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.
- Drilling permits received to allow up to 17 drill pads at Fancamp Gold Property, which has shown significant gold grades in historical surface and drill-core samples;
- Drilling contractor to arrive on site in early September to commence the Company’s initial, fully funded, 3,200-metre diamond drilling program;
- Phase 1 field work on-going, with trenching, channel sampling and prospecting in progress and nine trenches recently excavated at Fancamp;
- Initial batch of samples submitted for analysis.
“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.
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
Blue Thunder Mining Inc.
401 Bay Street, Suite 2704, P.O. Box 4, Toronto, Ontario, M5H 2Y4
” 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.