THS was up smartly on good volume today. I guess that this is the reason why.
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FOR: THUNDERWOOD RESOURCES INC.
TSE SYMBOL: THS
JANUARY 14, 1997
Thunderwood Resources Inc. - Diamond Drilling Program
Commences on the Balsam Zinc-Copper-Gold Property in
Saskatchewan
TORONTO, ONTARIO--Thunderwood Resources Inc. and Consolidated
Abitibi Resources Ltd. announce that a $425,000 exploration
program consisting of 20 kilometers of surface Pulse EM and
magnetic geophysical surveys, 3,050 meters of diamond drilling in
eight holes and downhole Pulse EM surveys has commenced on the
7,994 acre Balsam base metal property which is located in the
Hanson Lake area of Saskatchewan, approximately 60 kilometers
southwest of Flin Flon, Manitoba.
A 1.6 kilometer long zone of intensely altered felsic volcanics
and zinc-copper-gold mineralization has been traced by diamond
drilling on the Balsam property. In 1996, drilling of a
19-channel, off-hole, Pulse EM anomaly resulted in the discovery
of a new zone of zinc-copper mineralization that assayed 5.7
percent Zn, 0.3 percent Cu, 12.0 g/t Ag and 0.2 g/t Au over 8.0
meters. The most significant results from earlier drilling on the
property include 3.3 percent Cu, 3.3 percent Zn, 52.5 g/t Ag and
3.7 g/t Au over 6.5 meters; 1.0 percent Cu, 4.2 percent Zn, 33.3
g/t Ag and 1.8 g/t Au over 3.9 meters; 0.3 percent Cu, 6.0 percent
Zn, 28.7 g/t Ag and 0.4 g/t Au over 1.8 meters and 0.2 percent Cu,
3.9 percent Zn, 20.5 g/t Ag and 0.6 g/t Au over 2.8 meters.
The purpose of the current drill program is to expand the
geological reserves on the property both along strike and down
plunge and to test for new areas of base metal mineralization
within the favourable zone of altered felsic volcanics.
The Balsam property is believed to have an excellent potential to
host a significant volcanogenic massive sulphide deposit in that
it appears to cover the same volcanic stratigraphy that hosts the
McIlvenna Bay deposit (13,080,000 tonnes grading 1.3 percent Cu,
5.0 percent Zn, 24.3 g/t Ag and 0.5 g/t Au) and the Hanson Lake
Mine (293,000 tonnes grading 0.5 percent Cu, 5.8 percent Pb, 10.0
percent Zn and 137.0 g/t Ag) which are located approximately 6 and
11 kilometers, respectively, along strike to the northwest.
The Balsam project is a 50:50 joint venture between Aur Resources
Inc. and Troymin Resources Ltd. with each of Thunderwood and
Abitibi currently earning a 30 percent interest in Aur's interest
in the property.
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Not too shabby. |
