bunfight with thx, page-4

Sally Malay has a lot to answer for in the way they handled the JV with Thundelarra. It has been said that they thought because they had the nickel plant Thundelarra had no other choice but to accept what they put up as a so called Bank Feasibility Study.

The ore body known as Copernicus in the JV area is complex. When the JV was first put forward it was suspected that the ore body was surface related and faded at depth, this is demonstrated in some of the early drill holes. Unbeknown to them was the nickel zone got wider at depth.

Sally Malay isolated the lower part of the ore body and named it Copernicus North. They sunk about 6 holes into this receiving good results and followed up with a down hole EM survey which also enhanced the project. What did they do then… nothing..

For what ever reasons they did not pursue any further exploration but completed a BFS on the existing limited work done to that date.

To get a handle on the full story, look up on the net the THX stock exchange released last week. “letter to shareholders from Phil Crabb” Part of this release is a map of Copernicus showing drill holes etc.

It does not take a rocket scientist to see they have done very limited drill holes etc to make a decision to mine. Apparently no comprehensive ore metallurgy to see if the ore could be treated was even done.

THX have taken the bull by the horns and are now drilling the section between the oxidised (open Pit) ore body and the Copernicus North section. THX call this “The Link”

You are now possibly asking the question, why didn’t Sally Malay drill this as it is part of the ore body and could probably be open cut mined?. The reasons given to me is they did not want to spend any more money, but they expect THX to hand over 60% of the prospect.

It is widely known amongst brokers that THX tried to resolve this issue with negotiations before finally pulling the plug, but SMY would not compromise.

So it’s a fight, one that THX cannot lose… They can still end up with 40% if SMY wins or 100%. The punters in the know are putting their money on THX chances.

THX are now drilling the “Link”, watch for any positive results as it will validate their actions for pulling the plug on SMY.