Thunderstruck’s Fijian projects field work advances assets potentially rich in zinc, copper, silver and gold
Thunderstruck Resources Ltd. (TSXV: AWE) is a Canadian mining exploration company with highly prospective volcanogenic massive sulfide (VMS) and precious metals projects in Fiji. The Company provides investors with exposure to a diverse portfolio of assets potentially rich in zinc, copper, silver and gold in a relatively safe and stable jurisdiction.
Fiji is located on the Pacific Ocean’s Ring of Fire which contains many of the world’s major gold and copper deposits. Fiji is served by a mining-friendly government, and has a reasonable royalty (5% gross profits) and tax structure (20% corporate).
Thunderstruck’s 100% owned property portfolio is on the main island of Viti Levu, and covers nearly 4 percent of the island. It includes their main assets; the Nakoro and Wainaleka zinc-copper (VMS) projects, which make up the Company’s two flagship properties. Both flagship projects are the site of successful historical drilling by Anglo American Ltd. (Anglo). This is the first year that Thunderstruck has had the entire land package under its control and can meaningfully advance the various targets.
Two high priority targets exists on the Nakoro License covering 148 sq.km. The Liwa Creek Gold Project, a high grade gold epithermal prospect has returned very encouraging surface work and trenching results. The Rama Creek project is a large, low grade copper-gold porphyry.
Thunderstruck has been conducting geologic mapping, geochemical, and trenching programs on its Liwa Creek and Rama Creek properties to establish future drill targets. Geophysical interpretative work carried out in 2012 indicated that the prospective horizon extends over 8 km. With selective surface grab samples of zinc rich nodules, (sphalerite-rich) assayed 2.6% copper, 27.5% zinc and 177 g/t silver. At the Senikura Gold Zone target trench rock channel samples returned results averaging 0.96 g/t Au over 11.1 m (38.5 to 49.6 m), within a broader anomalous gold zone averaging 0.55 g/t Au over 37.6 m (12 to 49.6 m).
The Wainaleka project covers 30 sq. km of zinc-copper VMS prospects. In 1977, two diamond drilling programs were carried out by Anglo at Wainaleka. Fifteen holes were drilled totaling 1,763 meters, with average depths of 120 meters having a strike length over 650 meters. Extensive rock sampling showed that mineralization extends north and west. This left two stacked wide open mineralized zones of high grade zinc and copper with only a few meters of surface oxidation maximizing tonnage for flotation, leaving potential for an open pit at top of massive sulfide.
On May 17, 2018 the company announced that field operations are well underway. President and CEO Bryce Bradley commented: “Our exploration season is now in full swing, and we have initiated multiple activities across all of our primary assets.”
Preliminary mineralogical tests from the Wainaleka VMS project indicate great potential to produce zinc and copper concentrates via conventional flotation, which is a critical precursor to mine development. Further work on the high-grade Liwa Creek gold prospect will begin shortly, giving all of the zinc, copper and gold assets much deserved attention.
Bryce Bradley stated: “The enthusiasm around this program has prompted investors to request a private placement, at above market, which we have agreed to. The company is now entertaining joint venture opportunities, and will be organizing site visits throughout the season.”
The projects are close to Asian markets with Viti Levu having excellent infrastructure including a deep water port, a hydroelectric dam, and forestry roads that traverse all licensed areas with upgraded roads being developed in the Rama Creek zone. There are several historical mining and exploration companies operating on the island.
Thunderstruck has a market cap of C$ 3.34m.
The Pacific’s Ring of Fire is associated with rich deposits of copper, gold and other minerals. Thunderstruck’s 178 sq km of 100% owned projects sit within a historically highly prospective volcanogenic massive sulphide (VMS) area, close to Asian markets, giving the company plenty of potential.