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Thunderstruck Resources Ltd. (TSXV: AWE) (OTC: THURF) (The "Company") wishes to announce a non-brokered private placement (the "Placement") to raise up to CDN$750,000.00 for the expanded 2021 drilling and exploration program at our 100% owned Liwa gold and silver prospect in Fiji. The Placement involves the sale of up to 12,500,000 units at a price of $0.06 per unit. Each unit will comprise one common share and one-half share purchase warrant. Each full warrant will entitle the holder to purchase a further common share at a price of $0.15 per share for a period of 36 months. The warrants will be subject to accelerated exercise provisions such that if the closing price of the Company's common shares exceeds $0.25 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. 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.
"Drilling is underway at our Liwa gold/silver prospect, and the first core has been sent for assay," stated Thunderstruck's President/CEO Bryce Bradley, "Concurrently we're conducting a rock and soil sampling program that will further determine the size and depth of this high-grade precious metals asset. Past sampling programs show a 3km strike length, and the team is working diligently to test these targets at depth."
The company will also be extending the expiry date of an aggregate of 2,201,835 outstanding share purchase warrants by two years. 1,250,000 warrants were originally issued on October 9, 2018 with an original expiry date of October 9, 2021 and the remaining 951,835 warrants were originally issued on November 9, 2018 with an original expiry date of November 9, 2021. The new expiry date will be on October 9, 2023 and November 9, 2023 respectively. The warrants continue to be exercised at their original exercise price of $0.15. The amendment to the terms of the warrants is subject to TSX Venture Exchange approval.
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 1.00 million tonnes at 8.48 g/t Au (274,600 ounces Au), and Inferred Resources of 1.33 million tonnes at 9.0 g/t Au (384,000 ounces Au) reported at a 3.0 g/t Au lower cutoff. 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 zinc, 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 (TSX-V) under the symbol "AWE" and United States OTC under the symbol "THURF."
For additional information, please contact:
Rob Christl, VP Business Development and Investor Relations
Email: rob@thunderstruck.ca
P: 778 840-7180
or, visit our website: https://www.thunderstruck.ca
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/97017.