ATLANTA, Jan. 12, 2023 (GLOBE NEWSWIRE) -- via InvestorWire -- THUNDER ENERGIES CORP (OTCBB: TNRG) reports the fair market value assessment issued by the engagement of Lane A. Griffin, a professional geologist, to assess the reserves of gold and other valuable minerals present at Thunder Energies' Nevada mining property.
The valuation is based on his visits to the 3,200 acre parcel in northeast Nevada, nearby mining activity and reports, as well as rock sample results, independently examined, that Griffin collected. American Assay, Sparks, Nevada, conducted the rock analysis for Griffin.
Griffin places the value of the property at $33 million. Thunder Energies has received a formal valuation report from Griffin in addition to the rock sample reports prepared by American Assay.
The geologist collected seven rock samples to assess the value of the minerals of the property. His findings, by location, were as follows.
- {Sample 1} Representative sample of lower mine dump, copper and iron oxide stain on fractures, anomalous amounts of copper, lead, zinc, antimony, bismuth, and silver
- {Sample 2} Representative sample of mine dump, iron oxide and copper stain on marble host rock, elevated amounts of copper, bismuth otherwise moderate amount of metal enrichment
- {Sample 3} mine lower dump, representative sample with grey quartz and marble, slightly elevated levels of all metals but not ore grade
- {Sample 4} Phalen mine upper mine dump, representative sample, iron oxide and copper stain, dark brown granite and marble host, ore grade mineralization, 22% lead with almost 20 oz/ton silver, 1.7% zinc and elevated gold and copper.
- {Sample 5} same location as above, select sample, metal detector was used to identify high grade sample, dark brown, metallic appearance, ore grade mineralization, 4.9% lead with 7.6 oz/ton silver, 1.4% zinc, and elevated copper and bismuth.
- {Sample 6} mine dump below drift 800 m south of Phalen mine, granite and meta-sediments, dark brown with quartz, anomalous amounts of copper and zinc but no concentrations of metals in general
- {Sample 7} mine dump below shaft just west of marble quarry, granite and meta-sediments, copper and iron stain on fracture, marble chips, anomalous amounts of all metals but elevated copper at 1.5%
Also noted by the geologist were deeded water rights that are sufficient to supply a substantial surface mining operation, and reserves of various critical base metals. The property has various surface and subsurface, mineral, rights as well.
Thunder Energies entered into a joint venture and partnership agreement with Fourth and One this past spring, as previously announced by company management.
Griffin previously issued the following executive assessment of the property as part of his initial engagement.
In 2013, gold mineralization was recognized on the west side of the Kinsley project in limestone and shale beds within the Hamburg Formation and Secret Canyon Shale, units that had not previously been recognized as potential hosts of gold mineralization. Subsequent drilling in 2014 returned numerous high-grade gold intercepts within the Secret Canyon Shale at the Western Flank target, including 10 holes with intercepts ranging from 6 to 20 g Au/t over core lengths of 15 to 50 metres.
Drilling in 2015 through 2020 extended portions of the Western Flank mineralization to the east. The gold at Western Flank occurs within thinly bedded units that are replaced by fine-grained pyrite and arsenical pyrite.
The styles of alteration, mineralization, and geochemistry at the Kinsley project are similar to those of sediment-hosted gold deposits located in the Carlin and Cortez trends of Nevada, approximately 150 to 200 kilometres to the west of the project. The geological setting of mineralization at Kinsley is similar to the Long Canyon deposit, located 90 kilometres to the north of Kinsley.
Thunder Energies management initially declined to comment on the assessment, noting it speaks for itself, and stating that would continue to be the company's position. Company management intends to partner with experienced, qualified, mining entities to extract mineral resources from the several thousand acres owned.
Property rights, as mentioned above, include both surface and subsurface rights, and water rights, all as part of a joint venture with Fourth and One. Thunder Energies, as part of its overall monetization of the property, anticipates master planning and then developing the surface of the property in addition to the mineral extraction.
For more information about Thunder Energies, its SEC filings, and business activities, please visit: www.thunderenergiescorp.com
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
CONTACT
Investor Relations
Rick Freeman
CMO
MAJORMEDIA INC
E: majormediasales@comcast.net
P: 570.468.2205
Donald R. Keer, P.E., Esq.
Corporate Counsel
Thunder Energies Corp.
3663 Greenwood Circle
Chalfont, PA 18914
215-962-9378
Wire Service Contact:
InvestorWire (IW)
Los Angeles, California
www.InvestorWire.com
212.418.1217 Office
Editor@InvestorWire.com
