This is today's news (after close of markets).
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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
NOVEMBER 27, 1996
Thunderwood and Kinross Commence Major Diamond Drilling
Program on Black Hawk's Hoyle Township Gold Property
TORONTO, ONTARIO--Thunderwood Resources Inc. and Kinross Gold
Corporation have commenced a $1 million diamond drilling program
on Black Hawk Mining Inc.'s Hoyle Township gold property (Vogel
property) which is located on the New Mine Trend just east of
Timmins, Ontario. The New Mine Trend includes Kinross' Hoyle
Pond, 1060, Owl Creek and Bell Creek mines as well as the Marlhill
project of Pentland Firth Ventures Ltd. Two diamond drills are
currently operating on the property and approximately 15,000
meters of drilling in 29 holes will be completed by May 31, 1997,
with Kinross as operator.
On October 31, 1996, Kinross entered into an agreement with Black
Hawk to develop the Vogel property whereunder Kinross committed to
spend $1 million on an extensive diamond drilling program to be
followed by a development plan which is to be completed in 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.
Thunderwood and Kinross are 35:65 joint venture partners on the
Owl Creek West property which adjoins the eastern boundary of the
Vogel property. By virtue of an area of influence provision in
the Owl Creek West agreement which governs the Owl Creek West
property, Thunderwood has the right to acquire a 35 percent
interest Kinross acquires in the Vogel property. Thunderwood has
advised Kinross that it will provide its 35 percent pro-rata share
of the $1,000,000 drilling program currently in progress and
thereby retain its rights to participate in the future development
of the Vogel property.
Approximately 16,500 meters of diamond drilling in 66 holes has
been completed by Black Hawk and previous operators on the Vogel
property. At least six feet east-west striking, gold-bearing
alteration zones, called V-1N, V-1S, V2, V3, V4 and V5, which
occur within a 300 meter wide mafic volcanic sequence that
traverses the property, have been discovered to date. The V1 and
V2 zones, which have been delineated over continuous strike
lengths of 650 and 800 meters, respectively, contain drill
inferred resources of approximately 700,000 tonnes with an average
grade of 11.28 g/t Au (253,000 ounces) down to the 200 meter
elevation. The V3, V4 and V5 zones have been delineated over
strike lengths of 200 meters but no resources have been calculated
for these zones as yet. All zones remain open at depth.
The purpose of the current drill program is to expand the reserve
to over 1 million ounces by further defining and extending the
known gold zones and exploring for additional reserves at depth.
Upon completion of the drill program a study will be undertaken to
determine the economic viability of developing the property.
-30-
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Looks very promising. |
