Thundelarra (ASX:THX) has received the $800,000 cash settlement for the sale of its remaining interests in the Copernicus and East Kimberley Joint Ventures.
It is now well positioned to follow up on the recent high grade copper intersections made at its Red Bore prospect in Western Australia's Doolgunna region.
The deep hole TRBDD07 at Red Bore is currently at a depth of 748 metres is expected to be completed within 7 days, following which a down-hole electromagnetic will be carried out to test for off-hole conductors.
To date, the hole has achieved its main objective of providing a clear geological picture of the rocks and structures present in the northwest corner of the tenement and to provide a clean, deep drillhole for the DHEM survey.
Recent drilling at Red Bore had intersected:
- 5.8 metres at 6.6% copper, 2.2 grams per tonne gold, 2.5g/t silver from 12 metres in hole RB01;
- 5 metres at 5.0% copper, 0.5g/t gold, 2.9g/t silver from 20 metres in hole RB03;
- 16.8 metres at 2.2% copper from 23.1 metres including 4.5 metres at 6.5% copper, 2.3g/t gold, 7.6g/t silver from 29.1 metres in hole RB04;
- 4 metres at 9.9% copper, 0.3g/t gold, 2.1g/t silver from 12.5 metres and 5.9 metres at 6.0% copper from 54.1 metres including 0.65 metres at 36.04% copper from 57.7 metres in hole RB06.
This has provided a clear understanding of the geological controls that defines the next targets and confirms that high grade mineralisation extends outside existing resource envelope.
It has also identified one definite and a possible second breccia feeder pipe.
Thundelarra had $0.4 million in cash as of 31 March 2014 and had also received $650,000 in early May as the first tranche payment from the sale of the Hayes Creek uranium asset.
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