Field operations at Thunderstruck Resources Ltd's (TSXV:AWE) 100%-owned zinc, copper and gold projects in Vitu Levu, Fiji are in full swing and the Canadian mining exploration company is knee-deep in multiple exploration activities there.
This marks the first year that Thunderstruck has had its entire land package in Fiji under its control and can advance its various targets, according to Bryce Bradley, Thunderstruck’s president and chief executive.
“Our exploration season is now in full swing and we have initiated multiple exploration activities across all of our four primary assets,” Bradley said in a statement.
In a major advance, a detailed mapping program of Rama Creek, one of Thunderstruck's four sites in Fiji, has begun.
Last December, field crews first carried out a soil program to determine the limits of the broad copper-gold mineralized porphyry present in Rama Creek. Over the course of the last few months, subsequent drilling and trenching has helped to outline a broad porphyry system..
Thunderstruck’s field crew collected 112 ridge and spur auger soil samples from Rama and submitted them for infrared spectral analysis. Of this pile, a total of 18 samples returned greater than 50 parts per billion (ppb) of gold and up to 0.76 grams per tonne (g/t) of gold. As many as 31 samples, meanwhile, threw up greater than 500 parts per million (ppm) of copper and up to 0.56% copper.
When measured alongside another 126 targeted auger soils collected by Thunderstruck’s crew, an 18-sample subset yielded an average of 0.27% copper and 0.15 grams per tonne of gold.
Historic drilling by the South African miner Anglo American (LON:AAL), which mined in the Rama Creek region in the seventies, has shown disseminated copper and gold mineralization there extends to a vertical depth of at least 250m, and is open at depth and in all directions.
Thunderstruck now owns a vast land package of zinc, copper and gold assets that cover nearly 4% of Fiji’s main island.
Road building into Rama Creek should be finished by the end of May, which will make it easier to get larger rigs onto the property later in the season. Elsewhere in Fiji, preliminary mineralogical tests from Thunderstruck’s Wainaleka VMS project show great potential to produce zinc and copper concentrates via conventional flotation, a critical step in mine development.
The enthusiasm for Thunderstruck’s exploration efforts in Fiji prompted investors to request a private placement. As a result, Thunderstruck is raising up to US$150,000 for its operations through the sale of up to 1,666,666 units at a price of US$0.09 per unit, which will comprise one common share and one share purchase warrant. Each warrant entitles its holder to purchase a further common share at US$0.15 per share for a period of 36 months from closing.