Pelletier reserve estimate announced by Thunderwood

Partners Falconbridge Ltd. (TSE) and International Thunderwood Explorations (TSE) have made an initial reserve estimate at the Pelletier Lake gold property two miles southwest of Rouyn-Noranda, Que.

Based on results of a $3-million program which Thunderwood is funding in order to earn a 35% interest, Falconbridge has calculated undiluted, uncut, drill indicated reserves for the “C-D-P” deposit of 650,000 tons grading 0.20 oz gold per ton.

With drilling still in progress, the joint venture partners say an underground program, designed to evaluate the minability of the deposit, will begin this fall.

After obtaining ore grade gold mineralization over widths of up to 41.7 ft at the 1,312 acre property, they say they are aiming for about one million tons of 0.20 before going underground.

Evidence that the target is reachable was provided by results from an 18-hole program on the deposit. They include 41.7 ft of 0.18 oz, 19.8 ft of 0.39 oz, 14.4 ft of 0.28 oz, 18.5 ft of 0.30 oz and 10.2 ft of 0.12 oz.

“Twenty-three of 25 previous holes drilled in the C-D-P deposit intersected ore-grade mineralization over mineable widths,” said Thunderwood President John Heslop. To confirm the continuity of the C-D-P and to increase reserves at Pelletier, operator Falconbridge is drilling an additional 18,000 ft in 24 holes.

Results from the first six holes are as follows: Hole Length (ft) Oz Gold/ton 046-161 1.6 0.34 046-163 3.3 0.31

19.7 0.14 046-164 14.4 0.28

6.2 0.55

19.8 0.39 046-165 4.9 0.10

41.7 0.18 046-166 4.3 0.13

“Hole 164, which intersected 0.39 oz over 19.8 ft, represents the deepest intersection to date in the C-D-P and shows the potential for increasing reserves to the southeast of the tested area,” said Heslop.

“An additonal 10,000 ft of drilling is scheduled to begin in late August to delineate several new gold-bearing shears identified by previous drilling,” he said.