Thunderstruck Announces that Field Work Confirms Large Porphyry System and Discovers Broad Gold Mineralized Zone at Rama Creek
Thunderstruck Announces that Field Work Confirms
Large Porphyry System and Discovers Broad Gold
Mineralized Zone at Rama Creek
Vancouver, British Columbia--(Newsfile Corp. - March 1, 2018) -
Thunderstruck Resources Ltd. (TSXV: AWE) ("Thunderstruck")
is pleased to report that recent exploration results have confirmed the presence of a large gold-copper mineralized porphyry
stock at the Rama Creek project in Fiji. The recent work has also resulted in the discovery of a zone of broad, possibly
structurally controlled, gold mineralization.
Rama Creek is part of an extensive property position held by Thunderstruck on Viti Levu, the main island of Fiji, and is located
south of the Vatukoula mine, which has produced 7 million ounces of gold. The Thunderstruck property is located between the
Tuvatu gold deposit of Lion One, which is now in development and Newcrest's Namosi (Combined reserves and resources of 16
million ounces gold, 15 million tonnes copper).
The property held by Thunderstruck was first explored by Anglo American in the 1970s. The recent field work built on the earlier
results and was intended to test the extent of the porphyry system and to follow up on historic gold soil anomalies. Between
October and December 2017, Thunderstruck crews completed the collection of 126 targeted auger soil, 102 prospecting rock
grab, and 35 follow-up BLEG stream sediment geochemical samples at the Rama Creek Prospect. In addition, 59 metres of
hand trenching at the Senikura West gold target, located 1 km south of the Rama Creek Porphyry, tested an historic gold-in-soil
anomaly. Trench results include 11.1 meters of 0.96 g/t gold.
Commenting on the results, President/CEO Bryce Bradley notes, "This recent work confirms a mineralized gold-copper porphyry
system at least a kilometre in diameter, which remains open to the north and south. The trenching showed the significance of the
peripheral gold-in-soil anomalies, giving us a discovery in the first test, with several other anomalies yet to be tested. Having
verified and extended the results of the historic work at Rama, and having done the same earlier at our various other targets,
Thunderstruck's Fijian properties are beginning to attract considerable interest in the mining industry."
Director Lawrence Roulston notes: "The island of Viti Levu hosts multiple multi-million-ounce deposits, demonstrating the highly
productive geological environment. Fiji is on the tectonic boundary between the Pacific Plate and the Australian Plate. This
same tectonic feature hosts other large deposits, including Lihir and Grasberg, two of the biggest gold deposits in the world.
This is the right environment to be searching for large deposits and the results to date are highly encouraging."
Senikura West Gold Target
At Senikura West, target specific auger soil sampling was designed to confirm an historic gold in soil anomaly (4 samples
ranging from 107 to 511 ppb Au). Thunderstruck crews collected a series of 10 consecutive auger soil samples collected over a
distance of 100 m along a northeast trending ridgeline, which returned an average of 0.47 g/t Au, with individual samples ranging
from 0.029 g/t Au (29 parts-per-billion Au) and up to 2.13 g/t Au (Figure 1). In addition, a single soil sample collected 40 m to the
northeast returned 1 g/t Au. The 10 samples form part of a broader zone of 20 auger soil samples collected over 200 m along
the ridge returned an average of 0.3 g/t Au, with the northern and southernmost samples returning 0.10 and 0.27 g/t Au,
respectively. The Senikura West gold in soil anomaly remains open to the north and south.
As a follow-up to detailed auger sampling, a 59 m northeast trending trench was excavated centered over the highest gold in soil
values. The Senikura West trench returned, 0.96 g/t Au over 11.1 m (38.5 to 49.6 m), within a broader anomalous gold zone
averaging 0.55 g/t Au over 37.6 m (12 to 49.6 m) (Table 1). The relationship of the trenched intervals to the true width of
mineralization is not known.
Rama Creek
Porphyry Target
A total of 18 auger soil samples were collected over a 240 m northwest trending ridgeline at the interpreted centre of the Rama
Creek Porphyry Cu-Au target. The soil line transects a prominent magnetic high anomaly and historic 1974 Australian Anglo
American Ltd (Anglo) diamond drill hole "DDH1" that returned a 244 metre interval between depths of 6 and 250 metres
averaging 0.22% Cu, ending in mineralization. Thunderstruck's 18 auger soil samples returned an average of 0.27% Cu and
0.15 g/t Au; with individual copper and gold values ranging from 0.05 to 0.68% Cu, and 0.004 g/t Au (4 ppb Au) to 0.34 g/t Au,
respectively
(Figure 2)
.
Figure 2
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Along the interpreted southern margin of the porphyry, 600 m to the south of DDH1, a series of 31 auger soil samples collected
over 500 m along a north trending ridgeline transect the mapped edge of the intrusion. Progressing northward from the
interpreted southern edge of the intrusion, a total of 23 auger soil samples collected over 400 m averaged 452 ppm Cu.
The
northernmost six (6) auger soil samples collected over a distance of 120 m in an area flanked by thick alluvium returned an
average of 0.11% Cu, with individual values ranging from 331 ppm Cu up to 0.23% Cu in soil.
Table
1
— 2017
Rama
Creek Prospect Trench
*
Channel Sample Results
Sample ID
From (m)
To (m)
Width (m)
Au (g/t)
Composite Grade
278741
0.0
2.0
2.0
0.082
278742
2.0
4.0
2.0
0.062
278743
4.0
6.0
2.0
0.112
278746
6.0
8.0
2.0
0.124
278747
8.0
10.0
2.0
0.172
278748
10.0
12.0
2.0
0.134
278749
12.0
13.5
1.5
0.29
0.55 g/t Au
over 37.6
m
278750
13.5
15.4
1.9
0.317
278753
15.4
17.6
2.2
0.34
278754
17.6
19.0
1.4
0.295
278755
19.0
21.0
2.0
0.373
278756
21.0
23.0
2.0
0.303
278757
23.0
25.0
2.0
0.372
278758
25.0
27.0
2.0
0.492
278761
27.0
29.0
2.0
0.453
278762
29.0
31.0
2.0
0.663
278763
31.0
33.0
2.0
0.405
278764
33.0
34.6
1.6
0.358
Boulder
34.6
34.8
0.2
278765
34.8
37.0
2.2
0.311
278766
37.0
38.5
1.5
0.32
278767
38.5
39.7
1.2
0.601
0.96 g/t Au
over 11.1
m
278768
39.7
42.0
2.3
2.45
278769
42.0
44.0
2.0
0.778
278770
44.0
46.0
2.0
0.582
278771
46.0
48.0
2.0
0.376
278772
48.0
49.6
1.6
0.483
278773
49.6
51.0
1.4
0.1
278774
51.0
53.0
2.0
0.048
278777
53.0
55.0
2.0
0.048
278778
55.0
57.0
2.0
0.027
278779
57.0
59.0
2.0
0.023
In addition, ten (10) auger soils collected over a 100 m distance spanning the contact zone of the intrusion returned anomalous
gold values averaging 0.063 g/t Au (63 ppb Au); including two samples returning 0.1 and 0.2 g/t Au. The nature of this gold in soil
anomaly bears similarity to the Senikura West gold target located 700 m to the southeast; as well as that of the broad historic
Senikura East gold in soil anomaly located a further 1.5 km to the southeast (12 consecutive 100 m spaced auger soils over 1.2
km returning an average of 67 ppb Au).
Based on the orientation of northwest-southeast trending creek drainages and historic
geophysical interpretation, it's possible the two anomalies are related to a zone (or zones) of structurally controlled gold
mineralization along the margin of the Rama Creek porphyry.
Exploration by Barringer Fiji Ltd. (Barringer) prior to 1974 at Rama Creek defined an approximately 1 km diameter composite
quartz-diorite porphyry stock regionally assigned to the Tholo Plutonic Suite.
Barringer collected a total of 469 soil geochemical
samples at 60 m intervals at Rama Creek along a series of 100 m spaced northwest-southeast trending gridlines. The survey
defined an approximately 800 m diameter greater than 400 ppm Cu in soil geochemical anomaly surrounded by a peripheral
halo of anomalous zinc values. The historic copper anomaly is cut off sharply to the north by volcanic derived colluvium, to the
east by a steep ridge, and to the south and west by thick alluvium. Within the centre of the anomaly, quartz-diorite porphyry rocks
and Wainimala Volcanic Group rocks they intrude are highly altered to an assemblage of silica-sericite-chlorite-pyrite-magnetite,
and locally secondary biotite.
Mineralization consists of disseminated and fine fracture controlled pyrite-chalcopyrite-bornite and
covellite. Historic Induced Polarization (IP) / Resistivity and ground magnetic surveys, also by Barringer, reveal distinct
concentric chargeability and conductive anomalies about the margin of the copper anomaly.
Within the core of the anomaly
altered and mineralized porphyry intrusive rocks are resistive and locally strongly magnetic.
Stream BLEG and
Prospecting
Rock Samples
As a follow-up to the initial BLEG stream sampling program at Rama Creek (
see the Company's September 27, 2017 News
Release
) Thunderstruck collected an additional 35 BLEG stream sediment samples in the headwaters of Rama and Senikura
Creeks draining the Senikura West gold target area. (Bulk Leach Extractable Gold, more commonly shortened to BLEG, is a
geochemical sampling/analysis tool used for gold exploration.) In conjunction with the results of 110 BLEG stream sediment
samples already released for the Rama Creek Prospect, a total of eight (8) samples returned greater or equal to 13 ppb Au
(>95
th
percentile); and six (6) samples greater than or equal to 6.4 ppm Cu (>95
th
percentile).
At the centre of the Rama Creek porphyry, a single BLEG stream collected 200 m downstream from Anglo drill hole DDH1
returned 0.1 g/t Au and 109 ppm Cu, the highest gold and copper BLEG stream value returned to date on the Project.
Combined, the 145 BLEG stream sediment samples collected to date define >95
th
percentile gold and copper anomalies within
streams draining the core of the Rama Creek Cu-Au porphyry target, and >95
th
percentile gold anomalies within streams
draining west and east of the Senikura West gold target. A total of two (2) separate drainages west of Rama Creek returned
BLEG stream values of 18 ppb Au; and 13 and 14 ppb Au, respectively and may represent as yet unknown gold targets (
Figure
1
).
Surface rock grab sample results represent both in-situ outcrop and loose creek flat material. The majority of rock grab samples
were collected from narrow immature drainages, and as such transport distance of float rock material is considered to be short.
In general outcrop in the Rama Creek area is limited, particularly in the area of historic drilling, with sporadic outcrop exposures
present in scoured creek beds, and as positive relief features along ridgetops.
Of the 102 rock grab samples collected to date
at Rama Creek a total of 12 returned greater than 500 ppm Cu and are considered anomalous.
Of the 12 rock grab samples, 6
samples returned greater than 0.1% Cu and up to 0.26% Cu.
Of the 102 rock grab samples, a total of 6 samples returned
greater than 0.1 g/t Au (up to 0.24 g/t Au) and are considered anomalous (
Figure 1
).
Figure 1
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Interpretation
The work by Thunderstruck and previous operators at Rama Creek has confirmed the presence of a 1 km diameter composite
quartz-diorite copper-gold mineralized porphyry intrusive stock.
Intensely silica-sericite (±biotite) altered porphyry is surrounded
by a highly chargeable magnetite-pyrite-chlorite shell within less altered diorite and host Wainimola Volcanic rocks.
The full
extent of mineralization is obscured to the north by volcanic colluvium and to the south by thick alluvial deposits. Current auger
soil geochemical sampling and surface trenching by Thunderstruck has resulted in the discovery of peripheral zones of broad,
possibly structurally controlled, gold mineralization.
Limited trenching to date has yet to define the north-south limits of the
Senikura West gold zone, and a separate possibly related gold in soil geochemical anomaly 700 m to the northwest has yet to
be tested by trenching.
Moving forward, Thunderstruck plans to continue advancing the Rama Creek porphyry gold-copper prospect through completion
of early 2018 IP/Resistivity surveys towards modelling the subsurface geometry of disseminated sulphide mineralization and
generation of finalized diamond drill targets. In addition, further evaluation is planned of the numerous spatially associated gold
targets.
Financing
The Company has arranged a non-brokered private placement to raise up to $400,000 through the sale of up to 5,000,000 units
at a price of $0.08 per unit (the "Financing"). Each unit will comprise one common share and one share purchase warrant. Each
whole warrant will entitle the holder to purchase a further common share at a price of $0.15 per share for a period of 36 months
from closing. The warrants will be subject to accelerated exercise provisions such that if the closing price of Thunderstruck's
common shares exceeds $0.25 per share for a period of 20 consecutive trading days, Thunderstruck 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
continuing operations on the Company's Fiji properties and general working capital.
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 VMS, 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".
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.
During 2017 all stream sediment samples were submitted to Australian Laboratory Services Pty. Ltd (ALS) labs Perth for BLEG
determination of gold, copper and silver.
Auger soil samples were submitted for gold and multi-element geochemical analysis
via a 25 gram (g) sample split subject ICP-MS. Prospecting and trench rock samples submitted for 30g gold Fire-Assay
analysis and multi-element geochemistry by four-acid ICP-ES. Thunderstruck has relied on the external QA/QC of ALS which
included the insertion of insertion of standard, blank and duplicate samples at a rate of 10% into the sample stream to confirm
the accuracy of the reported results.
*Surface trenches were dug by hand to a maximum depth of 1m into saprolite with the goal of reaching weathered in-situ
bedrock approximating the B/C soil profile transition. In all cases where the B/C transition was reached pervasively clay altered
saprolite rock present often showing relict primary textures, alteration and mineralization in the form of weathered sulphide
minerals.
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 looki
ng
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.