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Be the first with the news that moves the market- Great Thunder Gold (
- CSE:GTG) has completed acquired 100 per cent the Southern Star Property in Quebec’s Fenelon Gold District
- As consideration for the acquisition, the company paid C$12,500 in cash and issued 450,100 common shares to the vendors of the property
- The property remains subject to a three per cent net smelter return royalty, although two per cent of the royalty may be repurchased by Great Thunder
- The Southern Star Property consists of 146 claims and covers roughly 8,100 hectares, bringing the company’s total holding in the region to 10,677 hectares
- Great Thunder Gold (GTG) is in the process of moving its listing to the Canadian Securities Exchange, but is currently trading on the TSX Venture Exchange at 46 cents per share
Great Thunder Gold (CSE:GTG) has acquired 100 per cent the Southern Star Property in Quebec’s Fenelon Gold District.
Under the terms of the agreement, which was first announced on April 21, 2020, the company paid C$12,500 in cash and issued 450,100 common shares to the vendors of the property for the acquisition.
While the Southern Star Property remains subject to a net smelter return royalty of three per cent, two thirds of the royalty may be repurchased by Great Thunder at any time for a fee of $3 million.
In the original April news release, Great Thunder’s President and CEO, Richard Macey, noted that the acquisition would significantly increase the company’s strategic position along the Detour trend belt.
“Such well positioned land holdings provide a greater opportunity for discovery potential.
“If the due diligence of the Southern Star Property is positive and this transaction is completed, it would make Great Thunder one of the largest land holders in the newly developing Fenelon Gold Camp,” he said.
Located 6.5 kilometres south the Fenelon-Tabasco deposit held by Wallbridge Mining, the Southern Star Property covers 8,100 hectares and consists of 146 claims. With the acquisition now completed, the property brings Great Thunder’s total land holding in the region to 10,677 hectares.
Previous drilling conducted by Midland Exploration in 2017 at the Bapst Fault, which runs through the southwest portion of the property, returned 5.6 grams per tonne of silver over 1.4 metres and five grams per tonne of silver over one metre.
In addition, there are two electro-magnetic targets that have been identified on the property which cover 11 kilometres of the Lower Detour Fault. To date, there has been little work that has focused on testing these targets.
Great Thunder Gold (GTG) is in the process of moving its listing to the Canadian Securities Exchange but is currently trading on the TSX Venture Exchange at 46 cents per share.
