Thunderstruck Resources Ltd. Announces $2.5 Million Strategic Financing Closed

Thunderstruck Resources Ltd. Announces $2.5 Million Strategic Financing Closed

Thunderstruck Resources Ltd. (TSXV: AWE) (OTC: THURF) (the "Company") advises, further to its press release dated February 14, 2022, that it has closed its previously announced non-brokered private placement (the "Placement").

Gross proceeds of CAD$2,500,000 were raised through the sale of 35,714,285 units at a price of $0.07 per unit. Each unit comprised one common share and one share purchase warrant. Each whole warrant entitles the holder to purchase a further common share at a price of $0.15 per share for a period of five years. The warrants are subject to accelerated exercise provisions such that if the closing price of the Company's common shares exceeds $0.30 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.

No finder's fees were payable in connection with the Placement.

"This Placement will allow us to aggressively explore the many promising targets on our large property position in Fiji this season, including the three-kilometer-long series of coincident geochemical and geophysical anomaly trend on the Liwa gold prospect," stated Thunderstruck's President/CEO Bryce Bradley. "We look forward to releasing results on a number of exciting targets that have never previously seen a drill bit."

As indicated, the Liwa gold/silver prospect is the highest priority project for the 2022 season. Exploration will focus on diamond core drilling to begin defining the subsurface extent and grade of gold mineralization discovered at surface showings, including up to 6.83 g/t Au and 285 g/t Ag at the Liwa Ridge target, 55 g/t Au at Jensen's target, 41.6 g/t Au and 1,200 g/t Ag at the Vatuvatulevu target, and continuous features grading up to 0.45 g/t Au at the Gun target. These targets cumulatively represent a strike length in excess of three kilometers.

Exploration at the adjacent Rama copper/gold prospect is also planned, with a focus on investigating the possibility of Liwa and Rama together comprising a large porphyry gold-copper system. Previous drilling by Anglo reported a 244-meter interval averaging 0.22% copper (from 6m to 250m), ending in mineralization, with a chargeable feature continuing underneath. The Company's other licenses in Fiji are also being assessed and prioritized for field work during the May-November exploration season.

Please stay tuned for a detailed 2022 exploration program on the Company's entire land package.

All securities issued are subject to a hold period in Canada expiring on July 9, 2022. Additional restrictions may apply pursuant to Rule 144 of the Securities Act of 1933, as amended, to U.S. investors.

Insiders participated in the Placement acquiring an aggregate of 449,654 units on the same basis as other subscribers. The participation in the Placement by insiders of the Company constitutes a "related party transaction" as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority approval requirements under MI 61-101. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the Placement in so far as the Placement involved interested parties did not exceed 25% of the Company's market capitalization.

As previously announced, the completion of the Placement results in the creation of a new insider, Ian Gandel, who will indirectly hold 31,753,203 common shares, representing 25% of the now outstanding common shares of the Company and a further 31,753,203 warrants, which together with the common shares acquired, will represent 40% of the issued and outstanding shares on a partially diluted basis. Prior to the Placement, Mr. Gandel held no securities of the Company. While Mr. Gandel has no specific plans or intentions with respect to the Units acquired, depending on market conditions, general economic and industry conditions, trading prices of the Company's shares, the Company's business, financial condition and prospects and/or other relevant factors, Mr. Gandel may develop such plans or intentions in the future and, at such time, may from time to time acquire additional common shares, dispose of some or all of the existing or additional common shares or may continue to hold common shares of the Company.

A copy of the early warning reports filed by Mr. Gandel will be available on the Company's SEDAR profile at www.sedar.com or may be obtained by contacting Mr. Gandel at info@thunderstruck.ca.

In connection with this strategic investment, the Company and Mr. Gandel also entered into an investor rights agreement, whereby, subject to certain conditions, including time and ownership thresholds, Mr. Gandel will have certain rights, including the right to appoint one director of the Company.

In addition, Mr. Gandel will have a right to participate in future equity issuances to maintain his ownership in the Company at 25%.

Under the investor rights agreement, for a period of two years, Mr. Gandel has also agreed not to (a) commence a take-over bid; (b) acquire the Company's shares, or direct or indirect rights to acquire any of the Company's shares; (c) make, or in any way participate in any solicitation of proxies to vote the Company's shares; (d) make any public announcement with respect to, or submit a proposal for, or offer of (with or without conditions) any business combination, amalgamation or merger or similar transaction involving the Company.

A copy of the investor rights agreement is available under the Company's SEDAR profile at www.sedar.com.

As a TSX condition of Gandel's 25% participation, the Company has received well in excess of the required 51% shareholder approval. We wish to thank our shareholders for their continued support.

Stock Options

The Company also wishes to announce that it granted 2,100,000 stock options in accordance with its stock option plan to various insiders, advisors, and consultants, with each option being exercisable into one common share at a price of .095 cents per share for a period of 10 years.

About Fiji

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."

Qualified Person Statement

Dorian L. (Dusty) Nicol, FAusIMM, RG, the Company's Director of Exploration, is a Qualified Person for the Company's projects as defined by National Instrument NI 43-101. Mr. Nicol has reviewed and approved the technical content of this news release.

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/115973

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- Ore grade WAG after sorting = 16.22g/t gold (337.20% increase on grade),

- Ore/waste split after sorting = 19.31kgs Ore vs 74.54kgs Waste (79% mass reduction),

- Gold lost to waste fraction = 0.03grams (>90% efficiency)

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Vertex acquired a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resource.

ORE SORTER TEST WORK AND IMPLEMENTATION INTO THE HILL END GRAVITY PLANT

Pre-concentration technology initiated at the Hill End Gravity Plant to separate highgrade ore from waste before it enters the processing plant.

By processing only high-grade ore, energy consumption can be reduced, water consumption will be halved leading to lower operating costs and reduction of the carbon footprint.

The small sorting unit will be simply incorporated in the existing plant being refurbished by Gekko.

Previous scoping test results from TOMRA suggested that the Greywacke country rock can be efficiently and effectively separated from the high-grade quartz carrying the gold leading to significant head grade uplift and reduced material to be processed.

Test Results

94kg of sample from the low-grade stockpile at Reward Gold Mine (Reward) was sorted.

The following results are reported;

- Head grade to Sorter weighted average grade (WAG) = 3.70 g/t gold,

- Ore grade WAG after sorting = 16.22g/t gold (337.20% increase on grade),

- Ore/waste split after sorting = 19.31kgs Ore vs 74.54kgs Waste (79% mass reduction),

- Gold lost to waste fraction = 0.03grams (>90% efficiency)

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Vertex has acquired a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resource.

The Vertex team are planning diamond drill programs for the following:

- Below the current JORC-2012 Reward Resource with the aim of expanding upon the existing resource;

- Fosters Exploration Target; and

- South Star prospect area

Acquisition of the LM90 follows an extensive review of the mineralisation potential below the Reward resource, which has only been drilled up to 50m below the Amalgamated Adit. This area targeted is referred to as the 'Reward mid depths' as it is located just 80m to ~200m below the Amalgamated Adit. Refer to Figure 1*

Upon commissioning of the LM90 drill rig, Vertex have planned eight drill holes to target the high-grade Fosters Exploration target.

The LM90 has several advantages well-suited to Vertex's requirements, including:

- The ability to work on surface and underground;

- Safe, Semi-automated, with a rod-handler system which allows for less manual handling;

- Allows greater flexibility in drilling over a number of resource and exploration areas; and

- LM 90 rigs are well-established in the industry as safe and reliable underground drill rigs.

Vertex acquiring its own rig has many advantages;

- Per-metre drill costs will be significantly less than hiring an external drill contractor

- More control and accuracy over precision of drilling.

- Works well with Job sharing

- Reduces pressure on Mining crew to have drill cuddy availability

- The LM90 rig will be accounted for as an asset on the Vertex balance sheet

*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/CHF6G92O



About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.



Source:
Vertex Minerals Limited

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