Thunderwood/Greenstone to drill base metal property in Quebec

The 61-claim property is owned 50/50 by the two Toronto-based juniors. Operator of the program will be Thunderwood. Work is scheduled to start early next month.

Greenstone will fund its half of the program by issuing flow- through shares to QME (1989) Mineral Exploration partnership. The shares will be issued at market price plus a 10% premium, Greenstone said.

The Scott Lake property hosts a known zinc deposit, originally discovered in 1976 by Selco. It contains drill-indicated reserves of 770,000 tons grading 6.87% zinc, 0.41% copper, 0.34 oz silver per ton and 0.009 oz gold. Previous drilling tested the deposit, which occurs along the contact between mafic and felsic rocks, to depths of around 1,200 ft.

“A copper-rich core may exist at depths below 1,200 ft,” said Greenstone President Ian Park.

Although no significant copper mineralization has been discovered to date within the existing zinc deposit, the company feels it has a good chance of locating copper- rich massive sulphides in an area of intensely altered felsic rocks situated to the north of the deposit.

While drilling an earlier hole northwest of the known deposit, Thunderwood intersected an intensely altered stringer sulphide zone up to 540 ft wide.

Starting next month, two rigs will begin a phase-one program comprising 30,000 ft of drilling. To help guide the drilling, geophysical surveys will be conducted over the known zinc-pyrite deposit, as well as over other electromagnetic conductors within felsic volcanic rocks. Sulphide-bearing stringer zones will also be surveyed with IP equipment, and down-hole pulse EM surveys will probe for possible extensions to the known deposit along strike and at depth.

Sharing common management with affiliate Aur Resources (TSE), Thunderwood hopes the latter company’s recent success at Louvicourt Twp. will help it come up with base metal reserves on the Scott Lake claims, 12 miles south of Chibougamau.

“The Thunderwood team has an excellent reputation in the area of massive sulphide exploration,” said Park. “At Scott Lake they have a promising but undeveloped deposit to work with.”

Nearly one million Thunderwood shares changed hands over a 1-week period recently with the issue tacking on 11 cents to its share price of $1.32.

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