Here's today's release. Looks good. Now, if the market would only
recognize it.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Thunderwood Resources Inc.
Mr. John B. Heslop
President
(416) 362-8730
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: THUNDERWOOD RESOURCES INC.
TSE SYMBOL: THS
APRIL 15, 1997
Thunderwood Resources Inc. - Additional High Grade Gold
Mineralization Intersected from Deep Drilling Program on
Black Hawk's Hoyle Township Gold Property
TORONTO, ONTARIO--Thunderwood Resources Inc. announces that high
grade gold mineralization, including 33.6 g/t over 2.0 meters,
14.6 g/t over 1.0 meter, 12.9 g/t over 0.5 meter, 11.2 g/t over
5.0 meters and 10.0 g/t over 14.0 meters, has been intersected in
14 additional holes of an ongoing deep drilling program on Black
Hawk Mining Inc.'s Vogel Property which is located on the New Mine
Trend in Hoyle Township just east of Timmins, Ontario.
Thunderwood is currently earning a 17.5 percent interest in the
Vogel Property under the terms of an agreement with Kinross Gold
Corporation with Kinross as operator.
These new drill results are extremely encouraging in that all the
holes completed to date have encountered gold-bearing structures;
significant gold mineralization continues to be intersected at
depth in the V-4 Zone; the in-fill holes are confirming ore-grade
gold mineralization in all known gold zones; and substantially
thicker intersections have been encountered in certain zones at
depth. Table 1 summarizes the most significant assays from the 14
holes of the current program, with the results of another 10 holes
having been announced previously. (See Thunderwood's press
release of February 13, 1997.)
Diamond drilling completed to date on the Vogel Property has
outlined a drill-inferred resource of approximately 1,578,000
tonnes at an average grade of 8.22 g/t Au (417,000 ounces) within
the V-IS, V-IN, V-2 and V-4 Zones. This resource has been
calculated by Kinross using a 3.0 g/t Au cut-off and a 50 meter
influence around drill holes to a vertical depth of 320 meters on
the V-2, V-IS and V-IN Zones and 470 meters on the V-4 Zone.
Table 2 summarizes the tonnages, grades and true thicknesses for
each of the gold-bearing zones.
In October 1996, Kinross entered into an agreement with Black Hawk
Mining Inc. to develop the Vogel Property whereunder Kinross
committed to spend $1 million on an extensive diamond drilling
program. Based on the results of the drill program, a development
plan to place the property into production by mid-1999 is to be
completed by the third quarter of 1997. The agreement further
calls for Kinross to provide the first $12 million for development
of the property as well as manage the project in order to earn a
50 percent interest. By virtue of a pre-existing agreement,
Thunderwood is providing its 35 percent pro-rata share of the
$1,000,000 drilling program currently in progress thereby
retaining its rights to participate in the future development of
the Vogel Property and acquire a 17.5 percent interest in the
property.
/T/
TABLE 1
---------------------------------------------------------------
Drill Hole Zone Gold Assay Width Depth Hole Location
# (Grams/T) (Meters) (Meters)
---------------------------------------------------------------
6414 V-2 3.5 (v.g.) 0.9 214.0-214.9 Section 1+50 W
---------------------------------------------------------------
UM 3.9 1.0 462.0-463.0
---------------------------------------------------------------
6416 UM 4.1 1.0 418.0-419.0 Section 3+00 W
---------------------------------------------------------------
V-4 12.70 4.8 410.4-415.2 (previously
reported)
---------------------------------------------------------------
6423 V-IN 3.5 (v.g.) 1.0 388.0-389.0 Section 5+75 W
---------------------------------------------------------------
6427 V-4 33.6 2.0 508.0-510.0 Section 2+00 W
---------------------------------------------------------------
6429 V-IS 3.2 3.0 308.0-311.0 Section 5+50 W
--------------------------------------------------------------
V-IN 5.9 2.0 313.0-315.0
---------------------------------------------------------------
V-IN 3.8 1.0 316.0-317.0
---------------------------------------------------------------
V-4 3.0 1.1 412.4-413.5
---------------------------------------------------------------
6431 V-3 5.7 1.0 168.0-169.0 Section 4+50 W
---------------------------------------------------------------
V-3 4.0 2.0 171.0-173.0
---------------------------------------------------------------
V-2 4.7 1.0 274.0-275.0
---------------------------------------------------------------
V-IS 6.0 1.0 333.0-334.0
---------------------------------------------------------------
V-IN 7.3 1.0 339.0-340.0
---------------------------------------------------------------
V-IN 4.0 2.0 342.0-344.0
---------------------------------------------------------------
6432 ? 4.2 1.0 307.0-308.0 Section 4+50 W
---------------------------------------------------------------
? 5.0 3.0 327.0-330.0
---------------------------------------------------------------
V-IS 10.0 (v.g.) 14.0 340.0-354.0
---------------------------------------------------------------
V-IN 11.2 5.0 378.0-383.0
---------------------------------------------------------------
6433 V-IS 12.9 0.5 226.0-226.5 Section 3+55 W
---------------------------------------------------------------
6434 V-3 14.6 1.0 171.5-172.5 Section 3+77 W
---------------------------------------------------------------
V-IS 3.7 1.0 352.5-353.5
---------------------------------------------------------------
V-IN 3.5 2.0 373.0-375.0
---------------------------------------------------------------
V-IN 4.4 6.0 377.0-383.0
---------------------------------------------------------------
V-4 3.4 4.0 387.0-391.0
---------------------------------------------------------------
6435 V-2 8.1 1.0 283.0-284.0 Section 3+77 W
---------------------------------------------------------------
V-4 5.0 1.0 420.0-421.0
---------------------------------------------------------------
/T/
Holes 6413, 6419, 6425, 6428, and 6430 intersected well-developed
vein structures containing less than 3.0 g/t Au. Assays are
pending on hole 6436 and hole 6437, the last hole of the current
program, is in progress.
/T/
TABLE 2
---------------------------------------------------------------
Zone less than 3 g/t and 50 Meter Influence Average True
Thickness
Tonnes Grade (g/t Au) (meters)
---------------------------------------------------------------
V-2 223,000 13.89 1.34
V-IS 488,000 7.82 2.33
V-IN 411,000 6.55 2.78
V-4 458,000 7.39 3.10
---------------------------------------------------------------
TOTAL 1,580,000 8.22
---------------------------------------------------------------
/T/
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