(MENAFN- ProactiveInvestors)
Thundelarra () remains fully-funded to progress its planned 2015 exploration program with $5 million in cash as at 30th June 2015.
The company is currently awaiting assays from its Red Bore and Curara Well projects in Western Australia’s Doolgunna region and will soon start downhole electromagnetic surveys at selected holes.
It is also planning to start in early August drilling at the Ox-Eyed Herring / Tarpon prospects of its Allamber Project in the Pine Creek Orogen Northern Territory.
At Sophie Downs in East Kimberley Western Australia Thundelarra is planning a small reverse circulation drill program to will test the possibility that previously discovered zinc mineralisation at the Little Mount Isa prospect may extend deeper within the Halls Creek Fault Zone.
Drilling at the 90%-owned Red Bore and Curara Well projects have already provided support for Thundelarra’s macro scale geological models.
This along with () and 's () recent positive results from the nearby Monty prospect underpins the prospectivity of the region.
Doolgunna Projects
Red Bore is a 2 square kilometre mining licence located less than 1500 metres from the processing plant at Sandfire's operating DeGrussa copper-gold mine.
Curara Well is an 83 square kilometre Exploration Licence located just a few kilometres north of Red Bore.
The company has drilled 19 reverse circulation holes totalling 2650 metres at Red Bore to:
- To pursue down-plunge extensions of the mineralisation at Gossan;
- To improve the understanding and to test for extensions of the Impaler mineralisation;
- To test other magnetic targets that might represent further “pipes”; and
- To explore several other mineralisation targets in possible structurally-controlled settings.
A number of holes encountered broken ground mainly in the vicinity of targeted structural features such as fault zones resulting in the holes being terminated before reaching their target depths.
Some were re-drilled and some warrant deeper follow-up diamond drilling to allow the targets to be properly tested.
At Curara Well 48 air core holes were drilled in eight traverses oriented approximately north-south to blade refusal or to the depth of the available drill rods.
Five reverse circulation holes totalling 928 metres were also drilled to follow up targets identified by the air core traverses.
These holes have been cased in preparation for down-hole geophysical surveys which will be carried out as part of the Red Bore survey program currently being prepared.
A programme of diamond drilling is planned to test at depth a number of the targets at Red Bore and Curara Well.
The final decision on the number and location of the holes and their targets will be made when all pending assays have been received and all relevant data including from the planned down-hole geophysical surveys has been compiled and collated with the geological logs.
Allamber Project (THX 100%)
The wholly-owned Allamber Project is approximately 180 kilometres southeast of Darwin and is part of the Pine Creek Orogen.
It is very well served by regional infrastructure with sealed road rail and a gas pipeline running within 25 kilometres of the project area.
Follow-up drilling at the Ox-Eyed Herring / Tarpon prospects is planned for the September Quarter.
The aim is to extend the copper mineralisation already identified there and to improve the understanding of the geological and mineralisation controls.
Corporate
Thundelarra remains fully funded to carry out its planned 2015 exploration program with more than two thirds of every dollar spent going into the ground.
Settlement of the final $900000 tranche from the sale of the Hayes Creek Uranium assets is due by 31st July 2015 in the form of shares or cash unless a request is made to extend the settlement date.
It also holds equity investments worth about $117000.
The company continues to evaluate numerous project opportunities received from parties seeking new partners and/or investors.
It also seeks new projects that are consistent with its core commodity focus of copper and gold.
Analysis
New flow for Thundelarra remains strong in the near-term with assays around the corner from Red Bore and Curara Well as well as the expected start of drilling at Ox-Eyed Herring in the first week of August.
Drilling is also planned at Sophie Downs along with DHEM surveys at Red Bore and Curara Well.
All exploration in 2015 is funded by the company’s cash of $5 million as at 30th June 2015. This excludes equity investments worth about $117000 as well as settlement of the final $900000 tranche from the sale of the Hayes Creek Uranium assets that is due by 31st July 2015.
Importantly for investors Thundelarra is a very liquid stock as just 40% of its 320 million shares are held by board management and other parties that are not looking to trade.
This provides a free float in the range of around 200 million shares and the company is one of the few consistently liquid explorers.
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