Thundermin, Queenston tackle Duck Pond

Juniors Thundermin Resources (THR-T) and Queenston Mining (QMI-T) are teaming up to explore the Duck Pond polymetallic property in west-central Newfoundland.

Comprising 11,796 ha and situated 30 km southeast of the past-producing Buchans deposit, Duck Pond contains four volcanogenic massive sulphide deposits. The combined resource is estimated at 6 million tonnes averaging 3.37% copper, 1.12% lead and 6.4% zinc, as well as 60.05 grams silver and 0.87 gram gold per tonne.

Queenston can acquire half of Thundermin’s right to earn a 100% interest in the property by covering its exploration expenditure requirements, assuming half of its future obligations to vendor Noranda (NOR-T), and subscribing for $150,000 worth of its shares. Among other conditions, the previous agreement called for $1.4 million in exploration expenditures by mid-2000 (T.N.M., March 15/99).

Noranda can reacquire a half-interest if property resources surpass a predetermined amount. The major would be required to complete a positive feasibility study and finance its junior partners’ share of development costs.

A first phase of drilling will begin shortly, focusing primarily on the Upper Duck and Sleeper lenses and an untested geophysical anomaly adjacent to the Boundary deposit. Plans call for additional drilling, relogging of core and metallurgical testing, and, if warranted, this work will be followed by underground definition drilling and bulk sampling. Thundermin remains operator of the project.

Meanwhile, London-based Billiton is gearing up for a first phase of drilling at the nearby Buchans River property of Buchans River (BUV-A). The major can earn a 51% interest by spending $3.5 million on exploration over four years, and can increase this to 70% by paying $1 million and spending a further $4 million on exploration.

Several reconnaissance holes will test electromagnetic anomalies outlined in an airborne geophysical survey. One of the anomalies has been subjected to an induced-polarization survey, and several more are targeted for similar followup work.

Billiton has signed agreements with several junior companies active in the region, with an eye towards finding deposits similar to the former Buchans mine, which produced 16.2 million tonnes grading 14.5% zinc, 7.6% lead and 1.3% copper, plus 1.4 grams gold and 126 grams silver.