This news release is intended for distribution in Canada only and is not intended for
distribution to United States newswire services or dissemination in the United States.
Toronto, Ontario, March 30, 2023 – Blue Thunder Mining Inc. (TSXV: BLUE) (“Blue Thunder” or the “Company”) provides the following update on the status of its transaction with Analog Gold Inc. (“Analog“) announced on January 30, 2023.
As announced by the Company in its January 30, 2023 news release, the Company has entered into a binding letter of intent (the “LOI“) to acquire all of the issued and outstanding shares of Analog (“Analog Shares“) in exchange for common shares of the Company (“Blue Thunder Shares“). The transaction will constitute a Reverse Takeover (“RTO“) under the rules of the TSX Venture Exchange (the “Exchange“). The RTO is arm’s length and there is no finder’s fee associated with the transaction.
Information on the terms of the LOI and the RTO is contained in the Company’s January 30, 2023 news release.
One of the conditions of completion of the RTO is that the Company complete a concurrent financing (the “Concurrent Financing“) for minimum gross proceeds of C$250,000. Blue Thunder is pleased to announce that it has completed the Concurrent Financing, by issuing a convertible promissory note in the amount of $250,000 which will be converted into common shares of the Company on completion of the RTO at a price of $0.28 per share (the “Concurrent Financing Price“)
When the LOI was announced on January 30, 2023, it was anticipated that the parties would enter into a definitive agreement replacing the LOI (the “Formal Agreement“) on or about March 27, 2023, and that the closing of the RTO would take place on or about March 30, 2023. Due to the requirement that Blue include audited financial statements of Analog in the information circular to be sent to the Company’s shareholders and the anticipated timing of various other steps required to complete the RTO, the parties now anticipate that the Formal Agreement will be entered into on or on or about May 17, 2023, and the RTO will close in late June, 2023 following a meeting of Blue Thunder’s shareholders which will be held to approve the RTO.
Trading in Blue Thunder’s common shares will remain halted pending the review of the proposed transaction by the Exchange and satisfaction of conditions of the Exchange for resumption of trading.
Further particulars of the RTO, the members of the Board of Directors and management of the Company following the RTO, the financing of Analog being undertaking in conjunction with the RTO, financial information regarding Analog and technical information regarding Analog’s mineral properties will be disclosed in future documents which will be filed by the Company.
We seek Safe Harbor.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. persons or any persons in the United States, absent (a) registration under the U.S. Securities Act and applicable U.S. state securities laws, or (b) exemptions from such registration requirements.
This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. “United States” and “U.S. person” are as defined in Regulation S under the U.S. Securities Act.
The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
About Blue Thunder
Blue Thunder is a gold exploration company that controls 100% of a large land position near Chibougamau, Québec. The Muus Gold project covers approximately 51,000 hectares in five separate blocks of prospective ground in the eastern part of the Abitibi Greenstone Belt. The Project is considered particularly prospective for gold mineralization, as a series of prominent ductile and brittle fault-sets transect the Project, including the Guercheville and Fancamp deformation zones, both of which are associated with numerous past and currently producing precious- and base metal mines in the district.
ON BEHALF OF THE BOARD
Dorian L. (Dusty) Nicol, CEO & Director
For more information, please visit our website www.bluethundermining.pubco.biz, or contact Mr. Dorian L. (Dusty) Nicol, [email protected] (647) 848-1009.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, anticipated exploration program results, the ability to complete future financings, the ability to complete the required permitting, the ability to complete the exploration program and drilling, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the commodity markets generally, variations in the nature, the analytical results from surface trenching and sampling program, including diamond drilling programs, the results of IP surveying, the results of soil and till sampling program. the quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including Exchange acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the potential impact of COVID-19 (coronavirus) on the Company’s exploration program and on the Company’s general business, operations and financial condition, and other risks and uncertainties. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties. This news release contains information with respect to adjacent or similar mineral properties in the Chibougamau District in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties, are not indicative of mineral deposits on the Company’s properties or any potential exploitation thereof.
Toronto, Ontario, February 3, 2021 – Blue Thunder Mining Inc. (TSXV:BLUE, OTCQB:BLTMF) (“Blue Thunder” or “the Company”) is pleased to announce the appointment of Donna McLean as the Company’s Chief Financial Officer (CFO), effective immediately. Ms. McLean replaces the Company’s outgoing CFO, Orin Baranowsky, who will remain as a consultant to the Company to ensure an orderly transition and to provide support to Ms. McLean.
Robert Cinits, President and CEO stated, “I want to thank Orin for his commitment and many contributions to the Company and we wish him the best in his future endeavours. I would also like to welcome Donna MacLean as our new CFO. She brings a depth of experience in financial reporting and business management that will be of great benefit to our Company”
Ms. McLean has more than 30 years experience and has served as CFO and Controller for numerous publicly-traded and private companies, including a number of mineral exploration companies. She serves as Senior Accountant with Grove Corporate Services Ltd. that provides governance, accounting, and administrative services to small-cap public and private companies in Canada.
Ms. McLean will be joined by Mr. Igor Zonenschein, Manager of Governance and Regulatory Affairs with Grove Corporate Services, who will be assuming the role of Corporate Secretary for the Company.
About Blue Thunder
Blue Thunder (TSXV:BLUE, OTCQB:BLTMF) is a gold exploration company that controls 100% of a large land position near Chibougamau, Québec. The Muus Project covers approximately 51,000 hectares in five separate blocks of prospective ground in the eastern part of the Abitibi Greenstone Belt. The Project is considered particularly prospective for gold mineralization, as a series of prominent ductile and brittle fault‐sets transect the Property, including the Guercheville and Fancamp deformation zones, both of which are associated with numerous past and currently producing precious‐ and base‐metal mines in the District.
ON BEHALF OF THE BOARD
Robert Cinits
Blue Thunder Mining Inc.
401 Bay Street, Suite 2704, P.O. Box 4, Toronto, Ontario, M5H 2Y4
(647) 848-1009
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, anticipated exploration program results, the ability to complete future financings, the ability to complete the required permitting, the ability to complete the exploration program and drilling, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the commodity markets generally, variations in the nature, the analytical results from surface trenching and sampling program, including diamond drilling programs, the results of IP surveying, the results of soil and till sampling program. the quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the potential impact of COVID-19 (coronavirus) on the Company’s exploration program and on the Company’s general business, operations and financial condition, and other risks and uncertainties. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties. This news release contains information with respect to adjacent or similar mineral properties in the Chibougamau District in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties, are not indicative of mineral deposits on the Company’s properties or any potential exploitation thereof.
Toronto, Ontario, January 28, 2021 – Blue Thunder Mining Inc. (TSXV:BLUE, OTCQB:BLTMF) (“Blue Thunder” or “the Company”) announces that it has granted to a recently appointed director, 250,000 options to acquire common shares of the Company (“Options”). The options have an exercise price of $0.10 per share, have a five-year term from the date of grant and vest one-half on the date of grant and one half on the 6-month anniversary of the date of grant.
About Blue Thunder
Blue Thunder (TSXV:BLUE, OTCQB:BLTMF) is a gold exploration company that controls 100% of a large land position near Chibougamau, Québec. The Muus Project covers approximately 51,000 hectares in five separate blocks of prospective ground in the eastern part of the Abitibi Greenstone Belt. The Project is considered particularly prospective for gold mineralization, as a series of prominent ductile and brittle fault‐sets transect the Property, including the Guercheville and Fancamp deformation zones, both of which are associated with numerous past and currently producing precious‐ and base‐metal mines in the District.
ON BEHALF OF THE BOARD
Robert Cinits
Blue Thunder Mining Inc.
401 Bay Street, Suite 2704, P.O. Box 4, Toronto, Ontario, M5H 2Y4
(647) 848-1009
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, anticipated exploration program results, the ability to complete future financings, the ability to complete the required permitting, the ability to complete the exploration program and drilling, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the commodity markets generally, variations in the nature, the analytical results from surface trenching and sampling program, including diamond drilling programs, the results of IP surveying, the results of soil and till sampling program. the quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the potential impact of COVID-19 (coronavirus) on the Company’s exploration program and on the Company’s general business, operations and financial condition, and other risks and uncertainties. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties. This news release contains information with respect to adjacent or similar mineral properties in the Chibougamau District in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties, are not indicative of mineral deposits on the Company’s properties or any potential exploitation thereof.
Toronto, Ontario, January 20, 2021 – Blue Thunder Mining Inc. (TSXV:BLUE, OTCQB:BLTMF) (“Blue Thunder” or “the Company”) is pleased to provide additional analytical results from the Fancamp drilling program, plus an update on exploration elsewhere on the Company’s vast claim holdings. In addition, guidance on the Company’s planned 2021 activities is provided.
“We are encouraged with results from the 2020 exploration program, including the Fancamp drilling program, where eleven of the fourteen holes drilled returned gold values ranging between 0.52 grams per tonne (“g/t”) gold (“Au”) and 6.91 g/t Au over widths ranging between 0.5 metres (m) and 4.7 m. We are especially excited about the two separate gold zones intersected in hole FAN20-12 at the D-Zone, and the fact that these intervals remain open to the south for 400 m to the B-Zone. These diamond drill hole intercepts support the projected continuity of the gold mineralized structures and our interpretation of a typical Abitibi lode gold target at Fancamp. In addition, we are awaiting initial gold assay results from the first six holes drilled on our Muus claim block, where the company is focused on exploring targets on strike to the Nelligan gold deposit[1] (IAMGOLD Corporation/Vanstar Mining Resources Inc. Joint Venture), IAMGOLD’s Monster Lake Gold deposit[2] and the Philibert property[3] (SOQUEM Inc.). Blue Thunder has among the largest aggregate claim holdings comprising more than 51,000 ha in the exciting Chibougamau Gold District (the “District”), where numerous important gold discoveries have been recently made. We are extremely excited about our exploration plans for 2021, which are 100% funded with cash in-hand.”
Robert Cinits, President and CEO
2021 Exploration Work Plan and Budget
The Muus Gold Project (the “Project”) comprises five non-contiguous claim blocks (“Fancamp”, “Muus”, “Muus East”, “Nisk” and “Embry”- Figures 1 and 2). The Project is not only significant in size, but strategically located in the eastern part of the Archean Abitibi Greenstone Belt and underlain by several key regional structures, including the Guercheville Deformation Zone (GDZ), the Fancamp Deformation Zone (FDZ) and the Philibert-Joe Mann Zone (PJMZ). These structures are associated with many of the known gold deposits and occurrences in the District, including the recently discovered Nelligan and Monster Lake deposits, which occur on adjacent properties and on strike with Blue Thunder claims. The Project is host to numerous underexplored mineralized occurrences that will be further explored during 2021. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s properties.
The main objectives for 2021 exploration are to discover:
The Company plans to spend approximately $2.3 million on exploration during 2021 that will include a significant diamond drilling program to test multiple targets underlying the Project. Other studies to be completed include:
The Company expects 2021 to be a pivotal year in the advancement of the Muus Project as we continue to aggressively explore for multiple styles of gold and base-metal mineralization. Our extensive database of historical information will be augmented by new exploration data, including geochemical and geophysical survey results, and by applying the most recent exploration concepts and techniques. Our goal is to make new discoveries.
2020 Exploration Results
Fancamp Property (Target Area 1)
The Fancamp Property is host to the Fancamp Gold Zone – a two kilometre long, 30 to 100 m wide, northeast trending zone comprising several subparallel, <1m to 5 m wide gold mineralized structures and veins (the “Vein Corridor”), with four target zones (A-, B-, D- and E-zones) outlined along this trend (Figure 3). The Fancamp Property is underlain by the FDZ, which trends west of, and parallel to the Vein Corridor. The FDZ is interpreted as a regional splay of the GDZ, an important potential source of gold mineralization in the district. A fifth target on the Fancamp Property, the C-Zone, occurs along the FDZ, and has seen very little previous exploration.
The 2020 drilling at Fancamp was designed to confirm and possibly expand gold-mineralized zones discovered by previous companies at the A-, B- and D-zones and marked a historic milestone for Blue Thunder, being the Company’s inaugural drilling campaign since going public in early 2020. Fourteen diamond drill holes (2,808 m) were drilled and were completed on time and on budget. Numerous zones of silica-carbonate alteration with varying amounts of quartz-carbonate-tourmaline veining were intersected by drill holes that intersected the Vein Corridor. The drilling successfully expanded the mineralized envelope in some locations and contributed to an improved understanding of mineralization controls and to the modelling of interpreted higher grade mineralized shoots at the A- and B-zones. Our 2020 data suggests that previously unrecognized subtle northwest and west trending structures that intersect the Vein Corridor may play a role in localizing gold mineralization within dilational jogs along the Vein Corridor.
The gold analytical results have now been received for holes FAN20-01 to 14, which represent all of the drill holes completed at Fancamp during the 2020 campaign. Drill results from hole FAN20-01 and the upper part of FAN20-02 were reported on November 5, 2020. Notable examples of the latest results are: 6.91 g/t Au over 0.85 metres in hole FAN20-12 (91.25 to 92.10 m); 2.80 grams per tonne g/t gold Au over 0.80 metres in hole FAN20-10 (69.90 to 70.7 m), within a wider zone assaying 0.84 g/t gold over 4.70 metres (69.9 to 74.6 m); and 2.35 g/t Au over 1.50 metres in hole FAN20-12 (116.50 to 118.0 m), within a wider zone assaying 1.52 g/t Au over 2.7 m (115.3 to 118.0 m). A summary of all significant assay results can be found on the Company’s web site: www.bluethundermining.pubco.biz and in Table 1 at the end of this press release. All noted intersections are down-hole intervals and do not represent true widths.
Multi-element ICP results, providing base-metal and pathfinder element assays are pending for most of the holes and these results will be reported once all are received from the lab and interpreted by our geologists.
In addition to the drilling, trenching and first-pass prospecting programs were carried out on the Fancamp Property during 2020. Full trenching results were reported on October 21, 2020 and November 5, 2020, and the prospecting results are being compiled and interpreted by the Company. In total, 84 prospecting samples were collected during the program. The Fancamp Property remains a high priority exploration target and will continue to be one of the Company’s areas of focus in 2021.
Muus Property (Target Areas 2 and 3) Update
The Muus property is one of the Company’s exploration priorities and hosts Target Areas 2 and 3 (Figure 2). Target Area 2 is underlain by an approximately 18 kilometre long segment of the GDZ, along a sedimentary-volcanic contact, extending west-northwest from the nearby Nelligan gold deposit, currently being explored by IAMGOLD Corp. Recent drilling success by IAMGOLD on the western part of the Nelligan property and by Northern Superior Resources Inc. on their adjacent Lac Surprise property, highlights the potential for Nelligan-style gold mineralization extending to the west, potentially to parts of the Muus property along the GDZ.
Target Area 3 straddles two significant merging deformation zones, the FDZ and the PJMZ in a structurally complex area that is of interest for lode gold style deposits in the Abitibi (Figure 2).
Based on the Company’s review of historical data at Target Areas 2 and 3, three smaller areas were chosen for follow-on exploration and diamond drilling. Two of these areas, the Lac des Vents and Lac Bernard grids are located in Target Area 2 along the GDZ, whereas the third target, the Lac Cowan grid, is in Target Area 3 (see Figure 2). IP/resistivity surveys were completed at Lac Bernard and Lac Cowan and an historical survey was re-interpreted at Lac des Vents to fine-tune drill targets (See November 12, 2020 news release for more details).
Following on from the geophysical work, the Company completed a total six diamond drill holes totaling 1,278 meters, with two holes drilled at each of these three areas, for which gold and multi-element ICP analytical results are pending.
During 2020, the Company also completed a program of regional prospecting over parts of the Muus Property and eastern parts of the Nisk Property that included 82 samples from Muus and 21 samples from Nisk. Results of this work are being compiled and will be reported when interpretations are completed.
Private Placement
The Company wishes to correct the disclosure related to the finders fees disclosed in its press release issued on December 11, 2020. In the press release, the Company disclosed that it paid Red Cloud Securities Inc. (“Red Cloud”) a cash commission of $103,250 and an advisory fee of $17,500 and issued 935,457 non-transferrable compensation warrants and 162,274 advisory warrants to purchase collectively 1,097,731 common shares at an exercise price of $0.11 for a period of 24 months following the closing of the Offering. Blue Thunder, as consideration for introducing certain purchasers to the Company in the private placement, paid Red Cloud a cash commission of $103,250 and advisory fees of $17,500 and issued 941,821 non-transferrable compensation warrants and 162,274 advisory warrants to purchase collectively 1,104,095 common shares at an exercise price of $0.11 for a period of 24 months following the closing of the Offering.
QAQC and Qualified Person
All samples collected from the trenching, drilling and regional prospecting programs have been submitted to Techni-Lab, S.G.B. Abitibi Inc., in Sainte-Germaine-Boulé, Québec, part of the Activation Laboratories Ltd. Group (“Actlabs”), where they were analysed for gold by 50 gram fire assay with an AA finish, and by 50 gram fire assay with gravity finish (for samples >5 g/t Au), and by 4-acid digestion ICP multi-element analysis (58 elements). The Company follows a rigorous quality assurance/quality control (QAQC) program for the sampling programs that includes the regular insertion of standards, blanks and duplicates into the sample stream.
The scientific and technical information that forms the basis for parts of this press release was reviewed and approved by John Langton (P.Geo.), who is a Qualified Person (QP) as defined by National Instrument 43-101.
COVID-19
On Wednesday, January 6th, 2021, the government of Quebec announced that it would be extending its holiday season lockdown to February 8th, 2021, for several sectors of activity of the Quebec economy; however, mineral exploration companies with prior commitments and essential work to complete will be permitted to continue working. Currently all of the Company’s exploration staff and contractors are offsite, working from home and the Company will continue to monitor developments related to the COVID-19 pandemic very closely.
In conformity with guidelines proposed by the Québec government’s “Commission des norms, de l’equité, de la santé et de la sécurité du travail” (CNESST) the Company has implemented a strict COVID-19 management plan that complies with provincial government directives and guidelines with the main objective to safeguard the health and safety of our workers, stakeholders and local community members in light of the COVID-19 pandemic.
About Blue Thunder
Blue Thunder (TSXV:BLUE, OTCQB:BLTMF) is a gold exploration company that controls 100% of a large land position near Chibougamau, Québec. The Muus Project covers approximately 51,000 hectares in five separate blocks of prospective ground in the eastern part of the Abitibi Greenstone Belt. The Project is considered particularly prospective for gold mineralization, as a series of prominent ductile and brittle fault‐sets transect the Property, including the Guercheville and Fancamp deformation zones, both of which are associated with numerous past and currently producing precious‐ and base‐metal mines in the District.
ON BEHALF OF THE BOARD
Robert Cinits
Blue Thunder Mining Inc.
401 Bay Street, Suite 2704, P.O. Box 4, Toronto, Ontario, M5H 2Y4
(647) 848-1009
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, anticipated exploration program results, the ability to complete future financings, the ability to complete the required permitting, the ability to complete the exploration program and drilling, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the commodity markets generally, variations in the nature, the analytical results from surface trenching and sampling program, including diamond drilling programs, the results of IP surveying, the results of soil and till sampling program. the quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the potential impact of COVID-19 (coronavirus) on the Company’s exploration program and on the Company’s general business, operations and financial condition, and other risks and uncertainties. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties. This news release contains information with respect to adjacent or similar mineral properties in the Chibougamau District in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties, are not indicative of mineral deposits on the Company’s properties or any potential exploitation thereof.
Figure 1: Blue Thunder Regional Claim Blocks Located in the Chibougamau Gold District
Figure 2: General geology of the Muus Property and Target Areas 1, 2 and 3 with Geophysical Grids
Figure 3: Trenches, Drill Holes, Vein Trends – Fancamp A-, B-, and D-zones
Note: trench outlines represent areas where outcrop was exposed through excavator-stripping followed by outcrop washing
Table 1: Significant Drill Results (>0.5 g/t Au) – Drill Holes FAN20-01 to 14 (A, B and D-Zones)
| Drill Hole | From (m) | To (m) | Drilled Length2 (m) | Gold (g/t) | Target Zone |
| FAN20-011 | 115.2 | 117.4 | 2.20 | 0.52 | B-Zone |
| including | 115.2 | 115.7 | 0.50 | 1.02 | |
| 127.0 | 127.62 | 0.62 | 0.56 | ||
| FAN20-021 | 33.5 | 38.85 | 5.35 | 1.15 | B-Zone |
| including | 34.0 | 35.0 | 1.00 | 4.73 | |
| FAN20-03 | 97.1 | 98.1 | 1.00 | 0.62 | B-Zone |
| FAN20-04 | 64.0 | 65.85 | 1.85 | 1.24 | B-Zone |
| 78.7 | 79.3 | 0.60 | 1.56 | ||
| FAN20-05 | 119.6 | 120.1 | 0.50 | 0.91 | B-Zone |
| 123.5 | 126.9 | 3.40 | 0.80 | ||
| including | 126.0 | 126.9 | 0.90 | 1.69 | |
| 216.2 | 216.7 | 0.50 | 1.05 | ||
| FAN20-06 | No significant Results | A/B Zones | |||
| FAN20-07 | 62.7 | 63.3 | 0.60 | 0.98 | A-Zone |
| FAN20-08 | 39.0 | 43.7 | 4.70 | 0.72 | A-Zone |
| including | 43.0 | 43.7 | 0.70 | 1.92 | |
| FAN20-09 | No significant Results | A Zone | |||
| FAN20-10 | 69.9 | 74.6 | 4.70 | 0.84 | A-Zone |
| including | 69.90 | 70.70 | 0.80 | 2.80 | |
| 79.0 | 80.0 | 1.00 | 0.68 | ||
| 81.80 | 84.90 | 3.10 | 0.63 | ||
| FAN20-11 | 48.0 | 48.5 | 0.50 | 0.99 | B-Zone |
| FAN20-12 | 91.25 | 92.1 | 0.85 | 6.91 | D-Zone |
| 115.3 | 118.0 | 2.70 | 1.52 | ||
| including | 116.5 | 118.0 | 1.50 | 2.35 | |
| FAN20-13 | No significant Results | D-Zone | |||
| FAN20-14 | 89.9 | 91.6 | 1.70 | 0.53 | D-Zone |
[1] Inferred Resource of 97 Mt at 1.0 g/t Au, NI 43-101 Technical Report, Oct 22, 2019, Prepared for Iamgold Corp and Vanstar Mining Resources.
[2]Inferred Resourcce of 1.1 Mt at 12 g/t Au, Monster Lake NI 43-101 Technical Report, Apr 9, 2018, Prepared for Iamgold Corp and Tomagold Corp.
[3] Historical resource of 1.4 Mt grading 5.3 g/t Au, SOQUEM Inc., 1991. A qualified person has not done sufficient work to classify the historical estimate as NI 43-101 compliant mineral resources or mineral reserves.
NOT FOR DISSEMINATION OR DISTRIBUTION INTO THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES
Toronto, Ontario, November 20, 2020 – Blue Thunder Mining Inc. (TSX-V:BLUE) (“BLUE” or the “Company”) is pleased to announce a non-brokered private placement of up to $1 million from the sale of units of the Company (the “Units”) at a price of C$0.10 per Unit and flow-through common shares of the Company (the “Flow-Through Shares”) at a price of C$0.11 per Flow Through Share. Each Unit shall consist of one common share of the Company (each, a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable by the holder to acquire one Common Share at a price of $0.15 for a period of 24 months following the closing of the Offering.
The Company may elect to increase the size of the Offering by issuing additional Units or Flow-Through Shares.
The gross proceeds received from the sale of the Flow-Through Shares will be used to incur Canadian exploration expenses (“CEE”) as defined in subsection 66.1(6) of the Income Tax Act (Canada) (the “Tax Act”) on the Company’s Muus, Muus East, Nisk, Fancamp and Embry properties and renounced to subscribers in the Offering effective December 31, 2020. Such CEE will also qualify as “flow-through mining expenditures” as defined in subsection 127(9) of the Tax Act, and (i) for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning contained in section 726.4.10 of the Taxation Act (Québec); and (ii) for inclusion in the “exploration base relating to certain Québec surface mining exploration expenses or oil and gas exploration expenses” within the meaning contained in section 726.4.17.2 of the Taxation Act (Québec). The net proceeds from the sale of the Units will be for the exploration of the Company’s properties and for general working capital purposes.
“We are pleased to announce this private placement financing today. The funds raised will be used to build on the 2020 exploration program at our Muus Project, which has included the inaugural drill campaigns on our Muus and Fancamp properties and shows the great support we have received from investors in our exploration initiatives in the Chibougamau Gold District. We would like to thank our existing shareholders that have participated in the financing announced today and welcome our new investors to Blue Thunder.”
Robert Cinits, President and CEO
All shares issued under the Offering will be subject to a four-month hold period and will not be offered or registered in the United States. A finders fee may be paid on a portion of the proceeds from the Offering. Closing of the Offering is anticipated to occur on or before December 10, 2020 and is subject to customary closing conditions including, but not limited to; the negotiation and execution of subscription agreements and receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. persons,” as such term is defined in Regulation S promulgated under the U.S. Securities Act, absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About BLUE
Blue Thunder Mining Inc. (TSXV:BLUE) is a gold exploration company focused in the Chibougamau Gold District of Québec, where it has consolidated approximately 51,400 hectares of prospective exploration claims in five separate blocks (the Muus Project), making BLUE one of the largest landholders in the District. Much of the exploration ground occurs along major regional structures, including the Guercheville and Fancamp Deformation Zones, both of which are associated with numerous gold and/or base metal deposits and showings in the District.
ON BEHALF OF THE BOARD
Robert Cinits
Blue Thunder Mining Inc.
401 Bay Street, Suite 2704, P.O. Box 4, Toronto, Ontario, M5H 2Y4
(647) 848-1009
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, anticipated exploration program results, the ability to complete future financings, the ability to complete the required permitting, the ability to complete the exploration program and drilling, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the commodity markets generally, variations in the nature, the analytical results from surface trenching and sampling program, including diamond drilling programs, the results of IP surveying, the quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the potential impact of COVID-19 (coronavirus) on the Company’s exploration program and on the Company’s general business, operations and financial condition, and other risks and uncertainties. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties. This news release contains information with respect to adjacent or similar mineral properties in the Chibougamau District in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties, are not indicative of mineral deposits on the Company’s properties or any potential exploitation thereof.
Toronto, Ontario, November 12, 2020 – Blue Thunder Mining Inc. (TSXV:BLUE) (“Blue Thunder” or “the Company”) is pleased to announce that it will be commencing a diamond drilling program on the Company’s 100%-owned Muus claim block, part of the 51,000 hectare Muus Project (“the Project”) located near Chibougamau, Québec. The Project comprises five non-contiguous claim blocks (“Fancamp”, “Muus”, “Muus East”, “Nisk” and “Embry”).
Highlights:
After successfully completing 14 core holes at Fancamp in late October (refer to press release dated October 21, 2020) and with all new required permits in hand, the diamond drill rig is set to return to the Project within the next week to begin the Company’s inaugural drilling program at Muus. The Muus property is located approximately ten kilometres southwest of Fancamp. The program will comprise approximately 1,200 metres (m) and is designed to test our next key priorities, Target Areas 2 and 3.
“We are pleased to announce that we will be starting our initial drill program at Target Areas 2 and 3 at the Muus property, which are strategically located along major deformation zones and on strike with several significant new gold discoveries and historical deposits in the Chibougamau Gold District. We have recently completed two IP surveys along these trends and are incorporating these results with our database of historical and airborne magnetic data to finalize drill targets at three different locations.”
“In addition, we continue to acquire new claims to enhance our overall project and have recently added eight new strategically located claims into our total land package. We look forward to evaluating the potential of this new ground.”
Robert Cinits, President and CEO
Upcoming Drilling at Target Areas 2 and 3 (Muus Property)
Target Area 2 covers an approximately 18-kilometre segment of the Guercheville Deformation Zone (GDZ), along a sedimentary-volcanic contact, extending west-northwest from the nearby Nelligan gold deposit (3.2 million Inferred ounces gold[1]), currently being explored by Iamgold Corp. The GDZ and its splays represent a major regional structural corridor with associated gold mineralization at several deposits occurring in the Chibougamau Gold District and is a key target area for the Company. Recent drilling success on adjacent land held by Northern Superior Resources Inc. on their Lac Surprise Property, (1.02 grams per tonne gold (“g/t Au) over 35.5 m announced on November 5, 2020) highlights the potential for Nelligan-style gold mineralization underlying the Muus block along the GDZ (refer to Figure 1). It is important to note that the mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization on the Company’s Project.
Two priority areas have been selected for drilling within Target Area 2, one in the southeast part of Muus at the Lac des Vents target, and the second at the western part of Muus at the Lac Bernard target (Figure 1). Approximately 800 metres of diamond drilling is planned to test these targets.
At the Lac des Vents target, a prominent northwest trending magnetic high anomaly coincides with the GDZ close to a sedimentary-volcanic contact. Historical drilling intersected zones of silicification, quartz-tourmaline veining and disseminated pyrite, within interbedded sedimentary units, including coarse clastic horizons, similar to the host lithologies at Nelligan. Historical IP surveys from the Lac des Vents target have been reviewed and reprocessed by the Company and reveal a previously untested, northwest-trending chargeability anomaly, parallel with the magnetic high.
At the Lac Bernard target a prominent west trending strong magnetic anomaly occurs coincident with the GDZ, close to a sedimentary-volcanic contact. This target is also in close proximity to a cluster of historic till concentrate samples that returned anomalous gold values as high as 4,500 ppb. A 10.6 line-kilometre grid has been cut and an IP/resistivity survey completed by the Company over this target. Although the final interpretation is pending, preliminary review of processed data has identified compelling east-west trending IP chargeability anomalies that have not been historically drill tested.
Target Area 3 straddles a secondary fault-splay off the GDZ that continues east beyond the Project boundaries towards the Philibert gold deposit, and the Fancamp Deformation Zone (FDZ) (Figure 1). The junction area of deformation zones is a structural area of interest for lode gold style deposits in the Abitibi. The Lac Cowan target is within Target Area 3 along a section of the GDZ-splay and is underlain by a east-northeast trending gabbroic sill, along the sediment-volcanic contact. A 8.1 line-kilometre grid was established and an IP/resistivity survey completed by the Company over this target. Although the final interpretation is pending, preliminary review of processed data has identified a west-southwest trending IP chargeability anomaly, the majority of which has not been historically drill tested. Approximately 400 metres of diamond drilling are planned to test this target.
Acquisition of Additional Claims
The company has acquired an additional 8 claims in the Chibougamau Gold District through staking and land acquisitions. This includes 4 claims that are contiguous to the company’s Muus property and 4 claims that are contiguous to the company’s Nisk property (see Figure 2). In total, the 8 claims represent a land package of approximately 423 hectares, which adds to the existing 51,000 hectares currently owned by Blue Thunder in the Chibougamau Gold District. In consideration for the claims, the Company will issue 100,000 common shares to the seller, subject to TSX-V approval, and has paid a cash amount of approximately $10,000.
QAQC and Qualified Person
All samples collected from the trenching, drilling and regional prospecting programs are submitted to Techni-Lab, S.G.B. Abitibi Inc., in Sainte-Germaine-Boulé, Québec, part of the Activation Laboratories Ltd. Group (“Actlabs”), where they are analysed for gold by 50 gram fire assay with an AA finish, and by 50 gram fire assay with gravity finish (for samples >5 g/t Au), and by 4-acid digestion ICP multi-element analysis (58 elements). The Company follows a rigorous quality assurance/quality control (QAQC) program for the sampling programs that includes the regular insertion of standards, blanks and duplicates into the sample stream.
The scientific and technical information that forms the basis for parts of this press release was reviewed and approved by John Langton (P.Geo.), who is a Qualified Person (QP) as defined by National Instrument 43-101.
COVID-19
In conformity with guidelines proposed by the Québec government’s “Commission des norms, de l’equité, de la santé et de la sécurité du travail” (CNESST) the Company has implemented a strict COVID-19 management plan that complies with provincial government directives and guidelines with the main objective to safeguard the health and safety of our workers, stakeholders and local community members in light of the COVID-19 pandemic. The Company continues to monitor developments related to the COVID-19 pandemic very closely.
About Blue Thunder
Blue Thunder (TSXV:BLUE) is a gold exploration company that controls 100% of a large land position near Chibougamau, Québec. The Muus Project covers approximately 51,000 hectares in five separate blocks of prospective ground in the eastern part of the Abitibi Greenstone Belt. The Project is considered particularly prospective for gold mineralization, as a series of prominent ductile and brittle fault‐sets transect the Property, including the Guercheville and Fancamp deformation zones, both of which are associated with numerous past and currently producing precious‐ and base‐metal mines in the District.
ON BEHALF OF THE BOARD
Robert Cinits
Blue Thunder Mining Inc.
401 Bay Street, Suite 2704, P.O. Box 4, Toronto, Ontario, M5H 2Y4
(647) 848-1009
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, anticipated exploration program results, the ability to complete future financings, the ability to complete the required permitting, the ability to complete the exploration program and drilling, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the commodity markets generally, variations in the nature, the analytical results from surface trenching and sampling program, including diamond drilling programs, the results of IP surveying, the quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the potential impact of COVID-19 (coronavirus) on the Company’s exploration program and on the Company’s general business, operations and financial condition, and other risks and uncertainties. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties. This news release contains information with respect to adjacent or similar mineral properties in the Chibougamau District in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties, are not indicative of mineral deposits on the Company’s properties or any potential exploitation thereof.
Figure 1: Map depicting general geology and regional setting of the Muus Property as well as Target Areas 2 and 3 and the target areas for the upcoming Muus drill program
Figure 2: Map depicting newly acquired claims in relation to Blue Thunder’s property portfolio
[1] Nelligan NI 43-101 Technical Report, Oct 22, 2019, Prepared for Iamgold Corp and Vanstar Mining Resources
Toronto, Ontario, November 5, 2020 – Blue Thunder Mining Inc. (TSXV:BLUE) (“Blue Thunder” or “the Company”) is pleased to provide additional surface channel sampling results and initial diamond drilling results from the 2020 exploration program at its 51,000-hectare Muus Gold Project (the “Project”), located near Chibougamau, QC. The Project comprises five non-contiguous claim blocks (“Fancamp”, “Muus”, “Muus East”, “Nisk” and “Embry”).
At Fancamp, additional trenching results have continued to be very encouraging, intersecting as high as 12.37 grams per tonne gold (“g/t Au”) over 3.0 metres (“m”), including 22.99 g/t Au over 1.0 m and 6.23 g/t Au over 2.0 m, including 9.64 g/t Au over 1.0 m. Although the vast majority of results from the Fancamp diamond drilling program are pending, initial analytical results from hole FAN 20-02 returned as high as 4.73 g/t Au over 1.0 m.
Trenching and drill results to date provide further evidence that there are multiple, subparallel gold mineralized structures that form part of a 25 to 75 m wide, north to north-east trending “corridor of veins” that extend for more than two kilometres. Within this corridor there are up to six mineralized structures, each spaced approximately 15 to 30 metres apart.
“We are very pleased with these new channel sample results from Fancamp, which further establish the high-grade nature of surface mineralization at the B-Zone. These new analytical results, along with the results reported October 21, 2020 support our interpretation of multiple, subparallel gold zones at the B-Zone, consistent with typical Abitibi lode gold style deposits.”
“In addition, we are very happy to have received the initial drill hole assay results from hole FAN20-01 and the upper part of FAN20-02, both from the B-Zone, which reveal several <1 to 5-metre-wide gold mineralized intervals, highlighted by an intercept of 4.73 grams per tonne gold across a metre in hole FAN20-02. Most of the drill hole intercepts correlate with our modelled corridor of gold mineralized vein-structures, many of which were recently mapped and sampled in trench TR-01. The vast majority of our drill assays are pending from the laboratory and we look forward to releasing additional results as they become available and to updating our interpretations accordingly.”
Robert Cinits, President and CEO
HIGHLIGHTS
Fancamp Trenching and Channel Sampling Program
Additional results have been received for the Fancamp trenching and channel sampling program (refer to press release October 21, 2020 and Figure 1). The Company took eleven additional saw-cut channel samples from trench TR-01, which are reported below and represent the final samples from this program.
Blue Thunder’s 2020 excavator-based trenching program significantly expanded the historic trench at the B-Zone (TR-01), both to the south and the west and cleaned the rock exposure around the historical part of the trench, where the Company took three channel sample lines, each separated by about 7 to 17 meters along strike and together testing an approximate 24 metre strike length (Table 1 and Figure 2). The eleven Individual samples in each of Blue Thunder’s sample lines range between 0.50 and 1.0 metres in length.
Table 1: Blue Thunder Significant Gold Channel Samples1 at Trench TR-01, Fancamp B-Zone
| Sample Line Number (No. of samples in weighted average) | Blue Thunder Weighted Averages2 |
| TR-01-AU (2) | 5.64 g/t Au over 1.7 m |
| TR-01-AV (3) | 12.37 g/t Au over 3.0 m, including 22.99 g/t Au over 1.0 m |
| TR-01-AV (1) | 11.96 g/t over 0.6 m |
| TR-01-AW (2) | 6.23 g/t Au over 2.0 m, Including 9.64 g/t Au over 1.0 m |
Gold mineralization in the trenches is generally hosted in 1 to 3 metre-wide silicified and carbonatized zones, often with quartz-carbonate-tourmaline veining and varying amounts of disseminated pyrite, pyrrhotite and occasional chalcopyrite. These zones can occur within basalt, volcanic tuff, felsic intrusive or gabbro host rocks and generally trend north to northeast.
When added to the existing database of surface trench results these new trenching results are significant as they support our interpretation of multiple, subparallel gold mineralized zones on surface at the B-Zone that form part of a 25 to 75 m wide, north to north-east trending “corridor of veins” that extends for more than two kilometres from the A-Zone to the E-Zone. Within this corridor are up to six mineralized zones, each spaced approximately 15 to 30 metres apart with anomalous (>0.2 g/t Au) to significant (>5 g/t Au) gold grades returned from channel and drill-core samples.
Drilling Program
The first batches of drill results have been received from the recently completed diamond drilling at Fancamp. Drilling was carried out from September 5th to October 7th, 2020, during which time 14 holes totalling 2,811 m were drilled at the A-, B- and D-zones.
Although the vast majority of results are pending, initial drill results from hole FAN20-01 and the upper part (collar to 53.6 m) of hole FAN20-02 have revealed several <1 to 5 metre wide (drilled length) gold mineralized structures, with hole FAN20-02 intersecting 4.73 g/t Au over one metre. The significant mineralized intervals from the drilling are summarized in Table 2.
Table 2: Significant Drill Results (>0.5 g/t Au) – Drill Holes FAN20-01 and -02 (B-Zone)
| Drill Hole | From (m) | To (m) | Interval(1) (m) | Gold Grade (g/t) |
| FAN20-01 | 115.2 | 117.4 | 2.2 | 0.52 |
| Including | 115.2 | 115.7 | 0.5 | 1.02 |
| and | 127.0 | 127.62 | 0.62 | 0.56 |
| FAN20-02 | 33.5 | 38.85 | 5.35 | 1.15 |
| Including | 34.0 | 35.0 | 1.0 | 4.73 |
Drill holes FAN20-01 and FAN20-02 both targeted mineralization below trench TR-01 at the B-Zone and intersected 1 to 5 metre-wide zones of silica-carbonate alteration, along with varying amounts of quartz-carbonate veining and disseminated sulphide mineralization, hosted within mixed mafic-to-intermediate volcanic and tuffaceous units. These gold mineralized zones appear to correlate with the “corridor of veins” mapped on surface (Figures 1 and 2) and in trench TR-01 and provide the Company with an early-stage understanding of the geometry and potential continuity of the gold mineralization.
Drilling Information
A total of 2,811 metres of drilling in 14 holes was completed on the Fancamp project. Drilling produced HQ (63 millimetre) diameter core and in general core recoveries were excellent, averaging around 98%. Drill hole sample lengths ranged between 0.4 and 1.5 metres but generally average around 0.9 metres. Table 3 summarizes the drill hole details and Figures 1 and 2 show the locations of the 2020 Fancamp drill holes and the holes discussed in this press release.
Table 3: Drill Hole Summary
| Drill Hole ID | UTM (Easting*) | UTM (Northing*) | Azimuth (degrees) | Dip (degrees) | Length (m) | Target | Assay Status |
| FAN20-01 | 528,354 | 5,490,328 | 145 | -45 | 192 | B-Zone | Complete |
| FAN20-02 | 528,350 | 5,490,265 | 145 | -55 | 168 | B-Zone | Partial |
| FAN20-03 | 528,387 | 5,490,362 | 145 | -45 | 186 | B-Zone | Pending |
| FAN20-04 | 528,490 | 5,490,438 | 145 | -45 | 294 | B-Zone | Pending |
| FAN20-05 | 528,410 | 5,490,433 | 145 | -45 | 240 | B-Zone | Pending |
| FAN20-06 | 528,190 | 5,490,151 | 110 | -45 | 213 | A/B Zone | pending |
| FAN20-07 | 528,184 | 5,490,045 | 090 | -45 | 225 | A-Zone | pending |
| FAN20-08 | 528,206 | 5,489,972 | 090 | -45 | 162 | A-Zone | pending |
| FAN20-09 | 528,168 | 5,489,968 | 120 | -45 | 219 | A-Zone | pending |
| FAN20-10 | 528,186 | 5,490,000 | 090 | -45 | 189 | A-Zone | pending |
| FAN20-11 | 528,322 | 5,490,269 | 145 | -55 | 141 | B-Zone | pending |
| FAN20-12 | 528,999 | 5,490,877 | 145 | -45 | 246 | D-Zone | pending |
| FAN20-13 | 529,107 | 5,491,038 | 160 | -45 | 193 | D-Zone | pending |
| FAN20-14 | 529,150 | 5,490,926 | 160 | -45 | 143 | D-Zone | pending |
| TOTAL | 2,811 |
* Coordinates are UTM NAD83 Zone 18
QAQC and Qualified Person
All samples collected from the trenching, drilling and regional prospecting programs have been submitted to Techni-Lab, S.G.B. Abitibi Inc., in Sainte-Germaine-Boulé, Québec, part of the Activation Laboratories Ltd. Group (“Actlabs”), where they are analysed for gold by 50 gram fire assay with an AA finish, and by 50 gram fire assay with gravity finish (for samples >5 g/t Au), and by 4-acid digestion ICP multi-element analysis (58 elements). The Company follows a rigorous quality assurance/quality control (QAQC) program for the sampling programs that includes the regular insertion of standards, blanks and duplicates into the sample stream.
The scientific and technical information that forms the basis for parts of this press release was reviewed and approved by John Langton (P.Geo.), who is a Qualified Person “(QP”) as defined by National Instrument 43-101.
COVID-19
In conformity with guidelines proposed by the Québec government’s “Commission des norms, de l’equité, de la santé et de la sécurité du travail” (“CNESST”) the Company has implemented a strict COVID-19 management plan that complies with provincial government directives and guidelines with the main objective to safeguard the health and safety of our workers, stakeholders and local community members in light of the COVID-19 pandemic. The Company continues to monitor developments related to the COVID-19 pandemic very closely.
About Blue Thunder
Blue Thunder (TSXV:BLUE) is a gold exploration company that controls 100% of a large land position near Chibougamau, Québec. The Muus Project covers approximately 51,000 hectares in five separate blocks of prospective ground in the eastern part of the Abitibi Greenstone Belt. The Project is considered particularly prospective for gold mineralization, as a series of prominent ductile and brittle fault‐sets transect the Property, including the Guercheville and Fancamp deformation zones, both of which are associated with numerous past and currently producing precious‐ and base‐metal mines in the District.
ON BEHALF OF THE BOARD
Robert Cinits
Blue Thunder Mining Inc.
401 Bay Street, Suite 2704, P.O. Box 4, Toronto, Ontario, M5H 2Y4
(647) 848-1009
” Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, anticipated exploration program results, the ability to complete future financings, the ability to complete the required permitting, the ability to complete the exploration program and drilling, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the commodity markets generally, variations in the nature, the analytical results from surface trenching and sampling program, including diamond drilling programs, the results of IP surveying, the quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the potential impact of COVID-19 (coronavirus) on the Company’s exploration program and on the Company’s general business, operations and financial condition, and other risks and uncertainties. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties. This news release contains information with respect to adjacent or similar mineral properties in the Chibougamau District in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties, are not indicative of mineral deposits on the Company’s properties or any potential exploitation thereof.
Figure 1: Trenches, Drill Holes, Vein Trends – Fancamp A-, B-, and D-zones
Note : trench outlines represents areas where outcrop was exposed through excavator-stripping followed by outcrop washing
Figure 2: Trench TR-01 – Fancamp B-Zone (samples discussed in this press release are circled in red)
Note : the trench outline represents an area where outcrop was exposed through excavator-stripping followed by outcrop washing
Toronto, Ontario, October 21, 2020 – Blue Thunder Mining Inc. (TSXV:BLUE) (“Blue Thunder” or “the Company”) is pleased to provide initial trench sampling results from the 2020 exploration program at its 51,000-hectare Muus Gold Project (the “Project”), which comprises five non-contiguous claim blocks (“Fancamp”, “Muus”, “Muus East”, “Nisk” and “Embry”) near Chibougamau, QC.
“We are extremely pleased with the progress made by our exploration team at Fancamp. The program of surface trenching and channel sampling has successfully expanded the footprint of the known vein trend and returned several notable gold assay results in these new vein exposures. We have also completed our inaugural diamond drilling program at Fancamp and are preparing for ground geophysical surveys, in anticipation of upcoming drilling at Muus. So far, our work has been completed close to both schedule and budget. Although the drill core assay results are pending, we have received most of the surface trench gold assays and are very encouraged by the results. Fancamp is our first of many high-priority targets that we will evaluate during this and future phases of exploration as we advance our pipeline of exciting new targets.”
Robert Cinits, President and CEO
Field work at Fancamp commenced in late July and is expected to continue until year-end with ground geophysics (IP/resistivity) and potential diamond drilling at Muus.
EXPLORATION HIGHLIGHTS
Fancamp Trenching
A total of 9 trenches were excavated at the Fancamp property. Three of these were excavated over the known historical vein trend at the A-, B- and D-zones and the remaining six were excavated outside of the main vein trend, testing historical geophysical (induced polarization/resistivity “IP”) anomalies and interpreted structural targets (Figures 1 to 4). From these trenches, 594 saw-cut channel chip samples were collected over lengths ranging from 0.15 m to 2.0 m, but generally averaging around 1.0 m. In addition, 34 grab samples were collected. Gold assays have been returned for all of the trench samples; however, multi-element ICP analyses, which will provide base metal and other precious- and pathfinder-element concentrations are pending.
Table 1 summarizes the number of samples collected from each trench, the target areas tested and selected significant gold results. Crews have also re-sampled selected parts of the historical trenches in order to corroborate legacy results; however, analytical results from this work are pending as at the time of this press release.
Table 1: Selected Significant Gold Channel Samples1 at Fancamp A-, B- and D-Zones
| Trench Number (No. of samples collected) | Weighted Average2 | Comments |
| TR-01 (238) | 4.96 g/t Au over 0.8 m 7.65 g/t Au over 1.0 m 10.98 g/t Au over 1.0 m 5.94 g/t Au over 1.0 m 3.38 g/t Au over 1.0 m 1.26 g/t Au over 0.5 m 1.40 g/t Au over 3.0 m 1.32 g/t Au over 2.0 m 1.40 g/t Au over 1.0 m 1.06 g/t Au over 0.8 m | B-Zone; testing main vein trend; sampling suggests a southern extension of the mineralization, and a new zone of mineralization along the western margin of the trench |
| TR-02 (16) | No significant gold results | B-Zone; tested a structural target west of main vein trend |
| TR-03 (81) | 0.50 g/t Au over 1.0 m 0.43 g/t Au over 1.0 m | B-Zone; tested a structural target west of main vein trend; uncovered 2 new anomalous mineralized zones ~30 m and 50 m west of the main vein trend |
| TR-04 (53) | No significant gold results | B-Zone; tested a structural target west of main vein trend |
| TR-05 (49) | No significant gold results | Area between B- and D-zones, west of main vein trend; tested an historical IP anomaly |
| TR-06 (38) | 1.12 g/t Au over 1.7 m | D-Zone; new mineralization exposed at D-Zone |
| TR-07 (0) | No samples collected | D-Zone; small trench south of TR-06; no samples collected |
| TR-08 (117) | 0.88 g/t Au over 2.3 m, including | Between A- and B-zones; new surface exposure of mineralization |
| 1.50 g/t Au over 1.0 m 1.28 g/t Au – grab sample 1.54 g/t Au – grab sample 1.12 g/t Au – grab sample 1.26 g/t Au – grab sample | ||
| TR-09 (37) | No significant gold results | B-Zone; structural target south of TR-01 |
The trenching has uncovered several new mineralized zones outside of the historical vein trend and was successful in extending some of the known zones along strike, including:
Gold mineralization in the trenches is generally hosted in 1 to 3 metre-wide silicified and carbonatized zones, often with quartz-carbonate-tourmaline veining and varying amounts of disseminated pyrite, pyrrhotite and occasional chalcopyrite. These zones can occur within basalt, volcanic tuff or gabbro host rocks and generally trend north to northeast.
Drilling Program
Diamond drilling at Fancamp was carried out from September 5th to October 7th, 2020. In total, 14 holes totalling 2,811 m were drilled at the A-, B- and D-zones (Figures 1 to 4).
The current diamond drilling program was designed to test selected historical results at the A-, B- and D-zones, and the projected strike and depth extensions to the various mineralized zones identified by historical exploration, as well as those uncovered during the 2020 trenching program.
Additional details will be provided on the drilling program once all of the drill holes have been logged and sampled and assay results returned.
QAQC and Qualified Person
All samples collected from the trenching, drilling and regional prospecting programs have been submitted to Techni-Lab, S.G.B. Abitibi Inc., in Sainte-Germaine-Boulé, Québec, part of the Activation Laboratories Ltd. Group (“Actlabs”) for gold and ICP multi-element analysis. The Company follows a rigorous quality assurance/quality control (QAQC) program for the sampling programs that includes the regular insertion of standards, blanks and duplicates into the sample stream.
The scientific and technical information that forms the basis for parts of this press release was reviewed and approved by John Langton (P.Geo.), who is a Qualified Person “(QP”) as defined by National Instrument 43-101.
COVID-19
In conformity with guidelines proposed by the Québec government’s “Commission des norms, de l’equité, de la santé et de la sécurité du travail” (“CNESST”) the Company has implemented a strict COVID-19 management plan that complies with provincial government directives and guidelines with the main objective to safeguard the health and safety of our workers, stakeholders and local community members in light of the COVID-19 pandemic. The Company continues to monitor developments related to the COVID-19 pandemic very closely.
About Blue Thunder
Blue Thunder (TSXV:BLUE) is a gold exploration company that controls 100% of a large land position near Chibougamau, Québec. The Muus Project covers approximately 51,000 hectares in five separate blocks of prospective ground in the eastern part of the Abitibi Greenstone Belt. The Project is considered particularly prospective for gold mineralization, as a series of prominent ductile and brittle fault‐sets transect the Property, including the Guercheville and Fancamp deformation zones, both of which are associated with numerous past and currently producing precious‐ and base‐metal mines in the District.
ON BEHALF OF THE BOARD
Robert Cinits
Blue Thunder Mining Inc.
401 Bay Street, Suite 2704, P.O. Box 4, Toronto, Ontario, M5H 2Y4
(647) 848-1009
”Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, anticipated exploration program results, the ability to complete future financings, the ability to complete the required permitting, the ability to complete the exploration program and drilling, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the commodity markets generally, variations in the nature, the analytical results from surface trenching and sampling program, including diamond drilling programs, the results of IP surveying, the quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the potential impact of COVID-19 (coronavirus) on the Company’s exploration program and on the Company’s general business, operations and financial condition, and other risks and uncertainties. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties. This news release contains information with respect to adjacent or similar mineral properties in the Chibougamau District in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties, are not indicative of mineral deposits on the Company’s properties or any potential exploitation thereof.
Figure 1: Trenches, Drill Holes, Vein Trends and Historical IP (Chargeability) Anomalies – Fancamp A-, B-, and D-zones
Figure 2: Trenches, Drill Holes, Vein Trends and Historical IP Anomalies – Fancamp A-Zone
Figure 3: Trenches, Drill Holes, Vein Trends and Historical IP Anomalies – Fancamp B-Zone
Figure 4: Trenches, Drill Holes, Vein Trends and Historical IP Anomalies – Fancamp D-Zone
Toronto, Ontario, September 9, 2020 – Blue Thunder Mining Inc. (TSXV:BLUE) (“Blue Thunder” or “the Company”) is pleased to announce that it has commenced diamond drilling on the Fancamp gold property (“Fancamp”) over the previous weekend. Fancamp is part of the Company’s 51,000 hectare Muus Gold Project (the “Project”), strategically located in the heart of the Chibougamau Gold District in central Québec.
“We are excited that diamond drilling has started at Fancamp for our inaugural, fully-funded drilling program. Fancamp is our first of many priority targets for drilling activities and the drilling is designed to not only substantiate selected historical results, but also to test projected extensions to the multiple mineralized veins and zones identified by historical exploration and uncovered during our recent trenching program.”
Robert Cinits, President and CEO
Historical drilling and trenching at Fancamp has outlined a north- to northeast-trending gold mineralized corridor comprising up to six subparallel veins, each spaced 15 to 30 metres apart, that have been intermittently traced for more than two kilometres along strike through the A-, B-, D- and E-Zones (Figure 1 and Figure 2). Historical drilling was focused at the two southernmost zones (A and B), returning several significant intercepts averaging between approximately 4 grams per tonne gold (“g/t Au”) and 20 g/t Au over widths ranging between less than a metre to approximately 6 metres. Many of the veins were only tested by a few drill-holes and remain open in most directions. North-plunging mineralized shoots are interpreted to occur at both the A- and B-Zones, and these shoots were historically drilled to vertical depths of approximately 60 to 100 metres and remain open down-dip and along strike. The D-Zone occurs approximately 500 metres to the north of the B-Zone and has only been tested with six historical drill holes, the best returning 4.60 g/t Au over 3.05 metres.
The announced initial diamond-drilling program at Fancamp will consist of approximately 14 holes totaling 3,200 metres and is intended to test the depth and strike extensions of interpreted vein structures at the A-, B- and D-Zones, as well as other subparallel veins and geophysical anomalies along more than one and a half kilometres of strike length (refer to Figure 2 and the Company’s press release dated August 25, 2020).
Following the completion of drilling at Fancamp, the Company intends to complete approximately 1,200 metres of drilling on the Company’s Muus property at Target Areas 2 and 3, based on the results of the on-going prospecting, planned geophysical surveying (IP/resistivity) and data review, and is subject to the receipt of the appropriate permits.
Drilling on the Project is expected to continue through the fall and be completed before year-end.
The previously announced trenching program at Fancamp has been completed and the Company is currently compiling the geological mapping and channel sampling results.
To date, approximately 717 channel samples and 93 grab samples have been collected from the trenching and regional prospecting program and submitted to Activation Laboratories Ltd. (“Actlabs”) in Sainte-Germaine-Boulé, Québec for gold and multi-element analyses. Results of this work will be reported once they become available.
The Company follows a rigorous quality assurance/quality control (QAQC) program for the sampling programs that includes the regular insertion of standards, blanks and duplicates into the sample stream.
Qualified Person
The scientific and technical information that forms the basis for parts of this press release was reviewed and approved by John Langton (P.Geo.), who is a Qualified Person “(QP”) as defined by National Instrument 43-101.
About Blue Thunder
Blue Thunder (TSXV:BLUE) is a gold exploration company that controls 100% of a large land position near Chibougamau, Québec. The Muus Project covers approximately 51,000 hectares in five separate blocks of prospective ground in the eastern part of the Abitibi Greenstone Belt. The Project is considered particularly prospective for gold mineralization, as a series of prominent ductile and brittle fault‐sets transect the Property, including the Guercheville and Fancamp Deformation Zones, both of which are associated with numerous past and currently producing precious‐ and base‐metal mines in the District.
ON BEHALF OF THE BOARD
Robert Cinits
Blue Thunder Mining Inc.
401 Bay Street, Suite 2704, P.O. Box 4, Toronto, Ontario, M5H 2Y4
(647) 848-1009
” Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, anticipated exploration program results, the ability to complete future financings, the ability to complete the required permitting, the ability to complete the exploration program and drilling, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the commodity markets generally, variations in the nature, the analytical results from surface trenching and sampling program, including diamond drilling programs, the quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the potential impact of COVID-19 (coronavirus) on the Company’s exploration program and on the Company’s general business, operations and financial condition, and other risks and uncertainties. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties. This news release contains information with respect to adjacent or similar mineral properties in the Chibougamau District in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties, are not indicative of mineral deposits on the Company’s properties or any potential exploitation thereof.
Figure 1: Geology and Main gold mineralized zones at the Fancamp Property
Figure 2: Map depicting Fancamp Veins, Main Zones, Phase 1 trench outlines and proposed Phase 2 drill hole traces
Toronto, Ontario, August 25, 2020 – Blue Thunder Mining Inc. (TSXV:BLUE) (“Blue Thunder” or “the Company”) is pleased to announce that it has received the required permits to begin drilling at the Company’s Fancamp property, part of the 51,000 hectare Muus Project (the “Project”), strategically located in the heart of the Chibougamau Gold District in the province of Québec. Drilling will commence in the next few weeks with the focus of expanding known zones of gold mineralization, as well as some confirmatory work.
HIGHLIGHTS
“We are excited to announce the receipt of the permits that will allow us to commence Blue Thunder’s inaugural, fully funded, drill program at Fancamp. The 51,000-hectare Muus Project comprises five strategically located properties, including Fancamp, located in the heart of the very active and prospective Chibougamau Gold District. We have assembled a strong team, who provide us with a great mix of technical, financial and strategic experience. The technical team has been very active compiling and evaluating the historical datasets, re-interpreting several of the main targets, including Fancamp, and initiating the field work. This work has provided us with valuable geological information that will not only help us fine-tune and interpret the drilling during Phase 2 but also allow us to have a pipeline of exciting new targets to evaluate.”
Robert Cinits, President and CEO
Phase 2 Program to Commence Shortly – Diamond Drilling at Fancamp and Muus
The Company recently received the required permits to begin a fully funded, Phase 2 exploration program, which includes approximately 3,200 metres of diamond drilling at the Fancamp property (Target Area 1; see Figure 1 and 2). Historical drilling and trenching has outlined an approximately two kilometre, north to northeast trending vein corridor, with up to six subparallel veins, which has returned significant gold grades averaging between approximately 4 grams per tonne gold (“g/t Au”) and 20 g/t Au over widths ranging between less than a metre and approximately 6 metres.
Many of the veins have only been tested by a few historical drill-holes and remain open in all directions. North-plunging mineralized shoots are interpreted to occur at both the A- and B- Zones and these shoots were historically drilled to vertical depths of approximately 60 to 100 metres and remain open down-dip and along strike. Approximately 14 locations have been targeted for the initial program, which will test the depth and strike extensions of interpreted vein structures at the A-, B- and D-Zones, as well as other subparallel veins along more than one kilometre of strike length (Figure 3).
Drilling is expected to begin in early September and following the completion of drilling at Fancamp, the Company intends to complete approximately 1,200 metres of additional drilling on the Company’s Muus property at Target Areas 2 and 3 (Figure 1), based on the results of the on-going prospecting and data review and subject to the receipt of the appropriate permits.
The Company follows a rigorous quality assurance/quality control (QAQC) program for the sampling programs that includes the regular insertion of standards, blanks and duplicates into the sample stream.
Phase 1 Exploration Update
The Company’s Phase 1 exploration program commenced earlier this summer and has entailed data compilation and review followed by excavator-based trenching and channel sampling and prospecting at our primary Target Area, Fancamp, as well as continued desktop reviews to support prospecting at Target Areas 2 and 3 at the Muus Property (Figure 1). Early-stage prospecting has also been completed over parts of the Nisk property.
At Fancamp, nine trenches have been excavated and washed and are currently being geologically mapped and channel sampled over 1.4-kilometres along strike between the A- and D-Zones (Figures 2 and 3), with a strong focus on understanding the lithological and structural controls. The Company has contracted Jean-Phillipe Desrochers, P.Geo. to help with these structural interpretations with the aim to further refine the Company’s understanding of the controls on mineralization in preparation of the upcoming drilling campaign during Phase 2 exploration.
Additional trenches have been completed by the Company at the D-Zone and over a large chargeability anomaly that lies just west of, and parallel to the “vein corridor”, based on interpretations of an historic induced polarization survey. Field crews also completed property-scale prospecting at Fancamp.
To date, 289 channel samples and 106 grab samples have been collected and submitted to Activation Laboratories Ltd. (“Actlabs”) in Sainte-Germaine-Boulé, Québec for gold and multi-element analysis. The Company will provide the results once they become available.
Approval for Private Placement
The Company received the final approval from the TSX Venture Exchange for the previously announced private placement financing of approximately $2.3 million. Please see press releases dated June 11, June 23, July 6 and July 16, 2020 for further details. The shares and warrants issued under the private placement are subject to a mandatory hold period of four months plus one day from the closing date.
Qualified Person
The scientific and technical information that forms the basis for parts of this press release was reviewed and approved by John Langton (P.Geo.), who is a Qualified Person “(QP”) as defined by National Instrument 43-101.
About Blue Thunder
Blue Thunder (TSXV:BLUE) is a gold exploration company that controls 100% of a large land position near Chibougamau, Québec. The Muus Project covers approximately 51,000 hectares in five separate blocks of prospective ground in the eastern part of the Abitibi Greenstone Belt. The Project is considered particularly prospective for gold mineralization, as a series of prominent ductile and brittle fault‐sets transect the Property, including the Guercheville and Fancamp Deformation Zones, both of which are associated with numerous past and currently producing precious‐ and base‐metal mines in the District.
ON BEHALF OF THE BOARD
Robert Cinits
Blue Thunder Mining Inc.
401 Bay Street, Suite 2704, P.O. Box 4, Toronto, Ontario, M5H 2Y4
(647) 848-1009
” Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, anticipated exploration program results, the ability to complete future financings, the ability to complete the required permitting, the ability to complete the exploration program and drilling, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the commodity markets generally, variations in the nature, the analytical results from surface trenching and sampling program, including diamond drilling programs, the quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the potential impact of COVID-19 (coronavirus) on the Company’s exploration program and on the Company’s general business, operations and financial condition, and other risks and uncertainties. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties. This news release contains information with respect to adjacent or similar mineral properties in the Chibougamau District in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties, are not indicative of mineral deposits on the Company’s properties or any potential exploitation thereof.
Figure 1: Location of the Muus, Muus East, Nisk and Fancamp properties and priority Target Areas 1-3.
Figure 2: Geology and Main gold mineralized zones at the Fancamp Property
Figure 3: Map depicting Fancamp Veins, Main Zones, Phase 1 trench outlines and proposed Phase 2 drill hole traces.
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