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 takes full ownership of Allamber, hosts peak grades of 4000ppm U3O8
Thundelarra Exploration (ASX: THX) has completed the primary objective of discovering uranium from a farm-in at Allamber joint venture, and has now increased the strategic 70% interest to full ownership.
Allamber, located in the Pine Creek region of the Northern Territory, has peak uranium grades of 4,000 parts per million (ppm) U3O8, with wide intersections such as the 29 metres at an average 523 ppm U3O8.
Boosting the potential of the project for multiple resources, is the high grade copper hit of 7 metres at 9.69% copper.
Thundelarra said that a thorough review of exploration records for the tenements revealed that historical work had focussed almost entirely on uranium, with minimal exploration been carried out for base metals.
Therefore to follow-up Thundelarra developed a 2011 exploration campaign at Allamber which for the first time will specifically target copper, in addition to uranium.
Thundelarra has forecast this program to kick off in a couple of weeks, when the effects from the very severe 2010/11 wet season pass.
Thundelarra acquired the initial 70% interest in mid-2009, when Allamber hosted a small uranium JORC Resource at the Cleo’s Prospect.
Thundelarra’s primary objective at Allamber was to discover additional uranium mineralisation at depth below the existing resource and elsewhere within the project tenements that had generally been subject to little systematic exploration, which the company successfully achieved.
The Allamber joint venture tenements comprise three exploration licenses – EL24549, EL25477 and EL25479.
As consideration for acquiring the additional 30% joint venture interest, Thundelarra will issue 1.25 million fully paid shares to Excelsior, which are scheduled to settle within 30 days.
Thundelarra shares last traded at $0.32, valuing the scrip issue at around A$400,000.
Thundelarra’s equity in the Allamber Project is held through wholly owned subsidiary Element 92 Pty Ltd.
