- Great Thunder Gold (GTG) has signed an agreement to acquire five different properties in Newfoundland
- The company is acquiring a 100-per-cent interest in the properties from Unity Resources Group
- The properties consist of 366 claims covering 91.5 square kilometres
- The acquisition expands the company’s strategic land holdings in Newfoundland to a total of more than 219 square kilometres
- Great Thunder Gold is up 20 per cent, trading at C$0.60 at 11:32 am ET
Great Thunder Gold (GTG) has signed an agreement to acquire five different properties in Newfoundland.
The British Columbia mining company made the agreement with Unity Resources Group for a 100-per-cent interest in the properties.
The properties consist of 366 claims covering 91.5 square kilometres in the Central Belt of Newfoundland.
The acquisition substantially expands the company’s strategic land holdings in Newfoundland from 511 claims to 877 claims covering 219.25 square kilometres.
“We are very pleased to have struck a deal to acquire these properties. The vendors are led by Mr. Gary Lewis, a Newfoundland-based prospector who has the first-mover advantage with these projects. Gary was the person that first toured the New Found Gold team as they entered the province as a private company. Some of Great Thunder’s newly-acquired claim blocks are highly prospective given that they all are near the excitement, and most were held prior to other companies joining the rush, including New Found Gold. This truly gives us the upper hand. Also, the deal comes with new shareholders, partners and technical advisors who have the connections, wherewithal and abilities to move these projects forward quickly,” said Great Thunder CEO Blair Naughty.
Under the terms of the cash and stock deal, Great Thunder will pay $150,000 and issue 3,200,000 common shares for the land packages.
Certain vendors will retain a two-per-cent net smelter returns royalty, of which Great Thunder may buy back one per cent of the royalty for $1,500,000.
Great Thunder Gold is up 20 per cent, trading at C$0.60 at 11:32 am ET.
