Thunderstruck Resources Ltd. (The “Company”) (TSXV:AWE) is pleased to announce drilling is underway on one of its four exploration projects in Fiji.
Thunderstruck Resources Ltd. (The “Company”) (TSXV:AWE) is pleased to announce drilling is underway on one of its four exploration projects in Fiji. The 10-hole program, funded by a joint venture partner, is following up on drilling by a major company in 1977 that outlined a substantial zone of copper-zinc mineralization. Little was done on the project until it was acquired by Thunderstruck. A geophysical survey is also underway, providing on-going guidance for the drilling. Work is also continuing on the Company’s other projects, including a porphyry copper-gold prospect and an epithermal gold target.
Bryce Bradley, President/CEO of Thunderstruck Resources, stated “We are very excited to have begun our first drill program, and the first by anyone in over 40 years, on our high-grade Korokayiu zinc/copper prospect. The program started last week and the team has begun on the first hole. Drill core will be sent to ALS Labs in Perth for assaying and results will be released immediately upon receipt and interpretation.” She continued, “In addition, we’re expecting the Masters theses on our Rama and Liwa properties and hope to share these results in early September.”
On February 28, 2019 the Company announced a JV agreement with JOGMEC (Japan Oil, Gas and Metals National Corporation) with respect to the Korokayiu VMS Prospect in Fiji. The joint venture agreement grants JOGMEC the option to earn a 70% ownership interest by funding CDN$3.5 million of exploration through March 31, 2022, subject to acceleration at JOGMEC’s discretion.
The current drilling is designed to verify historically drilled copper-zinc massive sulphide mineralization through twinning of a number of the historic Anglo holes, in addition to select infill, down-dip, and along-strike exploration holes designed to potentially expand the size of the existing Korokayiu copper-zinc mineralization.
In addition to the diamond drill program, detailed ground gravity geophysical surveys are well underway. The initial ground gravity surveys are progressing via detailed 50- and 100-metre square grids in the immediate vicinity of the Korokayiu VMS deposit, and to the east and west along strike of the favourable geologic horizon. Gravity data is currently being assessed in real time such that the drill hole placement will be informed by geophysical survey results. The Company anticipates commencement imminently of regional geologic mapping and prospect assessment across the 30-square-kilometre Korokayiu tenement, which contains 15 kilometres of prospective geologic strike length, including eight additional, underexplored zinc-copper VMS prospects.
Historic diamond drilling of the Korokayiu prospect carried out by Australian Anglo American Ltd. (Anglo) in 1977 intersected highly anomalous values including 6.2m averaging 1.8% copper, 12.0% zinc and 25 g/t silver (WLK-1A), 10m at 2.3% copper, 5.5% zinc and 47 g/t silver (WLK-4), and 15.5m grading 1.5% copper, 1.3 % zinc and 8.0 g/t silver (WLK-10). The true width of mineralization is estimated to be 80%-100% of the drilled intercept. The 13 holes drilled by Anglo indicate the main mineralised zone is open at both ends and at depth. As currently defined, the mineralization lies within 100 metres of surface. Anglo’s work culminated in an historic uncategorized resource of 250,000 tonnes averaging 8% Zn and 2% Cu completed by Golder Associates1. The resources are considered historic in nature and do not meet the criteria for a resource of any category as defined in “CIM Definition Standards on Mineral Resources and Mineral Reserves” dated May 10th, 2014, and as such should not be relied upon. Thunderstruck has been unable to verify these sources of information.
1 Source: Golder Associates, Review of the Mining Potential of the Fijian Kuroko Style Mineral Discoveries, 1980.
Viti Levu, the main island of Fiji, has a long mining history. It is on the prolific Pacific Ring of Fire, a trend that has produced numerous large deposits, including Porgera, Lihir and Grasberg. The island of Viti Levu hosts Namosi, held by a joint venture between Newcrest and Mitsubishi. Newcrest published Proven and Probable Reserves for Namosi of 1.3 billion tonnes at 0.37% Cu and 0.12 g/t Au (5.2M ounces Au and 4.9M tonnes Cu). Namosi is now undergoing environmental assessment as part of the permitting process. Lion One Metals is now developing its Tuvatu Project, with Indicated Resources of 1.1 million tonnes at 8.17 g/t Au (294,000 ounces Au), and Inferred Resources of 1.3 million tonnes at 10.6 g/t Au (445,000 ounces Au). The Vatukoula Gold Mine has been operating for 80 years, producing in excess of 7 million ounces.
About Thunderstruck Resources
Thunderstruck Resources is a Canadian mineral exploration company that has assembled extensive and highly prospective properties in Fiji on which recent and previous exploration has confirmed zinc, copper and precious metals mineralization. The Company provides investors with exposure to a diverse portfolio of exploration stage projects with potential for zinc, copper, gold and silver in a politically safe and stable jurisdiction. Thunderstruck trades on the Toronto Venture Exchange (TSX-V) under the symbol “AWE” and United States OTCQB under the symbol “THURF.”
Qualified Person Statement
Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, is a qualified person for the project as defined by National Instrument NI 43-101. Mr. Raffle has reviewed and approved the portion of the technical content of this news release as it relates to Korokayiu VMS prospect.
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Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed “forward-looking statements”. Although Thunderstruck believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Thunderstruck’s management on the date the statements are made. Except as required by law, Thunderstruck undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.