Thunder Gold Corp. announced it has executed a Definitive Agreement (the "Agreement") with ALX Resources Corp. ("ALX" or the "Optionor"), to earn a 100% interest in the 4,571 hectare Electra Property, located immediately west and contiguous with the Company's flagship Tower Mountain Property .
The Company can earn a 100% interest in the 212 mineral claims by paying ALX a total of CAD 175,000 cash and issuing a total of 1,000,000 common shares of TGOL over a 24-month term. Terms of the Agreement Total cash payments (CAD) of an aggregate CAD 175,000 over two years to be paid as follows: CAD 50,000 on execution (the "Effective Date"); CAD 50,000 on or before the 12-month anniversary of the Effective Date; and CAD 75,000 on or before the 24-month anniversary of the Effective Date. Total share issuance of an aggregate 1,000,000 common shares of the Company as follows: 200,000 shares within five days of the Effective Date; 300,000 shares on or before the 12-month anniversary of the Effective Date; and 500,000 shares on or before the 24-month anniversary of the Effective Date.
Electra Property Highlights: Hemlo Gold Mines ("Hemlo") reported anomalous grab samples ranging from 0.10 to 82.5 g/t Au within Timiskaming conglomerates at Bateman Lake (Province of Ontario, Ministry of Energy and Mines, Assessment File Database, File 52A12SE0001 A Report on Geological, Geochemical and Physical Work Completed on the Conmee-Kwiatkowski Property, Conmee & Horne Townships, Thunder Bay Mining District, Andrew Tims, Hemlo Gold Mines Inc. 1996). Hemlo completed two surface trenches at Bateman Lake that intersected 11.5 metres averaging 0.527 g/t Au and 10.0 metres averaging 0.198 g/t Au. Lake (Province of Ontario, Ministry of Energy and Mines, Assessment File Database, File 52A12SE0001 A Report on Geological, Geochemical and Physical Work Completed on the Conmee-Kwiatkowski Property, Conmee & Horne Townships, Thunder Bay Mining District, Andrew Tims, Hemlo Gold Mines Inc. 1996).
Hemlo completed a single drill hole west of Bateman Lake that reported 9.8 metres averaging 0.255 g/t Au in Timiskaming conglomerate. This hole terminated in mineralization. Lake (Province of Ontario, Ministry of Energy and Mines, Assessment File Database, File 52A12SE0001 A Report on Geological, Geochemical and Physical Work Completed on the Conmee-Kwiatkowski Property, Conmee & Horne Townships, Thunder Bay Mining District, Andrew Tims, Hemlo Gold Mines Inc. 1996).
In 1997, Avalon Ventures completed two holes east of Bateman Lake. One hole intersected 83.5 metres averaging 0.240 g/t Au; including intervals of 4.95 metres averaging 0.521 g/t and 10.5 metres averaging 0.621 g/t. Lake (Province of Ontario, Ministry of Energy and Mines, Assessment File Database, File 52A12SE0001 A Report on Geological, Geochemical and Physical Work Completed on the Conmee-Kwiatkowski Property, Conmee & Horne Townships, Thunder Bay Mining District, Andrew Tims, Hemlo Gold Mines Inc. 1996). To the south, ALX identified numerous geophysical conductors in the mafic-ultramafic suite of rocks in 2024.
Follow up drilling by ALX intersected elevated nickel grades, including 10.5 metres averaging 1,054 ppm nickel in hole Elec22-06. (Reference Province of Ontario, Ministry of Energy and Mines, Assessment File Database, File 20000021502 Electra Nickel Property, Adrian, Conmee and Horne Townships, Ontario, Canada, R. Campbell, P.Geo., M. St-Pierre, P.Geo, May 10, 2023). There is a legacy NSR Royalty of 2.5%, payable to the original vendors of the Property.
1.5% of the NSR Royalty can be repurchased at a cost of CAD 1,500,000.
