News Releases
Korokayiu Drilling Commenced
ExpiredAugust 19, 2019 – Vancouver, British Columbia – Thunderstruck Resources Ltd. (The “Company”) is pleased to announce drilling is underway on one of its four exploration projects in Fiji. The 10-hole program, funded by a joint venture partner, is following up on drilling by a major company in 1977 that outlined a substantial zone of copper-zinc mineralization. Little was done on the project until it was acquired by Thunderstruck. A geophysical survey is also underway, providing on-going guidance for the drilling. Work is also continuing on the Company’s other projects, including a porphyry copper-gold prospect and an epithermal gold target.
Bryce Bradley, President/CEO of Thunderstruck Resources, stated “We are very excited to have begun our first drill program, and the first by anyone in over 40 years, on our high-grade Korokayiu zinc/copper prospect. The program started last week and the team has begun on the first hole. Drill core will be sent to ALS Labs in Perth for assaying and results will be released immediately upon receipt and interpretation.” She continued, “In addition, we’re expecting the Masters theses on our Rama and Liwa properties and hope to share these results in early September.”
On February 28, 2019 the Company announced a JV agreement with JOGMEC (Japan Oil, Gas and Metals National Corporation) with respect to the Korokayiu VMS Prospect in Fiji. The joint venture agreement grants JOGMEC the option to earn a 70% ownership interest by funding CDN$3.5 million of exploration through March 31, 2022, subject to acceleration at JOGMEC’s discretion.
The current drilling is designed to verify historically drilled copper-zinc massive sulphide mineralization through twinning of a number of the historic Anglo holes, in addition to select infill, down-dip, and along-strike exploration holes designed to potentially expand the size of the existing Korokayiu copper-zinc mineralization.
In addition to the diamond drill program, detailed ground gravity geophysical surveys are well underway. The initial ground gravity surveys are progressing via detailed 50- and 100-metre square grids in the immediate vicinity of the Korokayiu VMS deposit, and to the east and west along strike of the favourable geologic horizon. Gravity data is currently being assessed in real time such that the drill hole placement will be informed by geophysical survey results. The Company anticipates commencement imminently of regional geologic mapping and prospect assessment across the 30-square-kilometre Korokayiu tenement, which contains 15 kilometres of prospective geologic strike length, including eight additional, underexplored zinc-copper VMS prospects.
Historic diamond drilling of the Korokayiu prospect carried out by Australian Anglo American Ltd. (Anglo) in 1977 intersected highly anomalous values including 6.2m averaging 1.8% copper, 12.0% zinc and 25 g/t silver (WLK-1A), 10m at 2.3% copper, 5.5% zinc and 47 g/t silver (WLK-4), and 15.5m grading 1.5% copper, 1.3 % zinc and 8.0 g/t silver (WLK-10). The true width of mineralization is estimated to be 80%-100% of the drilled intercept. The 13 holes drilled by Anglo indicate the main mineralised zone is open at both ends and at depth. As currently defined, the mineralization lies within 100 metres of surface. Anglo’s work culminated in an historic uncategorized resource of 250,000 tonnes averaging 8% Zn and 2% Cu completed by Golder Associates1. The resources are considered historic in nature and do not meet the criteria for a resource of any category as defined in “CIM Definition Standards on Mineral Resources and Mineral Reserves” dated May 10th, 2014, and as such should not be relied upon. Thunderstruck has been unable to verify these sources of information.
1 Source: Golder Associates, Review of the Mining Potential of the Fijian Kuroko Style Mineral Discoveries, 1980.
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 1.1 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 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 Korokayiu VMS prospect.
For additional information, please contact:
Rob Christl, Investor Relations
Email:
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.
Proceeds from the offering will be used for general working capital and administrative purposes.
The Company will pay no finder's fees in connection with subscriptions from subscribers introduced to this Offering.
The Offering remains subject to final approval of the TSX Venture Exchange. The securities issued under the Offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.
Grant of Stock Options
The Company announces that it has granted an aggregate of 1,200,000 options to directors, officers, employee and consultants, each with an exercise price of $0.07 per share and a 10 year term.
About Thunderstruck Resources
Thunderstruck Resources is a Canadian mineral exploration company that has assembled four extensive and highly prospective properties in Fiji on which recent and previous exploration has confirmed VMS, copper and precious metals mineralisation. 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”.
For additional information please contact:
Rob Christl Investor Relations
Email:
P:778 840-7180
or, visit our website: http://www.thunderstruck.ca
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Statement Regarding Forward-Looking Information
Certain information contained in this news release constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward- looking information”). Without limiting the foregoing, such forward-looking information includes statements regarding the process and completion of the Offering, the use of proceeds of the Offering and any statements regarding the Company’s business plans, expectations and objectives. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking information. Forward looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management’s good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company’s most recent Management’s Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at www.sedar.com under the Company’s profile and on the Company’s website, https://www.thunderstruck.ca. The forward-looking information set forth herein reflects the Company’s expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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
Rama Creek
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).
Figure 1: Rama Creek IP/Resistivity Survey Results (Isometric View Looking North)
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/2901/43839_2eb2ccf1d4e5a94b_001full.jpg
Liwa Creek
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.
Figure 2: Senikura and Liwa Creek IP/Resistivity Results
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/2901/43839_2eb2ccf1d4e5a94b_002full.jpg
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 1.1 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
Email:
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43839
Vancouver, British Columbia--(Newsfile Corp. - March 11, 2019) - Thunderstruck Resources Ltd. (TSXV: AWE) (OTCQB: THURF) ("Thunderstruck Resources" or the "Company") today announces that it has repriced its non-brokered private placement originally announced on March 5, 2019 (the "Offering") due to recent share price movement.
The Offering will now consist of up to 7,142,857 units (the "Units") at CDN$0.07 per Unit for gross proceeds of up to CDN$500,000, with each Unit consisting of one common share (a "Share") and one-half of one share purchase warrant (each whole share purchase warrant, a "Warrant"). Each whole Warrant will be exercisable to acquire one Share exercisable at CDN$0.15 per Share for 3 years from issuance of the Units. The expiry date of each whole Warrant is subject to acceleration such that, should the volume weighted average price of the Shares of the Company is at or above CDN$0.25 for 20 consecutive trading days, the Company may notify the holder, by way of news release, that the Warrants will expire 30 business days after the date such notice is given by the Company unless exercised by the holder before such date.
The proceeds of the Offering will be used by Thunderstruck Resources for ground geophysical survey completion on the Rama copper porphyry and Liwa gold prospect, Liwa Creek trenching for gold in soil anomaly, and commence diamond or man-portable drilling on the Rama and/or Liwa projects.
Closing of the Offering is subject to approval of the TSX Venture Exchange ("TSXV"). The securities issued under the Offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.
About Thunderstruck Resources
Thunderstruck Resources is a Canadian mineral exploration company that has assembled four extensive and highly prospective properties in Fiji on which recent and previous exploration has confirmed VMS, copper and precious metals mineralisation. 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 TSXV under the symbol "AWE" and United States OTCQB under the symbol "THURF".
For additional information please contact:
Rob Christl Investor Relations
Email:
P:778 840-7180
Bryce Bradley, President and CEO
Email:
or, visit our website: http://www.thunderstruck.ca
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Certain information contained in this news release constitutes "forward-looking information" or "forward-looking statements" (collectively, "forward- looking information"). Without limiting the foregoing, such forward-looking information includes statements regarding the process and completion of the Offering, the use of proceeds of the Offering and any statements regarding the Company's business plans, expectations and objectives. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking information. Forward looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management's good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company's most recent Management's Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at www.sedar.com under the Company's profile and on the Company's website, https://www.thunderstruck.ca. The forward-looking information set forth herein reflects the Company's expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43323
Vancouver, British Columbia--(Newsfile Corp. - March 5, 2019) - Thunderstruck Resources Ltd. (TSXV: AWE) (OTCQB: THURF) ("Thunderstruck Resources" or the "Company") is pleased to announce its intention to complete a non-brokered private placement (the "Offering") of up to 10,000,000 units (the "Units") at a price of CDN$0.10 per Unit for gross proceeds of up to CDN$1,000,000. Each Unit will consist of one common share in the capital of the Company (a "Share") and one-half of one non-transferable common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each whole Warrant will be exercisable to acquire one Share at an exercise price of CDN$0.20 per Share for a period of 36 months from the date of issuance, subject to the following acceleration right. If, at any time after the date that is 4 months and one day after the date of issuance of the Warrant, the closing price of the Company's common shares on the TSX Venture Exchange (or such other stock exchange on which the common shares may be traded from time to time) is at or above CDN$0.45 per share for a period of 20 consecutive trading days (the "Triggering Event"), in which event the Company may, within 10 days of the Triggering Event, accelerate the expiry date of the Warrants by giving notice thereof to the holders of the Warrants, by way of news release, and in such case the Warrants will expire on the first day that is 30 business days after the date on which such notice is given by the Company announcing the Triggering Event.
The Offering is available to investors in reliance on exemptions from the prospectus requirement set out in National Instrument 45-106 Prospectus Exemptions and to existing shareholders of the Company and to investors who have received investment advice and to existing shareholders of the Company and to investors who have received investment advice in reliance on BC Instrument 45-534 Exemption from prospectus requirement for certain trades to existing security holders and the corresponding blanket orders and rules in the other Canadian jurisdictions (collectively, the "Existing Security Holder Exemption"). The Existing Security Holder Exemption is available in each of the provinces and territories of Canada to a person or company who became a shareholder of the Company on or before March 4, 2019 and continues to be a shareholder of the Company, subject to a maximum investment of CDN$15,000 using the Existing Security Holder Exemption in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment from a person registered as an investment dealer in the shareholder's jurisdiction. As required by the Existing Security Holder Exemption, the Company confirms there is no material fact or material change relating to the Company that has not been generally disclosed.
The Offering is not subject to a minimum subscription amount. If the Offering is oversubscribed, unless the Company determines to increase the maximum gross proceeds of the Offering and receives approval from the TSX Venture Exchange ("TSX-V") for such increase, the Company will allocate the Units issued under the Offering to those subscribers whose subscriptions were first received by the Company. A subscription will be deemed to be received when a completed subscription agreement together with payment of the subscription amount has been received by the Company. Certain insiders of the Company may acquire Units in the Offering. Any participation by insiders in the Private Placement would constitute a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). However, the Company expects such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Units subscribed for by the insiders, nor the consideration for the Units paid by such insiders, would exceed 25% of the Company's market capitalization.
Thunderstruck Resources intends to use the proceeds from the offering for ground geophysical survey completion on the Rama copper porphyry and Liwa gold prospect, Liwa Creek trenching for gold in soil anomaly, and commence diamond or man-portable drilling on the Rama and/or Liwa projects.
Closing of the Offering is subject to approval of the TSX Venture Exchange. The securities issued under the Offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.
About Thunderstruck Resources
Thunderstruck Resources is a Canadian mineral exploration company that has assembled four extensive and highly prospective properties in Fiji on which recent and previous exploration has confirmed VMS, copper and precious metals mineralisation. 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".
For additional information please contact:
Rob Christl Investor Relations
Email:
P:778 840-7180
Bryce Bradley, President and CEO
Email:
or, visit our website: http://www.thunderstruck.ca
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Certain information contained in this news release constitutes "forward-looking information" or "forward-looking statements" (collectively, "forward- looking information"). Without limiting the foregoing, such forward-looking information includes statements regarding the process and completion of the Offering, the use of proceeds of the Offering and any statements regarding the Company's business plans, expectations and objectives. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking information. Forward looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management's good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company's most recent Management's Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at www.sedar.com under the Company's profile and on the Company's website, https://www.thunderstruck.ca. The forward-looking information set forth herein reflects the Company's expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43242