Thunderwood hits wide values at Scott Lake

Scott Lake base metal project partners Greenstone Resources (TSE) and Thunderwood Resources (TSE) have intersected a large copper-zinc-rich stringer zone at the Chibougamau, Que., area property. The new zone is indicated by assays in hole SL-91-83, which intersected 681.6 ft. of 0.45% copper and 0.74% zinc within massive, semi-massive and stringer pyrrhotite and chalcopyrite mineralization.

The tenth hole of a recently completed 15,000-ft. program, SL-91-83, was collared in an area one mile west of a drilled-off deposit estimated to contain 777,000 tons grading 6.87% zinc, 0.41% copper, 0.34 oz. silver and 0.01 oz. gold per ton.

As copper and zinc mineralization was intersected at a depth of 1,800-ft. below surface, grades are uneconomic at current prices. But as all the geological inferences point to a significant massive sulphide discovery somewhere in the vicinity of SL-91-83, Thunderwood President John Heslop is excited about the Scott Lake find.

Heslop and Greenstone President Ian Park are also encouraged by the fact that no drilling has occurred within 2,000 ft. east of SL-91-83, which is the deepest hole to be drilled on the property to date.

On March 26, the day before the announcement, speculation on the results drove the Thunderwood issue up 34 to $1.19 with 1.8 million shares changing hands. On the same day, Greenstone also advanced by 48 to $2.83 on a volume of 77,025 shares.

“Hole 83 tells you there is one hell of a lot of metal in the system,” said Heslop, who believes the stringer zone may be in the same horizon as the known Scott Lake deposit. Given that mineralization was intersected in a new felsic centre, Heslop says the joint venture would be “awfully unlucky” not to come up with a significant discovery.

Drilled to determine the cause of a strong “off hole” pulse EM anomaly below holes SL-91-76 and SL-91-77, SL-91- 83 was stopped in a stringer chalcopyrite mineralization at a depth of 2,822 ft. because of drilling difficulties. Significant assays in the hole include separate intervals of 0.53% copper, 6.72% zinc, and 0.29 oz. silver over 6.1 ft. and 0.87% copper, 0.46% zinc, and 1.19 oz. silver over 50.8 ft.

Ironically, Thunderwood is a sister company of Aur Resources (TSE), which in partnership with Societe Miniere Louvem (TSE) is developing a larger copper-rich-rich massive sulphide deposit at Louvicourt Twp., east of Val d’Or, Que.

The drill holes that eventually confirmed the existence of a major discovery at Louvicourt Twp. were preceded by the announcement months earlier of a 100 ft. semi-massive pyrite intersection containing zinc and copper rich bands over narrow widths.

Since Thunderwood exercised its option to earn a 50% stake in the 5,988-acre Scott Lake property from Greenstone by spending $2 million, an additional $1.5 million has been spent by the joint venture.

Both companies have the funds in place to contribute equally to a $500,000 exploration program that is scheduled to commence shortly. It will consist of about 25,0000-30,000 ft. of drilling.