Thunderstruck Resources (TSXV:AWE) has appointed zinc industry professionals Jim Franklin and Garfield McVeigh to its advisory board. The company has also finalized an exploration program for one of its two flagship VMS assets, Nakoro.
Thunderstruck Resources (TSXV:AWE) has appointed zinc industry professionals Jim Franklin and Garfield McVeigh to its advisory board.
As quoted in the press release:
Dr. Franklin, PhD., FRSC, P.Geo, has focused much of his professional life in the pursuit of understanding and discovering volcanogenic massive sulphide (VMS) deposits similar to Thunderstruck’s Nakoro and Wainaleka high-grade zinc/copper assets.
Highlights of Jim’s career include fundamental work on “black smoker” systems on the modern seafloor. This research provided a new understanding of the way in which giant VMS deposits form, allowing him to develop a robust set of geological guidelines that will help steer Thunderstruck’s VMS exploration and drilling efforts. Jim has consulted for several VMS companies in the Ring of Fire, and been associated with VMS discoveries throughout North and South America, Europe and Asia. He’s also worked on vein-type gold deposits resembling Thunderstruck’s Liwa Creek epithermal gold project.
The major portion of Jim’s career, from 1975 to 1991, was with the Geological Survey of Canada, and culminated as Chief Geologist, when he coordinated the GSC’s entire scientific program. He has been honoured with multiple awards, including SEG’s Thayer Lindsley and Distinguished Lecturer awards. Notably, this year he will receive SEG’s top honor, the Penrose Medal.
Mr. MacVeigh, B.Sc Geology, is the president and CEO of Constantine Metals Ltd. (CEM:TSXV), which is currently exploring its Palmer VMS project in Southeast Alaska in partnership with Dowa Metals & Mining. Garfield directed the exploration that resulted in the Palmer VMS discovery that now has an 8.1 million tonnes inferred resource averaging 1.41% copper and 5.25% zinc, and the deposit is open to expansion. Garfield has 43 years of experience in gold and base metal exploration, and has contributed to the exploration and discovery of several VMS projects, including the HW zinc/copper mine and other zones at Nystar’s Myra Falls operation in British Columbia. He also participated in the discovery of the Hoyle Pond gold mine, Newfoundland, currently operated by Goldcorp. Garfield also served as president, CEO and chairman of the board of Rubicon Minerals Corporation.
The company has also finalized an exploration program for one of its two flagship VMS assets, Nakoro:
The Company announces that it has finalized its plan for a detailed surface exploration program on Nakoro, one of its two flagship VMS assets in order to prepare for a drilling program for Q3 2015. The exploration program will begin this month and will include mapping and trenching, geochemical analyses and a detailed drone topographic survey. This program will be headed by consulting geologist Geoff Taylor, Project Manager, and will include the services of local labourers and a local contractor who will provide an excavator for trenching and drill site preparation.
Finally, Thunderstruck announced a $750,000 private placement, with proceeds to be used for exploration programs at the company’s Fiji properties:
The Company also announces that it has arranged a private placement of $750,000 with a $250,000 over-allotment option. The non-brokered private placement involves the sale of up to 15,000,000 units at a price of $0.05 per unit. In the event the over-allotment option is filled, an additional 5,000,000 units would be issued.
Each unit comprises one common share and one share purchase warrant, each warrant entitling the holder to purchase a further common share at a price of $0.10 per share for a period of 24 months. The warrants will be 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 exploration programs for the Company’s Fiji properties and general working capital. Finder’s fees may be payable on all or any portion of the placement, which is subject to regulatory approval, including the approval of the TSX Venture Exchange.