July 13, 2015 – Vancouver, British Columbia – Thunderstruck Resources Ltd. (“Thunderstruck”; TSX-V: AWE) is pleased to provide the following updates.
NAKORO EXPLORATION PROGRAM
The Company announces that it has finalized its plan for a detailed surface exploration program on Nakoro, one of its two flagship VMS assets in order to prepare for a drilling program for Q3 2015. The exploration program will begin this month and will include mapping and trenching, geochemical analyses and a detailed drone topographic survey. This program will be headed by consulting geologist Geoff Taylor, Project Manager, and will include the services of local labourers and a local contractor who will provide an excavator for trenching and drill site preparation.
ADVISORY BOARD ADDITIONS
Thunderstruck is pleased to announce the addition of Jim Franklin and Garfield McVeigh to the Company’s Advisory Board.
Dr. Franklin, PhD., FRSC, P.Geo, has focused much of his professional life in the pursuit of understanding and discovering volcanogenic massive sulphide (VMS) deposits similar to Thunderstruck’s Nakoro and Wainaleka high-grade zinc/copper assets.
Highlights of Jim’s career include fundamental work on “black smoker” systems on the modern seafloor. This research provided a new understanding of the way in which giant VMS deposits form, allowing him to develop a robust set of geological guidelines that will help steer Thunderstruck’s VMS exploration and drilling efforts. Jim has consulted for several VMS companies in the Ring of Fire, and been associated with VMS discoveries throughout North and South America, Europe and Asia. He’s also worked on vein-type gold deposits resembling Thunderstruck’s Liwa Creek epithermal gold project.
The major portion of Jim’s career, from 1975 to 1991, was with the Geological Survey of Canada, and culminated as Chief Geologist, when he coordinated the GSC’s entire scientific program. He has been honoured with multiple awards, including SEG’s Thayer Lindsley and Distinguished Lecturer awards. Notably, this year he will receive SEG’s top honor, the Penrose Medal.
Mr. MacVeigh, B.Sc Geology, is the president and CEO of Constantine Metals Ltd. (CEM:TSXV), which is currently exploring its Palmer VMS project in Southeast Alaska in partnership with Dowa Metals & Mining. Garfield directed the exploration that resulted in the Palmer VMS discovery that now has an 8.1 million tonnes inferred resource averaging 1.41% copper and 5.25% zinc, and the deposit is open to expansion. Garfield has 43 years of experience in gold and base metal exploration, and has contributed to the exploration and discovery of several VMS projects, including the HW zinc/copper mine and other zones at Nystar’s Myra Falls operation in British Columbia. He also participated in the discovery of the Hoyle Pond gold mine, Newfoundland, currently operated by Goldcorp. Garfield also served as president, CEO and chairman of the board of Rubicon Minerals Corporation.
“We are excited that Thunderstruck’s projects, including two high-grade zinc-copper discoveries made by Anglo Pacific in the 1970s, have attracted such world-renowned experts as Jim Franklin and Garfield MacVeigh,” notes Brien Lundin, a Thunderstruck director and co-founder. “Their expertise will prove invaluable as we follow up on these discoveries in the weeks ahead.”
The Company is also pleased to announce the hiring of Geoff Taylor as Project Manager for our upcoming exploration program. Geoff has extensive knowledge of Thunderstruck’s VMS and gold properties, having worked with Anglo Pacific (1975-1981) as Senior Geologist on Nakoro, Wainaleka and Liwa Creek. He carried out detailed geological mapping and geochemical sampling for massive sulphide copper/zinc deposits on Nakoro, using his findings to supervise the drill program on both Nakoro and Wainaleka.
Concurrent with these efforts at Anglo Pacific, Geoff undertook his M,Sc. Degree at Imperial College, London, for which he completed his dissertation on “The Criteria for Massive Sulphide Exploration in Volcanic Environments, with Particular Reference to Fiji.”
“Geoff has lived and worked in Fiji for over 40 years, bringing invaluable relationships, cultural sensitivity and a deep understanding of the island’s geological potential,” says Bryce Bradley, Thunderstruck’s president and CEO. “We’re lucky to find someone who not only conducted the historic drill program with Anglo, but also completed his Master’s thesis on our properties.”
The Company also announces that it has arranged a private placement of $750,000 with a $250,000 over-allotment option. The non-brokered private placement involves the sale of up to 15,000,000 units at a price of $0.05 per unit. In the event the over-allotment option is filled, an additional 5,000,000 units would be issued.
Each unit comprises one common share and one share purchase warrant, each warrant entitling the holder to purchase a further common share at a price of $0.10 per share for a period of 24 months. The warrants will be subject to accelerated exercise provisions such that if the closing price of the Company’s common shares exceeds $0.20 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.
Proceeds of the placement will be applied to exploration programs for the Company’s Fiji properties and general working capital. Finder’s fees may be payable on all or any portion of the placement, which is subject to regulatory approval, including the approval of the TSX Venture Exchange.
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, silver and gold in politically safe and stable jurisdictions. 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
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.