Hopes for metal find raised by Thunderwood drill results

A copper-rich alteration zone that might act as a feeder system for a massive sulphide deposit was reported recently by partners Thunderwood Resources (TSE) and Greenstone Resources (TSE) on their Scott Lake property. Situated 12 miles west of Chibougamau, Que., the property is already known to host a base metal deposit containing 777,000 tons of geological reserves grading 0.41% copper, 6.87% zinc, 0.34 oz. silver per ton and 0.01 oz. gold.

But the known deposit is too small to support a mining operation unless another larger deposit can be found on the 4,407-acre Scott Lake project, held equally by Thunderwood and Greenstone.

Hopes that such a deposit can be found were raised when operator Thunderwood obtained results from a 34,600-ft. drill program designed to evaluate the Scott Lake deposit and test other geophysical targets.

Assays indicate the presence of a new copper-rich stringer sulphide alteration zone in an area 1,500 ft. west of the Scott Lake deposit, according to Thunderwood President John Heslop.

The new alteration zone is up to 490 ft. thick and lies stratigraphically below a zinc-bearing cherty exhalite horizon, which has been traced for about 1,200 ft. along strike and from about 500 ft. to 1,100 ft. vertically below surface.

Significant assays from the unit include 0.31% zinc and 0.06 oz. silver over 43.8 ft.

Essentially, Heslop believes the Scott Lake project is geologically similar to the Louvicourt Twp. project near Val d’Or, Que., where Aur Resources (TSE) and Societe Miniere Louvem (TSE) discovered a major massive sulphide deposit last year. Ironically, Aur is a sister company of Thunderwood and both companies share the same corporate offices in Toronto.

“There is never any smoke without fire,” said Heslop. “We are getting lots of smoke,” he said.

However, as indicated by trading of Thunderwood and Greenstone, potential investors are waiting for further evidence that a major deposit is buried within the boundaries of Scott Lake. On the day of the announcement, 89,000 Thunderwood shares changed hands as the issue remained steady at $1.15. Greenstone was also unchanged at $5.

To test Heslop’s hypothesis, the joint venture is planning another 25,000 ft. of drilling beginning in June.

Having staked 40 additional claims tying on to the west of the Scott Lake property, the partners are planning to conduct some geophysical surveys in that area. “We want to wait until things dry up before we start another phase of the program,” Heslop told The Northern Miner.