Victoria, British Columbia (FSCwire) - Great Thunder Gold Corp. (TSXV: GTG) is pleased to announce that it has optioned 5,212 hectares in the Urban area of Quebec consisting of 92 cells. The ground adjoins Osisko Mining Inc., Beaufield Resources Inc. and Melkior Resources Inc.’s properties along strike and is adjacent to Osisko’s Black Dog Project in the Urban-Barry Gold Camp.
An Osisko map of gold in till results indicating 85-340 grains gold per 10 kg till marginal to Osisko’s Black Dog Project caught Great Thunder’s attention. The Black Dog Project is reported by Osisko to be a gold-silver-copper discovery in andesitic volcanics that coincides with magnetic and electromagnetic anomalies associated with breccia-hosted quartz-tourmaline mineralization and alteration, with disseminated to semi-massive Au-Ag-Cu bearing sulfides. Recent Osisko news releases indicate that targeting EM anomalies has had success in their exploration efforts on the Black Dog Project.
A geophysical survey entitled “Report on a Combined Helicopter borne Electromagnetic, Magnetic, Radiometric and VLF-EM Survey, DELAFON PROJECT, March 10, 1993” filed with the Quebec government identified a significant conductive trend with associated electromagnetic anomalies. The area optioned by Great Thunder covers the northern half of the conductor described in the report. The electromagnetic signature of the conductor was described within the 1993 report as “… a long formational trend … [that] does not conform with any of the geologic maps of the region, obviously indicating a complete re-assessment of the rocks in this region will be needed.” The author of the report further expressed the opinion that the conductive zone “… extends westerly off the western survey boundary and is thought to fold to the north northeast, perhaps coinciding with … the east shore of Lac Maseres.”
Kevin Whelan, President of Great Thunder, said “Great Thunder is thrilled to be part of such an exciting play. The mineralization and geological setting described by Osisko in their adjacent Black Dog Project indicates that formational trends of conductivity and EM conductors within volcanic rocks in proximity to the Black Dog Project merit investigation. Great Thunder looks forward to an aggressive exploration program in 2017.”
To exercise its option, Great Thunder must, subject to TSX Venture Exchange acceptance, pay the optionors $65,000, issue 6,000,000 shares in two tranches over the next year, and grant a 2% net smelter return royalty. In addition, the Company must incur $950,000 of exploration expenses over the next three years. The Company will also pay a finder’s fee totalling 300,000 shares to Mr. Nathan Rotstein, subject to TSX Venture Exchange acceptance.
In conjunction with this option, Great Thunder has cancelled the private placement announced February 22, 2017 and, instead, will undertake a non-brokered private placement of up to 12 million units at a price of $0.05 per unit. Each unit will consist of one common share and one share purchase warrant. Each warrant will, in turn, entitle the holder a purchase an additional common share at a price of $0.075 for a period of one year following the closing of the offering.
The financing is integral to the property option and the proceeds from the offering will be used primarily for its acquisition and exploration. The offering is subject to TSX Venture Exchange acceptance and is open to qualified investors. Great Thunder may pay cash financing fees of up to 10% of the subscription proceeds and up to 10% in the form of warrants exercisable at $0.075 for a period of one year.
The technical contents of this release were approved by Wade Kornik, P.Geo., an independent Qualified Person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD
Signed “Kevin C. Whelan”
Kevin C. Whelan, President
Direct line: (250) 474-6640
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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/greatthunder03212017.pdf Source: Great Thunder Gold Corp. (TSX Venture:GTG)