Canuc Resources Corporation press release
Woodruff provides further details on purchase of Thundermin's Scott Lake base metal massive sulphide property in Quebec.
TSXV - TSX Venture Exchange · Silver · Gold · Copper · Cobalt · Nickel · Rare Earth Elements · Natural Gas · Oil · Canada
TORONTO, July 6 /CNW/ - Woodruff Capital Management Inc. (WOO-TSX.V) (the "Company") is pleased to provide an update on its announcement earlier today that, subject to regulatory acceptance, it will purchase the Scott Lake base metal massive sulphide property from Thundermin Resources Inc., in consideration of staged payments totalling $285,000 and the issuance of 300,000 treasury shares to Thundermin over a two year period. Upon reaching commercial production on any mineral deposit discovered on the property, the Company will make a final payment to Thundermin ranging from $1,000,000 to $4,000,000, depending on the size of deposit discovered, and issue to Thundermin 1,000,000 treasury shares of Woodruff. The Scott Lake Property is situated approximately 20 kilometres west of Chibougamau, Quebec. The property has seen considerable exploration activity in the mid 1970's and in the late 1980's-early 1990's. Between 1975 and 1981, Selco completed 5,416 metres of drilling. This work led to the discovery in 1976 of a VMS deposit. In 1988, a report by Thundermin Resources estimated that the deposit contained drill indicated resources of 700,000 tonnes grading 0.4% copper and 6.9% zinc to the 375 meter level. Woodruff now possesses the data used for the report, including drill logs and drill core, and believes the estimate to be relevant. However, in today's standards these estimates would not comply with CIM Definition Standards on Mineral Resources and Mineral reserves that were prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council, November 14, 2004. The Company has not done the work necessary to verify the classification of the resource or reserve, the Company is not treating them as a NI 43-101 defined resource or reserve verified by a QP, and the historical estimates should not be relied upon. The Selco massive sulphide deposit covers a strike length of 160 meters, down to a vertical depth of 400 metres. The Scott Lake property is located on the north limb of the Chibougamau Anticline and covers 7 kilometres of strike length of felsic rocks of the Waconichi Formation. On the south limb of that Anticline, the Waconichi hosts the past producing high grade Lemoine mine which is now part of the Company's Lemoine project. Between 1988 and 1993, Thundermin Resources undertook an extensive diamond drilling program on the Scott Lake property. In this period, Thundermin completed over 45,000 metres of drilling in over 100 holes. The 1991-92 drilling program led to the discovery of two other massive sulphide lenses, 1.2 kms and 1.7 kms west of the Selco deposit, thus suggesting the potential existence of other sulphide lenses. No resource calculations are available for those two lenses. The potential for additional stacked mineralized horizons is illustrated by various sulphide bearing chert horizons and stringer zones found stratigraphically above the known massive sulphide lens. In addition, widespread alteration and stringer sulphide zones have been identified over 3 kilometres, indicating the existence of an extensive and vigourous hydrothermal system of a scale consistent with the possibility of a very large VMS deposit. Thundermin has reported numerous stringer sulphide intersections in the Scott property. The true thickness and orientation of the stringer sulphide mineralization is unknown at the present time. The Company will, over the course of the next few months, review and compile all of the technical data received from Thundermin with the purpose of establishing a comprehensive stratigraphic and lithogeochemical model of the existing mineralization, which will form the basis of the anticipated 2006 drilling program. The president of Woodruff Capital Management Inc., GDerald Riverin, PhD, P.Geo., is a qualified person (as defined by National Instrument 43-101) and has more than 28 years of experience in exploration.
The Company focuses on base metal exploration in accessible areas of Quebec, Ontario and Newfoundland.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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