Canada’s Thunderstruck Resources (TSXV: AWE) announced a private placement of up to $1 million aimed at funding a drill program on its Liwa gold prospect in Fiji.
In a press release, Thunderstruck said this will be the maiden drill program on a prospect that has been the focus of sporadic surface exploration programs for decades.
The non-brokered private placement involves the sale of up to 16,666,667 units at a price of $0.06 per unit for aggregate gross proceeds of $1 million
Recent work by the company has yielded surface trench results highlighted by 0.61 g/t gold over 71 meters (Liwa Ridge) as well as rock grab samples grading as high as 55.2 g/t gold (Jensen’s Showing) and 42 g/t gold and 1,205 g/t silver (Lower Vatuvatulevu).
“We’re excited to raise the funds to drill our highly prospective Liwa gold asset,” Bryce Bradley, Thunderstruck’s president and CEO, said in the brief. “With five highly prospective gold-silver targets defined so far over a three-kilometre geologic structure, the potential scope for a discovery is exceptional.”
The Liwa Creek gold prospect is located in the southern part of Viti Levu, the main island of Fiji. The region hosts the Vatukoula gold mine, which has been operating for 80 years, producing in excess of 7 million ounces. It also hosts Namosi, a JV between Newcrest and Mitsubishi with proven and probable reserves of 1.3 billion tonnes at 0.37% Cu and 0.12 g/t Au; and Lion One Metals’ Tuvatu project, with indicated resources of 1.1 million tonnes at 8.17 g/t Au, and inferred resources of 1.3 million tonnes at 10.6 g/t Au.