Thundermin Discovers Additional Copper Mineralization on the Stirling Base Metal Property, Cape Breton Island, Nova Scotia
TORONTO, ONTARIO--(Marketwire - Nov. 1, 2012) - Thundermin Resources Inc. ("Thundermin") (TSX:THR) announces that it has intersected 2.4% Cu over 0.9 m and 1.7% Cu over 1.0 m, within a wider zone assaying 0.93% Cu over 5.15 m, and 1.2% Cu over 0.5 m in hole STR12-03 at Taylor's Brook on the Stirling zinc-lead-copper-silver-gold property, Richmond County, Cape Breton Island, Nova Scotia.
Thundermin's initial diamond drill program on the Stirling property consisted of 1,888 m of drilling in six holes. Three of the holes, STR12-02, 03 and 04, were designed to further evaluate thick sections of highly anomalous base metal mineralization intersected by Xstrata Canada Inc. ("Xstrata") (formerly Falconbridge Limited) in 1991 in the Taylor's Brook area, approximately 10 kms southwest of the past-producing Mindamar Mine. Two holes, STR12-05 and 06, were designed to further evaluate two target areas located 2-3 kms north of Taylor's Brook where Amax Limited ("Amax") intersected highly anomalous zinc mineralization in 1981. One hole, STR12-01, tested an induced polarization geophysical anomaly located approximately 1.5 kms southwest of Taylor's Brook.
The most significant copper mineralization, which consists of chalcopyrite stringers within a siliceous, uniformly massive, quartz-feldspar porphyry ("QFP") that also contains 2-3% fine grained, disseminated pyrite throughout, was intersected in hole STR12-03. This mineralization occurs approximately 250 m below a thick section of sulphide mineralization intersected by Xstrata within QFP that returned a best assay of 5.2% Cu over 1.0 m. Holes STR12-02, 03 and 04 also have sections with geochemically anomalous zinc, lead and silver with the best assays being 0.83% Zn over 1.0 and 0.23% Zn over 3.3 m. Anomalous copper and zinc mineralization has been intersected within favourable volcanic rocks in the Taylor's Brook area over a strike length of 300 m and to a vertical depth of approximately 275 m. Hole STR12-05, which undercut a historical hole that intersected a 4.0 m section that assayed 0.35% Zn, intersected a 10.8 m section of strongly sericitized felsic tuff and tuff breccia with highly anomalous zinc values, a 4.0 m section of which assayed 0.38% Zn. Hole STR12-06 intersected a cherty mudstone unit that contained highly anomalous zinc and lead over approximately 5.0 m.
John B. Heslop, President & CEO of Thundermin said, "We are very pleased with the results from our initial drill program on the Stirling property. We have re-inforced the exploration potential of the Taylor's Brook area that hosts a suite of base metal-rich volcanic rocks geochemically similar to those that host massive sulphide deposits elsewhere. We have also been successful, from an exploration perspective, in identifying a previously unrecognized area north of Taylor's Brook with the potential for the occurrence of volcanogenic massive sulphide deposits."
Subject to necessary financing, Thundermin plans to undertake additional diamond drilling on the Stirling property during 2013 to follow up on the encouraging results received to date.
The Stirling property consists of 404 claims (64.6 km2) covering approximately 15 kms of favourable volcanic stratigraphy that trends southwest from the past -producing Mindamar (Stirling) Mine. The Mindamar Mine, which produced in the 1930's and again in the 1950's, consisted of several massive sulphide lenses which contained over 1,000,000 tonnes of ore grading 6.3% Zn, 1.5% Pb, 0.8% Cu, 74.0 g/t Ag and 1.1 g/t Au (see Thundermin's news releases dated June 23, July 21, December 5, 2011 and July 24 for additional details on the Stirling Property).
Mr. Douglas Hunter, MSc., P.Geo., President of Earthunt Resources Inc., Mr. Hunter's private consulting company, is the Q.P. responsible for the supervision of the exploration program conducted by Thundermin on the Stirling property for the purposes of NI 43-101. Mr. Hunter has reviewed the contents of this news release for accuracy and approved of its release.
Under the terms of the Stirling agreement, Thundermin has the right to earn a 100% interest in the Stirling Property by spending $1,000,000 on exploration and by making cash payments of $70,000 and issuing 300,000 Thundermin shares to the Vendors over four years. The first year commitments were a minimum of $150,000 of exploration expenditures (completed) and the payment of $15,000 cash (made) and the issuance of 100,000 Thundermin shares to the Vendors (made) upon the signing of the Stirling Agreement. All remaining exploration expenditures, cash payments and share issuances beyond the first year are at Thundermin's option, subject to a minimum exploration expenditure of $100,000 per year if Thundermin elects to continue the option. If Thundermin acquires a 100% interest in the Stirling Property, the Vendors will be entitled to receive a 2.0% net smelter returns royalty, 50% of which may be purchased from the Vendors by Thundermin at any time for $1,000,000. If Thundermin acquires a 100% interest in the Stirling Property but fails to reach commercial production by May 17, 2019, then Thundermin will be required to pay the Vendors a recoupable advance royalty in the amount of $25,000 per year until commercial production is reached.
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, 12 base metal and gold properties in Canada. The most significant of these is the Little Deer copper property in the Springdale area of Newfoundland that hosts the Little Deer and Whalesback copper deposits. Thundermin and 50% joint venture partner Cornerstone Resources Inc. have outlined Indicated Resources of 1,911,000 tonnes grading 2.37% copper and Inferred Resources of 3,748,000 tonnes grading 2.13% copper at Little Deer and Indicated Resources of 797,000 tonnes grading 1.67% copper and Inferred Resources of 443,000 tonnes grading 1.57% copper at Whalesback. A positive Preliminary Economic Assessment undertaken by P&E Mining Consultants Inc. was announced for Little Deer in November 2011. Thundermin owns a 100% interest in the Lebel Township gold property, which is located on the Kirkland Lake Main Break in the prolific Kirkland Lake gold camp. Thundermin has royalty interests in 12 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 which is under option to QMX Gold Corporation. Thundermin also has various shareholdings in fourteen other junior resource companies that are actively exploring for base metal, gold, chrome, vanadium-titanium and diamond deposits 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.
For further information on Thundermin Resources Inc. please visit Thundermin's website at www.thundermin.com or the SEDAR website at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Thundermin Resources Inc.
John B. Heslop
President & CEO
Thundermin Resources Inc.
James W. Gill
Thundermin Resources Inc.