Thunderstruck Resources Ltd (CVE:AWE) (OTCQB:THURF) has announced a joint venture deal with the Japanese government group, Japan Oil, Gas and Metals National Corporation (JOGMEC) to develop its Wainaleka VMS (volcanogenic massive sulfide) discovery in Fiji.
JOGMEC is a C$11 billion group mandated to ensure steady, cost-effective supplies of metals for Japan and its industries.
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The partnership grants JOGMEC the option to earn a 70% ownership interest by funding C$3.5 million worth of exploration through to March 31, 2022, which could be accelerated.
"We welcome a partnership with JOGMEC to develop our Wainaleka high-grade VMS discovery," said Bryce Bradley, CEO of British Columbia-based Thunderstruck. "We're especially pleased that JOGMEC is proposing an aggressive initial exploration program culminating in diamond drilling during this year's field season."
One of four Fiji projects
The company boss added that Wainaleka, which has now been renamed Korokayiu, is one of Thunderstruck's four projects in Fiji.
The company also aims to secure joint venture partners for its Rama copper/gold porphyry and Nakoro VMS, while advancing the Liwa gold project into a drill program, also in Fiji.
Anglo Pacific drilled the Korokayiu asset in 1977, where highly anomalous values were hit. These included 6.2m (meters) at 1.8% copper, 12.0% zinc and 25 g/t (grams per ton) silver. Also found was 10m at 2.3% copper, 5.5% zinc and 47 g/t silver.
Geologic mapping has shown 15 km of prospective strike and eight more underexplored zinc-copper VMS prospects.
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