Chubb Lithium drill program extends pegmatite dyke along strike and depth
Vancouver, British Columbia--(Newsfile Corp. - July 8, 2021) - Great Thunder Gold Corp. (CSE: GTG) (OTC Pink: GTGFF) (FSE: M4KQ) ("Great Thunder" or the "Company") would like to provide final drill results from its drilling activities in Quebec at its Chubb Lithium Project.
Chubb Lithium Project
On the Chubb Lithium Project ("Chubb"), Great Thunder completed 15 diamond drill holes totalling 2,283 metres. Assays have been received from a total of 423 samples from all drill holes. Highlights of the results received to date include 1.48% Li2O over 12.7m and 1.16% Li2O over 9.8m at the Main Dyke (see Table 1). These are the widest and highest-grade intercepts to date where thickening of the Main Dyke is appearing to extend south along strike and at depth.
Table 1. Highlights received to date from the Chubb Lithium project drill program. Lengths are downhole.
|
|
|
|
|
Weighted average |
| Hole number |
UTM E |
UTM N |
From (m) |
To (m) |
Length (m) |
Li2O % |
Rb ppm |
Ta ppm |
| 21-CH-04 |
280659 |
5354745 |
32.3 |
34.6 |
2.3 |
2.34 |
710.6 |
28.2 |
| 21-CH-05 |
280678 |
5354700 |
59.5 |
64.2 |
4.7 |
0.67 |
1877 |
53.8 |
| 21-CH-06 |
280708 |
5354626 |
70.2 |
76.9 |
6.7 |
1.09 |
1334 |
35.3 |
| 21-CH-07 |
280727 |
5354580 |
68.2 |
78 |
9.8 |
1.16 |
1218 |
20.3 |
| 21-CH-15 |
280749 |
5354568 |
107.3 |
120 |
12.7 |
1.48 |
1586 |
34.8 |
All the assays were performed by ALS Laboratory of Val d'Or using Na2O fusion and ALS's super traces ICP-MS methodology.
The Chubb Lithium project is located in the prolific La Corne pegmatite field located km north of Val d'Or, QC (Figure 1). The La Corne pegmatite field is host to North American Lithium's deposit with reported proven and probable reserves of 17.06 Mt grading 0.94% Li2O and measured and indicated resources of 33.24 Mt grading 1.19% Li2O (http://na-lithium.com/projects/). The La Corne pegmatite field also hosts the Authier Lithium Deposit of Sayona Mining which is estimated to contain measured and indicated resources of 17.18 Mt grading 1.01% Li2O and inferred resources of 3.76Mt grading 0.98% Li2O (https://www.ree.environnement.gouv.qc.ca/dossiers/3211-16-020/3211-16-020-16.pdf).
Figure 1: Chubb Property location within the Lacorne pegmatite field
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7129/89747_a222fae6741c3ba7_002full.jpg
To date three parallel pegmatitic dykes oriented south southeast are located on the Property, namely the Main Dyke, Dyke 2 and Dyke 3. Eight holes were completed on the Main Dyke, 5 holes were completed on Dyke 2 and 2 holes were completed on Dyke 3.
Figure 2: 2021 Spring Drill Results of Main Dyke at Chubb Lithium Property, Quebec
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/7129/89747_a222fae6741c3ba7_003full.jpg
Commentary
"We are extremely pleased with the lithium results from our Phase 1 drill program at the Chubb Property,"said CEO Blair Naughty. "Drilling has not only confirmed historical results but has improved on the grade and width from Great Thunder's drill program completed in 2017. This round's best drill hole ended in mineralization and could not go further due to weather conditions. Winter weather will enable our drillers to continue drilling the extension of this area. We look forward to analyzing the results and moving forward with a Phase 2 program in this prolific lithium camp."
Potential Spinout of Lithium Projects
Additionally, the Company would like to update its shareholders about the potential transfer of its Canadian lithium exploration projects to a new subsidiary that was previously announced in a news release dated October 21st, 2020. The Company's corporate team is obtaining legal and tax advice on spinning out its lithium assets for existing shareholders. Great Thunder can provide no assurance that the proposed spinout will take place as it would be subject to several conditions that include Board approval, satisfying the Canadian Securities Exchange (the "CSE") listing requirements, the assessment of legal and tax ramifications, determining final details of the transaction, receipt of all regulatory approvals, any required shareholder approval, the availability of financing for the new subsidiary, and market conditions. The Company will provide further details if and when available in accordance with the policies of the CSE.
Qualified Person
Donald Théberge, P.Eng., M.B.A., an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
About Great Thunder Gold
Great Thunder Gold is a junior Canadian mining exploration company focused on exploration and development along the Detour Gold trend and the La Corne pegmatite field in Quebec and the New Found Gold trend in Newfoundland. The Company is one of the largest mineral claim holders in the Fenelon Camp next to the leading Wallbridge Mining.
On Behalf of the Board of Directors,
GREAT THUNDER GOLD CORP.
"Blair Naughty"
President & CEO
Investor Relations
Email: info@greatthundergold.com
Direct Line: (236) 513-4653
www.greatthundergold.com
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the planned spinout of the Company's lithium exploration projects to a new subsidiary, the listing of the shares of the new subsidiary on a stock exchange, the future value of such shares and the acquisition of additional exploration projects, are forward-looking statements. Often, but not always, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved.
In making the forward-looking statements in this news release, the Company has made certain assumptions, including without limitation, the receipt of all necessary permissions and regulatory approvals in connection with the planned spinout and exploration project acquisitions, that the COVID-19 global pandemic will not affect the ability of the Company to carry out its plans, and the availability of financing on suitable terms.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, the ability of the Company's proposed subsidiary to obtain sufficient financing to fund its operations and planned exploration and to meet stock exchange listing requirements, delays in obtaining regulatory and other approvals, changes in laws, regulations and policies affecting mining operations and public companies, title disputes or claims, and environmental issues and liabilities.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release except as otherwise required by law.
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