Thunderstruck Announces $1.3 Million Exploration and Drilling Program on Its Korokayiu Zinc/Copper Project; Mobilizes Two Drill Rigs to Fiji
Vancouver, British Columbia--(Newsfile Corp. - May 21, 2020) - Thunderstruck Resources Ltd. (TSXV: AWE) (OTC: THURF) ("Thunderstruck") is pleased to announce its 2020 exploration program (the "Program) on its Korokayiu Zinc/Copper Prospect ("Korokayiu") in Fiji with JV partner Japan Oil, Gas and Metals National Corporation ("JOGMEC").
Bryce Bradley, President and CEO of Thunderstruck Resources, commented: "After the high-grade copper and zinc drill results from 2019, we are eager to get started on our second year of drilling with our partners at JOGMEC. Like other industries and sectors, we've experienced setbacks and delays due to the pandemic, so we're thrilled to be finally starting our 2020 exploration program. Thunderstruck is fortunate in that our exploration season in Fiji coincides with the gradual re-opening of the global economy. As of this writing, Fiji no longer has any new cases of COVID-19, so local Fijian employees are free to prepare the camp, maintain roadworks and build drill pads now throughout the month of June, with social distancing measures in place, in expectation of the full-scale commencement of the exploration program at the beginning of July, or earlier, once their borders fully re-open."
The program over the next year includes:
Geology, mapping and soil/rock geochemistry at and around the seven presently known target areas.
Induced Polarization (IP) survey at Wainaleka and its extension (Kove Kove ~ Echo Creek) to fine-tune definition of drill targets. Additional IP surveys may be carried out at Kula Creek and Palu Creek depending upon results from the mapping and rock/soil geochemistry at those target areas.
Drill program of at least 1500m to test lateral and depth extensions of the mineralized zone outlined by earlier drilling, consisting of at least three diamond core holes conducted on the high-gravity anomaly, with additional holes based on results from the IP survey, mapping and soil/rock geochemistry.
Two or three shallow diamond holes at Wainaleka to obtain samples from the mineralized zone for processing test work in order to get a first estimate of recoverability and projected concentrate quality.
Figure 1: Korokayiu joint venture property, showing the recently extended area. After last year's drill results, the Korokayiu property has been expanded from 30 square kms to 136 square kms
To view an enhanced version of Figure 1, please visit:
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The Schedule for the Program is tentatively as follows:
Table 1
To view an enhanced version of Table 1, please visit:
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MOBILIZATION OF DRILLER
Thunderstruck has commissioned Bonga Drilling, of Vancouver, Canada to mobilize two diamond core drills to Fiji, in preparation for the Korokayiu drill program. Bonga has a solid reputation for getting good core recoveries quickly and efficiently, with a fee structure heavily slanted toward production. They have agreed to leave their drills on-site in anticipation of further drilling for Thunderstruck in the near term.
WAINALEKA ZINC/COPPER PROSPECT
Wainaleka is a high-grade zinc-copper-silver volcanogenic massive sulphide (VMS) discovery drilled by Anglo Pacific in 1977. That 15-hole, 1,763-metre Anglo diamond drill program intersected highly anomalous values including:
- 6.2m @ 1.8% copper, 12.0% zinc and 25 g/t silver (WLK-1A)
- 10m @ 2.3% copper, 5.5% zinc and 47 g/t silver (WLK-4)
- 15.5m @ 1.5% copper, 1.3% zinc and 8.0 g/t silver (WLK-10)
The Anglo drilling results left the main mineralised zone open at both ends and at depth. True widths are estimated to be 80%-100% of the drilled intercept. Geologic mapping indicates a 15 km prospective strike length; including eight additional, under-explored zinc-copper VMS prospects (see Company's press release dated February 28, 2019).
ABOUT JOGMEC
JOGMEC (Japan Oil, Gas and Metals National Corporation) seeks to ensure a stable supply of metal resources that are indispensable for Japanese industries. To achieve that objective, they contribute financial and technical resources to exploration, development, production and other measures intended to provide a long-term supply of key metals.
About Fiji
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 of Newcrest, Mitsubishi and Nittetsu. 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) (please see Company's Press Release October 19, 2019). 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 four extensive and highly prospective properties in Fiji on which recent and previous exploration has confirmed VMS, 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 OTC under the symbol "THURF".
On behalf of Thunderstruck Resources Ltd.
Bryce Bradley
President/CEO, Director
For additional information, please contact:
Rob Christl, Investor Relations Manager
Email: rob@thunderstruck.ca
P: 778 840-7180
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.
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