QUEBEC – Blue Thunder Mining and O3 Mining have signed a definitive agreement that allows Blue Thunder to acquire 100% interest in O3’s Fancamp and Embry gold properties.
In a press release, the miners said that to go ahead with the deal, Blue Thunder has to issue 4.5 million common shares to O3 and grant a 2% net smelter return (NSR) royalty to O3 over the properties, with the option to buy-down to a 1% NSR for $750,000 at any time.
“The signing of the agreement is an exciting milestone for the company and enhances Blue Thunder’s strategy of consolidating prospective ground along strike from known gold deposits, focused in the Chibougamau gold district,” Robert Cinits, the company’s CEO, said in the media brief. “With this acquisition, Blue Thunder now holds approximately 510 sq. km of exploration ground.”
The Fancamp gold property comprises 37 contiguous mining claims over an area of approximately 19 sq. km. It is located about 55 km southwest of Chibougamau and is between Blue Thunder’s Muus and Muus East properties.
The Embry property is an early-stage exploration project, 17 km north of Fancamp and 25 km southwest of Chibougamau, where 12 contiguous mining claims cover 6.7 sq. km.