New Out 2 Drills A Drilling :^)
Thundermin Resources Inc.
TSX: THR
Jan 27, 2011 08:00 ETThundermin and Cornerstone Mobilize Two Drills to the Little Deer Copper Deposit, Springdale Area Newfoundland
TORONTO, ONTARIO--(Marketwire - Jan. 27, 2011) - Thundermin Resources Inc. ("Thundermin") (TSX:THR) and 50% joint venture partner Cornerstone Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) announce that drilling has recommenced on the Little Deer Copper Deposit ("Deposit") with two drill rigs. This drilling is part of a $1,600,000 diamond drilling program comprising approximately 12,000 to 13,000 m of drilling in 16 to 20 holes that commenced on December 1, 2010. Assay results for two of three holes completed prior to year end were released on January 20, 2011. Hole LD-10-39 intersected 4.6% Cu over a core length of 4.2 m and 5.0% Cu over 16.5 m, including intervals of 6.1% Cu over 5.1 m and 9.2% Cu over 5.5 m. Hole LD-10- 39 was drilled in the upper portion of the Deposit to confirm the copper mineralization intersected in historical surface hole LD-62-78 which assayed 2.9% Cu over a core length of 60.1 m, including intervals of 5.9% Cu over 7.9 m, 5.3% Cu over 15.5 m and 3.1% Cu over 11.6 m (see news release dated January 20, 2011).
The primary purpose of the current drill program is to increase the estimated mineral resources outlined to date in the Deposit to the five to six million tonne range. The potential increase of the current mineral resource is conceptual in nature and it is uncertain whether further exploration will result in an expansion of this mineral resource. Additional details on the Deposit can be found in numerous Thundermin and Cornerstone news releases dated between May 1, 2007 and January 20, 2011 which are on each company's web site and on SEDAR.
One drill is targeting section 14+000E at an elevation of -325 m which is on the eastern limits of the NI 43- 101 compliant mineral resources outlined to date (see Figure 1 accompanying the news release dated January 20, 2011). This target is bounded by underground holes 174 (2.1% Cu over a core length of 3.1 m); 186 (3.0% Cu over 1.8 m); 147 (2.8% Cu over 7.6 m); 102 (1.3% Cu over 35.4 m, incl. 4.1% Cu over 6.4 m); and 180 (5.5% Cu over 1.1 m). The second drill is targeting section 13+550E at an elevation of -350 m which is west of the NI 43-101 compliant resources outlined to date (see Figure 1 referred to above). This target lies approximately 100 to 150 m west of holes LD-98-02 (3.0% Cu over a core length of 7.3 m) and LD-98-05 (2.3% Cu over 8.2 m) and 50 m east of hole LD-09-19A (no significant values). An interpretation of the results of a borehole geophysical survey completed in hole LD-09-19A, however, suggests that the western limits of the sulphide mineralization in the Deposit may extend to within 25 m of hole LD-09-19A and that there may be potential to add significant tonnage in this area. Additional planned holes designed to further expand and confirm the tonnage above the -400 m elevation in the Deposit are also shown on Figure 1 referred to above.
Mineral Resource Estimate
On October 13, 2010, Thundermin and Cornerstone announced that an updated NI 43-101 compliant mineral resource estimate had been completed by Scott Wilson RPA under the supervision of Mr. Reno Pressacco, M.Sc. (A), P.Geo., Senior Geologist for Scott Wilson RPA and an independent Qualified Person ("Q.P.") in accordance with NI 43-101. Scott Wilson RPA estimated that the Deposit contains Indicated Resources of 1,150,500 t at an average grade of 2.8% Cu within the Little Deer Zone and additional Inferred Resources of 1,227,300 t at an average grade of 2.2% Cu within the Little Deer Zone and 1,108,200 t at an average grade of 1.9% Cu within the Footwall Zone. A NI 43-101 compliant Letter Report entitled "Mineral Resource Update for the Little Deer Project" dated September 30, 2010, to support the updated mineral resource estimate, is available on Thundermin's and Cornerstone's websites.
Qualified Person
Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager, Cornerstone Resources Inc., is the Q.P. responsible for supervising the drilling program and the compilation of all of the historical data on the Deposit for the purposes of NI 43-101. Mr. Hussey has also reviewed the contents of this news release for accuracy. All holes drilled by Thundermin and Cornerstone are NQ in size. Specific gravity measurements, rock quality designations and photographic logging of significant mineralized intersections are performed systematically prior to assaying. The core is logged and the mineralized sections, where appropriate, are sawn in half at a core logging facility in Springdale. Half of the core is submitted for analyses to Eastern Analytical Limited, an independent and qualified assayer located in Springdale, and the remaining half of the core is kept for future reference. Blanks, duplicates and standards are routinely used as part of the assay procedures.
Little Deer Joint Venture
Thundermin, the operator, and Cornerstone have the option, on a 50/50 basis to earn a 100% interest in the Little Deer Copper Deposit and adjacent property from Weyburn Investments Ltd. Thundermin, under its joint venture agreement with Cornerstone, has the right to increase its interest in the Little Deer property to 75% by completing a feasibility study and by arranging 100% of the necessary bank financing required to place the property into commercial production. Details on the Deposit and the terms of the agreement with Weyburn can be found in numerous news releases and on Thundermin's and Cornerstone's respective websites and on SEDAR.
About Thundermin
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. Thundermin has an interest in, or the right to earn an interest in 11 base metal and gold properties in Canada. Thundermin also has royalty interests in a further 28 base metal and gold properties located in Manitoba, Saskatchewan, 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 Alexis Minerals Corporation. Thundermin also has various shareholdings in thirteen other junior resource companies that are actively exploring for base metal, gold, chrome, vanadium-titanium and diamond deposits in Canada.
Forward-Looking Statements
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.
For further information on Thundermin Resources Inc. please visit Thundermin's website at www.thundermin.com or the SEDAR website at www.sedar.com.
For more information, please contact
Thundermin Resources Inc.
John B. Heslop
President & CEO
(647) 344-1167
or
Thundermin Resources Inc.
James W. Gill
Chairman
416-450-1851
info@thundermin.com
www.thundermin.com
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