Copper Road Resources Inc. press release
Woodruff purchases 100% of Thundermin's Scott Lake base metal massive sulphide property in Quebec
TSXV - TSX Venture Exchange · Copper · Gold · Canada
TORONTO, July 6 /CNW/ - Woodruff Capital Management Inc. (WOO-TSX.V) (the "Company") is pleased to announce 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. It has seen considerable exploration activity in the mid 70's and in the late 80's following the discovery of a VMS deposit by Selco. 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. Potential to discover additional sulphide lenses at Scott Lake is considered excellent with 2 other massive sulphide lenses already discovered respectively 1.2 Km and 1.7 Km west of the Selco deposit. No resource calculations are available for those two lenses. The potential for additional stacked mineralized horizons is also excellent as 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 vigorous hydrothermal system of a scale consistent with the possibility of a very large VMS deposit. GDerald Riverin, president of Woodruff, commented: "Scott Lake fits perfectly with our strategy of focusing on high quality base metals exploration in easily accessible areas. Along with the Lemoine project where we control over 17 km of favourable stratigraphy, Scott Lake will make the Company the premier VMS explorer in the Chibougamau camp." 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. 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.
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