Thundermin Resources Inc. ("Thundermin") announces that it has been informed by Rambler Metals and Mining Canada Limited ("Rambler") that Rambler has completed the purchase from Cornerstone Capital Resources Inc. ("Cornerstone") of Cornerstone's 50% interest in the Little Deer Copper Project ("Little Deer").
As a result, Rambler will assume Cornerstone's obligations in the current Thundermin-Cornerstone Joint Venture Agreement under which Thundermin has the right to increase its interest in Little Deer to 75%.
John B. Heslop, President and Chief Executive Officer of Thundermin said "we are looking forward to working with Rambler on the Little Deer Copper Project. Rambler has successfully brought the past-producing Ming Mine in Newfoundland back into commercial production. It is hoped that Rambler's mining expertise will also lead to the resurrection of the Little Deer and Whalesback copper deposits in the future. The Little Deer and Whalesback copper deposits are in close proximity to Rambler's port facilities at Goodyear's Cove which could allow the possibility of bulk shipping of material to their Nugget Pond Processing Facility thus minimizing both future capital and operating costs at Little Deer".
The Little Deer copper project, located approximately 10 km north of Springdale in north-central Newfoundland, hosts the Little Deer and Whalesback copper deposits. On June 22, 2011 and July 26, 2012, National Instrument 43-101 ("NI 43-101") compliant mineral resource estimates, which were undertaken by P&E Mining Consultants Inc. ("P&E") of Toronto, Ontario, were announced for Little Deer and Whalesback, respectively. P&E estimated that Little Deer contains Indicated Resources of 1,911,000 tonnes ("t") at an average grade of 2.37% Cu (99.8 million lbs. Cu) and additional Inferred Resources of 3,748,000 t at an average grade of 2.13% Cu (176.0 million lbs. of Cu). P&E estimated that Whalesback contains Indicated Resources of 797,000 tonnes grading 1.67% Cu (29.3 million lbs. Cu) and Inferred Resources of 443,000 tonnes grading 1.57% Cu (15.3 million lbs. Cu). On a combined basis, Little Deer and Whalesback are estimated to contain Indicated Resources of 2,708,000 tonnes grading 2.16% Cu (129.1 million lbs. Cu) and Inferred Resources of 4,191,000 tonnes grading 2.07% Cu (191.3 million lbs. Cu).
On November 1, 2011, results of a positive Preliminary Economic Assessment ("PEA") for the Little Deer copper deposit, on a stand-alone basis, were announced that indicate that there is potential to develop the Little Deer copper deposit on an attractive economic basis. The discovery of new copper resources at Whalesback during 2012, because of their proximity to Little Deer, expand the total mineral resources available for mining and may enhance the overall economics of establishing a new mining operation at Little Deer.
Qualified Persons
The NI 43-101 mineral resource estimates and PEA referred to above were prepared under the supervision of Mr. Eugene J. Puritch, P. Eng., President of P&E. Mr. Puritch is an independent Qualified Person ("Q.P.") in accordance with NI 43-101.
Mr. Andrew Hussey, P.Geo., is the Q.P. responsible for supervising all of the drilling programs at Little Deer and Whalesback for the purposes of NI 43-101.
Source: http://www.thundermin.com/