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Thundermin to Issue Shares Under Option Agreement Covering the Stirling Base Metal Property
|By Marketwired .
|August 1, 2014 01:51 PM EDT
TORONTO, ONTARIO -- (Marketwired) -- 08/01/14 -- Thundermin Resources Inc. ("Thundermin") (TSX VENTURE:THR) announces that it intends to issue 50,000 common shares to each of two venders, for a total of 100,000 common shares, as required on the third anniversary of an option agreement dated July 7, 2011 between the vendors and Thundermin (the "Agreement") covering the Stirling base metal property located on Cape Breton Island, Nova Scotia (see Thundermin's news releases dated June 23, July 21 and December 5, 2011 and July 24 and November 1, 2012 and Thundermin's website at www.thundermin.com for more details on the Stirling property and the Agreement).
The Stirling property consists of 404 claims covering approximately 15 kms of favourable volcanic stratigraphy trending southwest from the past-producing Stirling Mine which consisted of several massive sulphide lenses containing over 1,000,000 tonnes of ore grading 6.3% Zn, 1.5% Pb, 0.8% Cu, 74.0 g/t Ag and 1.1 g/t Au.
During the third quarter of 2012, Thundermin completed an initial diamond drilling program consisting of 1,888 m of drilling in six holes. The most significant copper mineralization was intersected in the Taylor's Brook area approximately 10 km southeast of the Stirling Mine. This mineralization, which consists of chalcopyrite stringers within a siliceous, uniformly massive, quartz-feldspar porphyry assayed 2.4% Cu over 0.9 m and 1.7% Cu over 1.0 m, within a wider zone assaying 0.93% Cu over 5.15 m, and 1.2% Cu over 0.5 m.
During the third quarter of 2014, Thundermin intends to undertake a program of line-cutting, induced polarization and magnetic geophysical surveying, geological mapping and prospecting over a portion of the Stirling claims adjacent to the Stirling Mine. The purpose of the program is to trace an area containing talcose, pyritic felsic pyroclastics which is believed to be prospective for the occurrence of base metal sulphides. A narrow zone of pyritic sulphides within these rocks, which has never been followed up by drilling, returned 4.03 ounces of silver with highly anomalous copper in a shallow, historical drill hole.
Mr. Douglas Hunter, MSc., P.Geo., President of Earthunt Resources Inc., Mr. Hunter's private consulting company, is the Q.P. responsible for the supervision of the exploration program conducted by Thundermin on the Stirling property for the purposes of NI 43-101. Mr. Hunter has reviewed the contents of this news release for accuracy and approved of its release.
Thundermin is a Canadian-based mineral exploration company focused on the exploration for and the discovery of economically viable base metal and gold deposits in Canada. Thundermin has an interest in, or the right to earn an interest in, 10 base metal and gold properties in Canada. The most significant of these is the Little Deer copper property in the Springdale area of Newfoundland that hosts the Little Deer and Whalesback copper deposits. Thundermin and 50% joint venture partner Rambler Metals and Mining Canada Limited have outlined Indicated Resources of 1,911,000 tonnes grading 2.37% copper and Inferred Resources of 3,748,000 tonnes grading 2.13% copper at Little Deer and Indicated Resources of 797,000 tonnes grading 1.67% copper and Inferred Resources of 443,000 tonnes grading 1.57% copper at Whalesback.
Thundermin owns a 100% interest in the Lebel Township gold property, which is located on the Kirkland Lake Main Break in the prolific Kirkland Lake gold camp. Thundermin has royalty interests in seven base metal and gold properties located in British Columbia and Quebec, the most significant being a 2.5% net smelter return royalty in the Pelletier Lake gold deposit which is under option to QMX Gold Corporation. Thundermin also has various shareholdings in eleven other junior resource companies exploring for base metal, gold, chrome, and diamond deposits in Canada.
This news release may contain "Forward-Looking Statements" that involve risks and uncertainties, such as statements of Thundermin's plans, objectives, strategies, intentions and expectations. The words "potential," "anticipate," "forecast," "believe," "estimate," "expect," "may," "project," "plan," and similar expressions are intended to be among the statements that identify "Forward-Looking Statements". Although Thundermin believes that its expectations reflected in these "Forward-Looking Statements" are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings that can be viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behavior of financial and metals markets and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our "Forward-Looking Statements". Although Thundermin believes the facts and information contained in this news release to be as correct and current as possible, Thundermin does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views subsequent to the date of this news release.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
For further information on Thundermin Resources Inc. please visit Thundermin's website at www.thundermin.com or the SEDAR website at www.sedar.com.
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