Abitibi Metals boosts resource by 62% at B26 polymetallic deposit in Quebec
Indicated resources increased to 11.3 million tonnes from 6.9 Mt.
Great Thunder Gold has acquired an additional 42 sq. km of claims within the Fenelon gold camp in Quebec, expanding its wholly owned Southern Star project to 123 sq. km.
Southern Star is about 6.5 km south of Wallbridge Mining’s Fenelon gold project.
Great Thunder acquired a 100% interest in this additional group of claims, which is subject to a 1.5% net smelter return royalty, for a C$14,000 payment and 300,000 of its shares. Half of the royalty may be repurchased at any time for C$500,000.
At Southern Star, there are two key geophysical targets; the property covers 11 km of the Lower Detour fault extension.
The company plans to complete an airborne geophysical survey over the expanded Southern Star holdings as well as over its Northbound property, north of Wallbridge’s Fenelon.
“Our team has been very active in recent months consolidating ground in the Fenelon gold camp,” Rich Macey, the company’s CEO, said in a release. “Because of this timely acquisition, we have been able to scale up our geophysical survey to cover the entirety of our projects within the camp.”
Earlier this month, Great Thunder closed its acquisition of the 81-sq.-km original Southern Star property, which was purchased for C$12,500 and 450,100 shares, subject to a 3% net smelter return royalty.
With this most recent acquisition, Great Thunder now holds a total of 148 sq. km of ground within the Fenelon gold district.
Midday Thursday, Great Thunder’s stock was up 5.4% on the TSXV. The company has a $11.1 million market capitalization.
(This article first appeared in the Canadian Mining Journal)
