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Ongoing work by Thundelarra continues to confirm the prospectivity of its key projects, with recent drilling returning positive results at several projects. In addition to copper intersections in drilling at Red Bore and Allamber, the Company has intersected what could be significant graphite at its Sophie Downs Project near Hall’s Creek – this is currently being assayed.
The Company has made a strategic move in its planned acquisition of Red Dragon Mines NL, which holds a number of prospective gold properties in Western Australia. The projects have a number of walk up drill targets that will be tested, conditional upon shareholder approval of the acquisition.
Another potentially significant development is the possibility of Panoramic’s Savannah North nickel mineralisation extending into the Keller Creek JV tenement, in which Thundelarra has a 20% free carried interest.
Given the above, we continue to rate Thundelarra as a SPECULATIVE BUY.
Price movers include positive results from ongoing exploration. Thundelarra Limited (ASX: THX) is an active explorer with a diverse portfolio of advanced exploration properties, with the flagship being the Doolgunna Project, located adjacent to Sandfire’s DeGrussa volcanic-hosted massive sulphide (“VHMS”) copper-gold operation, which had a pre-mining resource of 13.4Mt @ 4.7% Cu and 1.9g/t Au.
Work by the Company at Doolgunna has outlined high grade copper in structurally controlled pipes down to 94m depth (and still open), which are interpreted as being offshoots from a larger body at depth; the main exploration target.
The Company is also actively exploring its Allamber Project, with this area, located over the Pine Creek Orogen in the NT, being prospective for a range of skarn-hosted base and precious metals, as well as uranium, for which a resource of 1.4Mt @ 304ppm U3O8 has been defined, and which is still open.
Other prospective holdings include the uranium prospective Ngalia Basin Project and a number of tenements in the East Kimberley region of WA...
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ASX on Hotcooper: http://hotcopper.com.au/asx/THX