Thunderwood hits new Scott Lake zone

Partners Thunderwood Resources (TSE) and Greenstone Resources (TSE) have intersected a new zinc-copper-silver massive sulphide zone at their equally owned Scott Lake claims west of Chibougamau, Que.

Situated in the centre of the 6,000-acre property at a vertical depth of 1,000-1,200 ft., the zone was indicated by a 14.2-ft. intersection averaging 3.14% copper, 5.28% zinc and 0.78 oz. silver per ton.

At a similar depth, a second hole hit 16.5 ft. of grade 0.48% copper, 5.52% zinc and 0.94 oz. silver, according to Thunderwood, which is currently about two-thirds of the way through a 25,000-ft. drill program.

The price of Thunderwood shares has slipped from a high of $1.49 to around 77 cents since drill crews intersected massive sulphides one mile west of a known deposit last April. With a Panama gold mine in production, Greenstone is trading at $2.40, about midway between a low of $1.50 and a high of $3.60. Thunderwood says mineralization within the new zone occurs at an andesite/rhyolite contact along the flanks of an interpreted felsic volcanic dome. Extensive stringer mineralization underlying the massive sulphides was intersected in a third hole which cut 38.1 ft. of 0.33% copper, 2.95% zinc, and 0.40 oz. silver at a vertical depth of 1,333-1,371 ft.

Located to the east of the 250-350 ft. thick massive sulphide zone discovered last spring, the new zone remains open and there appears to be excellent potential for the discovery of additional massive sulphides, according to Thunderwood.

When drilling resumes this month, the joint venture will attempt to further define the new massive sulphide horizon. Drill crews will also test several off-hole pulse electromagnetic targets about 2,000 ft. to the west where previous drilling has intersected massive zinc-copper sulphides.