Here's today's press release from the joint venture companies.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Thunderwood Resources Inc.
John B. Heslop
President
(416) 362-8730
or
Consolidated Abitibi Resources Ltd.
Dr. James W. Gill
President
(416) 362-4699
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: THUNDERWOOD RESOURCES INC.
TSE SYMBOL: THS
AND CONSOLIDATED ABITIBI RESOURCES LTD.
ME SYMBOL: CAQ
NOVEMBER 25, 1996
Thunderwood Resources Inc. and Consolidated Abitibi
Resources Ltd. Announces 1996-1997 Diamond Drilling
Programs Commence on Mansask Copper-Zinc-Silver-Gold
Properties
TORONTO, ONTARIO--Thunderwood Resources Inc. and Consolidated
Abitibi Resources Ltd. announce that a $355,000 exploration
program consisting of 85 kilometers of ground magnetometer and
DEEPEM geophysical surveys and approximately 1,800 meters of
diamond drilling in 5 holes along with downhole Pulse EM surveys
has commenced on the 1,389 hectare Sherlynn copper-zinc-silver-
gold property located 5 kilometers northwest of Lynn Lake in
northern Manitoba.
The Sherlynn property contains two base metal sulphide zones that
are hosted within a favourable, thick sequence of felsic to mafic
volcanic flows and tuffs. The Goodenough zone (Cu-Au rich) has
been defined by previous drilling to contain 330,000 tons grading
2.5 percent Cu. 0.6 percent Zn, 24.9 g/t Ag and 1.5 g/t Au. The
Barbara Lake zone (Zn-rich) has been defined over a strike length
of 1,000 feet and to a depth of approximately 400 feet by seven
drill holes. The most significant intersections to date include
2.8 percent Zn over 20.0 feet, 20.7 feet and 11.6 feet in separate
holes. In addition, in one hole, a black shale marker horizon
that is associated with the zinc mineralization contains 48.2 g/t
Ag and 2.6 g/t Au over 6.1 feet.
The purpose of the current exploration program is to add reserves
to the Barbara Lake and Goodenough zones and to discover new Cu-
Zn-Ag-Au mineralization on the property. The initial drill
program will test the down plunge potential of the Barbara Lake
zone along the precious metal enriched shale marker horizon that
seems to define a stratigraphic break for the deposition of base
metal sulphides. Additional drilling will be undertaken on the
property subject to results from the initial diamond drilling and
geophysical programs.
The current exploration program is part of a long term effort to
evaluate 46 base metal properties covering approximately 280,000
acres located primarily in the Flin Flon-Snow Lake, Hanson Lake
and Lynn Lake mining camps of Manitoba and Saskatchewan that were
acquired by Aur Resources Inc. from Granges Inc. in September
1995. Both Thunderwood and Abitibi have the right to acquire a 30
percent interest in Aur's interest in these properties by each
incurring $5,000,000 in exploration expenditures on or before
February 28, 1999, with Aur as operator.
Exploration budgets of approximately $500,000 and $3,500,000, to
be funded equally by Thunderwood and Abitibi, have been
established for the periods October 1 to December 31, 1996 and
January 1 to December 31, 1997, respectively. During this
timeframe, it is anticipated that approximately 55,000 feet of
diamond drilling will be undertaken on the Bigstone and Balsam
properties located in the Hanson Lake area of Saskatchewan; the
Sherlynn property; and the Morgan Lake, Radar, Lew, Bib and Cook
Lake properties, which are located in the Flin Flon-Snow Lake area
of Manitoba. In addition, various geological and geophysical
surveys will be undertaken to define targets for future drill
programs on the Eldon Lake, Fox Lake, Counsell Lake, Kississing,
Steeves Lake and Big Island properties.
All drill programs, except for Sherlynn, will commence early in
1997 and press releases will be issued when drills are mobilized
to the properties and significant results become available.
Thunderwood and Abitibi have each carried out private placements
totalling 781,250 and 500,000 flow-through common shares,
respectively, to each raise $250,000 to be spent on the Mansask
properties.
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It's a reasonable spec. in the 40 cent area. On any significant
drill result the stock could easily go to a $1.00. It's not like they
are out there wildcatting on the tundra. They are in a proven mining
area. |
