Thunderstruck Resources CEO Bryce Bradley joined INN at PDAC to discuss the company’s progress exploring the main island of Viti Levu in Fiji.
Thunderstruck Resources (TSXV:AWE,OTC Pink:THURF) CEO Bryce Bradley joined the Investing News Network at the Prospectors & Developers Association of Canada (PDAC) conference to discuss her company’s progress exploring the main island of Viti Levu in Fiji.
The island hosts four of Thunderstruck’s assets, the Korokayiu and Nakoro high-grade zinc-copper volcanogenic massive sulfide projects, the Liwa Creek gold project and the Rama Creek copper-gold porphyry project.
According to Bradley, Thunderstruck spent much of 2019 drilling on the Korokayiu property which returned some positive results. “We started a joint venture option agreement with JOGMEC on one of the high-grade zinc-copper assets. We spent 2019 just re-drilling and twinning a lot of the old Anglo holes. We’re very happy to report that the grades actually came back higher than what Anglo had drilled back in the 70s. In fact, we’re so excited by the results that we’ve applied for a huge landmass around that license to expand the territory by 3.5 times and we’re now discussing what our drill program is going to look like for 2020.”
The JV agreement between Thunderstruck and the Japan Oil, Gas and Metals National Corporation (JOGMEC) gives the C$11 billion Japanese government entity the option to earn a 70 percent interest in the property by funding C$3.5 million in exploration before March 31, 2022. According to Bradley, the agreement between Thunderstruck and JOGMEC is a positive reflection of the project’s potential. “Their mandate is to go out and explore and find metals for their industry back in Japan. So typically they come in, they explore for 2,3, or 4 years and then try to hand it off to a partner in Japan to mine it after that. They took one full year to complete their due diligence before we signed our agreement last year, which really de-risks it for any new investors looking to come in because you know that they are extremely diligent in their work before they sign a deal.”
Bradley believes that JOGMEC was most interested in working on the Korokayiu property due to its easy access and potential to reach a production decision. “It’s the low hanging fruit of all of the assets that we had. They need zinc. So I think they want the zinc more than the copper. But you know, it’s a good problem to have because we have high-grade zinc and copper on that asset.”
Moving forward, Thunderstruck intends to continue to advance its other Fijian projects through partnerships and additional exploration work. “We’re in talks here at PDAC to joint venture those properties. We’ve done a lot of surface work and trenching on the gold asset already. We don’t need to do any more surface work, geochemical work or geophysical work, we just need to drill it now. So 2020 is another reason I’m here. We’re raising a bit of capital to drill the gold asset, hopefully in a few months.”
According to Bradley, the partnership between JOGMEC and Thunderstruck provides the company with the freedom to make business decisions without being at the mercy of the markets. “We don’t really need to care too much about fluctuations in the base metals market. I mean, base metals aren’t doing that well right now, but it won’t really matter if we have a partner that’s going to help us drill it off and then someone to come in and actually buy the metals from us.”
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