VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 18, 2014) - Thunderstruck Resources Ltd. ("Thunderstruck") (TSX VENTURE:AWE) announces that the TSX Venture Exchange has approved the property option agreement (the "Agreement") allowing Thunderstruck to acquire a 100% interest in a portfolio of base and precious metal mining exploration properties previously drilled by Anglo American ("Anglo") and located in the mining friendly Republic of Fiji.
"We will immediately begin assessing the potential for gold, silver, copper and zinc in our Fijian properties." said Bryce Bradley, Thunderstruck's President and CEO. "Historic drilling, geophysical, geochemical and geological data are highly encouraging, and are now being incorporated into an initial compilation study to be followed directly by an airborne geophysical survey and detailed ground work to systematically generate drill targets. The next year will be very busy for us."
Pursuant to the Agreement (see news release dated July 10, 2014), Thunderstruck may acquire a 100% interest in the properties of Aljen (Pacific) Limited ("Aljen") by incurring an aggregate of AUS$1,500,000 in exploration expenditures on the properties, paying to Aljen an aggregate of AUS$600,000 and issuing a total of 1,500,000 common shares over a three year period.
Thunderstruck's Fijian project portfolio provides shareholders with immediate exposure to an array of precious- and base-metal prospects with very positive historic results. The properties have demonstrated highly anomalous grades of gold, silver, copper and zinc in sampling and in some cases, drill assays with excellent potential for large-scale mineralization.
1) Wainaleka Prospect
Wainaleka is located approximately 50 kms from the deep water Port of Suva, Fiji's capital city. Wainaleka covers known, classic VMS mineralization where massive copper (Cu) and zinc (Zn) sulphide mineralization is underlain by a copper-rich stringer zone. Fifteen diamond drill holes totalling 1,763 metres were drilled by Anglo Pacific Prospecting Limited, a subsidiary of Anglo American Corporation, in 1977. Highlights of this historic drilling by Anglo include:
| Drill Hole |
Length (m) * |
Copper % |
Zinc % |
Silver g/t |
| WLK 1A |
6.2 |
1.8 |
12 |
25 |
| WLK 1B |
5.7 |
1.7 |
7.1 |
8 |
| WLK 1C |
4.3 |
1.9 |
0.8 |
45 |
| WLK 4 |
9.7 |
2.3 |
5.5 |
47 |
| WLK 10 |
15.5 |
1.5 |
1.3 |
8 |
| WLK 11 |
6.1 |
2.3 |
5.5 |
98 |
| * All widths are core length intersections. |
The deposit is open in all directions. The prospective geology extends approximately 10 km in length as interpreted from an aeromagnetic survey flown by Placer Exploration Limited ("Placer") in 1995 and corroborated by Anglo's geological mapping. In its upcoming airborne geophysical survey, Thunderstruck will be applying the significant advances in technology gained over the last 20 years to the known geological trend.
2) Nakoro VMS Prospect
Anglo completed two diamond drill programs between 1975 and 1977, totalling 2,614 metres in 20 holes over a strike length of approximately 300 metres. This historic Anglo core-drilling returned significant VMS drill intercepts, highlights including:
| Drill Hole |
Length (m) * |
Copper % |
Zinc % |
Silver g/t |
| NKD 2 |
12 |
0.3 |
12.7 |
56 |
| NKD 3 |
4 |
0.4 |
5.3 |
nd |
| NKD 12 |
7.4 |
0.3 |
7.2 |
54 |
| NKD 13 |
23.2 |
0.5 |
5.1 |
22 |
| NKD 15 |
4.4 |
0.4 |
8.8 |
nd |
| NKD 18 |
7.1 |
0.1 |
4.8 |
48 |
| NKD 21 |
3 |
0.1 |
5.4 |
nd |
| * All widths are core length intersections. nd = no data |
The deposit remains open in all directions. Anglo's drill campaign did not fully test the 650-metre strike length of the exposed gossan zone and associated Zn-Cu geochemical soil anomaly. The Nakoro hosting horizon has a potential strike length of at least 8 km, as interpreted from aeromagnetic geophysical data.
3) Liwa Creek Gold Prospect
The original sampling at the Liwa Creek Gold Prospect produced an assay of 8.4 g/t Au and 93 g/t Ag from a siliceous, pyritic rock sample taken by Amoco Minerals Fiji Ltd. in the 1970s. Subsequent soil sampling and trenching conducted in the 1980s by Geopacific Limited outlined a 50-metre by 250-metre anomaly with soil samples assaying up to 9.6 g/t Au and chip sampling from trenches showing 15 metres of 1.9 g/t Au, and 5.5 metres of 2.01 g/t Au. More recently, Aljen has shown the potential for a regional target area by locating other areas having anomalous gold, including a chip sample assaying 5.7 g/t Au over 7 metres. Mineralization is associated with silica ledges, high and low sulphide veins, and steep siliceous zones, all typical of epithermal gold systems.
The exploration at Liwa Creek is very encouraging, and there is enough geological and geochemical data to indicate that this is a very attractive and unexplored area in an epithermal gold-silver environment. Data suggests that this area deserves considerable further work and has excellent potential to host precious metal deposits.
4) Rama Creek Copper Prospect
Rama Creek is a copper-gold porphyry target discovered by Barringer in the 1970s. Subsequently, Anglo tested strong copper soil and induced polarization anomalies in 1975 with four diamond drill holes, totaling 802.4 metres, that intersected anomalous copper-gold, including 244 metres grading 0.22% Cu and 0.16 g/t gold in DDH 1. Within this intersection is a near-surface interval of 72 metres grading 0.32% Cu and 0.25 g/t gold.
Rama Creek is a mineralized system similar to Namosi, which hosts 2.2 billion tonnes grading .34% Cu and 0.11g/t Au and lies about 30km to the west.
Overview of Fiji
Fiji's official language is English with administration based on British Law. Fiji has one of the most developed economies in the Pacific island realm due to an abundance of mineral, agriculture, forest and fish resources. The country's currency is the Fijian dollar.
The country comprises an island archipelago geologically located on the Pacific Ocean's Ring of Fire and mostly formed through volcanic activity. The Ring of Fire contains many of the world's major gold and copper deposits whose genesis is associated with volcanism and plutonism. A good example is Fiji's Vatukoula Gold Mine which has operated for more than 75 years and has produced more than 7 million ounces of gold.
Fiji's great mineral endowment is supported by a long mining history and a skilled work force across the economy, particularly in the mining industry. It has good infrastructure, mining law and regulations of an international standard, and a progressive government that supports natural resource development. Amex Resources Ltd.'s Mba Delta Ironsands Project has received all its operating permits and secured US$ 100 million in funding, culminating in the Prime Minister conducting the official ground breaking ceremony in July of this year.
A finders' fee of 90,000 common shares and $36,000 in cash will be paid over the option term to an arm's length individual.
This news release has been reviewed and approved by Michael Page of Exploration Services Int'l, a Qualified Person as defined in NI 43-101.
About Thunderstruck Resources
Thunderstruck Resources is a Canadian mining exploration company with highly prospective VMS and Precious Metals projects in Fiji and Canada. The Company provides investors with exposure to a diverse portfolio of assets rich in copper, zinc, silver and gold in politically safe and stable jurisdictions. Thunderstruck trades on the Toronto Venture Exchange (TSX-V) under the symbol "AWE".
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. Specifically, there is no assurance (i) the option agreement will be closed on the terms outlined above, or at all; (ii) the private placement will be closed; (iii) TSX Venture Exchange approval will be received; (iv) Thunderstruck will exercise the option on the terms outlined above, or at all; or (v) the optioned properties will prove to contain any ore that can be mined economically. 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.