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Woodruff provides further details on purchase of Thundermin's Scott Lake base metal massive sulphide property in Quebec.
Woodruff provides further details on purchase of Thundermin's Scott Lake base metal massive sulphide property in Quebec..
About this update from Copper Road Resources Inc
[{"type":"text","content":"\n\n\n\n\nTORONTO, July 6 /CNW/ - Woodruff Capital Management Inc. (WOO-TSX.V) \n(the \"Company\") is pleased to provide an update on its announcement earlier\ntoday that, subject to regulatory acceptance, it will purchase the Scott Lake\nbase metal massive sulphide property from Thundermin Resources Inc., in\nconsideration of staged payments totalling $285,000 and the issuance of\n300,000 treasury shares to Thundermin over a two year period. Upon reaching\ncommercial production on any mineral deposit discovered on the property, the\nCompany will make a final payment to Thundermin ranging from $1,000,000 to\n$4,000,000, depending on the size of deposit discovered, and issue to\nThundermin 1,000,000 treasury shares of Woodruff.\nThe Scott Lake Property is situated approximately 20 kilometres west of\nChibougamau, Quebec. The property has seen considerable exploration activity\nin the mid 1970's and in the late 1980's-early 1990's. Between 1975 and 1981,\nSelco completed 5,416 metres of drilling. This work led to the discovery in\n1976 of a VMS deposit. In 1988, a report by Thundermin Resources estimated\nthat the deposit contained drill indicated resources of 700,000 tonnes grading\n0.4% copper and 6.9% zinc to the 375 meter level. Woodruff now possesses the\ndata used for the report, including drill logs and drill core, and believes\nthe estimate to be relevant. However, in today's standards these estimates\nwould not comply with CIM Definition Standards on Mineral Resources and\nMineral reserves that were prepared by the CIM Standing Committee on Reserve\nDefinitions and adopted by CIM Council, November 14, 2004. The Company has not\ndone the work necessary to verify the classification of the resource or\nreserve, the Company is not treating them as a NI 43-101 defined resource or\nreserve verified by a QP, and the historical estimates should not be relied\nupon. The Selco massive sulphide deposit covers a strike length of 160 meters,\ndown to a vertical depth of 400 metres.\nThe Scott Lake property is located on the north limb of the Chibougamau\nAnticline and covers 7 kilometres of strike length of felsic rocks of the\nWaconichi Formation. On the south limb of that Anticline, the Waconichi hosts\nthe past producing high grade Lemoine mine which is now part of the Company's\nLemoine project. Between 1988 and 1993, Thundermin R...