News Releases
Vancouver, British Columbia--(Newsfile Corp. - November 27, 2017) - Thunderstruck Resources Ltd. (TSXV: AWE) ("Thunderstruck"); The Company is pleased to provide an exploration update on its Rama Creek copper-gold porphyry and Liwa Creek gold prospects. Thunderstruck is conducting the first comprehensive exploration since drilling by Anglo American in the 1970s discovered zones with high-grade zinc and copper values. Work by Thunderstruck over the past year has confirmed the Anglo values and identified other targets prospective for gold, silver, copper and zinc.
Rama Creek Update
Following its release of positive Phase 1 Bulk cyanide Leach Extractable Gold (BLEG) stream sediment sample results for the Rama Creek prospect (see the Company's September 27, 2017 News Release), the Company's expanded Phase 2 exploration included the collection of an additional 37 stream sediment, 120 target-specific auger soil, and 113 surface rock geochemical samples.
Current Phase 2 stream sediment follows up on the Phase 1 defined Rama, Rama North, and Senikura Creek Cu-Au and Au-Ag anomalies by extending complete stream coverage, and concurrent rock geochemical sampling, into the headwaters and tributaries of Rama and Senikura creeks. Target-specific auger soil sampling was designed to confirm and provide increased resolution over wide-spaced historic gold in soil anomalies at Rama (316 and 143 ppb Au), Rama Headwaters (739 ppb Au), and Senikura West (4 samples ranging from 107 to 511 ppb Au).
Liwa Creek Update
Following successful completion of Phase 2 sampling at Rama, crews mobilized to Liwa Creek to execute the Company's first work program on the prospect (see the Company's News Release of October 24, 2017). During October and November 2017, Thunderstruck crews completed 520m of trenching in four (4) separate areas at the Jensen and Liwa Ridge gold showings, including the collection of 113 trench rock channel samples, 100 prospecting rock grab, and 34 BLEG stream sediment samples.
Excavation of a 261m E-W trending trench at the Jensens's gold showing uncovered several 3.2 m-wide zones of intensely weathered quartz-sulphide veined mafic volcanic rock within a broader 5.3m-zone of apparently sericite-hematite interval. The relationship of the trenched intervals to the true width of mineralization is not known.
Geologic mapping at the Liwa Ridge gold showing confirmed the presence of a sub-vertical to steeply west dipping 60m-wide zone of hematite-silica-pyrite altered mafic volcanic rocks over a 400m strike and 100m vertical extent between the Liwa and Noda creek drainages. The zone is open to the north and south under scree and soil cover. Current work tested the Liwa Ridge gold showing via two (2) trenches having an aggregate length of 229m, separated 200m along strike and 100m vertically.
An initial block of 34 stream sediment and 100 prospecting rock grab samples were collected within the Liwa and Vatuvatulevu creek areas designed to expand the Jensens and Liwa Ridge gold zones and follow up on wide-spread historic anomalous gold in float rock in Vatuvatulevu Creek over a distance of 1.5km (see the Company's News Release of October 24, 2017).
Moving Forward
The Company is currently waiting on receipt of Rama Creek stream, rock and soil geochemical samples (270 samples in total). Thunderstruck completed initial Liwa Creek Prospect exploration on November 16, 2017. Liwa trench and prospecting rock and stream sediment geochemical samples (247 samples in total) are currently en route to Australian Laboratory Services Pty. Ltd (ALS) labs Perth. The Company will report on the results as they are received.
Based on the results of Liwa Creek trenching and geologic mapping, Thunderstruck has updated its ridge-and-spur auger soil geochemical sampling program designed to test the strike potential of the Liwa Ridge and Jensen's and Gun (formerly Siga's) gold prospects. Crews are expected to re-mobilize to Liwa Creek prior to the end of November for a period of approximately two weeks.
Following completion of the initial Liwa Creek auger soil sampling program, Thunderstruck crews will demobilize the Liwa camp and re-establish the Rama Creek Prospect camp in preparation for commencement of TerraSpec® Short Wave Infrared (SWIR) rock and deep "C" horizon auger soil hydrothermal clay alteration mineral mapping work, which should be complete by end of Q4. SWIR alteration mineral mapping of the Rama Creek Cu-Au prospect is designed to prioritize potential drill targets in conjunction with multi-element geochemistry.
The recent results are highly significant, as they provide support for the premise that they are part of large and well-mineralized geological systems which have the scope to host large deposits. Work over the next few weeks will focus on compiling the recent results into the geological database leading to the design of a drill program in 2018.
Board of Directors
The Company is pleased to announce the appointment of Linnea von Hessert and Lawrence Roulston to the Board of Directors. Ms. von Hessert is a geologist with over 20 years experience in the mining industry, having worked for majors and juniors as well as the Bureau of Land Management in Nevada. She is an active investor with significant holdings in the mineral exploration industry. She graduated from the University of Montana with a B.S. in geology in 1999.
Mr. Roulston is a mining professional with over 35 years of diverse experience as a mining analyst and consultant. He is Managing Director of WestBay Capital Advisors, providing business advisory and capital markets expertise to the junior and mid-tier sectors of the mining industry. Previously, he was the editor of Resource Opportunities, an independent investment publication focused on the mining industry. Mr. Roulston holds a B.Sc. in geology. He is Chairman of Metalla Royalty and Streaming Ltd. and an advisor to Metallis Resources Inc.
The Company also announces the resignation of Michael L. Page from the Board, and thanks him for his time and dedication to date as the Company's Qualified Person and technical advisor.
"We are very satisfied with the progress of our current exploration program, guided by our talented and experienced technical consultants," notes Bryce Bradley, Thunderstruck's president and CEO. "This is the first concerted program on these highly-prospective targets since we acquired them, with a goal of establishing well-founded drill targets for 2018. We are also extremely pleased with the addition of Lawrence Roulston and Linnea von Hessert to our board. They are excited to join our team as we finally begin to unlock the potential of our high-quality exploration assets."
About Thunderstruck Resources
Thunderstruck Resources is a Canadian mineral exploration company with highly prospective base and precious metals projects in Fiji. Fiji has an 80-year mining history, with Vatukoula Gold Mine having produced 8 million ounces of gold. Located on the Pacific "Ring of Fire," which hosts some of the largest gold-copper deposits on the planet, including Grasberg. Fiji is now being explored by several major mining companies.
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".
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 the portion of the technical content of this news release as it relates to the Rama and Liwa Creek prospects.
For additional information, please contact:
Bryce Bradley, President, Chief Executive Officer and Director
Telephone: (604) 349-8119
Email:
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.
Vancouver, British Columbia--(Newsfile Corp. - October 24, 2017) - Thunderstruck Resources Ltd. (TSXV: AWE) ("Thunderstruck"). In addition to its ongoing, previously announced exploration program on the Rama Creek copper/gold prospect (see September 27, 2017), the Company is pleased to announce mobilization of exploration crews to its Liwa Creek gold prospect, Viti Levu, Fiji.
The 2017 Liwa Creek prospect exploration will initially comprise ridge and spur auger soil geochemical sampling designed to test along-strike potential of the Liwa Creek and Jensen's Prospect gold zones together with trenching of the lodes, which returned historic surface trench assays of 1.9 g/t Au over 15m and 5.7 g/t Au over 7m, respectively. Concurrent with auger soils, Thunderstruck crews will collect approximately 55 bulk cyanide leach extractable gold (BLEG) stream sediment sampling and detailed prospecting in the Vatuvatulevu Creek area, 1 to 3km to the northeast. Historic anomalous gold values in rock float and BLEG stream sediment samples in the Vatuvatulevu Creek drainage over a wide area of approximately 150 hectares are interpreted to indicate the presence of multiple undiscovered gold sources.
As a follow-up to geochemical and detailed prospecting, Thunderstruck plans to conduct induced polarization (IP) resistivity, in addition to short wave infra-red (SWIR) Terraspec® soil surveys targeting potential hydrothermal alteration minerals associated with zones of intense silica-pyrite altered mafic volcanic rocks known to host gold mineralization at Liwa Creek.
Bryce Bradley, Thunderstruck President/CEO, states, "This exploration program was designed by the Company's geological team and independent consultants to pinpoint optimum drill targets in this broad area of historic gold results. We anticipate that we'll be able address these targets with a focused drill program following the rainy-season break."
Thunderstruck management believes the Liwa Creek prospect has excellent potential for expansion of historically reported gold zones at the Liwa and Jensen's prospects; as well as for the discovery of additional mineralization through follow-up of gold in rock float anomalies in the Vatuvatulevu Creek drainage.
About Liwa Creek
Gold bearing float assaying 8.4 g/t Au was discovered at Liwa Creek in the 1970s by Amoco Minerals. Subsequent exploration by Geopacific Limited (Geopacific) discovered the interpreted source 700m west upstream. Geologic mapping by Geopacific defined a north-south trending, 90m wide zone of silica-pyrite altered mafic volcanic rocks over a 300m strike length and approximate 100m vertical extent. Hand trenching by Geopacific (1989) adjacent to Liwa Creek returned intersections including 1.9 g/t Au over 15m and 2.0 g/t Au over 5.5m. The relationship of trenched intervals to the true width of mineralization is not known; however, mineralization at Liwa Creek is interpreted to be steeply dipping to near vertical in orientation.
Later work by Aljen Pacific Limited (Aljen) resulted in the discovery of additional outcropping gold zones 600m to 800m to the east on Wainamoli Creek, including trench samples returning 5.7 g/t Au over 7m, and an outcrop of galena-rich quartz veining where 11 rock grab samples returned assays ranging from 1.6 to 26.7 g/t Au, with anomalous Cu, Pb and Zn values (Jensen's Prospect). The relationship of the trenched intervals to the true width of mineralization is not known.
Additional mineralization occurs as float samples within Vatuvatulevu Creek drainage 1 to 3 km northeast of the Liwa Creek Prospect including: one sample returning 11 g/t Au and 110 g/t Ag; one sample returning 3.2 g/t Au and 16.7 g/t Ag; four samples ranging from 0.32 to 0.77 g/t Au; and one outcrop sample returning 0.9 g/t Au and 94 g/t Ag (Siga's prospect).
About Thunderstruck Resources
Thunderstruck Resources is a Canadian mineral exploration company with highly prospective VMS and Precious Metals projects in Fiji. 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".
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 the portion of the technical content of this news release as it relates to the Liwa Creek Prospect.
For additional information, please contact:
Bryce Bradley, President, Chief Executive Officer and Director
Telephone: (604) 349-8119
Email:
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.
Thunderstruck Announces Results of Stream Sediment Sampling at Rama Creek Porphyry Cu-Au Prospect
ExpiredVancouver, British Columbia--(Newsfile Corp. - September 27, 2017) - Thunderstruck Resources Ltd. (TSXV: AWE) ("Thunderstruck") is pleased to announce the results of 110 stream sediment Bulk cyanide Leach Extractable Gold (BLEG) stream sediment samples at its Rama Creek Copper-Gold (Cu-Au) Prospect in Fiji. 2017 Phase 1 sampling confirms the historic Rama Creek Au-Cu geochemical anomaly, and defines new Au-Ag geochemical anomalies at Senikura Creek and Rama Creek north.
The Company has received final results for 110 BLEG stream sediment geochemical samples collected from its Rama Creek Porphyry Cu-Au prospect during May 2017 (Phase 1). Sampling at Rama Creek was designed to follow-up and provide confirmation of historic copper and gold in stream and auger soil anomalies discovered in the headwaters of Rama Creek. Historic 1974 diamond drilling reported by Australian Anglo American Ltd (Anglo) at Rama Creek targeted a magnetic high and Induced Polarization (IP) chargeability geophysical anomaly and intersected significant porphyry copper mineralization, with vertical drill hole "DDH1" returning a 244 metre interval between depths of 6 and 250 metres averaging 0.22% Cu and ending in mineralization. No additional diamond drilling has been completed at Rama Creek since Anglo's initial discovery program.
"We believe the Rama Creek prospect has excellent potential for expansion of the historically reported zone of porphyry Cu-Au mineralization," commented Bryce Bradley, Thunderstruck President and CEO, "as well as the discovery of additional mineralization through follow-up of new Cu-Au stream geochemical anomalies as presented in detail below."
2017 Phase 1 BLEG Sample Results
The current BLEG stream sediment sampling by Thunderstruck personnel comprise 110 samples collected within the headwaters and tributaries of Rama and Senikura creeks over an approximately 16 km-square area. Cyanide leach determined values for gold (110 samples), silver (47 samples) and copper (47 samples) ranging from below detection up to 16 ppb (parts per billion) Au (95th percentile = 14 ppb Au), 0.57 to 28 ppm (parts per million) Cu (95th percentile = 21 ppm) and 1 to 168 ppb Ag (95th percentile = 94.5 ppb Ag).
Stream sampling at Rama Creek within the area of historic Anglo drilling returned seven (7) samples ranging from 11 to 16 ppb Au and four (4) samples ranging from 19 to 28 ppm Cu, which define a 400 x 500 metre anomaly (Rama Creek Cu-Au target), confirming work by previous explorers.
West of Rama creek, approximately 300 metres west of the Rama Creek Cu-Au target, two (2) stream samples returned silver (Ag) values of 145 and 99 ppb Ag, in addition to 11 ppb Au. This anomaly represents a new geochemical target not associated with historically identified Cu-Au anomalies at Rama Creek. Similarly, a single stream sample 1 km northeast of the Rama Creek Cu-Au target returned 168 ppb Ag; the highest silver-in-stream value returned from Phase 1 sampling.
At the headwaters of Senikura Creek, within the centre of the Senikura magnetic low anomaly, a single stream sample returned 16 ppb Au and 84 ppb Ag. The gold value is significant in that it is the highest gold value returned from Phase 1 sampling, in conjunction with 16 ppb Au stream values recovered from the creek draining Anglo drill hole DDH 1, and represents a distinct combined Au-Ag geochemical and magnetic low target located 1 km southeast of the Rama Creek Cu-Au target.
SPL 1425 VITI LEVU
RAMA CREEK AREA
SUMMARY OF ANOMALOUS DATA
To view an enhanced version of this graphic, please visit:
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About Rama Creek
At the Rama Creek prospect, hornblende feldspar porphyritic tonalite intrudes mafic to intermediate volcanic rocks of the Wainimala Group. Porphyry Cu-Au mineralization occurs in both porphyritic intrusives and surrounding Wainimala volcanics. Mineralization is associated with widespread propylitic and localized potassic alteration and comprises quartz-stockwork fracture controlled pyrite, magnetite, malachite, chalcocite, covellite and chalcopyrite-bornite.
Drilled porphyry Cu-Au mineralization at Rama Creek is coincident with an approximately 5 km circumference arcuate magnetic high airborne magnetic geophysical anomaly in the centre of which occurs a 1.4 km diameter circular magnetic low anomaly in the headwaters of Senikura Creek. The Rama and Senikura creek magnetic anomalies define two high priority target zones which were the subject of current and future Rama Creek exploration by Thunderstruck.
The Rama Creek porphyry Cu-Au prospect was discovered in 1971 by Barringer Fiji Ltd. In 1974 Australian Anglo American Ltd (Anglo) completed 4 vertical diamond drill holes totalling 802.4 metres at Rama. Drill hole DDH 1 targeting the centre of a combined copper-in-soil, magnetic and Induced Polarization (IP) chargeability geophysical anomaly intersected porphyry intrusive that returned a 244 metre interval averaging 0.22% Cu, between 6 and 250 metres downhole; including 72 metres averaging 0.23 grams-per-tonne (g/t) Au between 6 and 78 metres downhole. Drill hole DDH 1 terminated in mineralization at 250 metres vertical depth. Drill hole DDH 3 collared approximately 100 metres to the east of DDH 1 returned 60 metres averaging 0.098% Cu from a depth of 6 to 66 metres within pyrite-chalcopyrite mineralized volcanic rocks.
Subsequent 1988 exploration by Southern Pacific Resources (Fiji) Ltd. included auger soil and stream sediment geochemical sampling. 100 metre-spaced ridge and spur copper in auger soil values in the area of the previous Anglo diamond drilling ranged from 675ppm to 0.64% Cu defining an approximately 700 metre x 500 metre anomalous zone. Anglo drill holes DDH 1 and DDH 3 are coincident the 316ppb and 146 ppb Au in soil anomalies, respectively. At Senikura Creek, an 800 metre length ridgeline gold in soil anomaly was defined that returned values ranging from 69 to 511 ppb Au (Senikura West), while 1.5 km to the east, a 1 km length gold in soil returned values ranging from 61 to 74 ppb Au (Senikura East).
About Thunderstruck Resources
Thunderstruck Resources is a Canadian mineral exploration company with highly prospective VMS and Precious Metals projects in Fiji. 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".
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 the portion of the technical content of this news release as it relates to the Rama Creek Prospect. During 2017 at stream sediment samples were submitted to Australian Laboratory Services Pty. Ltd (ALS) labs Brisbane for Bulk Leach Extractable Gold (BLEG) determination of gold, silver and copper. Selected samples were also submitted for multi-element geochemical analysis by Inductively Coupled Mass Emission Spectroscopy (ICP-ES). Thunderstruck has relied on the external QA/QC of ALS which included the insertion of standard, blank and duplicate samples at a rate of 10% into the sample stream to confirm the accuracy of the reported results.
For additional information, please contact:
Bryce Bradley, President, Chief Executive Officer and Director
Telephone: (604) 349-8119
Email:
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". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "believe", "continue", "plans" or similar terminology, or negative connotations thereof. All information in this release, other than information of historical facts, including, without limitation, regarding the undertaking of future activities, work programs and development at the Company's Rama Creek project, realization of the potential of the completing of its 2017 exploration plans, and general future plans and objectives for the Company and its Fiji projects, are forward-looking information that involve various risks and uncertainties. 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. For more information on the Company and the key assumptions, risks and challenges with respect to the forward-looking information discussed herein, and about our business in general, investors should review the Company's most recently filed management's discussion and analysis, and other continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. 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 applicable securities 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.
The Company is pleased to announce that it has hired APEX Geoscience Ltd. (“APEX”) to conduct an independent site visit in conjunction with a complete technical review and data compilation of Thunderstruck’s zinc, copper, silver and gold projects in Fiji. APEX is a leading mineral geological consulting services firm focused on the mineral and energy sectors. Kris Raffle, P.Geo., Principal and Consultant of APEX will oversee Thunderstruck’s exploration programs, with an initial focus on the Rama Creek copper porphyry and Liwa Creek epithermal gold project.
“We’re excited that focused exploration has now begun on these high potential exploration targets that have been relatively unexplored for over forty years”, stated Bryce Bradley, President and CEO.
EXPLORATION UPDATE
The Company has received partial analytical results for 110 stream sediment geochemical samples collected from its Rama Creek porphyry copper-gold (Cu-Au) prospect during May 2017 (Phase 1). Sampling at Rama Creek was designed to follow-up and provide confirmation of historic copper and gold in stream and auger soil anomalies discovered in headwaters of Rama Creek. Historic 1974 diamond drilling reported by Anglo American at Rama Creek targeted a magnetic high geophysical anomaly and intersected significant porphyry copper mineralization, with vertical drill hole “DDH1” returning a 244 metre interval between depths of 6 and 250 metres averaging 0.22% Cu and ending in mineralization. Given the limited historic diamond drilling the true width of this interval is not known.
Rama Creek stream sediment samples were submitted to Australian Laboratory Services Pty. Ltd (ALS) labs Brisbane for Bulk Leach Extractable Gold (BLEG) determination of gold, silver and copper. Selected samples were also submitted for multi-element geochemical analysis by Inductively Coupled Mass Emission Spectroscopy (ICP-ES). The Company will release the results of sampling at Rama Creek pending receipt of outstanding geochemical results.
The Company has initiated Phase 2 exploration at Rama Creek comprising the collection of “ridge and spur” auger soil and follow-up stream sediment geochemical sampling and prospecting designed to continue to follow-up and define historic Cu-Au geochemical anomalies at Rama Creek.
About Thunderstruck Resources
Thunderstruck Resources is a Canadian mineral exploration company with highly prospective VMS and precious metals projects in Fiji. 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”.
Qualified Person Statement
Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd., is a qualified person for the project as defined by National Instrument 43-101. Mr. Raffle has reviewed the technical content of this news release.
For additional information, please contact:
Bryce Bradley, President, Chief Executive Officer and Director
Telephone: (604) 349-8119
Email:
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.
Vancouver, British Columbia--(Newsfile Corp. - September 7, 2017) - Thunderstruck Resources Ltd. (TSXV: AWE) ("Thunderstruck") announces that, further to its press release dated July 24, 2017, it has closed its previously announced non-brokered private placement (the "Placement").
Gross proceeds of $751,800.00 were raised through the sale of 9,397,500 units at a price of $0.08 per unit (each a "Unit"). Each Unit comprised one common share and one share purchase warrant. Each warrant entitles the holder to purchase a further common share at a price of $0.15 per share until September 6, 2020. The warrants are subject to accelerated exercise provisions such that if the closing price of the Company's common shares exceeds $0.25 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.
Aggregate finder's fees of $22,400.00 were paid in cash and 240,000 finder's warrants were issued bearing the same terms as the warrants forming part of the Units.
All securities issued in the first tranche are subject to a hold period in Canada expiring on January 7, 2018. Additional restrictions may apply pursuant to Rule 144 of the Securities Act of 1933, as amended, to U.S. investors.
Proceeds of the Placement will be applied to exploration programs for the Company's Fiji properties and general working capital.
Due to increased interest in the Placement, the Company has determined to arrangement a further non-brokered private placement of Units at $0.08 per Unit. The Company will seek to place a further $100,000 up to 1,250,000 Units.
An insider of the Company subscribed for a total of 862,500 Units, both directly and indirectly, for aggregate subscription proceeds of $69,000, constituting 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 the exemptions from the formal valuation and minority approval requirements under MI 61- 101. The Company is exempt from the formal valuation requirement of MI 61-101 in reliance on sections 5.5(a) and (b) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company's market capitalization, and no securities of the Company are listed or quoted for trading on prescribed stock exchanges or stock markets. Additionally, the Company is exempt from minority shareholder approval relying on sections 5.7(1)(a) and (b) of MI 61-101 as, in addition to the foregoing, (i) neither the fair market value of the Units nor the consideration received in respect thereof from interested parties exceeds $2,500,000, (ii) the Company has one or more independent directors who are not employees of the Company, and (iii) all of the independent directors have approved the placement. A material change report was not filed 21 days prior to the closing of the private placement as insider participation had not been established at that time.
Ms. Bryce Bradley acquired an aggregate 92,500 units directly and 870,000 units indirectly through 1089660 B.C. Ltd., a private company owned and controlled by her, which securities in the aggregate represent 2.20% of Thunderstruck's issued and outstanding share capital. Prior to this transaction Ms. Bradley owned or controlled 4,634,715 common shares of Thunderstruck, directly and indirectly, as well as warrants to acquire a further 1,087,500 common shares and options to acquire a further 950,000 common shares. Upon the completion of the placement and the option granted noted below, Ms. Bradley owns or controls an aggregate of 5,497,215 common shares of Thunderstruck, representing 12.54% of the issued and outstanding common shares of Thunderstruck, and warrants to acquire 1,949,500 common shares of Thunderstruck and options to acquire a further 950,000 common shares of Thunderstruck, representing approximately 17.97% of the issued and outstanding shares of Thunderstruck, on a partially diluted basis assuming the exercise of the convertible securities held by Ms. Bradley only. Ms. Bradley acquired these securities for investment purposes, thus depending on the economic or market conditions or matters relating to Thunderstruck, Ms. Bradley may choose to either acquire additional securities or dispose of securities of Thunderstruck.
Portions of this press release are being issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues which requires a report of Ms. Bradley to be filed under the Company's profile on SEDAR (www.sedar.com) containing additional information with respect to the foregoing acquisitions. A copy of the related early warning report for Ms. Bradley in respect of the acquisition described above will be filed on www.sedar.com.
The Company has granted 1,125,000 stock options having an exercise price of $0.09 and a ten-year term to certain of its directors, officers and consultants.
About Thunderstruck Resources
Thunderstruck Resources is a Canadian mining exploration company with highly prospective VMS and Precious Metals projects in Fiji. The Company provides investors with exposure to a diverse portfolio of assets rich in 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".
For additional information, please contact:
Bryce Bradley, President, Chief Executive Officer and Director
Telephone: (604) 349-8119
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.
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. Specifically, there is no assurance the private placement will be closed on the terms set out above or at all or that) TSX Venture Exchange approval will be received. 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.