Thunder Gold Corp has finalized a deal to sell its 25% stake in the Dor-Wit copper property in Namibia to Noronex Limited, marking a pivotal shift in its business strategy towards gold exploration in Canada. This transaction not only enhances Noronex’s position in the Kalahari Copper Belt but also signifies Thunder Gold’s renewed focus on its Tower Mountain Gold Property in Ontario. The agreement includes significant financial terms and potential future benefits for Thunder Gold, reflecting its strategic redirection in 2024.
The sale of Thunder Gold Corp’s interest in the Dor-Wit property to Noronex Limited represents a significant shift in the company’s focus towards gold exploration. With the transaction, Noronex’s landholdings in the Kalahari Copper Belt exceed 800,000 hectares, positioning it as a key player in copper exploration in the region. Financial terms of the deal include the issuance of 5.5 million Noronex shares to Thunder Gold and deferred consideration of US$1 million upon completion of a feasibility study. Additionally, Thunder Gold stands to gain from the net proceeds of the Dordabis license sale, if it occurs within six months.
Wes Hanson, President and CEO stated, “This transaction increases Noronex’s 100% owned land position in the Kalahari Copper Belt of Namibia to over 800,000 hectares, representing over 300 kilometres of copper prospective strike length. Adding 100% of Dor-Wit to Noronex’s extensive 100% owned land package makes fiscal and technical sense going forward and the transaction allows us to focus on our flagship gold property, Tower Mountain, in the Shebandowan Greenstone Belt of Ontario. We are pleased to have increased our share position in Noronex to 11.0 million shares, especially considering the prospective nature of the assembled land package.”
Noronex’s acquisition of Thunder Gold’s stake in the Dor-Wit copper property significantly boosts its exploration potential in the Kalahari Copper Belt. This vast region is known for its untapped mineral wealth, particularly copper, making it a hotspot for mining and exploration companies. The deal not only expands Noronex’s footprint but also consolidates its resources and efforts towards discovering new copper deposits in this promising area.
By divesting its interest in the copper property, Thunder Gold Corp is now poised to concentrate its resources and efforts on the Tower Mountain Gold Property in Ontario. This strategic decision aligns with the company’s objective of becoming a leader in gold discovery in Canada. The Tower Mountain Gold Property, with its promising gold occurrences, represents a significant exploration opportunity for Thunder Gold. This move is indicative of the company’s agile approach to maximizing its asset portfolio and focusing on areas with the highest potential for growth and value creation.
The sale of Thunder Gold Corp’s stake in the Dor-Wit copper property to Noronex Limited not only signifies a strategic pivot for both companies but also highlights the dynamic nature of the mining and exploration industry. As Thunder Gold sharpens its focus on gold exploration in Canada, Noronex strengthens its position in the copper-rich Kalahari Copper Belt. This deal exemplifies how strategic asset reallocation can enable companies to optimize their exploration portfolios and concentrate on their core areas of expertise and potential. As the mining sector continues to evolve, such strategic moves are essential for companies to remain competitive and achieve sustainable growth.