Thunderwood gets another hint of major Scott Lake find

Thunderwood Resources (TSE) and partner Greenstone Resources (TSE) continue to intersect copper-zinc-rich sulphide mineralization while completing a 25,000-ft. drill program at their equally owned Scott Lake joint venture west of Chibougamau, Que.

Interest in the 5,988-acre property was sparked last month when operator Thunderwood reported a 681-ft. intersection in hole SL-91-83 which averaged 0.45% copper and 0.74% zinc per ton at a depth of 1,800 ft.

Because hole 83 indicated that the joint venture companies may be close to finding an economic massive sulphide deposit, shares of Thunderwood, and to a lesser extent Greenstone, have been active traders.

While Greenstone and Thunderwood gave up five cents and 10 cents respectively in trading when a stepout hole located 300 ft. east of hole 83 was released, analysts are encouraged by the latest results.

Designed to follow up on a new large alteration zone encountered by 83, hole SL-91-84 intersected 360.4 ft. of average 0.46% copper, 1.53% zinc and 0.28 oz. silver within the zone at a depth of 2,484-2,796 ft. from surface.

Although mineralization in holes 83 and 84 is located below 1,700 ft., Thunderwood President John Heslop says he likes the values in five significant copper-zinc zones within the new interval. They include 0.58% copper, 5.35% zinc and 0.32 oz. silver over 43.7 ft.; 0.73% copper, 1.53% zinc and 0.26 oz. silver over 25.2 ft.; and 0.72% copper, 2.58% zinc over 28.3 ft.

“We are getting a lot of solid sniffs (of the economic massive sulphide deposit which the joint venture is looking for),” Heslop told The Northern Miner.

In a bid to determine the extent of mineralization at depth, Thunderwood also extended hole 83 to 3,232 ft. from 2,822 ft. and intersected additional stringer pyrite-chalcopyrite-sphalerite mineralization in felsic volcanics. The best interval located below 83 was 12.8 ft. of 0.41% copper, 0.42% zinc and 0.18 oz. silver. “This extends the known zone of sulphide mineralization in 83 to a distance of over 1,000 ft.,” said Heslop.

Meanwhile as part of a $500,000 program, the joint venture is drilling two holes, one of which will test a strong “off hole” pulse EM conductor that occurs below a hole completed earlier on the property. The other will test the downdip extension of the sulphide mineralization intersected in hole 83. Heslop says he expects more results to be released within the next few weeks.

When results from hole 83 were released, McNeil Mantha analyst Ron Coll said he believed the Scott Lake partners were in the right geological environment for a significant massive sulphide discovery. The latest results, he said, gives him no reason to change his mind. “The grades (in hole 84) are slightly higher and the rock types are the same,” said Coll. “We just have to be a little bit patient and wait for them to get their holes in the right place,” he said.