Welcome!

News Feed Item

Thunderstruck Receives TSX Approval for Fiji Assets and Provides Project Update

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/18/14 -- Thunderstruck Resources Ltd. ("Thunderstruck") (TSX VENTURE: AWE) announces that the TSX Venture Exchange has approved the property option agreement (the "Agreement") allowing Thunderstruck to acquire a 100% interest in a portfolio of base and precious metal mining exploration properties previously drilled by Anglo American ("Anglo") and located in the mining friendly Republic of Fiji.

"We will immediately begin assessing the potential for gold, silver, copper and zinc in our Fijian properties." said Bryce Bradley, Thunderstruck's President and CEO. "Historic drilling, geophysical, geochemical and geological data are highly encouraging, and are now being incorporated into an initial compilation study to be followed directly by an airborne geophysical survey and detailed ground work to systematically generate drill targets. The next year will be very busy for us."

Pursuant to the Agreement (see news release dated July 10, 2014), Thunderstruck may acquire a 100% interest in the properties of Aljen (Pacific) Limited ("Aljen") by incurring an aggregate of AUS$1,500,000 in exploration expenditures on the properties, paying to Aljen an aggregate of AUS$600,000 and issuing a total of 1,500,000 common shares over a three year period.

Thunderstruck's Fijian project portfolio provides shareholders with immediate exposure to an array of precious- and base-metal prospects with very positive historic results. The properties have demonstrated highly anomalous grades of gold, silver, copper and zinc in sampling and in some cases, drill assays with excellent potential for large-scale mineralization.

1) Wainaleka Prospect

Wainaleka is located approximately 50 kms from the deep water Port of Suva, Fiji's capital city. Wainaleka covers known, classic VMS mineralization where massive copper (Cu) and zinc (Zn) sulphide mineralization is underlain by a copper-rich stringer zone. Fifteen diamond drill holes totalling 1,763 metres were drilled by Anglo Pacific Prospecting Limited, a subsidiary of Anglo American Corporation, in 1977. Highlights of this historic drilling by Anglo include:


----------------------------------------------------------------------------
Drill Hole    Length (m) (i)        Copper %          Zinc %      Silver g/t
----------------------------------------------------------------------------
WLK 1A                   6.2             1.8              12              25
----------------------------------------------------------------------------
WLK 1B                   5.7             1.7             7.1               8
----------------------------------------------------------------------------
WLK 1C                   4.3             1.9             0.8              45
----------------------------------------------------------------------------
WLK 4                    9.7             2.3             5.5              47
----------------------------------------------------------------------------
WLK 10                  15.5             1.5             1.3               8
----------------------------------------------------------------------------
WLK 11                   6.1             2.3             5.5              98
----------------------------------------------------------------------------
(i) All widths are core length intersections.

The deposit is open in all directions. The prospective geology extends approximately 10 km in length as interpreted from an aeromagnetic survey flown by Placer Exploration Limited ("Placer") in 1995 and corroborated by Anglo's geological mapping. In its upcoming airborne geophysical survey, Thunderstruck will be applying the significant advances in technology gained over the last 20 years to the known geological trend.

2) Nakoro VMS Prospect

Anglo completed two diamond drill programs between 1975 and 1977, totalling 2,614 metres in 20 holes over a strike length of approximately 300 metres. This historic Anglo core-drilling returned significant VMS drill intercepts, highlights including:


----------------------------------------------------------------------------
Drill Hole    Length (m) (i)        Copper %          Zinc %      Silver g/t
----------------------------------------------------------------------------
NKD 2                     12             0.3            12.7              56
----------------------------------------------------------------------------
NKD 3                      4             0.4             5.3              nd
----------------------------------------------------------------------------
NKD 12                   7.4             0.3             7.2              54
----------------------------------------------------------------------------
NKD 13                  23.2             0.5             5.1              22
----------------------------------------------------------------------------
NKD 15                   4.4             0.4             8.8              nd
----------------------------------------------------------------------------
NKD 18                   7.1             0.1             4.8              48
----------------------------------------------------------------------------
NKD 21                     3             0.1             5.4              nd
----------------------------------------------------------------------------
(i) All widths are core length intersections. nd = no data

The deposit remains open in all directions. Anglo's drill campaign did not fully test the 650-metre strike length of the exposed gossan zone and associated Zn-Cu geochemical soil anomaly. The Nakoro hosting horizon has a potential strike length of at least 8 km, as interpreted from aeromagnetic geophysical data.

3) Liwa Creek Gold Prospect

The original sampling at the Liwa Creek Gold Prospect produced an assay of 8.4 g/t Au and 93 g/t Ag from a siliceous, pyritic rock sample taken by Amoco Minerals Fiji Ltd. in the 1970s. Subsequent soil sampling and trenching conducted in the 1980s by Geopacific Limited outlined a 50-metre by 250-metre anomaly with soil samples assaying up to 9.6 g/t Au and chip sampling from trenches showing 15 metres of 1.9 g/t Au, and 5.5 metres of 2.01 g/t Au. More recently, Aljen has shown the potential for a regional target area by locating other areas having anomalous gold, including a chip sample assaying 5.7 g/t Au over 7 metres. Mineralization is associated with silica ledges, high and low sulphide veins, and steep siliceous zones, all typical of epithermal gold systems.

The exploration at Liwa Creek is very encouraging, and there is enough geological and geochemical data to indicate that this is a very attractive and unexplored area in an epithermal gold-silver environment. Data suggests that this area deserves considerable further work and has excellent potential to host precious metal deposits.

4) Rama Creek Copper Prospect

Rama Creek is a copper-gold porphyry target discovered by Barringer in the 1970s. Subsequently, Anglo tested strong copper soil and induced polarization anomalies in 1975 with four diamond drill holes, totaling 802.4 metres, that intersected anomalous copper-gold, including 244 metres grading 0.22% Cu and 0.16 g/t gold in DDH 1. Within this intersection is a near-surface interval of 72 metres grading 0.32% Cu and 0.25 g/t gold.

Rama Creek is a mineralized system similar to Namosi, which hosts 2.2 billion tonnes grading .34% Cu and 0.11g/t Au and lies about 30km to the west.

Overview of Fiji

Fiji's official language is English with administration based on British Law. Fiji has one of the most developed economies in the Pacific island realm due to an abundance of mineral, agriculture, forest and fish resources. The country's currency is the Fijian dollar.

The country comprises an island archipelago geologically located on the Pacific Ocean's Ring of Fire and mostly formed through volcanic activity. The Ring of Fire contains many of the world's major gold and copper deposits whose genesis is associated with volcanism and plutonism. A good example is Fiji's Vatukoula Gold Mine which has operated for more than 75 years and has produced more than 7 million ounces of gold.

Fiji's great mineral endowment is supported by a long mining history and a skilled work force across the economy, particularly in the mining industry. It has good infrastructure, mining law and regulations of an international standard, and a progressive government that supports natural resource development. Amex Resources Ltd.'s Mba Delta Ironsands Project has received all its operating permits and secured US$ 100 million in funding, culminating in the Prime Minister conducting the official ground breaking ceremony in July of this year.

A finders' fee of 90,000 common shares and $36,000 in cash will be paid over the option term to an arm's length individual.

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 and Canada. The Company provides investors with exposure to a diverse portfolio of assets rich in copper, zinc, silver and gold in politically safe and stable jurisdictions. Thunderstruck trades on the Toronto Venture Exchange (TSX-V) under the symbol "AWE".

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 (i) the option agreement will be closed on the terms outlined above, or at all; (ii) the private placement will be closed; (iii) TSX Venture Exchange approval will be received; (iv) Thunderstruck will exercise the option on the terms outlined above, or at all; or (v) the optioned properties will prove to contain any ore that can be mined economically. 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are a modern development application platform and we have a suite of products that allow you to application release automation, we do version control, and we do application life cycle management," explained Flint Brenton, CEO of CollabNet, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...