terms of the agreement with Weyburn can be found in news releases dated May 1, June 21, July 9, October 30, December 11, 2007 and January 24, April 9, May 15, June 6, June 17, July 25, November 26, 2008 and February 25, May 12, June 16, July 7, July 16, August 20 and 27, 2009 and on Thundermin’s and Cornerstone’s respective websites and on SEDAR.
The updated mineral resource domain models were prepared by Mr. Reno Pressacco, M.Sc.(A), P.Geo., Senior Geologist for Micon of Toronto, Ontario. Mr. Pressacco is an independent Qualified Person (“Q.P.”) in accordance with NI 43-101. Mr. Pressacco has reviewed the contents of this news release for accuracy. Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager, Cornerstone Resources Inc., is the Q.P. responsible for supervising the drilling program on the property for the purposes of NI 43-101. Mr. Hussey has also reviewed the contents of this news release for accuracy. All holes drilled by Thundermin and Cornerstone are NQ in size. Specific gravity measurements, rock quality designations and photographic logging of significant mineralized intersections are performed systematically prior to assaying. The core is logged and the mineralized sections, where appropriate, are sawn in half at a core logging facility in Springdale. Half of the core is submitted for analyses to Eastern Analytical Limited, an independent and qualified assayer located in Springdale, and the remaining half of the core is kept for future reference. Blanks, duplicates and standards are routinely used as part of the assay procedures.
Thundermin is a Canadian-based mineral exploration company focused on the exploration for and the discovery of economically viable base metal and gold deposits in Canada. Thundermin has an interest in, or the right to earn an interest in 11 base metal and gold properties in Canada. Thundermin also has royalty interests in a further 28 base metal and gold properties located in Manitoba, Saskatchewan, British Columbia and Quebec, the most significant being a 2.5% net smelter return royalty in the Pelletier Lake gold deposit that is currently the focus of underground work by Alexis Minerals Corporation. Thundermin also has various shareholdings in thirteen other junior resource companies that are actively exploring for base metals, gold, chromite and diamonds in Canada.
This news release may contain “Forward-Looking Statements” that involve risks and uncertainties, such as statements of Thundermin’s plans, objectives, strategies, intentions and expectations. The words “potential,” “anticipate,” “forecast,” “believe,” “estimate,” “expect,” “may,” “project,” “plan,” and similar expressions are intended to be among the statements that identify “Forward-Looking Statements”. Although Thundermin believes that its expectations reflected in these “Forward-Looking Statements” are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings that can be viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behavior of financial and metals markets and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our “Forward-Looking Statements”. Although Thundermin believes the facts and information contained in this news release to be as correct and current as possible, Thundermin does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views subsequent to the date of this news release.
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