The primary purpose of this drill program, which will focus on the higher grade, eastern portion of the Little Deer deposit, is to increase the mineral resources outlined to date and to further upgrade the inferred resources to the indicated resource category. Improving the confidence level of the National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for Little Deer is required prior to undertaking a pre-feasibility study.
Certain holes in the current program will be targeted to expand the mineral resources in the Little Deer Footwall Zone Splay estimated to contain 797,000 t grading 2.64% copper (news release dated June 22, 2011).
A complete summary of the mineral resources outlined to date on the Little Deer Copper Project can be found on Thundermin’s website, in news releases and on SEDAR.
John B. Heslop, President and Chief Executive Officer of Thundermin said "We are looking forward to initiating this work program with Rambler on the Little Deer Copper Project.
Rambler has successfully brought the past-producing Ming Mine in Newfoundland back into commercial production. It is hoped that Rambler’s mining expertise will add value to the assessment of re-establishing production at the Little Deer and Whalesback copper deposits in the future."
The Little Deer Copper Project hosts the Little Deer and Whalesback copper deposits. On June 22, 2011 and July 26, 2012, NI 43-101 compliant mineral resource estimates, which were undertaken by P&E Mining Consultants Inc. ("P&E") of Toronto, Ontario, were announced for Little Deer and Whalesback, respectively. P&E estimated that Little Deer contains indicated resources of 1,911,000 tonnes ("t") at an average grade of 2.37% Cu (99.8 million lbs. Cu) and additional inferred resources of 3,748,000 t at an average grade of 2.13% Cu (176.0 million lbs. of Cu).
P&E estimated that Whalesback contains indicated resources of 797,000 tonnes grading 1.67% Cu (29.3 million lbs. Cu) and inferred resources of 443,000 tonnes grading 1.57% Cu (15.3 million lbs. Cu). On a combined basis, Little Deer and Whalesback are estimated to contain indicated resources of 2,708,000 tonnes grading 2.16% Cu (129.1 million lbs. Cu) and inferred resources of 4,191,000 tonnes grading 2.07% Cu (191.3 million lbs. Cu).
On November 1, 2011, results of a positive Preliminary Economic Assessment ("PEA") for Little Deer, on a stand-alone basis, were announced that indicate that there is potential to develop Little Deer on an attractive economic basis.
The discovery of new copper resources at Whalesback during 2012, because of their proximity to Little Deer, expanded the total mineral resources available for mining and may enhance the overall economics of establishing a new mining operation at Little Deer.
