TORONTO, ONTARIO--(Marketwired - Feb. 6, 2014) - Thundermin Resources Inc. ("Thundermin") (TSX VENTURE:THR) and 50% joint venture partner Rambler Metals and Mining Canada Limited ("Rambler") (TSX VENTURE:RAB)(AIM:RMM) announce that they have commenced an initial 3,800 metre diamond drilling program on the Little Deer Copper Deposit ("Little Deer") located approximately 10 kilometres north of Springdale in north-central Newfoundland.
The primary purpose of this drill program, which will focus on the higher grade, eastern portion of the Little Deer deposit, is to increase the mineral resources outlined to date and to further upgrade the inferred resources to the indicated resource category. Improving the confidence level of the National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for Little Deer is required prior to undertaking a pre-feasibility study.
Certain holes in the current program will be targeted to expand the mineral resources in the Little Deer Footwall Zone Splay estimated to contain 797,000 t grading 2.64% copper (news release dated June 22, 2011). A complete summary of the mineral resources outlined to date on the Little Deer Copper Project can be found on Thundermin's website, in news releases and on SEDAR.
John B. Heslop, President and Chief Executive Officer of Thundermin said "We are looking forward to initiating this work program with Rambler on the Little Deer Copper Project. Rambler has successfully brought the past-producing Ming Mine in Newfoundland back into commercial production. It is hoped that Rambler's mining expertise will add value to the assessment of re-establishing production at the Little Deer and Whalesback copper deposits in the future."
The Little Deer Copper Project hosts the Little Deer and Whalesback copper deposits. On June 22, 2011 and July 26, 2012, NI 43-101 compliant mineral resource estimates, which were undertaken by P&E Mining Consultants Inc. ("P&E") of Toronto, Ontario, were announced for Little Deer and Whalesback, respectively. P&E estimated that Little Deer contains indicated resources of 1,911,000 tonnes ("t") at an average grade of 2.37% Cu (99.8 million lbs. Cu) and additional inferred resources of 3,748,000 t at an average grade of 2.13% Cu (176.0 million lbs. of Cu). P&E estimated that Whalesback contains indicated resources of 797,000 tonnes grading 1.67% Cu (29.3 million lbs. Cu) and inferred resources of 443,000 tonnes grading 1.57% Cu (15.3 million lbs. Cu). On a combined basis, Little Deer and Whalesback are estimated to contain indicated resources of 2,708,000 tonnes grading 2.16% Cu (129.1 million lbs. Cu) and inferred resources of 4,191,000 tonnes grading 2.07% Cu (191.3 million lbs. Cu).
On November 1, 2011, results of a positive Preliminary Economic Assessment ("PEA") for Little Deer, on a stand-alone basis, were announced that indicate that there is potential to develop Little Deer on an attractive economic basis. The discovery of new copper resources at Whalesback during 2012, because of their proximity to Little Deer, expanded the total mineral resources available for mining and may enhance the overall economics of establishing a new mining operation at Little Deer.
Little Deer Joint Venture
Under the terms of its joint venture agreement with Rambler, Thundermin has the right to increase its 50% interest in the Little Deer property to 65% by completing a feasibility study and to 75% by arranging 100% of the necessary bank financing required to place the property into commercial production. Details on Little Deer and Whalesback and the terms of the agreement with Rambler can be found in numerous Thundermin news releases and on Thundermin's website and on SEDAR.
The NI 43-101 mineral resource estimates and PEA referred to above were prepared under the supervision of Mr. Eugene J. Puritch, P. Eng., President of P&E. Mr. Puritch is an independent Qualified Person ("Q.P.") in accordance with NI 43-101.
Mr. Andrew Hussey, P.Geo., is the Q.P. responsible for supervising all of the drilling programs at Little Deer and Whalesback for the purposes of NI 43-101.
Thundermin is a Canadian-based mineral exploration company focused on the exploration for and the discovery of economically viable base metal and gold deposits in Canada with its primary project being the Little Deer Copper Project as described above. Thundermin has an interest in, or the right to earn an interest in 12 base metal and gold properties in Canada. Thundermin owns a 100% interest in the Lebel Township gold property, which is located on the Kirkland Lake Main Break in the prolific Kirkland Lake gold camp. Thundermin has the right to earn a 100% interest in eight exploration licenses covering a large portion of the Stirling volcanogenic massive zinc-lead-copper-silver-gold sulphide belt located on Cape Breton Island, Nova Scotia. An initial diamond drill program undertaken on the property in 2012 was successful in intersecting copper mineralization in porphyritic volcanic rocks similar to those known to host massive sulphide deposits elsewhere. Thundermin has royalty interests in seven base metal and gold properties located in British Columbia and Quebec, the most significant being a 2.5% net smelter return royalty in the Pelletier Lake gold deposit which is under option to QMX Gold Corporation. The Pelletier Lake property is currently in arbitration with Thundermin aiming to regain full ownership of the property. Thundermin also has various shareholdings in twelve other junior resource companies exploring for base metal, gold, chrome, and diamond deposits in Canada.
This news release may contain "Forward-Looking Statements" that involve risks and uncertainties, such as statements of Thundermin's plans, objectives, strategies, intentions and expectations. The words "potential," "anticipate," "forecast," "believe," "estimate," "expect," "may," "project," "plan," and similar expressions are intended to be among the statements that identify "Forward-Looking Statements". Although Thundermin believes that its expectations reflected in these "Forward-Looking Statements" are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings that can be viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behavior of financial and metals markets and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our "Forward-Looking Statements". Although Thundermin believes the facts and information contained in this news release to be as correct and current as possible, Thundermin does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views subsequent to the date of this news release.
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