Thunderstruck Resources Ltd. (TSXV: AWE) (OTC: THURF) ("Thunderstruck" or the "Company") is pleased to announce that drilling has commenced at its wholly owned Liwa Gold Project in Fiji. The drill program has been designed to test anomalous high-grade goldsilver targets mapped at surface over a ~3km structural corridor.
"Our team has worked tirelessly to prepare for our maiden drill campaign at Liwa and we are excited to have the drills turning despite weather delays." commented Thunderstruck CEO Bryce Bradley.
The company plans to drill 500 m as part of its fully funded phase one drill program at Jensen's Prospect (Figure 1), before moving on to the other prospects (see news release October 28, 2020). Liwa Gold features four (combining Jensen's and Jensen's west) high grade gold prospects: Jensen's, Liwa Ridge, Gun, and Lower Vatuvatulevu. (see news release October 11, 2019). Some selected highlights are below.
- Liwa Ridge saprolite trenching returned 0.61 g/t Au over 71 m including 1.2 g/t Au over 26m, and surface vein float up to 11 g/t Au
- Jensen's prospect sampling returned 55 g/t Au in outcrop of narrow base metal rich veins
- Jensen's West sampling returned 4.6 g/t Au in outcrop in area of historically reported outcrop chip sampling zone returning 5.7 g/t Au over 7m
- Gun Showing rock float returned 0.44 g/t Au, including 25.5 g/t Ag
- Lower Vatuvatulevu soil anomalies returned 8 soils over 160 m ridge line including 5 returning 707, 804, 894, 1050 and 2,480 ppb Au in soil. Follow‐up surface prospecting yielded a single float rock assaying 42 g/t Au and 1,205 g/t Ag
To view an enhanced version of Figure 1, please visit:
To further our understanding of the subsurface at Liwa, four line kilometers of induced polarization (IP) and resistivity surveys were completed in 2019, highlighting prospective targets. All known Liwa Creek gold prospect showings produce clearly defined IP/Resistivity anomalies coincident with gold mineralization at surface (Figure 2). The presence of strong resistive and coincident weak to moderate chargeability anomalies are interpreted to indicate silicified lithologies and potentially mineralized targets at depth. (see news release April 2, 2019)
To view an enhanced version of Figure 2, please visit:
Further, at Korokayiu the Company is currently conducting a 10 km induced polarization (IP) geophysical survey with Japan's Mitsui Mineral Development Engineering Co. (MINDECO), who are scheduled to complete the survey and depart Fiji December 24th. (see news release September 29, 2020)
"We are relieved that we got MINDECO into Fiji despite tough COVID travel restrictions and supply chain disruptions. The original pre-COVID intention was to conduct the IP survey early in 2020 in order to help delineate drill targets for our 2020 drilling program", stated Thunderstruck CEO Bryce Bradley. "As it stands this IP survey will be used to plan our 2021 program with our Japanese financing partners at JOGMEC. Assays are in the lab for the few scouting holes that we drilled in 2020 while awaiting approval for MINDECO's entry."
Field IP surveys, currently underway, will aide in furthering the understanding of known mineralization at Korokayiu as well as explore prospective areas defined by ongoing surface geochemical and geologic mapping. Drill core has previously undergone spectral IP analysis, in controlled conditions, validating IP methodology as favorable to detect subsurface ore bodies in relation to proximal lithologies.
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. 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".
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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/70065