Great Thunder Continues to Expand Land Position in Newfoundland
Vancouver, British Columbia--(Newsfile Corp. - June 10, 2021) - Great Thunder Gold Corp. (CSE: GTG) (OTC Pink: GTGFF) (FSE: M4KQ) ("Great Thunder" or the "Company") is pleased to announce it has entered into an option agreement to acquire 147 claims totaling 3,675 hectares located 45 kilometres ("km") north of Gander, NL (Figure 1). The Rodgers Cove claim group (the "Property") lies within the Exploits Subzone along the highly prospective northeast trending Dog Bay-Appleton-Grub Line fault system. The Property is 40 km northeast of the Keats Zone which is currently undergoing a 200,000-metre drill program by New Found Gold where recent dill results of 146.2 g/t Au over 25.6m were reported (see press release dated May 21, 2021).
Figure 1. Regional location of the Rodgers Cove Property.
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Under the terms of the option agreement, Great Thunder can acquire a 100% interest in the Rodgers Cove claim group from the optionors by paying $35,000 immediately, issuing 849,915 shares in three tranches over two years, incurring $250,000 of exploration expenses within two years and granting a 2% net smelter returns royalty. The Company may repurchase three-quarters of the royalty at any time for $2,000,000. The Company will also pay a finder's fee of 85,000 shares in respect of the transaction. Access is deemed excellent through a network of logging roads.
Rodgers Cove Claim Group
The property is within the Exploits Subzone of the Dunnage Zone close to the boundary between the Gander and the Dunnage Zones and is hosted within the Charles Cove siltstone formation of the Indian Islands Group. Recently discovered mineralization on the property was reported in significant new Au-Ag assays associated with elevated levels of Bi, Sb and Cu. Grab samples have returned up to 11.933 g/t Au, 21 g/t Ag, 543 ppm Bi, 420 ppm Cu and 900 ppm Sb. The polymetallic mineralization is associated with quartz veins within an altered granodiorite with pervasive arsenopyrite envelope (Figure 2). Grab samples are selected samples and not necessarily representative of the mineralization hosted on the property.
Figure 2. Local geology and Grab sample locations on the Rodgers Cove Property.
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Commentary from the CEO
Blair Naughty, CEO of Great Thunder states: "We are excited to acquire additional ground in the central Newfoundland gold belt. The recent discovery of high-grade gold mineralization within a prominent structural corridor on the property bodes well for continued success through our exploration programs. We are very excited to commence our initial field work on this well-situated project."
Qualified Person
Mr. Mike Kilbourne, P. Geo, 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.
The QP has not completed sufficient work to verify the historic information on the Rodger Cove property particularly regarding historical exploration, neighbouring companies, and government geological work. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.
About Great Thunder Gold
Great Thunder Gold is a Canadian junior mining exploration company focused on mineral projects located in Quebec & Newfoundland, Canada.
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
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 may contain certain "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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