Thundelarra (ASX: THX) has said it is not aware of any information not announced that could explain the 66.67% increase in share price to an intra-day high of $0.06 today from a close of $0.036 on Friday, 21 March.
This was in response to an ASX price and volume query.
However, the company noted that it had last week settled its four year dispute with Mr Bill Richmond and Kallenia Mines Pty Ltd in relation to the Red Bore prospect.
As part of this settlement, it increased its interest in Red Bore to 90% from 60%.
Corporate divestment transaction
Thundelarra also noted that it is in advanced discussions in relation to a corporate transaction involving the divestment of an asset which has not been disclosed to the market due to strict confidentiality undertakings.
No agreement has been executed and the company is not aware, and has no reason to believe, that any information regarding this corporate transaction has ceased to be confidential.
Last week Proactive Investors wrote:
"Thundelarra's wait is over, to drill Red Bore and resolves legal action
Thundelarra has finally gained a resolution to an ongoing legal dispute over its prized Red Bore prospect, that is located just 500 metres southeast of Sandfire Resources' (ASX: SFX) DeGrussa discovery.
Why the interest?
Red Bore could possibly host possible extensions to or repetitions of DeGrussa, given the mineralisation has a strong gold-copper-silver and Sn-Mo-Se-Co-As-Te association, and with a striking visual and geochemical similarity to the nearby DeGrussa deposit.
Ending a long running legal dispute over Red Bore is finally at Thundelarra's door, in April it gets to step through
and finally drill a hole to test a new interpretation and geological input.
Now this hole will test the geology and structures that may exist in the north-west corner of the tenement.
Located just 500 metres from Sandfire's DeGrussa deposit, many investors have been rubbing good luck charms anticipating drilling again at Red Bore.
The mineralisation has a strong gold-copper-silver and Sn-Mo-Se-Co-As-Te association and has a striking visual and geochemical similarity to the nearby DeGrussa deposit.
Having established an Indicated shallow resource to 140 metres below surface in April 2012 with copper grading 3.6% and gold credits, it goes without saying the rewards for Thundelarra are substantial if it can thread the needle with a new geological interpretation.
With a share price of $0.035 and a market cap of circa $9.2 million, if Thundelarra's chairman Phil Crabb and CEO Tony Lofthouse can get a sniff with upcoming exploration - and one hole won't be the end - there is clear air up to $0.05 then $0.07 and $0.10.
Time will tell. But finally the wait to put a hole down is almost over. Watch this space."
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