Thunderstruck Resources Ltd. (TSXV: AWE) (The "Company") PresidentCEO Bryce Bradley announces the conclusion of Thunderstruck's earn-in agreement (the "Agreement") with Japan Oil, Gas and Metals National Corporation ("JOGMEC") on the Company's Korokayiu VMS prospect in Fiji.
Thunderstruck and JOGMEC announced on February 28, 2019 a joint venture agreement to explore Thunderstruck's Korokayiu base metals asset, with CDN$3.5 million in exploration expenditures by JOGMEC to earn 70% of the Company's zinc/copper prospect.
In the past three years, Thunderstruck has completed 1.6 km of diamond drilling across 16 holes at Korokayiu. Highlights of this drilling program include 11m at 13.77% Zn, 2.94% Cu, 113.7 g/t Ag, 1.08 g/t Au and 10.55m at 9.51% Zn, 54.5 g/t Ag and 0.48 g/t Au. Additionally, mapping, geophysical and geochemical surveys have expanded existing targets and identified new targets for drilling at seven new sites over a seven-kilometer strike area. These new targets include significant soil geochemical anomalies up to 21.84 g/t Ag , 0.96% Zn and 0.41% Cu. (see January 30, 2020 news release)
Despite the encouraging results from the program, JOGMEC has determined that there is insufficient data to establish a mineral resource within the allocated time frame to currently justify a formal joint venture.
JOGMEC has surrendered its option to acquire 70% of the Korokayiu prospect, which now returns to Thunderstruck as a 100% wholly-owned exploration license. Thunderstruck will retain all of the geological, geochemical, and geophysical data collected during the three years of exploration.
"JOGMEC is an exceptional exploration partner, and we benefited from a close, productive relationship with them advancing our Korokayiu zinc/copper prospect," said Bryce Bradley. "We're delighted that JOGMEC has expressed its wish to work with us in future, and as such we will keep them apprised of our progress in the hopes of resuming our mutually beneficial relationship."
"With the Korokayiu license back as a 100% Thunderstruck-owned asset," Bradley continued, "we will be pursuing the gold and silver targets that were identified but not part of JOGMEC's base metal exploration mandate, in addition to following up on the base metal mineralisation that was identified by this program. We will review the data and the results acquired over the past three years to determine our next steps."
Fiji is on the Pacific Ring Of Fire, a prolific trend that has produced numerous large gold and copper deposits, including Porgera, Lihir and Grasberg.
Viti Levu, the main island of Fiji, has a long mining history. It hosts not only the Thunderstruck tenements, but also the following active projects:
Namosi (Copper/Gold) Newcrest published proven and probable reserves of 1.3 billion tonnes at 0.37%Cu and 0.12g/t Au (5.2M ounces Au and 4.9M tonnes Cu).
Tuvatu (Gold) Indicated Resources of 1 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 cut-off.
Vatukoula Gold Mines: Formerly known as the Emperor Gold Mine has been operating for over 80 years, producing in excess of 7 million ounces of Au to date.
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."
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/116172