Thunderwood Resources (TSE) has optioned a property adjoining the past-producing Buchans base metal mine in west-central Newfoundland.
The 279-claim property comprises 11,030 acres and covers the known and projected extension of the Buchans River Formation. The Buchans deposits are said to be the highest-grade volcanogenic massive sulphide deposits mined to date in Canada. Over 56 years, 17.8 million tons were mined from five major orebodies, the average grades being 1.33% copper, 7.56% lead and 14.51% zinc, as well as 3.68 oz. silver and 0.04 oz. gold per ton.
Thunderwood can earn a 70% interest from privately owned CBM Resources by spending $1 million on exploration over four years. It will issue 45,455 treasury shares to CMB on closing of the transaction and will pay $75,000 cash or issue $75,000 worth of Thunderwood shares to CBM on or before Dec. 31, 1997.
Thunderwood will spend at least $125,000 on the property in 1994 and will keep it in good standing during the option.
Within the CBM claims are four priority target areas: the Clementine prospect; Middle Branch prospect; the Clementine trend (south of the Clementine); and the Wiley’s Lake trend (along the southern boundary of the property).
The Clementine prospect, west of the Buchans mine
area, contains 400,000 tons of transported sulphides grading 0.3% copper, 2.6% lead, 4.9% zinc, 1.2 oz. silver and 0.01 oz. gold.
Middle Branch, northeast of the mine, contains a single drill intersection which yielded 0.47% copper, 3.1% lead, 4.8% zinc, 1.4 oz. silver and 0.02 oz. gold over 5.9 ft. at a vertical depth of 1,700 ft.
A first-phase work program, budgeted at $250,000, is scheduled to begin this month. It will consist of geological and geophysical compilations, surveys (downhole and surface pulse electromagnetic, as well as induced polarization) and 8,000 ft. of diamond drilling.
Be the first to comment on "Thunderwood options Buchans"