s.by Luke ForrestalAFR, 8/2 pg 17Junior explorer Thundelarra...

s.
by Luke Forrestal
AFR, 8/2 pg 17

Junior explorer Thundelarra Exploration has suffered at the hands of investors after delivering a maiden resource for its Thunderball uranium deposit in the Northern Territory short of expectations on grade.
Thundelarra shares dropped 12c,or 15.6 per cent, to 65c yesterday after the release of the Thunderball resource: 829,000 tonnes grading 924 parts per million uranium oxide for 1,689,000 pounds of contained metal(using a 400ppm cut-off grade).
Drilling results from the deposit, within its Hayes Creek project in the Pine Creek region,south of Darwin,suggested the grade would be higher.
"It was felt the drill spacing didn't absolutely prove continuity of mineralisation,' managing director Brett Lambert said.
"Even though there are no holes between the high-grade ones that tended to disprove it, SRK(the consulting group that calculated the resource)felt we needed to take a fairly cautious approach."
In the uranium sector, any deposit above 500 parts per million is generally considered goog grade. Intercepts returned by Thundelarra showed grades of up to 200,000ppm.