Sydney - Thursday - December 8: (RWE Aust Business News) ********************************************************
OVERVIEW ********
Thundelarra Exploration (ASX:THX) reports that drilling at the company's Allamber project in the Northern Territory has intersected significant uranium mineralisation over extensive widths. A four-hole, 583-metre reverse circulation drilling program was conducted at the Cliff South prospect to follow up significant uranium intercepts from holes drilled during the 2010 field season. Results included: * Hole TAL053RC V 38 metres at 527 ppm U3O8 including 9 metres at 1,457 ppm U3O8; * Hole TAL062RC V 42 metres at 611 ppm U3O8 including 8 metres at 1,579 ppm U3O8; * Hole TAL063RC V 21 metres at 682 ppm U3O8 including 9 metres at 1,055 ppm U3O8; * Mineralisation remains open along strike and down dip; and * Extensive zones of highly anomalous copper also present. Holes TAL053RC and TAL062RC were drilled to test for a down dip extension of the uranium mineralisation intersected in holes TAL013RC (10 metres at 458 ppm U3O8) and TAL032RC (9 metres at 440 ppm U3O8) in 2010. Both of the latest holes intersected significantly broader widths of uranium mineralisation with higher average grades. The mineralisation is hosted within a carbonaceous metapelite (metamorphosed black shale) and appears to be spatially related to abundant intrusive granitic dykes. The cross-section at the left shows a 20 to 25-metre true width, near vertical dipping mineralised body Holes TAL063RC and TAL064RC drilled 40 metres to the north and south of Section A-B, also intersected significant uranium mineralisation, defining a mineralised body that remains open along strike and down dip. Two additional holes were also drilled at the Lucas prospect, located approximately 350 metres southwest of Cliff South. The holes were designed to test the southern extension of a mineralised zone intersected in the 2010 holes TAL025RC (12 metres at 328 ppm U3O8) and TAL035RC (11 metres at 405 ppm U3O8 and 12 metres at 353 ppm U3O8). Both 2011 holes returned significant uranium mineralisation. Further work is now required to improve understanding of the extent and attitude of this mineralisation. All six holes drilled at the Cliff South and Lucas prospects also intersected zones of highly anomalous copper. The association between the uranium and copper in this region is not fully understood, but may be related to nearby granitic plugs recently interpreted from a detailed ground gravity survey. Upon receipt of final assays for the second phase of drilling at the Hatrick prospect, all copper results from the recent drilling programs at Allamber will be compiled and reported. Initial assay results from drilling at the Priscilla gold prospect are also expected to be available in the near term, with assays from drilling currently underway at the Pyramid base metals project likely to be received early in the new year.
SHARE PRICE MOVEMENTS *********************
Shares of Thundelarra yesterday rose 2c to 17c. Rolling high for the year is 78.5c and low 14.5c The company has 154.8 million shares on issue with a market cap of $26.32 million.
On September 30, the Thundelarra Exploration Board elected Mal Randall as chairman of the company. He has extensive corporate and commercial experience within the resource sector and has held the position of chairman and director of several ASX-listed companies. Mr Randall has been an independent non-executive director of Thundelarra since 2003 and is currently also on the board of Iron Ore Holdings Ltd, Matilda Zircon Ltd (chairman), Summit Resources Ltd and Royal Resources Ltd. Mr Randall replaced Philip Crabb who had been chairman since 1998.
BACKGROUND **********
Thundelarra Exploration joined the ASX list on March 22, 2001. The company is primarily focused on uranium exploration in the Northern Territory. It has extensive exploration tenure in the Northern Territory's Pine Creek and Ngalia Basin regions where the company has made a number of significant uranium discoveries. Exceptionally high-grade mineralisation has been identified at Hayes Creek with drilling returning assays of up to 20.3pc U3O8. In the Ngalia Basin, Thundelarra has discovered a major uranium-bearing paleochannel system demonstrating potential to host significant scale deposits with characteristics favourable for in-situ recovery. The company has also discovered significant copper mineralisation in the Pine Creek region and has a number highly prospective gold targets. In Western Australia, Thundelarra controls 11 tenements in the Doolgunna region totalling 1,500 square kilometres, including ground immediately along strike from Sandfire Resources's DeGrussa deposit. Recent drilling by Thundelarra has intersected significant high grade copper-gold mineralisation. The company also retains substantial base metals exploration tenure in the East Kimberly and a 40 per cent interest in the Copernicus nickel sulphide mine. Thundelarra is well funded and is aggressively exploring its key projects with the aim of progressing its discoveries through to commercial production. ENDS rx
THX Price at posting:
15.6¢ Sentiment: Buy Disclosure: Held
(20min delay)