SUNBIZ

Mineral Exploration On Time

Thunderstruck Resources has invested in surface exploration to get Liwa to dredging stage.
18 Jun 2020 13:42
Mineral Exploration On Time
Thunderstruck Resources exploration site at Liwa Creek in Galoa.

Drilling equipment for silver and gold exploration has left Canada for Fiji, said Thunderstruck Resources yesterday.

The consignment is expected to arrive in Fiji in mid-July, said chief financial officer (CFO) Wilson Michael.

His remarks followed an earlier announcement that the company had raised $1.6 million to conduct the first drilling programme on Liwa Creek, Galoa, in the interior of the mainland.

Thunderstruck Resources is a Canadian mining exploration company with highly prospective VMS (Volcanic Massive Sulphide) and precious metals projects on Viti Levu.

Thunderstruck Resources chief financial officer Wilson Michael.

Thunderstruck Resources chief financial officer Wilson Michael.

Plenty of time

“We have spent the last several years doing surface work, rock samples, trenching and geophysical programmes which have provided us with ample drill targets,” Mr Michael said.

“The drilling season runs until late November, so we have plenty of time to conduct our programme.”

However, timing hinged on factors such as the resumption of flights to bring in the international crew, Mr Michael said.

The scope of work includes drilling approximately 2000 metres over 10 holes across three kilometres of mineralised area, he said.

A promise

“It is far too early to tell how much gold is in the ground, since it has never been drilled, and presently has no mineral resource,” Mr Michael said.

“However, Thunderstruck and its investors believe this property to have much promise, which is why we have invested so much into developing it.”

Five main areas

Mr Michael said high grade gold and silver were discovered in five main prospects over approximately three kilometres during surface geochemical exploration campaigns.

A Master’s of Science thesis study was done on Liwa in 2019, confirming the projects potential, he said.

“The goal is to discover a mine-able resource.”

Investment

Mr Michael said Thunderstruck invested approximately $750,000 in surface exploration to get Liwa to the drilling stage.

“The 2020 drill programme represents the next phase of development where we will begin to determine how far beneath the surface gold and silver can be found.

“It is a very exciting time for the company.”

Zinc and copper

Thunderstruck’s two flagship Fijian properties are at Korokayiu and Nakoro in Serua, the company said.

Thunderstruck Resources said the Rama Creek copper project was a large, low grade copper porphyry similar in structure to Newcrest’s adjacent Namosi copper porphyry.

Namosi is in the pre-feasibility stage of production and is located 20kilometres from Rama Creek, the company said.

Thunderstruck trades on the Toronto Venture Exchange (TSX-V) under the symbol “AWE”, and on the (OTC) under symbol “THURF”.

Feedback: frederica.elbourne@fijisun.com.fj

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