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Corporate Activities And Highlights
2011
On June 22, 2011, Thundermin announced an updated NI 43-101 compliant mineral resource
estimate for the Little Deer Copper ("Deposit"). P&E Mining Consultants Inc. (“P&E”)
estimated that the deposit contains Indicated Resources of 1,911,000 t at an
average grade of 2.37% Cu and Inferred Resources of 3,748,000 t at an average
grade of 2.13% Cu.
Updated mineral resource estimate based on assay results from 48,432 m of
drilling in 82 holes completed by Thundermin and Cornerstone since June 2007
and assay data from a total of 102 surface and 122 underground historical holes
that were drilled by British Newfoundland Exploration Company between 1961 and
1970 and Mutapa Gold Corporation between 1998 and 2000. The historical
information was recovered from the archives of the Newfoundland and Labrador
Department of Natural Resources in St. John’s, Newfoundland.
On July 12, 2011, Thundermin and Cornerstone exercised their option to acquire a
100% interest in the Deposit and adjacent property, as per the terms of the
agreement with Weyburn. Thundermin issued 5,075,188 shares to Weyburn and
Cornerstone issued 2,351,916 shares to Weyburn to complete the exercise of
the option.
On October 20, 2011, Thundermin and Cornerstone announced encouraging
new “blue sky” potential for the adjoining, past-producing , 100%-owned
Whalesback Copper Mine. Digital compilation of data from 107 holes
drilled in the mineralized zone below and to the west of the areas
previously mined suggest that there is excellent potential for
establishing additional copper resources on the Whalesback property.
On November 1, 2011, a positive Preliminary Economic Assessment was
announced for the Deposit which demonstrates the potential technical and
economic viability of establishing a new, profitable copper mine at
Little Dear at current copper prices.
On June 23, 2011, Thundermin announced that it had obtained the right to earn a
100% interest in a large portion of the Stirling zinc-lead-copper-silver-gold
sulphide belt located in the County of Richmond on Cape Breton Island, Nova
Scotia. This project is an early stage exploration project that will complement
the more advanced stage Little Deer project.
Maintained working capital of approximately $1,353,400 at year end.
Strengthened the balance sheet by raising approximately $2,226,500 in flow
through funds in March and December 2011 to finance on-going exploration
programs in 2011 and 2012.
2010
Indicated Resources of 1,150,500 tonnes at an average grade of 2.8% Cu
and Inferred Resources of 2,335,500 tonnes at an average grade of 2.1%
Cu estimated for the Little Deer Copper Deposit by Scott Wilson RPA
(National Instrument 43-101 compliant).
- Completed 11,615 metres of diamond drilling in 18 holes on the Little
Deer Copper Deposit. Successfully confirmed historical copper grades and
widths and expanded the area of known high-grade copper mineralization
over a strike length of 1,050 metres and to a vertical depth of 1,000
metres.
- Metallurgical test work completed by SGS Lakefield Research which
indicated excellent results with the production of a clean, high-grade
copper concentrate grading over 28% Cu with over 97% copper recovery.
- Maintained working capital of approximately $1,251,500 at year end.
- Strengthened the balance sheet subsequent to year-end by raising
approximately $1,007,000 in flow through funds to finance exploration
programs in 2011.
- Received $190,765 in grants from the Government of Newfoundland and
Labrador under its Junior Exploration Assistance Program with respect to
expenditures made on the Little Deer Copper Deposit during 2009 and
2010.
- Received $101,425 from Alexis Minerals Corporation with respect to Thundermin’s 2.5% NSR royalty on 3,443 ounces of gold recovered from an
approximately 25,000 t bulk sample which was mined by Alexis from the
Pelletier Lake gold deposit during Q4-2009, Q1-2010 and Q2-2010.
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2009
Indicated Resources of 1,087,000 tonnes at an average grade of 2.9% Cu
and Inferred Resources of 1,950,000 tonnes at an average grade of 2.3%
Cu estimated for the Little Deer Copper Deposit by Micon International
Limited (National Instrument 43-101 compliant).
- Completed 11,416 metres of diamond drilling in 17 holes on the Little
Deer Copper Deposit. Successfully confirmed historical copper grades and
widths and expanded the area of known high-grade copper mineralization
over a strike length of 1,050 metres and to a vertical depth of 895
metres.
- Maintained the option, along with joint venture partner Cornerstone
Resources Inc., to earn a 100% interest in the Little Deer property by
issuing 342,262 shares to Weyburn Investments Limited at a price of
$0.168 per share ($57,500). Cornerstone paid $57,500 in cash.
- Maintained working capital of approximately $2,145,000 at year end.
- Strengthened the balance sheet by raising $500,000 in flow-through
funds to finance exploration programs in 2010.
- Received cash payments of $100,000 and $25,000 from Alexis Minerals
Corporation, with respect to Thundermin’s Pelletier Lake gold property,
and from an Optionee, with respect to Thundermin’s Obalski, Cossette and
Ramsey gold properties, respectively.
- Completed the sale of Thundermin’s 49% interest in the Valdora gold
property to Alexandria Minerals Corporation for 75,000 shares of
Alexandria, 75,000 share purchase warrants and a 1.0% net smelter
returns royalty.
- Received a $50,000 grant from the Government of Newfoundland and
Labrador under its Junior Exploration Assistance Program with respect to
expenditures made on the Little Deer property during 2008.
- Completed an Option Assignment Assent Agreement with Red Mile Minerals
Corp. wherein Red Mile acquired the rights of Russet Lake Resources Inc.
with respect to Thundermin’s 50% interest in the Blue Quartz gold
property in Ontario. Thundermin received an additional cash payment of
$10,000 and 25,000 Red Mile shares.
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