Business
Woodruff purchases 100% of Thundermin's Scott Lake base metal massive sulphide property in Quebec
Woodruff purchases 100% 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 announce that, subject to regulatory acceptance,\nit will purchase the Scott Lake base metal massive sulphide property from\nThundermin Resources Inc., in consideration of staged payments totalling\n$285,000 and the issuance of 300,000 treasury shares to Thundermin over a two\nyear period. Upon reaching commercial production on any mineral deposit\ndiscovered on the property, the Company will make a final payment to\nThundermin ranging from $1,000,000 to $4,000,000, depending on the size of\ndeposit discovered, and issue to Thundermin 1,000,000 treasury shares of\nWoodruff.\nThe Scott Lake Property is situated approximately 20 kilometres west of\nChibougamau, Quebec. It has seen considerable exploration activity in the mid\n70's and in the late 80's following the discovery of a VMS deposit by Selco.\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. Potential to discover additional sulphide lenses at Scott\nLake is considered excellent with 2 other massive sulphide lenses already\ndiscovered respectively 1.2 Km and 1.7 Km west of the Selco deposit. No\nresource calculations are available for those two lenses. The potential for\nadditional stacked mineralized horizons is also excellent as illustrated by\nvarious sulphide bearing chert horizons and stringer zones found\nstratigraphically above the known massive sulphide lens. In addition,\nwidespread alteration and stringer sulphide zones have been identified over\n3 kilometres, indicating the existence of an extensive and vigorous\nhydrothermal system of a scale consistent with the possibility of a very large\nVMS deposit.\nGDerald Riverin, president of Woodruff, commented: \"Scott Lake fits\nperfectly with our strategy of focusing on high quality base metals\nexploration in easily accessible areas. Along with the Lemoine project where\nwe control over 17 km of favourable stratigraphy, Scott Lake will make the\nCompany the premier VMS explorer in the Chibougamau camp.\" The Company will,\nover the cour...