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Blue Thunder Mining (TSXV: BLUE) signed a letter of intent with O3 Mining (TSXV: OIII) to acquire 100% interest in O3’s Fancamp and Embry gold properties, located in the Chibougamau Mining District of Quebec, eastern Canada.
In a press release, the companies said that Fancamp comprises 37 contiguous mining claims covering an area of 1,895 hectares, located approximately 55 kilometres southwest of the town of Chibougamau, within the Archean Abitibi Greenstone Belt.
Fancamp has a comprehensive historical exploration database including airborne and ground geophysics, surface mapping, trenching and sampling, approximately 103 diamond-drill holes, and a small exploration decline
The property is strategically situated between Blue’s Muus and Muus East properties.
According to the miners, Fancamp is principally underlain by a sequence of northeast-striking, mafic, intermediate and felsic volcanic rocks and sedimentary rocks that are intruded by gabbro sills, granodiorite-tonalite and granitic intrusions, and their associated porphyritic dykes.
The Embry property, on the other hand, is an early-stage exploration project, approximately 17 kilometres north of Fancamp and 25 kilometres southwest of Chibougamau, comprising 11 contiguous mining claims covering approximately 668 hectares.
Embry overlies the intersection of the east-west trending Kapunapotagen fault with several north-northeast trending shear-zones similar to those that are known to host gold mineralization in the Chibougamau Mining District.
“The addition of O3’s Fancamp and Embry properties to our existing large land package of approximately 47,600 hectares in the Chibougamau area is very exciting indeed”, Blue’s chairman and CEO, Chad Williams, said in the media brief. “These new mineral claims have several defined gold zones with advanced drill-ready targets. We welcome O3, part of the Osisko Group, as a significant new shareholder in Blue Thunder.”
The terms of the LOI state that Blue will acquire 100% interest in the properties in consideration for the issuance of 4,514,436 common shares to O3 and a 2% net smelter return royalty over the properties granted to O3, subject to Blue having the option to buy-down to a 1% NSR for C$750,000.
