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Thundermin and Cornerstone Identify Encouraging New Tonnage Potential at the Past-Producing Whalesback Copper Mine, Springdale Area, Newfoundland

Marketwire.com - Oct 20, 2011

TORONTO, ONTARIO--(Marketwire - Oct. 20, 2011) - Thundermin Resources Inc. ("Thundermin") (TSX:THR) and 50% joint venture partner Cornerstone Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) announce that a recently completed digital compilation of historical diamond drill hole assay data from the 100% owned, past-producing, Whalesback Copper Mine suggests that there is excellent potential for establishing additional copper resources on the Whalesback property below and to the west of the areas mined by British Newfoundland Exploration Company ("BRINEX") between 1965 and 1972 (see Figure 1 and Table 1).
The Whalesback Copper Mine is located approximately 10 km north of Springdale in north-central Newfoundland and approximately 800 m north of the 100% owned Little Deer Copper Deposit where Thundermin and Cornerstone have outlined significant copper resources since June 2007 (see below). The two deposits are connected on the 800 foot (244 m) level by an approximately 800 m long drift and both deposits possess underground infrastructure that may be of use in any future mining operations (see Figure 2). Additional information on the Little Deer Copper Deposit is available in numerous news releases issued between May 1, 2007 and August 31, 2011 and on Thundermin's and Cornerstone's respective websites and on SEDAR.
Whalesback Copper Mine and Property
Diamond drill logs and assay data for 60 surface and 242 underground holes from the Whalesback Copper Mine were recovered from the archives of the Newfoundland and Labrador Department of Natural Resources in St. John's. Drill hole numbers and pierce points for 107 holes drilled in the mineralized zone below and to the west of the areas mined by BRINEX are shown on Figure 1. The corresponding assay results and assay widths, most of which approach true width, are presented in Table 1. Twenty four of the historical holes had copper intersections grading > 2.0% Cu, 49 had copper intersections grading between 1.0% and 2.0% Cu and 33 had copper intersections grading < 1.0% Cu. Only one of the historical holes did not intersect significant copper mineralization. Significant results from the historical drill holes include 4.5% Cu over 6.1 m, 4.0% Cu over 3.4 m, 3.2% Cu over 5.5 m, 3.0% Cu over 4.3 m, 2.9% Cu over 8.4 m, 2.9% Cu over 6.1 m, 2.6% Cu over 4.6 m, 2.5% Cu over 5.3 m and 2.4% Cu over 9.1 m (see Table 1). Underground hole 11-11 is the deepest hole drilled to date on the Whalesback Deposit. This hole, which intersected 1.7% Cu over 8.4 m at a vertical depth of approximately 565 m, has never been followed up with additional drilling.
John B. Heslop, President and CEO of Thundermin stated "We are extremely pleased to have been able to recover such a large quantity of invaluable diamond drill information from the archives of the Newfoundland and Labrador Department of Natural Resources. This drill information suggests that there are existing unmined copper resources at Whalesback and confirms our belief that there is excellent potential, with further drilling, to expand these resources below and to the west of the areas mined in the past. The discovery of additional economic grade copper resources at relatively shallow depths at Whalesback could greatly enhance a production decision for the Little Deer Copper Deposit".
Table 1: Whalesback Historical Surface and Underground Drill Results
Holes Drilled From Surface Holes Drilled From Underground
Hole
No. From
(m) To
(m) Width
(m) Cu
(%) Hole
No. From
(m) To
(m) Width(m) Cu
(%)
WB-61-45 201.47 207.26 5.79 2.23 8-23 0.00 1.98 1.98 1.20
and 213.97 215.19 1.22 4.48 and 11.28 14.63 3.35 1.32
WB-61-46 273.10 274.62 1.52 1.35 8-24 0.00 1.52 1.52 1.00
and 308.46 310.59 2.13 1.15 and 19.81 22.86 3.05 1.10
WB-61-47 246.58 248.11 1.53 2.10 8-25 13.72 22.86 9.14 0.93
and 256.64 261.21 4.57 1.15 incl. 13.72 16.76 3.04 1.40
WB-62-70 482.50 484.33 1.83 0.31 incl. 19.81 22.86 3.05 1.20
WB -64-95 53.34 56.39 3.05 1.10 8-26 81.69 83.21 1.52 2.02
WB -65-96 51.82 57.91 6.09 1.91 8-27 99.06 111.25 12.19 1.61
WB -65-97 21.34 24.38 3.04 1.03 8-28 119.79 125.27 5.48 3.23
WB -65-98 29.26 36.42 7.16 1.13 8-29 106.68 115.82 9.14 1.16
WB -65-99 65.53 68.58 3.05 2.25 8-33 17.07 18.59 1.52 1.18
Holes Drilled From Underground 8-34 226.16 226.47 0.31 1.61
Hole
No. From
(m) To
(m) Width
(m) Cu
(%) 8-35 216.41 217.02 0.61 0.32
2-137 4.57 6.10 1.53 1.26 8-45 13.72 15.24 1.52 1.11
2-141 1.52 8.53 7.01 1.03 8-46 25.91 27.43 1.52 0.95
2-142 6.10 10.67 4.57 1.37 8-47 24.38 27.43 3.05 1.21
and 19.05 20.73 1.68 2.42 and 30.18 32.00 1.82 1.05
4-84 1.22 3.05 1.83 1.08 8-48 1.52 4.57 3.05 0.69
and 21.03 25.91 4.88 1.67 8-49 7.92 9.14 1.22 0.91
4-85 3.96 5.79 1.83 0.72 8-50 13.72 15.24 1.52 1.28
4-88 2.13 4.57 3.05 1.74 and 19.81 22.86 3.05 1.04
and 24.38 25.91 1.53 1.24 8-51 5.18 5.49 0.31 0.91
4-99 1.22 10.97 9.75 1.45 8-52 12.80 15.24 2.44 1.64
incl. 1.22 6.10 4.88 1.80 8-53 1.22 9.14 7.92 0.56
4-103 0.91 14.02 13.11 1.19 8-54 8.23 10.06 1.83 0.42
4-106 15.24 18.29 3.05 2.01 8-55 4.57 15.09 10.52 0.84
6-75 29.57 32.61 3.04 0.71 incl. 4.57 7.62 3.05 1.30
6-105 44.81 49.38 4.57 1.08 8-56 1.52 7.62 6.10 1.50
6-109 49.38 51.82 2.44 0.97 8-64 138.68 139.60 0.92 1.01
6-110 47.70 52.12 2.13 1.28 and 144.48 146.61 2.13 2.37
6-111 45.72 48.77 3.05 1.28 8-65 96.01 97.54 1.53 1.99
and 64.01 65.03 1.52 1.19 and 105.16 108.20 3.04 2.00
6-112 19.81 21.34 1.53 0.60 8-66 122.68 124.21 1.53 3.30
6-113 32.00 33.53 1.53 1.16 8-67 77.72 89.92 12.20 1.35
6-114 20.42 22.86 2.44 0.50 incl. 83.82 89.92 6.10 1.84
6-115 25.91 30.48 4.57 1.25 8-68 94.49 96.01 1.52 1.04
and 41.15 42.98 1.83 1.22 and 100.58 102.11 1.53 2.05
6-116 7.01 10.06 3.05 0.48 9-38 21.03 24.38 3.35 2.18
6-117 51.82 53.34 1.52 0.58 and 53.04 56.39 3.35 2.29
6-118 32.00 32.61 0.61 0.95 9-40 74.83 76.66 1.83 1.29
6-119 53.34 54.86 1.52 1.17 and 99.06 102.11 3.05 0.91
6-120 28.96 30.48 1.52 0.92 9-43* --- --- 3.35 4.01
6-121 41.76 43.59 1.83 1.06 and* --- --- 6.10 4.50
9-45 110.03 111.56 1.53 1.57 9-79 51.82 53.34 1.52 1.70
9-46 120.40 123.44 3.04 0.75 and 68.58 81.69 13.11 2.13
9-47 122.38 124.97 2.59 1.45 and 84.58 86.87 2.29 1.10
and 160.02 166.12 6.10 2.90 9-80 64.01 68.73 4.72 0.79
9-48 170.69 176.78 6.09 0.76 9-81 32.92 35.97 3.05 0.60
9-49 146.30 147.83 1.53 1.30 9-82 35.05 38.10 3.05 0.80
9-52 62.48 65.53 3.05 1.05 9-83 15.24 17.07 1.83 0.84
and 73.15 80.01 5.33 2.51 9-85 41.15 45.7 4.57 2.55
9-53 17.83 21.34 3.51 0.87 and 65.84 67.97 2.13 1.61
9-54 23.93 25.91 1.98 0.95 9-86 46.48 49.53 3.05 1.13
9-55 30.48 32.00 1.52 1.60 9-87 60.66 63.70 3.04 0.40
and 36.42 39.62 3.20 2.01 9-88 36.58 44.96 8.38 2.88
and 48.77 53.34 4.57 1.55 9-89 47.24 50.29 3.05 1.12
9-56 27.43 28.96 1.53 1.52 and 68.58 71.63 3.05 1.12
9-57 22.86 24.69 1.83 0.65 9-90 39.93 44.20 4.27 2.96
9-58 --- --- --- NSV 9-91 18.90 19.81 0.91 3.46
9-59 32.31 33.22 0.91 0.50 9-92 27.43 35.97 8.54 2.20
9-60 38.40 39.93 1.53 0.81 11-2 111.71 114.30 2.59 1.89
9-61 36.88 39.93 3.05 0.52 11-3 67.36 75.90 8.54 1.99
9-62 48.16 48.46 0.30 1.05 and 83.36 84.73 1.37 1.14
9-63 42.67 44.20 1.53 1.35 11-4 118.26 121.92 3.66 1.15
9-64 42.67 44.20 1.53 1.29 11-7 179.53 181.05 1.52 1.10
and 51.82 55.78 3.96 1.73 and 189.59 198.42 8.83 1.71
9-65 149.35 150.88 1.53 1.15 11-8 207.26 208.18 0.92 1.02
and 160.02 163.07 3.05 1.87 11-9 196.29 197.21 0.92 3.40
and 184.40 192.33 7.93 1.35 11-10 253.59 255.42 1.83 0.77
9-66 36.58 38.10 1.52 0.40 11-11 264.57 272.19 8.36 1.68
9-78 51.82 60.96 9.14 2.44 11-12 192.33 196.29 5.79 1.62
11-13 223.72 226.77 3.05 0.64
Notes:
(1) Holes in Table 1 marked with an asterisk and shown on Figure 1 have grades and widths shown as portrayed on a historical Whalesback Mine longitudinal section, original assay data were not on drill logs recovered from the archives.
(2) The reported copper intersections are core lengths but the widths reported for many of the holes in Table 1, in particular the holes drilled from underground, approach true thickness.
(3) Grey lines indicate mineralized intersections with less than 1% Cu.
The sulphide mineralization within the Whalesback Copper Mine consists predominantly of disseminated, stringer, semi-massive and massive pyrite-chalcopyrite-pyrrhotite within altered mafic volcanic rocks similar to that encountered within the adjacent Little Deer Copper Deposit. The historical drill hole data presented in Figure 1 and Table 1 demonstrates that there are existing copper resources already defined beneath and to the west of the area mined previously by BRINEX. In addition, the data suggests that there is excellent potential to further expand these resources with additional diamond drilling at relatively shallow depths. The adjacent Little Deer Copper Deposit is known to occur over a strike length of 1,050 m and to persist to a vertical depth of at least 1,000 m whereas the deepest intersection at Whalesback is at a vertical depth of approximately 565 m. It is believed that the copper mineralization at Whalesback could also continue further along strike to the west and to depth and cover an area at least comparable in size to the Little Deer Copper Deposit.
Thundermin and Cornerstone intend to undertake 3,800 m of diamond drilling in 9 holes on the Whalesback property commencing this fall. The purpose of this work is to confirm the historical results and to expand the copper resources to the west and at depth below the areas mined previously by BRINEX. The discovery of additional economic grade copper resources at relatively shallow depths in this area of the Whalesback property could be extremely important to an eventual decision to place the Little Deer Copper Deposit into commercial production.
The potential for establishing additional resources on the Whalesback property is conceptual in nature and it is uncertain whether further diamond drilling will be successful in defining additional resources of economic grade copper mineralization on the property.
Mineral Resource Estimate - Little Deer Copper Deposit
On June 22, 2011, Thundermin and Cornerstone reported a National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for the Deposit comprising Indicated Resources of 1,911,000 tonnes at an average grade of 2.37% Cu (99.8 million pounds of copper) and Inferred Resources of 3,748,000 tonnes at an average grade of 2.13% Cu (175.9 million pounds of copper). The mineral resource estimate was prepared under the supervision of Mr. Eugene J. Puritch, P. Eng., President of P&E Mining Consultants Inc. of Brampton, Ontario. Mr. Puritch is an independent Qualified Person ("Q.P.") in accordance with NI 43-101.
Qualified Person
Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager, Cornerstone Resources Inc., is the Q.P. responsible for the compilation of all of the historical data on the Whalesback Copper Mine for the purposes of NI 43-101. Mr. Hussey has also reviewed the contents of this news release for accuracy.
Little Deer Joint Venture
Under the terms of its joint venture agreement with Cornerstone, Thundermin 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 Deposit and the terms of the agreement with Cornerstone can be found in numerous news releases between May 1, 2007 and June 22, 2011 and on Thundermin's and Cornerstone's respective websites and on SEDAR.
About Thundermin
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. 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 recently acquired the right to earn a 100% interest in eight exploration licenses covering a large portion of the Stirling volcanogenic massive zinc-lead-copper-silver- gold sulphide belt located on Cape Breton Island, Nova Scotia. Thundermin has royalty interests in 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 which is under option to Alexis Minerals Corporation. Thundermin also has various shareholdings in thirteen other junior resource companies that are actively exploring for base metal, gold, chrome, vanadium-titanium and diamond deposits in Canada.
Forward-Looking Statements
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.
Visit Thundermin's website at www.thundermin.com or the SEDAR website at www.sedar.com.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/thr_f1_1020.pdf
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/thr_f2_1020.pdf
Contact Information
Thundermin Resources Inc.
John B. Heslop
President & CEO
(647) 344-1167

Thundermin Resources Inc.
James W. Gill
Chairman
(416) 450-1851
info@thundermin.com
www.thundermin.com

Read Full Article from Marketwire.com

- Posted: 2011-10-27 15:26:49


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