- Induced polarisation (IP) geophysical survey supports drill target at Nakoro project in Fiji.
- Chargeability/resistivity target is coincident with gossan and surface sampling.
- U.S. State Department Minerals Program Director visiting Thunderstruck projects in relation to its critical minerals initiative.
Vancouver, British Columbia--(Newsfile Corp. - April 20, 2023) - Thunderstruck Resources Ltd. (TSXV: AWE) (OTC PINK: THURF) ("The Company") reports that the scope for a substantial increase in the scale of the Nakoro zinc/copper/silver prospect has been provided through a recent IP geophysical survey.
Nakoro is one of four projects being advanced by Thunderstruck on the main island of Fiji. The current work follows up on exploration by Anglo Pacific in the 1970s. Historic drilling includes 12 meters grading 12.7% zinc, 0.3% copper, 56 g/t silver. Volcanic Massive Sulphides (VMS) deposits, like this one at Nakoro, typically occur in clusters. The work by Thunderstruck is aimed at expanding outward from the area of the historic work.
Lawrence Roulston, Director, commented: "These results show the potential for size in a deposit where earlier drilling has already demonstrated favourable grades."
Nakoro Prospect - IP Geophysics
The recent IP survey outlined a chargeability/resistivity target 200 meters from the area of historic drilling by Anglo where Thunderstruck geologists identified outcropping mineralization and gossans. (See Figure 1 below).
Zonge Engineering, a highly regarded international firm specializing in geophysics, conducted the IP survey utilizing a pole-dipole electrode configuration with electrodes spaced at 50m (dipoles) along 200m spaced lines. The survey included a total of 2.5-line kilometres across two lines and identified multiple geophysical features to assist interpretation and target definition.
The survey has successfully identified a priority drill target that aligns with the mineralization at surface. The chargeability/resistivity signature is characteristic of VMS targets. Figure 3 shows the chargeability and resistivity profiles along the two lines.
Figure 1: Summary map of Nakoro Prospect, showing location of previous drilling, geology and completed PDIP surveying coverage
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Further areas of gossan and mineralization at surface offer further upside potential and will be followed up after drill testing this target.
Figure 2: Map of Nakoro showing newly mapped area and some points of Interest.
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Thunderstruck's geological team carried out further geological mapping and sampling at Nakoro, which features an 8 km untested prospective geologic horizon highlighted through the interpretation of regional magnetics. (See Figure 2.) That work revealed a significant extension to the mineralized system at Nakoro. Extensive gossan outcrops were discovered along the Navakaruku creek area with one instance of massive sulphide mineralization associated with quartz veins within the gossan. The gossans are associated with strong limonite staining and small chlorite-epidote veinlets and amygdules. These results are typical for a VMS system, which typically occur in clusters.
Figure 3: Nakoro Prospect - Pole-Dipole IP Chargeability, Resistivity/Conductivity 2D Inversions
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https://images.newsfilecorp.com/files/2901/163144_thunderstruck_fig3.jpg
Site Visit by U.S. State Department
At the request of the U.S. State Department Minerals Program Director, the director and his team plan to visit Thunderstruck's copper-zinc VMS projects in April as part of the on-going efforts by the U.S. Government to expand supplies of critical raw materials from reliable sources. The purpose of their visit is to learn more about Fiji's mineral sector and discuss potential opportunities. Thunderstruck, as a leading explorer in Fiji, is hosting part of the visit intended to inform the U.S. Government of the critical resource potential of Fiji.
Share Consolidation Update
Thunderstruck Resources Ltd. (The "Company") is pleased to announce that it has received the approval from the TSX Venture Exchange for the previously announced five to one share consolidation (the "Consolidation"),as previously announced on April 10, 2023.
The common shares will commence trading on a post-consolidation basis effective as at April 24, 2023. Post consolidation, the Company will have approximately 25,402,562 shares outstanding. The Company's shares will continue to trade under the existing symbol "AWE". The CUSIP and ISIN of the Company's shares will change to 88606V203 and CA 88606V2030 respectively.
As previously announced, a letter of transmittal will be sent by the Company's transfer agent, Odyssey Trust Company, to the registered shareholders providing instructions to surrender the share certificates evidencing their pre-consolidated common shares for replacement certificates representing the number of post-consolidated common shares they are entitled to as a result of the consolidation. Until surrendered, each certificate representing the pre-consolidated common shares will be deemed to represent the number of post-consolidated common shares of the company that the holder thereof is entitled to as a result of the consolidation.
Warrant Price Update
Further to Thunderstruck's news release dated, April 10, 2023, please note that the full warrant attached to the private placement is 0.50 per unit, not 0.75. We apologize for the error.
About Thunderstruck Resources
Thunderstruck Resources is a Canadian mineral exploration company focused on the discovery of high-value mineral deposits on Fiji's main island of Viti Levu. Fiji has a long history of mining, including the Vatukoula Gold Mine which has already produced seven million ounces. Other Fiji deposits include Lion One's Tuvatu gold mine, which has just commenced mining, and the 1.8 billion tonne Namosi porphyry copper-gold deposit of Newcrest Mining.
Thunderstruck has exclusive exploration rights over 284 square kms, making it one of the largest holders of mineral rights in Fiji. Projects include gold-silver epithermal and copper-gold porphyry targets along with the two VMS projects.
The Company provides investors with exposure to a diverse portfolio of exploration projects with potential for copper, zinc, gold and silver in a politically safe and stable jurisdiction.
Thunderstruck trades on the Toronto Venture Exchange (TSXV) under the symbol "AWE" and United States OTC under the symbol "THURF."
Qualified Person Statement
The technical information in this news release was reviewed by Peter Duerden, RPGeo, an advisor to Thunderstruck Resources, and a qualified person as defined by National Instrument 43-101 (NI 43-101).
For additional information, please contact:
Rob Christl, VP Business Development and Investor Relations
Email: rob@thunderstruck.ca
P: 1-778 840-7180
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. 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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