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Field Work Extends Liwa Creek Gold Prospect; Samples 55 g/t Gold and 379 g/t Silver in Outcrop And Discovers Significant New Gold Zone
In particular, sampling programs have returned high-grade gold and silver assays over previously discovered zones and expanded those zones. In addition, a potentially significant new zone, featuring the highest-grade soil sample yet collected, has been discovered.
Brien Lundin, Thunderstruck’s Chairman stated, “Following up on the successful results from our Rama prospect, field work continues to expand our Liwa prospect as well. In combination with our Nakoro and Wainaleka VMS discoveries, it’s becoming obvious that our Fiji properties offer tremendous potential. We are excited about continuing to advance on all fronts.”
As detailed in the Appendix, prospecting and geochemical sampling programs at Liwa Creek have resulted in the discovery of multiple gold showings over a three-km, northeast-trending structural corridor that is open in all directions.
Two distinct styles of gold mineralization have been identified at Liwa Creek: narrow northeast-trending high-grade gold plus base metal veins lacking significant wall rock alteration typified by the Jensen’s Showing; and dominantly north-south trending wide zones of gold-silver mineralized quartz-sericite-illite-pyrite altered volcanic rocks such as those occurring at the Liwa Ridge Showing and possibly the newly discovered Lower Vatuvatulevu gold target.
The two styles of mineralization exhibit characteristics of sub-epithermal gold-base metal and intermediate sulphidation epithermal gold-silver veins, respectively. The classification is significant in that both deposit styles are interpreted to have close copper porphyry deposit association, with intermediate sulphidation veins being interpreted as shallow-level counterparts of deeper gold plus base metal sub-epithermal veins located alongside porphyry copper deposits.
Juxtaposition of relatively shallow high-level intermediate sulphidation gold-silver vein system and deeper sub-epithermal high grade gold veins is interpreted to indicate overprinting of early deep copper porphyry related high grade gold veins by relatively late high-level gold-silver mineralization. The Company believes this indicates the presence of a significant and long-lived hydrothermal system at Liwa Creek.
Lawrence Roulston, Thunderstruck Director, noted, “The methodical exploration program at Liwa continues to be very effective at outlining this extensive gold system under soil cover. On-going work continues to push out the limits in prospective areas. Liwa already has a footprint in line with major gold-bearing systems. The size and the gold tenor of this system are extremely encouraging, especially in this Pacific Ring of Fire setting that hosts multiple world-class gold deposits.”
Thunderstruck is advancing toward securing joint venture partners on its VMS and porphyry targets as it focuses on this highly prospective gold zone.
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 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. Liwa Creek is one of four projects, each of which is being marketed as potential joint venture opportunities. 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 OTCQB 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.
During 2018 all stream sediment samples were submitted to Australian Laboratory Services Pty. Ltd (ALS) labs Perth for BLEG determination of gold. Auger soil samples were submitted for gold and multi-element geochemical analysis via a 25 gram (g) sample split subject ICP-MS. Prospecting and trench rock samples submitted for 30g gold Fire-Assay analysis and multi-element geochemistry by four-acid ICP-ES. Given the reconnaissance nature of the samples, Thunderstruck has relied on the external QA/QC of ALS which included the insertion of insertion of standard, blank and duplicate samples at a rate of 10% into the sample stream to confirm the accuracy of the reported results.
For additional information, please contact:
Rob Christl, Investor Relations
Email: rob@thunderstruck.ca
P: 778 840-7180
or, visit our website: https://www.thunderstruck.ca
APPENDIX – LIWA CREEK GOLD PROJECT EXPLORATION DETAILS
Rock Sampling
At Liwa Creek exploration was designed to follow-up and expand on broad trenched gold zones at the Liwa Ridge Showing (0.61 g/t gold over 71.3 metres; including 1.2 g/t gold over 26.5. metres); further develop the high-grade Jensen’s Showing (previous outcrop quartz vein rock grab samples returning 36 and 32 g/t gold from outcrop); and locate the source of widespread gold in float rock located within confined drainages of the Lower Vatuvatulevu Creek and Gun showing areas (see the Company’s February 13, 2018 news release).
Of the 55 current rock grab samples collected at Liwa, a total of 15 samples returned greater than 1 g/t gold or 10 g/t silver; and up to 55.2 g/t gold and 379 g/t silver (Table 1).
At the Jensen’s Showing two parallel, northeast trending, high-grade gold bearing quartz veins are exposed in the bed of Wainamoli Creek over a distance of 50 metres. The veins dip 60 to 80 degrees to the northwest and occur along the upper and lower contacts of an approximately 10 metre thick intrusive dyke cutting volcaniclastic rocks of the Wainimala Group.
Rock grab and small diameter backpack core drilling of the northern vein resulted in four (4) samples returning gold assays of 55.2 , 40.2 , 31.9, and 25.5 g/t gold (the later cored over a 0.22-metre true-width of the vein) with associated lead, copper and zinc values. Jensen’s Showing quartz veins are brecciated and contain massive to semi-massive galena, chalcopyrite and sphalerite with vuggy comb to crustiform banded quartz vein textures in association with sericite-illite host rock alteration. The Jensen’s south vein ranges in width from 0.1 to 0.5 metres in width and exhibits similar polyphase brecciated, anastomosing pinch-and-swell, comb and crustiform banded textures, with a total of 6 rock outcrop samples returning between 1.45 to 7.13 g/t gold.
Table 1: Liwa Creek Gold Prospect Significant Rock Grab Sample Results
| Sample ID | Showing | Au (g/t) | Ag (g/t) | Pb (%) | Cu (%) | Zn (%) |
| 28028 | Jenson’s | 55.2 | 24.8 | 10.0 | 0.35 | – |
| 28014 | 40.2 | 19.4 | 1.85 | 0.39 | – | |
| 28003 | 31.9 | 21.8 | 0.99 | 0.34 | – | |
| 28021 | 25.5 | 27.8 | 0.94 | 1.42 | 1.94 | |
| 28015 | 7.13 | 13.4 | 0.65 | 0.12 | 0.63 | |
| 28004 | 4.62 | 8.3 | 0.36 | 0.3 | – | |
| 28002 | 4.14 | 8.2 | 0.34 | – | – | |
| 28013 | 3.33 | 7.1 | 0.17 | – | – | |
| 28029 | 3.24 | 8.9 | 0.24 | – | 0.29 | |
| 28018 | 1.82 | 11.7 | 0.61 | 0.1 | 0.16 | |
| 28017 | 1.45 | 5.7 | 0.23 | – | – | |
| 28010 | Liwa Ridge | – | 379 | 0.28 | – | 0.54 |
| 28009 | 4.53 | 9.2 | 0.36 | – | – | |
| 28027 | 0.85 | 13.0 | 0.1 | – | – | |
| 28007 | 0.30 | 36.2 | – | – | – |
A distance of 100 metres to the east of the main Jensen’s discovery outcrops a rock grab sample of silicified and comb textured quartz veined Wainimala Group volcanic breccia rocks returned 4.62 g/t gold.
Rock outcrop and subcrop float grab sampling within Liwa Creek at the northern extent of the Liwa Ridge Showing, 800 metres west of Jensen’s, returned 4.53 g/t gold and 379 g/t silver (the highest silver assay to date at Liwa Creek), respectively, from silica-flooded and quartz stockwork veined intrusive.
Soils
A total of 141 additional ridge-and-spur aguer soil geochemical samples were collected Liwa Creek. Sampling was designed to isolate potential source zones to the northeast of the Jenson’s gold zone, and widespread gold in float rock recovered within the Lower Vatuvatulevu Creek and Gun showing areas.
Auger soil sampling within the Lower Vatuvatulevu Creek area resulted in the discovery of a significant new gold zone. Prior stream BLEG and prospecting float rock grab sampling within this small 400 x 400 metre drainage returned anomalous gold values. Current soil sampling along the southern ridge resulted in 8 soils collected over a 160-metre interval returning greater than 20 ppb gold, and up to 2,480 ppb gold (2.48 g/t gold) in soil. The result is four times greater than any previous soil sample collected on the project (643 ppb gold from the Liwa Ridge Gold Zone 1.5 km to the west). The five highest soils samples returned 707, 804, 894, 1050 and 2,480 ppb gold. The orientation of this newly discovered gold zone is presently not known. An aggressive follow-up via intensive prospecting, hand trenching and expansion of ridge-and-spur aguer soils to the south is warranted.
In addition, soil sampling along the Gun Showing ridge returned isolated anomalous gold values including 336 ppb and 82 ppb gold, which warrant additional follow-up sampling and prospecting.
Trenching
Hand excavated trenching at three locations (GT1, GT2, and GT3) totaling 29 metres within the Gun Showing area was designed to follow up on previously reported anomalous gold in soil values of 65 and 82 ppb gold (see the Company’s February 13, 2018 news release). Trenches were excavated to a depth of 1 metre into the subsoil, however competent outcrop was not reached in any of the trenches. Trench GT3 returned 0.2 g/t gold over 2 metres from 0 to 2 metres; and 0.17 g/t gold over 3 metres between 8 and 11 metres. Trench GT2 returned 0.12 g/t gold over 2 metres; in addition to silicified and veined float rock grab samples recovered during excavation that returned 0.44, 0.20, and 0.15 g/t gold; including 4.5, 6.2 and 9.6 g/t silver, respectively. Trench GT1 did not return significant values.
Stream BLEG Sampling
Completion of stream BLEG geochemical sampling in the Noda Creek drainage designed to evaluate the potential southern extension of the north-south trending Liwa Ridge Gold Zone. Of the 23 Noda Creek stream BLEG samples collected a total of 13 samples returned greater than 20 parts-per-billion (ppb) gold and are considered anomalous. A stream BLEG collected from the Noda Creek headwaters at the southernmost known extent of the Liwa Ridge gold zone returned 93 ppb gold. This sample represents the highest gold in stream sediment value returned form the Project to date, and underscores the potential to expand the Liwa Zone southward.
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.
Figure 1
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2901/40686_
Source: www.newsfilecorp.com
HMW Project Update
- In situ lithium mining inventory continues to build with over 2,800t LCE accumulating in ponds.
- Overall project completion is close to 40%.
- Project construction continues to advance at a pace commensurate with preserving cash. First production from HMW is now targeted for H2 2025.
- Average brine flow rate, well lithium grade and evaporation rates are in line with or better than those utilised in the Phase 1 Feasibility Study.
- Pond inventory management system in place to protect inventory and optimise evaporation process.
- Offtake partners shortlisted with Galan progressing towards a definitive sales agreement and associated funding package.
First 3 ponds completed, filled and evaporating
Overall completion of the HMW Phase 1 project now sits at approximately 40% with the ponds system at 60% capacity. The designed ponds system can allow an inventory, until H2 2025, of up to 10,000tpa LCE without the need for processing. Approximately 750,000 m2 of evaporation area has now been built, currently housing 2,800t LCE contained inventory. This current evaporation area is sufficient to produce a lithium chloride volume of approximately 3.0 ktpa LCE. The key processing parameters, including brine well average flow rates, lithium grades and evaporation rates are all aligned with the Phase 1 DFS. Due to the slower pace of construction activities, first production from HMW is now expected to be within H2 2025.
As previously announced, the HMW project was separated into four production phases. The initial Phase 1 Definitive Feasibility Study (DFS) focused on the production of 5.4ktpa LCE of a lithium chloride concentrate by H2 2025, as governed by the approved production permits. The Phase 2 DFS targets 21ktpa LCE of a lithium chloride concentrate in 2026, followed by Phase 3 production of 40ktpa LCE by 2028 and finally a Phase 4 production target of 60ktpa LCE by 2030. Phase 4 will include lithium brine sourced from both HMW and Galan’s other 100% owned project in Argentina, Candelas. The positive Phase 2 DFS results were announced on 3 October 2023 (https://wcsecure.weblink.com.au/pdf/GLN/02720109.pdf).
HMW Project looking south
Galan’s Managing Director, Juan Pablo (JP) Vargas de la Vega, commented:
“We are very proud of the solid progress made to date especially in light of current market conditions. During this time, the Board also made the prudent decision to strategically slow construction activities so as to preserve our cash.
Our current in situ inventory of 2,800t LCE has been the first step of our production pathway. Our inventory will continue to increase as we have a low energy cost operation that only requires brine pumps to operate. As a result, once Galan finalises sales and funding arrangements, which are progressing well, the Company will be in a strong position to produce a competitive low-cost lithium product.
It should also be noted that we have received strong international market interest in our HMW lithium concentrate. In our view, this evidence indicates that the current lithium pricing environment and market oversupply is not expected to be a long term trend.”
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