September 22, 2015 – Vancouver, British Columbia – Thunderstruck Resources Ltd. (“Thunderstruck”; TSX-V: AWE) is pleased to provide shareholders with an update on their exploration program at its Nakoro project in Fiji.
Thunderstruck’s CEO and President, Bryce Bradley, commented: “The mineral exploration industry has been enduring an unrelenting bear market like never witnessed before. Many good companies have been forced to sell off assets, lie dormant or have blown up their share structure by raising capital at highly dilutive share prices, and many have gone completely under.
“Thunderstruck has thus far been fortunate, financing strategically and conservatively in order to maintain an impressively tight share structure with only 20.8m shares outstanding. Equally as impressive, our quality team on the ground has advanced one of our flagship assets, Nakoro, on a shoe-string budget. Over the summer a 2.5km access road was bulldozed to the site of previous drilling by Anglo American that returned mine-able widths of historic grades up to 12% zinc and 2% copper.
“Along the access road to Nakoro Village, outcropping zinc mineralization has been discovered, with samples being sent to Perth for analysis. Positive results from this sampling would significantly expand the size of our Nakoro zinc/copper target. The team is currently conducting stream sediment sampling and mapping in order to define the limits of the base metal mineralization, and drill sites for Thunderstruck’s impending drill program are being planned.
“The Company has opted to conduct an inexpensive and efficient 250-meter drill program using a man-portable Winkie drill that is owned by Thunderstruck in Fiji. The drilling will focus on five key step-out holes that, if successful, could considerably extend the size of the target. Results from this drilling, road mapping, outcrop sampling and detailed stream sediment sampling will provide a much enhanced base for defining follow-up exploration with larger drill rigs.“
The Company also announces it has completed the second tranche of its proposed non-brokered private placement, as announced on July 13, 2015. Gross proceeds of $125,000 were raised through the sale of 2,500,000 units at a price of $0.05 per unit. The Company will continue to finance its exploration efforts over the coming months.
An aggregate of 5,597,000 units were sold in both tranches of the private placement for aggregate gross proceeds of $279,850. Each unit comprised one common share and one share purchase warrant. Each warrant entitles the holder to purchase of a further common share at $0.10 for a period of two years.
All securities issued in the final tranche are subject to a hold period in Canada expiring on January 22, 2016. Proceeds of the placement will be applied to exploration programs for the Company’s Fiji properties and general working capital.
Additionally, the Company has granted an aggregate of 215,000 stock options having an exercise price of $0.05 per share and a 10-year term to directors, officers and consultants.
INVESTOR RELATIONS ENGAGEMENT
Thunderstruck has engaged the services of FronTier Merchant Capital Group (“FronTier”) for Investor Relations Services. Under the terms of the engagement, FronTier, with a home office in Toronto, Canada, has been retained for a 12-month period at $6,000 per month plus direct expenses. FronTier will assist the Company by increasing market awareness for the company utilizing a number of financial market communications initiatives, the core of which will be facilitating in-person introductions for the company with institutional and retail brokers and investors in a number of cities across Canada, the US, Europe and Australasia. FronTier and its principals own 2 million of the Company’s shares.
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 a politically safe and stable jurisdiction. 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.