Thunderstruck Completes Acquisition of Fijian Zinc, Copper, Gold and Silver Properties and Commences Exploration
Vancouver, British Columbia--(Newsfile Corp. - October 18, 2016) - Thunderstruck Resources Ltd. (TSXV: AWE) ("Thunderstruck") is pleased to announce that it has completed the acquisition of Aljen (Pacific) Limited ("Aljen"), the private Fijian company holding the portfolio of base metal and gold properties in Fiji that Thunderstruck had previously under option (the "Properties").
For terms of the acquisition, please see Thunderstruck's news release dated August 8, 2016.
"This news is very significant in that, after three years of working toward this achievement, we will now own 100% of all the licenses and applications held by Aljen to explore highly prospective zinc, copper and precious metal targets contained in nearly 4% of the main island of Fiji. Moreover, the Company has satisfied the multiple conditions required by the various Fijian authorities, including Investment Fiji, Mineral Resources Department and the Provincial Administration, necessary to the commencement of exploration." stated Bryce Bradley, President/CEO. "With the funds raised in our August financing, we have paid the Vendor in full and are poised to begin the initial phase of our exploration program on this pipeline of promising targets."
Exploration plans
Thunderstruck will be conducting mapping, geochemical and trenching programs on the Nakoro, Liwa Creek and Rama Creek areas to delineate drill targets. After completion of this program, initial drilling can be accomplished effectively and affordably with the man-portable Winkie drill owned by the Company.
Nakoro
A massive sulphide body was delineated by Anglo American drilling that contains grades of around 5%-12% zinc, with zones of high-grade copper at surface. Our upcoming surface exploration program will be focused on expanding the known zones of zinc and copper mineralization.
The gold potential of the property will also be assessed. In 2015 Thunderstruck exposed a small siliceous gold-bearing rock sample of 3.37 g/t Au north of the zinc mineralization.
Liwa Creek
This high priority area contains classic epithermal, high-grade gold veins, breccia bodies, and silicification zones. Little exploration has been done, other than regional sampling, minor trenching and grab sampling. Numerous rock samples over a nine square kilometre area range in grade from 5 g/t -30 g/t Au, with locally high silver.
Rama Creek
The Rama Creek prospect is a copper-gold porphyry 5.5 kilometres northwest of the Liwa Creek prospect. It is similar geologically to the neighboring giant Namosi porphyry copper-gold deposit. Only four wide-spaced holes were drilled by Anglo American, with the central hole DDH 1 intersecting stockwork porphyry mineralization over 244 m grading 0.22% Cu and 0.16 g/t Au, including 72 m @ 0.38% Cu and 0.29 g/t Au. High-grade silver assays were reported in rock samples from the periphery.
Our exploration program will focus on the surrounding area of 14 km2 of anomalous gold values derived from stream sediment sampling during the early 1990's. Since there has been little subsequent exploration, this area is highly prospective for gold and silver, as such copper-gold porphyries typically have gold vein systems around them.
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.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".
For additional information, please contact:
Bryce Bradley, President, Chief Executive Officer and Director
Telephone: (604) 349-8119
Email: Bryce@thunderstruck.ca
or, visit our website: http://www.thunderstruck.ca
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 the default alleged under the Option Agreement will be cured on the terms set out above or at all or that the Option Agreement will not be terminated). 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.