www.thundelarra.com
Thundelarra Exploration Ltd (ASX: THX) is an established Australian resources company primarily focused on uranium exploration and development in the Northern Territory.
The Company holds dominant tenement positions in the Pine Creek and the Ngalia Basin uranium provinces with a total area in excess of 6,000 sq kms. Thundelarra has achieved significant exploration success on its Northern Territory properties, particularly in the Pine Creek region where several new uranium occurrences have been identified, including the Thunderball prospect where drilling has delivered a number of very high grade uranium intercepts.
Thundelarra Exploration agrees to JV Spinifex Uranium Project exploration
Thundelarra Exploration (ASX: THX) has agreed to an exploration joint venture with Resource Star (ASX: RSL) on its Spinifex Uranium Project in Western Australia.
The early stage project could quickly evolve into a discovery and there is further regional potential for the high grade style of mineralisation to go beyond the known prospects.
Resource Star will earn 20% equity in the project through the completion of 1,000 metres of drilling during the first 12 months of the JV, and a further 31% by completing a total expenditure of $500,000.
Thundelarra may then opt to contribute to project expenditure on an equity basis or dilute further to a 30% share on the completion of a JORC Mineral Resource Estimate, and again may elect to contribute or dilute to a 10% share on the completion of a Feasibility Study.
A one month technical and administrative due diligence process will be undertaken.
Highly anomalous uranium rock chip samples have been located in the cover sequence above an unconformity adjacent to the Revolver Creek Fault Zone.
The project covers 30 square kilometers, with about 10km of outcropping unconformity. It has two defined prospects, and a zone of fault-associated unconformity targeted for early drill testing near the surface anomalism.
Key results include historical trenching up to 13.5% uranium (U3O8) and Thundelarra grab samples at Spinifex include 4.2% U3O8 and 0.58% U3O8 at the A1 prospect.
The JV plans to do detailed mapping in the Spinifex-A1 area and a 1,000m drill program targeting both the unconformity and faulting.
The Spinifex project consists of a single tenement covering 119 square kilometres and is located some 50km south of Kununurra, and approximately 60 kilometres north of the Argyle diamond mine, Western Australia.
Permits to undertake a maiden drilling program will be lodged as first priority by the JV. Drilling will be undertaken in conjunction with more detailed mapping in the area, although the unconformity is generally poorly exposed due to the presence of talus deposits on steep hill slopes.
The whole strike length of the contact between the Revolver Creek Formation and the Hensman Sandstone represents an extensive target for ongoing exploration.
