Thundermin Resources Inc. Provides Update on Pelletier Lake Gold Property, Rouyn-Noranda, Quebec
17.09.2015 | Marketwired
TORONTO, Sep 17, 2015 - Thundermin Resources Inc. ("Thundermin") (TSX VENTURE:THR) announces that the agreement with QMX Gold Corp. ("QMX") with respect to the Pelletier Lake Gold Property located near Rouyn-Noranda, Quebec ("Pelletier Lake") has been terminated and Thundermin's 100% ownership of Pelletier Lake has been re-instated. On September 1, 2005, Thundermin granted QMX an option to acquire a 100% interest in Pelletier Lake subject to, among other things, Thundermin's right to receive a 2.5% NSR once the property was put into commercial production (the "QMX Option"). The QMX Option was the subject of an arbitration process which in May 2014 determined that QMX's right to earn a 100% interest in Pelletier Lake was subject to QMX achieving commercial production at Pelletier Lake by February 28, 2018 and making certain annual advanced royalty payments to Thundermin by August 31st in each year until commercial production was achieved. QMX did not comply with the terms and conditions established by the arbitrator and as such on August 31, 2015 all of QMX's rights with respect to Pelletier Lake were terminated.
Pelletier Lake is an advanced gold exploration property with established underground access via ramp and with current Measured and Indicated Resources estimated by QMX to be 279,442 t grading 8.61 g/t Au (77,372 oz. Au) at a cut-off grade of 5.5 g/t Au. Inferred Resources were estimated by QMX to be 419,514 t grading 8.37 g/t Au (112,899 oz. Au) at a cut -off grade of 5.5 g/t Au. This resource estimate was prepared by Mr. Martin Peron, Eng., Superintendent of Geology, Pelletier Lake for QMX and a Q.P. as defined under NI 43-101.
Thundermin's President John Heslop stated "Thundermin considers Pelletier Lake to be an important asset with the potential to be developed for production at higher gold prices once a feasibility study has been carried out. We will be evaluating opportunities to advance Pelletier Lake to production either directly or with partners in the coming months".
More information on Pelletier Lake can be found on Thundermin's website, in numerous news releases and on SEDAR.
About Thundermin Resources Inc.
Thundermin is a Canadian-based mineral exploration company focused on the exploration for and the discovery of economically viable base metal and gold deposits in Canada with its primary project being the Little Deer Copper Project in Newfoundland. On September 2, 2015, Thundermin announced that it had signed a non-binding letter of intent ("LOI") with Rambler Metals and Mining Plc, Thundermin's 50% joint venture partner in the Little Deer Copper Project, which sets out the principal terms upon which Thundermin proposes to merge with a wholly-owned subsidiary of Rambler. Thundermin has royalty interests in seven base metal and gold properties located in British Columbia and Quebec. Thundermin also has various shareholdings in twelve other junior resource companies exploring for base metal, gold, chrome, and diamond deposits in Canada.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain "Forward-Looking Statements" that involve risks and uncertainties, such as statements of Thundermin's plans, objectives, strategies, intentions and expectations. The words "potential," "anticipate," "forecast," "believe," "estimate," "expect," "may," "project," "plan," and similar expressions are intended to be among the statements that identify "Forward -Looking Statements". Although Thundermin believes that the expectations reflected in these "Forward-Looking Statements" are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in its regulatory filings that can be viewed on the SEDAR website at www.sedar.com. For Thundermin, uncertainties arise from the behavior of financial and metals markets and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause its actual future results to be materially different than those expressed in the "Forward- Looking Statements". Although Thundermin believes the facts and information contained in this news release to be as correct and current as possible, Thundermin does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views subsequent to the date of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information on Thundermin Resources Inc. please visit Thundermin's website at www.thundermin.com or the SEDAR website at www.sedar.com.
Contact
Thundermin Resources Inc.
John B. Heslop, President & CEO
(647) 344-1167
www.thundermin.com
