Junior Canadian mining exploration company Great Thunder Gold has closed the acquisition of the Southern Star property in Quebec, Canada.
The Southern Star property is made up of 145 claims covering approximately 8,100 hectares and is located 6.5km south of the Fenelon/Tabasco deposit owned by Wallbridge Mining Company. The acquisition of the Southern Star property brings Great Thunder’s claims to a total of 10,677 hectares in the mining district.
Great Thunder has acquired a 100% interest, subject to a 3% net smelter returns royalty, in the Southern Star property from the vendors for a cash deposit of $12,500 and the issuance of 450,100 common shares. Great Thunder has the right to purchase back 2% of the net smelter returns royalty at any time for $3m.
The newly acquired property has encouraging gold and base metal potential, with a historic silver intercept in the South-West section of the property.
Great Thunder announced it had secured a letter of intent for the acquisition on 21 April 2020. The acquisition secures Great Thunder’s strategic property package along the detour belt that has hosted world-class mines and deposits including Kirkland Lake Gold’s Detour Lake mine, which hosts gold reserves of 15.62Moz.
At the time, Great Thunder Gold CEO and President Richard Macey said: “The Southern Star acquisition, subject to a due diligence process, would significantly increase the company’s strategic position along the Detour trend belt as it would nearly quadruple our key land positioning. Such well-positioned landholdings provide a greater opportunity for discovery potential.
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“With Wallbridge and Balmoral [Resources] on the road to combining their companies, if the due diligence of the Southern Star is positive and this transaction is completed, it would make Great Thunder one of the largest landholders in the newly developing Fenelon Gold Camp.”