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 hits highest grade uranium yet in second hole at Ngalia Basin
Thundelarra Exploration (ASX: THX) has intersected the highest grade and broadest width of uranium mineralisation yet from drilling in the Ngalia Basin in the Northern Territory.
The most significant drill intercept of 7.08 metres at 1,405 parts per million (ppm) equivalent uranium (eU3O8), including 0.85 metres at 5,179 ppm eU3O8, has been delivered from the second hole (TNG061RC) of the 2011 program.
The intersection has come early in the current drilling program of 155 holes for 20,160 metres which is targeting an extensive paleochannel system defined by a Tempest airborne electromagnetic survey carried out late last year.
Drilling in 2010 identified a broad zone of uranium mineralisation within the channel system at the Afghan Swan prospect. Hole TNG061RC is located 800 metres north of previously identified mineralisation.
Importantly, the mineralisation intersected at Afghan Swan is continuing to display characteristics that are considered favourable for in-situ recovery (ISR) of uranium.
Thundelarra said drilling is progressing well with the daily metreage exceeding budget. A second drill rig has been engaged to accelerate the drilling program.
So far 13 reverse circulation and 6 mud-rotary holes have been drilled on a 400 metre by 400 metre pattern. Drilling is expected to continue until November.
Initial observation and down-hole logging indicates that several holes have intersected anomalous uranium mineralisation, although none have intersected mineralisation as significant as TNG061RC.
Further processing and compilation of the down-hole logging data is pending and Thundelarra said "these broadly spaced reconnaissance drill holes appear to be confirming the location of the paleovalleys interpreted from the Tempest survey."
Closer spaced follow-up drilling will be required to more precisely define channels within these valleys that host the most concentrated mineralisation.
All drilling carried out to date is located on exploration licence EL25334, which is wholly owned by Thundelarra. The company controls in excess of 8,000 square kilometres of tenure in the Northern Territory’s PineCreek and Ngalia Basin uranium provinces.
Thundelarra is well funded with $14.9 million cash at the end of the March quarter and continues to aggressively explore its key projects with the aim of progressing its discoveries through to commercial production.
On April 11 Thundelarra announced the commencement of a major 50,000 metres drill program where not only uranium, but also base metals mineralisation has been intersected at its projects in the Northern Territory and Western Australia.
15,000 metres of RC and diamond drilling have been budgeted for the Base Metals Division in 2011, mainly directed at the Red Bore and Curara Well projects.
