Thunder Bay, Ontario--(Newsfile Corp. - February 27, 2024) - Thunder Gold Corp (TSXV: TGOL) (FSE: Z25) (OTCQB: TGOLF) (formerly White Metal Resources Corp) ("Thunder Gold" or the "Company") has agreed to sell the Company's remaining 25% interest in the Dor-Wit copper property (Namibia) to Noronex Limited ("Noronex").
Highlights of the transaction are as follows:
Issuance of 5,500,000 shares of Noronex and
Deferred payment of US$ 1,000,000.00 on completion of a feasibility study.
Wes Hanson, President and CEO stated, "This transaction increases Noronex's 100% owned land position in the Kalahari Copper Belt of Namibia to over 800,000 hectares, representing over 300 kilometres of copper prospective strike length. Adding 100% of Dor-Wit to Noronex's extensive 100% owned land package makes fiscal and technical sense going forward and the transaction allows us to focus on our flagship gold property, Tower Mountain, in the Shebandowan Greenstone Belt of Ontario. We are pleased to have increased our share position in Noronex to 11.0 million shares, especially considering the prospective nature of the assembled land package."
Transaction Summary
The key terms of the transaction are:
Termination of the existing joint venture agreements;
Issuance of 5,500,000 shares of Noronex to Thunder Gold;
Deferred consideration of US$1m to Thunder Gold on completion of a Feasibility Study; and
Thunder Gold will be entitled to a pro-rata (25%) portion of the net proceeds from the sale of the Dordabis license should that transaction be completed within the next six (6) months.
Qualified Person
Technical information in this news release has been reviewed and approved by Wes Hanson, P.Geo., President and CEO of Thunder Gold Corp., who is a Qualified Person under the definitions established by NI 43-101.
About the Tower Mountain Gold Property
The 100%-owned Tower Mountain Gold Property is located adjacent to the Trans-Canada highway, approximately 50-km west of Thunder Bay, Ontario. The 2,350-hectare property surrounds the largest, exposed, intrusive complex in the eastern Shebandowan Greenstone Belt where most known gold occurrences have been described as occurring either within, or proximal to, intrusive rocks. Gold at Tower Mountain is localized within extremely altered rocks parallel to the western contact of the intrusive center. Drilling has established anomalous gold extending out from the intrusive contact for over 500 metres along a 1,500-metre strike length, to depths of over 500 metres from surface. The remaining 75% of the perimeter surrounding the intrusion shows identical geology, alteration, and geophysical response, offering a compelling exploration opportunity.
About Thunder Gold Corp.
Thunder Gold Corporation, formerly White Metal Resources. is a junior exploration company focused on gold discovery in Canada. For more information about the Company please visit: www.thundergoldcorp.com.
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The information contained herein contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking statements"). Forward-Looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. All statements, other than statements of historical fact, are forward-looking statements and are based on predictions, expectations, beliefs, plans, projections, objectives and assumptions made as of the date of this news release, including without limitation: timing of completion transaction; timing of the payment of the deferred consideration, if at all; completion of the sale of the Dordabis license and the Company's entitled to proceeds thereof, if at all; anticipated results of geophysical drilling programs; geological interpretations; and potential mineral recovery. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-Looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to the gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise any forward-looking statements, other than as required by applicable law, to reflect new information, events or circumstances, or changes in management's estimates, projections or opinions. Actual events or results could differ materially from those anticipated in the forward-looking statements or from the Company's expectations or projections.
