Thunderwood aims to drill gold, base metal prospects

Working hard to become an operating mining company in the near future is Thunderwood Resources (TSE). Management’s goal is to aggressively develop top quality mineral properties in areas with established infrastructure. The company has no shortage of Canadian and U.S believers either. President John Hislop says “drilling drives the market and we are drilling about 70% to 80% of our properties most of the time.” The company hopes to raise about $2 million in flow-through funds for this year’s exploration programs.

Part of the company’s success is based on its close affiliation with Aur Resources (TSE), which consists of shared offices, management and technical support.

Thunderwood was formed on June 1, 1989 through the amalgamation of International Thunderwood Explorations and Syngold Exploration. Its portfolio of 30 mineral properties are located mainly in established mining camps at Val d’Or, Noranda, Matagami and Chibougamau in Quebec, in Timmins, Ontario and Snow Lake, Manitoba. About 58% of these claims, covering 28,000 acres, are located in the Chibougamau area, where the company is one of the largest landowners.

Last year’s exploration budget of $4.8 million was spent on surface and underground exploration and drilling programs on the Gold Hawk, Pelletier Lake, Scott Lake, Daniel, Donalda and Delbridge properties in northern Quebec. Focus in 1991 will be on gold production from Gold Hawk, development of mineable gold reserves at Pelletier Lake and exploration of the Scott Lake, Daniel and Delbridge base metal properties.

At the 100%-owned Gold Hawk gold project near Val d’Or, Que., drifting continues on the no. 1 vein where fully diluted preliminary reserves of 15,365 tons grading 0.70 oz per ton gold have been outlined. The vein remains open along strike and to depth.

Production is scheduled to officially start sometime this year at 650 tons per month. Underground exploration and development is accessed through Aur’s Kierens Mine shaft.

In 1990, 2,439 ounces of gold were recovered from bulk samples and stockpiled ore. As of September 30, 1990, ore stockpiled on surface was estimated to contain an additional 324 ounces.

Underground exploration is on schedule at the 35%-owned Pelletier Lake gold project, two miles southwest of Rouyn-Noranda. WhileMDBO Falconbridge Gold(TSE) currently owns 65% of the property, Thunderwood will earn a 51% interest by completing the $3-3.5 million underground program in May, 1991.

Underground work began in November, 1990, and will include a 3,000-foot access ramp, 1,000 feet of drifting on the 165-foot and 400-foot levels within two silicified gold-bearing horizons, 325 feet of raising, limited drilling and an 8-10,000 ton bulk sample.

As of mid-February, 1991, the ramp was down to 1,400 feet and drifting underway on the 165 foot level. Drifting is scheduled to begin on the 400-foot level in a few weeks and the company expects to reach the 500-foot level by the end of March or early April. The Pelletier Lake property is estimated to contain undiluted, preliminary reserves of 973,000 tons grading 0.20 oz. gold per ton, which includes 540,000 tons of 0.29 oz. gold per ton.

Drilling continues at Thunderwood and Greenstone Resources’ (TSE) equally owned Scott Lake base and precious metals property, 12 mile west of Chibougamau, Quebec. Encouraged by last year’s $700,000 exploration and 25,000-ft. drilling program, a $300,000 program including 15,000 ft. of diamond drilling began this January. The new program will follow-up on stringer and semi-massive copper-zinc mineralization discovered to the northwest of the main Scott Lake zone.