Thunderwqood earmarks $4.8 million for exploration on Goldhawk

With a conditional listing on the Toronto Stock Exchange and $1 million in working capital, International Thunderwood Explorations (VSE) is preparing to forge ahead with work on a number of key properties.

Revived last April, the Toronto company is operating as part of the Aur Resources (TSE)/Syngold Exploration (TSE) group.

“We plan to spend the best part of $4.75 million in 1988 exploration funds at the Goldhawk and Pelletier Lake gold prospects,” said President John Heslop at Thunderwood’s recent annual meeting.

Located in Malartic Twp., west of Val d’Or, Que., Thunderwood’s wholly-owned Gold Hawk property lies between American Barrick Resources’ (TSE) Camflo mine and the Kierens zone which is being developed by Aur Resources.

Having spent $1.1 million on 52,500 ft of diamond drilling, linecutting and geological mapping, the company has delineated a deposit over a strike length of 700 ft and down dip for 1,175 ft.

Considered the most important project in Thunderwood’s repertoire of exploration plays, Goldhawk could be the object of an underground program this year. If the green light is given, Heslop says the mineralization would be accessed from the Kierens shaft which was recently deepened to 1,400 ft. Pelletier Lake

So far, gold grades in excess of 0.35 oz per ton over mineable widths have been intersected in 13 of 36 holes. “An additional nine of these holes assayed from 0.15 oz to 0.35 oz over a minimum of 5 ft,” Heslop said.

At the Pelletier Lake property south of Rouyn-Noranda, Que., where Thunderwood is funding a $3-million program conducted by Falconbridge Ltd., to earn a 35% interest, some good gold intersections were encountered recently.

The latest results were obtained from drilling on the C-D-P Shear zone which Falconbridge has traced for a strike length of about 1,300 ft and a depth of approximately 600 ft.

According to Heslop, it contains at least three prominent gold- bearing shears that strike approximately east-west and dip from near vertical to 45 degrees and 20 degrees south.

Significant intersections from a 20-hole program focusing on the C-D-P zone include 0.17 oz gold over 41.8 ft, 0.24 oz across 26.9 ft, 0.15 oz over 18.9 ft , 12 ft of 0.41 oz and 14.4 ft of 0.11 oz.

“It looks like this zone could contain around 600,000 tons of 0.2 oz gold,” said Heslop who indicated that a decline ramp designed to access the C-D-P zone, is under consideration. Linda-McKayseff

“An additional 8,000 ft of diamond drilling is scheduled to begin soon,” he said.

Meanwhile, a $350,000 exploration program is underway at the Linda-McKayseff polymetallic property where Thunderwood has the right to earn a 40% interest. Located five miles southeast of Snow Lake, Man., it hosts the Linda 2 zone which contains 13 million tons of massive pyritic sulphides averaging 0.3% copper, 0.8% zinc, 0.3 oz silver and 0.025 oz gold. That includes a 10-ft section which assayed 0.68 oz gold.

The current program is designed to evaluate selected gold and base metal targets.

In other news, an 18,000-ft program is in progress at the Daniel copper-zinc-silver-gold prospect northwest of Matagami, Que. where 16 ft of 2.02% copper, 1.45% zinc and 1.39 oz silver was pulled, back in 1958.

A recently completed program at the Canal polymetallic property north of Barraute, Que., resulted in a 14.7-ft intersection which assayed 1.02% zinc.

International Thunderwood reported a year-end deficit of $3,298,307 compared with $3,033,890 on Oct. 31, 1986. The issue was trading recently on the Vancouver Stock Exchange at $3 in a 52-week range of $3.35 and $1.50.

The company should be trading on the Toronto Stock Exchange next month.