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  • Thundelarra Is Drilling At Red Bore 0 comments
    Apr 8, 2014 9:42 PM

    Thundelarra (ASX:THX) has commenced drilling in a highly anticipated program that will test whether the early promise is an extension or repetition of the nearby DeGrussa mineralisation and discovery owned by Sandfire Resources (ASX: SFX).

    Or something completely different. A diamond drilling program has commenced at Thundelarra's 90%-owned Red Bore prospect (M52/597) in Western Australia which is located 500 metres southeast of DeGrussa.

    The first hole of the program was collared and the first core barrel has been recovered.

    A program of two diamond holes is planned, for a total advance of approximately 1,000 metres.

    Clearly, the total metres drilled in the program will depend on the geology intersected and the geologist's decisions regarding the most effective and productive use of the drilling budget available.

    Other objectives of the drilling are to obtain core samples through and beyond the known mineralisation so that orientation data may be collected to allow the structural and lithological controls on the mineralisation to be identified and re-interpreted.

    Barring any mechanical issues with the drilling rig, drilling advance will average 30 metres per day.

    Now previously, the mineralisation encountered had a strong gold-copper-silver and Sn-Mo-Se-Co-As-Te association and has a striking visual and geochemical similarity to the DeGrussa deposit.

    Having established an Indicated shallow resource to 140 metres below surface in April 2012 with copper grading 3.6% and gold credits, there is significant promise that only time and drilling will tell.

    First assay results are anticipated about mid-May.

    Analysis

    Proactive said on Friday, March 21 and received a big response that 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.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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