Thunderstruck Commences Exploration Program
July 13, 2017 (Source) – Effort Represents First Focused Exploration Of Targets In 38 Years
Thunderstruck Resources Ltd. (TSXV: AWE) (“Thunderstruck”) is pleased to provide shareholders with an update on our 2017 exploration program. The Company’s current exploration focus is on surface to near-surface gold targets at both Rama Creek and Liwa Creek. The high-grade Liwa Creek prospect is located 6 km to the southeast of the Rama copper-gold porphyry, which is surrounded by an area that has high potential for gold.
“Now that the onset of dryer weather has allowed better access to the Rama and Liwa areas, we can undertake a more meaningful field program in order to delineate drill targets for later this season. The Fijian exploration season normally runs through November, by which point we hope to have significantly advanced both of these assets.” notes Bryce Bradley, CEO.
Our first-pass stream sediment sampling program at Rama Creek was recently completed with 110 samples being collected over an area of 15 square kilometres. Heavy rain and associated flash flooding forced a temporary abandonment of field operations and the first batch of sample results are now expected from the laboratory before the end of the month. Forty-seven samples have been received by the lab for cyanide leach followed by gold, silver and copper analysis and of these, 22 will be going directly for multi-element analysis. Analytical work on the remaining 63 samples will be governed by the results from the first batch.
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The targets in the Rama Creek area are vein-type gold deposits. Recently discovered data of multi-element analysis of 141 stream sediment samples collected by Barringer Fiji Ltd. in 1971 have revealed a significant arsenic-antimony anomaly (figure attached) with gold potential.
This anomaly is an east-trending, anomalous arsenic-antimony zone (maximum values of 461 ppm As and 1,126 ppm Sb) with a length of 4.5 km and centred 1,600 metres north of diamond drill hole DDH 1 (which returned 244m of 0.22% Cu, 0.16 g/t Au). Arsenic and antimony are well-known pathfinder elements for epithermal, vein gold, which are commonly developed around such porphyry systems. The As and Sb values may indicate a previously unrecognized gold system.
In addition, Southern Pacific Resources Limited completed approximately 14 km of ridge and spur auger soil sampling in 1988. This sampling defined a large gold anomaly (Anomaly A in the attached figure) extending 2,500 m by 1,000 m based on a 50 ppb Au cut-off value. This anomaly is of interest for gold veins peripheral to the adjacent copper-gold porphyry.
RAMA EXPLORATION PROGRAM
Fieldwork will involve the following:
• Follow up bulk leach extractable gold (BLEG) sampling
• Geological and prospecting follow up of First Pass BLEG results
• Fill-in hand auger sampling at Anomaly A plus deeper auger sampling.
• Fill-in hand auger sampling at several other small gold and copper anomalies.
Liwa Creek’s historical surface work returned high gold values that include (figure attached) :
• 1.9 g/t Au over 15 metres trenching across the north-trending Liwa Lode.
• 5.7 g/t Au over 7 metres outcropping of highly silicified rock (part of Jensen’s Prospect and 750 m east of Liwa Lode).
• 30 g/t Au outcrop of galena-rich (13% Pb & 1 % Cu) quartz veins (200 m east of the above gold zone at Jensen’s prospect).
• 11.5 g/t Au & 110 g/t Ag float samples (Siga’s Prospect, 1.7 km NE of Jensen’s Prospect).
• 42 ppb and 15 ppb gold BLEG samples (500 m east and 1,100 m south of Jensen’s Prospect respectively).
LIWA EXPLORATION PROGRAM
The anomalous gold zone in the Liwa area is 6 km by 4 km and Thunderstruck will be testing the more auriferous zones within this 24 km2 that will include;
• Regional BLEG sampling.
• Stream sediment sampling, designed to test the previously located zinc values of up to 0.25% in stream sediments.
• Geological mapping, sampling and trenching of the Liwa Lode and Jensen’s area.
• Auger soil sampling to test for extensions of Liwa and Jensen’s prospects to the north and south of known limits.
The Company is pleased to announce it has retained the services of Eric Mosley to train local Fijians on the use of the Company’s man-portable diamond drill in advance of its anticipated drill program. Concurrent with Thunderstuck’s Q2/Q3 field program, Mr. Mosley will conduct a training program with local drillers. As results from the field program are received, the Company will decide where to mobilize the drill for maximum effectiveness.
Bryce Bradley comments, “Mr. Mosley has previously been to Fiji, assembled our drill and walked our land. He has conducted many drill programs with this type of drill, and is very comfortable with the topography. We’re confident that he will implement a drilling campaign that is both cost-effective and efficient.”
Eric Mosley (HBSc. Geology) has worked globally as a Geological Technician, Field Geologist, Chief Geologist, and Exploration and Project Manager. He has conducted drill programs across Canada, the Arctic, West Africa and Dominican Republic.
Thunderstruck is in the process of assessing its sizable application areas, to determine priority targets in order to pursue the acquisition of the most prospective of these projects. The assets under review include the Vago, CIS, Wainaleka Extension and SPL 1425 Extension areas (please see PR April 13, 2017), as well as CX 801 and CX 784. The Company expects to announce a strategic consolidation of its most prospective holdings upon completion of detailed analyses of available data, in conjunction with any necessary field reconnaissance and liaison with the Mineral Resource Department.
The Company will seek to extend the expiry date of an aggregate 5,597,000 outstanding share purchase warrants. The subject warrants were originally issued on July 21, 2015 and September 21, 2015 with original expiry dates of two years. The new expiry dates will provide a three-year extension. The warrants continue to be exercised at their original exercise price.
The amendment to the terms of the warrants is subject to TSX Venture Exchange approval and any regulatory approvals.
The scientific and technical information disclosed in this news release was reviewed and approved by Michael Page, who is a “Qualified Person” as defined in National Instrument 43-101 — Standards of Disclosure for Mineral Projects, and a director of the Company.
About Thunderstruck Resources
Thunderstruck Resources is a Canadian mining exploration company with highly prospective VMS and precious metals projects in Fiji. The Company provides investors with exposure to a diverse portfolio of assets rich in copper, zinc, silver and gold in a politically safe and stable jurisdiction. 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. Cautionary Note Regarding Forward Looking Information: This news release includes certain information that may be deemed “forward-looking information”. Forward-looking information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology, or negative connotations thereof. All information in this release, other than information of historical facts, including, without limitation, with respect to the future exploration and development of the Company’s projects, the undertaking of future activities and/or acquisitions related to the Company’s projects, the active advancement of the Company’s mineral projects, and general future plans and objectives for the Company a, are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, the Company’s ability to maintain the support of stakeholders necessary to develop its mineral projects, unanticipated environmental impacts on operations and costs to remedy same, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the key assumptions, risks and challenges with respect to the forward looking information discussed herein, and about our business in general, investors should review our most recently filed continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws.
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