Thunderstruck Arranges $1 Million Private Placement to Drill Its Liwa Gold Prospect
Vancouver, British Columbia--(Newsfile Corp. - June 8, 2020) - Thunderstruck Resources Ltd. (TSXV: AWE) (OTC: THURF) ("Thunderstruck") announces that it has arranged a private placement of up to $1,000,000 to fund a drill program on its Liwa gold prospect in Fiji.
This will be the maiden drill program on a prospect that has been the focus of sporadic surface exploration programs for decades. Only in recent years, under direction of Thunderstruck's team, has a broader geologic understanding developed for the five separate targets spanning three kilometers that make up the Liwa prospect.
Recent work by Thunderstruck has yielded surface trench results highlighted by 0.61 g/t gold over 71 meters1 (Liwa Ridge) as well as rock grab samples grading as high as 55.2 g/t gold2 (Jensen's Showing) and 42 g/t gold and 1,205 g/t silver (Lower Vatuvatulevu). An IP/Resistivity geophysical survey over four line-kilometers conducted last exploration season has detailed coincident anomalies at depth that will be targeted in this drill program3.
"We're excited to raise the funds to drill our highly prospective Liwa gold asset," stated Bryce Bradley, Thunderstruck's President/CEO. "With five highly prospective gold-silver targets defined so far over a three-kilometer geologic structure, the potential scope for a discovery is exceptional."
1See Thunderstruck news release dated February 13, 2018
2See Thunderstruck news release dated October 1, 2019
3See Thunderstruck news release dated April 2, 2019
Figure 1: 2019 Liwa Creek Prospect Rock Sample Results and 2020 Proposed Diamond Drill Holes
To view an enhanced version of this graphic, please visit:
The non-brokered private placement involves the sale of up to 16,666,667 units at a price of $0.06 per unit for aggregate gross proceeds of $1,000,000. Each unit will comprise one common share and one whole share purchase warrant. Each whole warrant entitles the holder to purchase a further common share at a price of $0.10 per share for a period of 5 years. The warrants are subject to accelerated exercise provisions such that if the closing price of the Company's common shares exceeds $0.20 per share for a period of 20 consecutive trading days, the Company may give notice of the acceleration of the warrants' term to a period of 30 days following such notice.
Proceeds of the placement will be applied to the maiden drilling program on Liwa gold prospect and general working capital. The placement is subject to regulatory approval, including the approval of the TSX Venture Exchange.
Senior Exploration Geologist
Thunderstruck's Board of Directors is pleased to announce that Robert Phillips has joined the team as Senior Exploration Manager, with the bulk of his time to be spent on site in Fiji.
As a results-driven geologist with experience working for majors and juniors across the world, Mr. Phillips brings years of experience in drill program management, geochemical and geophysical program design and interpretation and ore body modeling.
As Project Geologist for global resource companies, he has advanced their understanding of deposits by managing all facets of the exploration process - sampling, mapping, drilling, interpreting results and creating 3D modeling and resource estimates.
He has also trained with the Canadian Armed Forces where he completed infantry, weapons and specialist training. That breadth of experience sets up Mr. Phillips to provide geological leadership and logistical oversight to the various Thunderstruck exploration programs which will soon be underway in Fiji.
Chief Financial Officer
Thunderstruck also welcomes Wilson Michael to the team as its Chief Financial Officer. Mr. Michael is a Fijian national and has acted as CFO for other resource companies in Fiji, so is familiar with industry-specific accounting requirements. He brings a sound knowledge of Fijian business practices and regulatory issues, having worked in various roles as accountant, CFO and manager for a variety of companies in the Pacific Islands, including property developers, international shipping operators, mobile phone companies and local municipalities.
Mr. Michael is an Associate of the Institute of Chartered Secretaries and Administrators.
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 between Newcrest and Mitsubishi. 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). 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 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 (TSXV) under the symbol "AWE" and United States OTC under the symbol "THURF".
Qualified Person Statement
Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, is a qualified person for the project as defined by National Instrument NI 43-101. Mr. Raffle has reviewed and approved the portion of the technical content of this news release as it relates to the Liwa Creek Prospect.
For additional information, please contact:
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/57428