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Thundelarra Limited Raises A$7.5M In Oversubscribed Placement

Thundelarra Limited (ASX:THX) has received a major vote of confidence raising $7.5 million from institutional, professional and sophisticated investors.

The oversubscribed placement of 39,473,685 shares was made at $0.19, with Thundelarra to allocate the funds to accelerate and expand the exploration programs at the 90%-owned Doolgunna projects.

These include following up the DSO grade discoveries of 15.6 metres at 15.2% copper and a 7 metre intercept at 28.4% copper from Red Bore revealed earlier in the month.

Red Bore and Curara Well projects are Thundelarra's exploration focus in the immediate future.

Drilling program coming up

Approval has already been received for a new Program of Work at Red Bore, with drilling to cover 1400 metres over 11 reverse circulation holes.

This drilling will followup mineralisation encountered in the interpreted magmatic feeder pipes announced last month.

Drilling will also test some other magnetic anomalies previously identified that may represent additional pipes under the new interpretation of the local geological setting.

Thundelarra will also conduct Downhole Magnetic and Downhole Magnetometric and Resistivity surveys on previously drilled holes, which will improve the geological understanding.

Recent Red Bore highlights in detail

- Massive chalcopyrite was intersected at shallow depth: only 28m below surface.
- DSO-Grade copper over 7m (true width as yet undetermined).
- 15.6 metres at 15.2% copper, 17.7 grams per tonne silver from 24.4m in hole TRBDD09, including 7.05 metres at 28.4% copper, 1.3 g/t gold, 32.2 g/t silver from 29.9 metres.
- Highest intercept: 1.0 metre at 31.3% copper, 2.6 g/t gold, 34.2 g/t silver from 36 metres.
- Results increase the extent of this newly discovered magmatic feeder pipe.
- High grade mineralisation continuing beyond existing resource envelope.
- One definite and a possible second feeder pipe identified.
- Approval now received from DMP for follow-up Program of Work.

Analysis

Raising $7.5 million in an oversubscribed placement - in still challenging capital markets - is a testament to the potential of Red Bore.

The discovery of DSO copper this month ignited interest in Thundelarra.

Investors will eagerly await the next assays.

Approval has already been received for a new Program of Work at Red Bore, with drilling to cover 1400 metres over 11 reverse circulation holes.

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