NICKEL AND PLATINUM EXPLORATION UPDATE The Directors of Thundelarra Exploration Ltd (“Thundelarra”) are pleased to announce further encouraging results from the resource definition drilling program currently underway at Copernicus located in the East Kimberley of Western Australia. The latest assays have returned significant intercepts from the holes drilled into the main mineralised pyroxenite including: 14 metres @ 1.81% nickel and 0.97% copper from 218 metres, and 18 metres @ 1.05% nickel and 1.28% copper from 274 metres. The results for the latest assayed holes are presented in the following table and hole locations on the attached Copernicus project plan. Hole No North East Dip From-To Int. Ni % Cu % Co % CORC070 103005 55300 90 NSR CORC071 103053 55298 90 218-232 14 1.81 0.97 0.06 CORC072 103090 55300 90 234-245 11 0.76 0.77 0.03 CORC073 103045 55273 90 NSR CORC074 103105 55248 90 274-292 18 1.05 1.28 0.04 Drilling is continuing at Copernicus with two rigs now on site including a large machine capable of drilling to a vertical depth of 500 metres. At the new Edison platinum discovery additional soil, rock and trench sampling is underway in preparation for a second drilling program scheduled to commence in September. This program will test approximately 2 kilometres of the interpreted Edison ultramafic stratigraphy. Drilling to date has only assessed 200 metres strike of the prospective unit and to a shallow depth. Preliminary interpretation of results from the Edison prospect indicates that the platinum+palladium+gold (3E) mineralisation occurs within a poorly exposed easterly dipping weathered ultramafic unit that is thickening to the south (see attached Location map and Drill Sections). Detailed petrological, geochemical and metallurgical studies are currently underway to determine the characteristics of the platinum minerals. ASX ANNOUNCEMENT 4 September 2006 Thundelarra Exploration Ltd ABN 74 950 465 654 ACN 085 782 994 For further information regarding Thundelarra Exploration Ltd contact: Philip Crabb Chairman or Brian Richardson Director of Exploration Phone: + 61 8 9321 9680 Fax: + 61 8 9321 9670 Website: www.thundelarra.com Email: [email protected] Registered Office: Suite 2, Level 3, IBM Building 1060 Hay Street, West Perth Western Australia 6005 PO Box 7363, Cloisters Square Perth Western Australia 6850 Page 2 In diamond drill hole LDH21 drilled in 1988 and located approximately 2 kilometres south west of the Edison discovery, petrological studies of core have shown that platinum mineralisation (13 metres @ 0.83 g/t 3E) occurs in a massive fresh serpentinised peridotite and associated with finely disseminated sulphides (pyrite, chalcopyrite, pyrrhotite, pentlandite) and cumulus chromite grains. The Edison mineralisation may have a similar association with disseminated sulphides Further work is now required to determine the significance of the Edison discovery and of a number of other nearby geochemical anomalies generated by Thundelarra’s recent extensive soil geochemical program. It is important to note that in addition to the significant 3E mineralisation discovered at Edison, the recent drilling completed by Thundelarra on the Lamboo project returned other encouraging results including 62 metres at 0.78g/t 3E from 51 metre depth in hole THXRC011 located 1 kilometre north-west of Edison. The details contained in this report that pertains to ore and mineralisation is based upon information compiled by Mr Brian Richardson, a full-time employee of the Company. Mr Richardson is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Richardson consents to the inclusion in this report of the matters based upon his information in the form and context in which it appears. Kalgoorlie PERTH
Copernicus Project MLA80/540 2006 Exploration Author: B.Richardson Report No.: 24m @ 2.46% Ni,1.16% Cu (including 18m @ 3.03% Ni) CORC064 14m @ 1.54% Ni, 0.92% Cu CORC066 11m @ 1.36% Ni, 0.85% Cu (including 4m @ 2.95% Ni, 1.09% Cu) CORC062 3m @ 1.69% Ni 2.31% Cu CORC065 3m @ 1.29% Ni 0.75% Cu CORC070 CORC073 2006 Drilling Pre 2006 Drilling MLA80/540 CORC063 CORC067 CORC068 CORCD060 10m @ 1.02% Ni, 0.83% Cu (2005 Drilling) Open Pit Resource COPERNICUS JV THUNDELARRA - BREAKAWAY JV CORC071 14m @ 1.81% Ni 0.97% Cu CORC072 11m @ 0.76% Ni 0.77% Cu CORC074 18m @ 1.05% Ni 1.28% Cu 7957700 mN 7957700 mN 7957900 mN 7957900 mN 7958100 mN 7958100 mN 323700 mE 323700 mE 323500 mE 323500 mE Kalgoorlie PERTH
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