Great Thunder Signs Letter of Intent for Quebec Lithium Property Adjacent to Nemaska Lithium’s Whabouchi Property
Victoria, British Columbia (FSCwire) - Great Thunder Gold Corp. (TSXV: GTG) is pleased to announce that it has signed a non-binding letter of intent to purchase four mineral claims covering 213 hectares adjoining Nemaska Lithium Inc.’s Whabouchi Property in Quebec. Nemaska Lithium recently announced an updated feasibility study showing a pre-tax net present value of $1.9 billion (based on an 8% discount rate) for its Whabouchi Property.
The letter of intent property borders Nemaska Lithium on two sides – the northwestern and southeastern boundaries – with their proposed open pit approximately three kilometers south of the southern claim boundary. The property is also adjacent to ground owned by Durango Resources Inc. on the western and northern boundaries.
The mineral claims appear to cover several locations of mapped pegmatites, as outlined in a NI 43-101 Technical Report prepared for Tucana Lithium Corp. (Theberge, 2011)1. Nemaska Lithium Corp., under contract to Tucana, mapped several pegmatite occurrences that were distributed over two main trends: one extending over three kilometres in a north-easterly direction, east of Whabouchi Deposit, and the other extending over two kilometres in an east-west direction, north of Whabouchi Deposit. A limited number of grab samples were sent for assays.
Great Thunder is contemplating a first phase of exploration combining geophysical survey with soil sampling on cut lines.
Great Thunder’s President, Kevin Whelan, stated “We are extremely excited about signing this property deal to acquire claims adjoining the second largest and richest global lithium reserve. This is a major coup for a small junior company like Great Thunder.”
Under the terms of the letter of intent, Great Thunder will, subject to TSX Venture Exchange acceptance, issue 2,000,000 shares and pay $60,000, of which $15,000 is a non-refundable deposit. The transaction is also subject to due diligence and negotiating a definitive purchase agreement.
Great Thunder will, subject to TSX Venture acceptance, also pay a finder’s fee to Mr. Blair Naughty equal to 7% of the number of shares issuable in respect of the proposed purchase. The finder’s fee is payable in shares subject to a four-month hold period.
The technical contents of this release were approved by Isabelle Robillard, P.Geo., a Qualified Person as defined by National Instrument 43-101. The property has not yet been the subject of a National Instrument 43-101 report.
ON BEHALF OF THE BOARD
Signed “Kevin C. Whelan”
Kevin C. Whelan, President
Direct line: (250) 474-6640
References
Theberge, D. (2011). NI 43-101 Technical Report Pertaining to the Abigail Property, Nemiscau Area, Northern Quebec, Canada, prepared for Tucana Lithium Corp.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/greatthunder04152016.pdf
Source: Great Thunder Gold Corp. (TSX Venture:GTG) http://www.greatthundergold.com/
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