Thunderstruck Resources: IP Geophysical Surveys Reveal High-Priority Drill Targets Underlying Surface Sampling
TSX VENTURE: AWE
JOGMEC/Thunderstruck Mobilize on Korokayiu
Vancouver, British Columbia--(Newsfile Corp. - April 2, 2019) - Thunderstruck Resources Ltd. (TSXV: AWE) (OTCQB: THURF) (The "Company") is pleased to announce that the first focused geophysical surveys ever conducted on its exploration projects in Fiji have confirmed high-priority drill targets beneath extensive surface geochemical anomalies. The coincident chargeability high and resistivity anomalies, together with the widespread surface mineralization, in this geological setting and with extensive hydrothermal alteration, are characteristic of large gold-copper mineralizing systems and related epithermal veins.
Thunderstruck completed a total of 11 line-km of pole-dipole IP/Resistivity ground geophysical surveys, comprising 7 line-km over five lines at Rama Creek copper-gold porphyry target (including a one-km line transecting the associated Senikura Gold Zone), and 4 line-km over four lines at the Liwa Creek gold prospect during December 2018 and February 2019.
All nine lines returned significant IP/Resistivity anomalies coincident with known soil, rock, and trench geochemical targets. The results highlight the significant depth potential of gold and copper-gold mineralization zones identified by the Company.
"These results show that our Rama copper-gold porphyry target geophysical anomaly extends to a depth of at least 500 meters, far deeper than Anglo's discovery hole in 1975, which ended in mineralization at 244 meters," stated Bryce Bradley, Thunderstruck President and CEO. "A drilling program will determine the ultimate size of this exciting target."
"The results from our Liwa gold prospect also indicate that geophysical anomalies associated with wide-spread surface mineralization extend to a depth of at least 300 meters below each of our four gold targets, where prior sampling and trenching showed locally high grade gold mineralization at surface," she noted. "With this confirmation of depth potential, we are now ready to determine specific drill targets for each of our identified gold prospects. It's important to note that, in all cases, the anomalies are open to depth beyond the limits of the geophysical surveys."
JOGMEC/Thunderstruck Exploration Preparations Underway
JOGMEC (Japan Oil, Gas and Metals National Corporation) has notified the Company that it has satisfactorily completed due diligence on the Korokayiu Zinc-Copper Project (previously Wainaleka) (See the Company's news release dated February 28, 2019). The team has commenced re-opening of access roads and camp building in preparation for the 2019 CAD$900,000 Korokayiu Joint Venture work program comprising property-wide ground gravity geophysical surveys, detailed geologic mapping, and surface rock geochemical sampling, followed by a 1,600 m diamond drill program.
Technical Discussion Of Geophysical Survey Results
At Rama Creek a series of four survey lines, each 1.5 km in length, targeted what the Company interprets as the core of the copper-gold mineralized porphyry system. The results of the survey define an approximately 800 m diameter, bowl-shaped greater-than-40 mV/V chargeability high and resistivity low (conductive) anomaly cored by resistive highly-altered tonalite intrusive rocks at surface. The chargeability anomaly extends from surface to a vertical depth of approximately 500 m below surface; the limit of the geophysical inversion (Figure 1).
The chargeability and resistivity low anomalies are coincident at surface with semi-circular, greater-than-800 parts-per-million copper and greater-than-200 parts-per-billion gold ridge-and-spur soil geochemical anomalies (see the Company's news release dated October 22, 2018). In addition, an historic Australian Anglo American Ltd (Anglo) diamond drill hole "DDH1" within the surface anomaly returned a 244-metre interval, between depths of 6 m and 250 m, averaging 0.22% Cu and ending in mineralization (including a 72 m interval between 6 m and 78 m averaging 0.23 g/t gold).
The results of the Rama Creek Porphyry IP/Resistivity survey are significant in that inversion results demonstrate the chargeability and resistivity anomalies extend to a depth of a least 500 m. This represents at least 150 m below the limit of historic drilling by Anglo Pacific, which ended in mineralization and is coincident with Thunderstruck's recent soil geochemical surveys.
A single 1 km survey line transecting the Senikura Gold Zone defined a 60-meter-wide, less-than-200-Ωm, resistivity low (conductive) anomaly extending to a vertical depth of 150 m coincident with the 2018 surface trenched zone that returned assays of 0.96 grams-per-tonne gold (g/t Au) over 11.1 m, within a broader anomalous gold zone averaging 0.55 g/t Au over 37.6 m (see the Company's news release dated March 1, 2018) (Figure 2).
The four Liwa Creek IP/Resistivity lines targeted the following gold prospects via two east-west and two north-south oriented survey lines (see the Company's news releases dated February 13, 2018 and October 30, 2018):
- Jensen's (55 g/t Au in outcrop),
- Liwa Ridge (trenched 1.2 g/t Au over 26.5 m, within a broader zone of 0.61 g/t Au over 71.3 m),
- Lower Vatuvatulevu (untested 2.5 g/t Au in soil anomaly), and
- Gun (anomalous gold and silver in rock float)
High grade gold bearing plus base metal quartz veins at Jensen's are coincident with an approximately 100 m wide greater than 600 Ωm steeply north dipping resistive, and narrower 60 m wide weak sub-vertical chargeability anomaly extending to a depth a 250 m; the limit of the geophysical inversion (Figure 2).
At the Liwa Ridge, broad gold in soil and rock trench values are coincident with weak near surface chargeability of hematite-silica-pyrite altered volcanic rocks. Significantly, a strong greater-than-600-Ωm restive anomaly occurs beneath the trenched area at a depth of 100 m extending to a depth of 300 m; the limit of the geophysical inversion. Similar near-surface chargeability and a broad greater-than-600-Ωm underlies the untested Lower Vatuvatulevu gold in soil anomaly at a vertical depth of 120 m.
Anomalous gold and silver values in rock float discovered at the Gun Showing area are coincident with a moderate 10 mV/V chargeability anomaly at 100 m depth, and flanking greater-than-600-Ωm resistivity values.
The presence of strong resistive and coincident weak-moderate chargeability anomalies are interpreted to indicate the presence of silicified lithologies and potentially mineralized targets at depth. Importantly, all of the known Liwa Creek Gold Prospect showings produce clearly defined IP/Resistivity anomalies coincident with gold mineralized zones on surface as defined by a combination of ridge-and-spur soil, rock grab and trench geochemical samples.
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 zinc, copper and precious metals mineralization. The Liwa Creek gold prospect and Rama Creek copper/gold porphyry are two of the Company's four distinct projects. 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 OTCQB under the symbol "THURF."
Qualified Person Statement
Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, is a qualified person for the project as defined by National Instrument NI 43-101. Mr. Raffle has reviewed and approved the portion of the technical content of this news release as it relates to the Rama and Liwa Creek Prospects.
The 2018/2019 IP/Resistivity ground geophysical surveys utilized a pole-dipole array with a 100 m (Rama) and 50 m (Liwa) "a" spacing at "n" separation of 1 to 12. Readings were taken in the time domain using a 2 second on /2 second off alternating square wave. Chargeability values are for the 690-1050 msec interval after shutoff.
For additional information, please contact:
Rob Christl, Investor Relations
P: 778 840-7180
or, visit our website: http://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.