Friday, September 25, 2009 Thundelarra Exploration makes one of...

Friday, September 25, 2009

Thundelarra Exploration makes one of highest grade uranium discoveries in Australia

by Andrew McCrea

Uranium explorer Thundelarra Exploration's (ASX: THX) latest drill holes have returned stunning high grade uranium results from its Thunderball uranium prospect.

And this was enough to spike the share price by 43% on the opening today, to 48.5 cents, where it stayed most of the day.

While the eye-popping results have captured the interest of investors, major uranium companies are also likely to be watching results unfold at Thunderball, too.

Brett Lambert managing director of Thundelarra said hole TPCRC019 intersected 5m at 1.5% U3O8 including 1m at 20.3% U3O8, while TPCDD026 intersected 4.5m at 11% U3O8 (visual estimate).

The mineralised zone plunges to the north at approximately 40° below horizontal and remains open down plunge.

He said the core from TPCDD026 is yet to be assayed, however the primary mineralised intercept is visually estimated to grade 11% U3O8 over 4.5 metres.

These results are not in isolation, Thundelarra is no stranger to high grade uranium assay results in the Northern Territory. Previously, the company has reported high grade drill results from its Pine Creek Uranium Joint Venture.

At Corkscrew prospect, 3.5k to the northeast of Thunderball, recorded the previous best highest uranium grades by Thundelarra. Sample TK650719 assayed 1.37% U3O8 while sample TK650720 assayed 2.30% U3O8.

Thundelarra has over 3,000 km2 of tenements within the highly prospective Pine Creek Orogen region in the Northern Territory. Thundelarra owns a 70% interest in the uranium rights on the key EL23431 permit in a joint venture with with Crocodile Gold Australia Pty Ltd.

The region where Thundelarra is exploring is notable as one of the world’s largest and richest uranium provinces, containing the Alligator Rivers, Rum Jungle, and South Alligator Valley uranium fields.

"The exceptional uranium grades achieved at Thunderball are amongst the highest ever reported in Australia and highlight the significance of this discovery and the pre-eminence of the Pine Creek uranium province," Lambert said.

Further drilling by the company will step out from existing high grade intersections and test both zones of mineralisation down plunge. This is planned to commence in two weeks.

In a measure of the confidence in the prospectivity for high grade uranium, the company said it is intended to only undertake diamond drilling where there is assessed potential for intersecting very high grade mineralisation.

Given the riches bestowed on the uranium region Thundelarra is exploring, it would be unwise to discount further high grade uranium discoveries at Pine Creek. Is the company on the cusp of discovering a major high grade uranium resource? While early days, the probability certainly seems to be more in favour than not.

http://www.proactiveinvestors.com.au/companies/news/2667/thundelarra-exploration-makes-one-of-highest-grade-uranium-discoveries-in-australia-2667.html