High-grade copper for Thundermin and Cornerstone in Newfoundland

Thundermin Resources (THR-T) and Cornerstone Capital Resources (CGP-V) are teaming in an effort to put Newfoundland on the map when it comes to copper production.

The two companies currently have a 50/50 joint venture at the Little Deer copper deposit where Thundermin is acting as the operator.

On Apr. 29 the project yielded impressive assay results highlighted by one hole intersecting 2.1% copper over 19.6 metres, including intervals of 4.6% copper over 5.9 metres, and 1.8% copper over 6.7 metres. The intercepts occurred roughly 942 metres below surface.

That represents the deepest significant copper mineralization intersected at the deposit and suggests, Thundermin says, good potential to add tonnage to the resource estimate at depth.

The companies caution, however, that true thicknesses of those intersections are highly variable due to the stringer nature of the mineralization, but say true thickness is likely 70% to 75% of core lengths.

Little Deer Copper sits roughly 10 km north of Springdale in north-central Newfoundland and currently has an indicated resources of 1.1 million tonnes averaging 2.9% copper and an inferred resource of 1.95 million tonnes averaging 2.3% copper.

The latest results come out of an ongoing $1.5-million diamond drilling program made up of 11,000 metres of drilling which began in February.

Roughly 5,280 metres of drilling has been finished to date by deepening three holes, wedging of three holes and drilling three new holes from surface, the companies report.

The drilling is being done with an eye towards increasing the resource to 5-6 million tonnes and to obtain fresh core samples for metallurgical tests.

Under the joint venture agreement, Thundermin can increase its interest in the project to 75% by finishing a feasibility study and arranging all of the bank financing needed to get the project into commercial production.

Toronto-based Thundermin has an interest in 11 base metal and gold properties across Canada and also has royalty interests in another 28 properties.

Mount Pearl, Newfoundland-based Cornerstone has projects in Canada and Ecuador. The company says its corporate philosophy is to generate exploration projects and then fund development through joint venture partnerships.

In Toronto on April 29 – the day the news was released – Thundermin shares fell a penny to 15¢ on 191,000 shares traded while Cornerstone shares were up a half penny to 12.5¢ on 76,000 shares traded.