Red Bore

Copper – Gold
THX 90% (August 2014)

The Red Bore Project is a two square kilometre granted mining licence ML 52/597 located in the Doolgunna Region of the Murchison mineral field approximately 900km NNE of Perth in Western Australia. The DeGrussa copper-gold mine, owned and operated by Sandfire Resources NL, is less than 1 kilometre from the Red Bore licence.

Thundelarra (currently holding a 90% interest in the Project) entered a Joint Venture in April 2010 with the tenement holder, Mr Bill Richmond, to earn a 60% equity interest by declaring a JORC Resource before October 2012. Thundelarra’s exploration between 2010 and early 2012 led to an Indicated Resource, classified under the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (2004 JORC Code), being announced on 04 May 2012.

Red Bore Classified Resource at a 1% Cu cut-off (May 2012)

Classification Material Tonnes Bulk
Density
Cu (%) Au(g/t) Cu
Tonnes
Au
Ounces
Indicated Oxide 20,000 3.2 2.9 0.4 600 270
Indicated Transitional 12,000 3.2 4.2 0.5 480 180
Indicated Fresh 16,000 3.1 4.0 0.4 660 190
Total/average   48,000 3.2 3.6 0.4 1,740 650

Richmond disputed Thundelarra’s subsequent earn-in notice claiming the 60% interest. The Supreme Court of WA found in favour of Thundelarra in late October 2013, awarding the 60% interest plus costs. On 21 March 2014 Thundelarra and Richmond settled all outstanding issues. Thundelarra moved to 90% interest in Red Bore and delivered to Richmond a 10% interest in the Curara Well tenement north of Red Bore. Mr Richmond now has 10% free carried interest in both projects through to a decision to mine.

Thundelarra recommenced active exploration at Red Bore in April 2014. An initial diamond drill program tested a theory that the Red Bore gossan represented a mineralised sulphide shoot plunging to the south-west. The program successfully identified two mineralised copper sulphide and magnetite occurrences initially interpreted to be magmatic feeder pipes from what is likely to be a deeper-seated magmatic source that should theoretically be mineralised. Future exploration will follow these “pipes” down plunge with the expectation that they could lead to the principal source of the mineralisation – which could in theory represent a target of significant size. Details of all assay results from this drill program can be found in the ASX announcements dated 16 May 2014, 14 July 2014, 18 August 2014 and 08 September 2014.

The drill programs contained significant intercepts, including a spectacular near-surface intercept of 7.05m of massive chalcopyrite grading 28.4% Cu; and a follow up 4.0m at 28.3% Cu, 7 gpt Au and 33.5 gpt Ag.

  • 15.6m at 15.2% Cu, 0.9 gpt Au, 17.7 gpt Ag from 24.4m in hole TRBDD09

    – including 7.05m at 28.4% Cu, 1.3 gpt Au, 32.2 gpt Ag from 29.95m

  • 16m at 9.0% Cu, 2.3 gpt Au, 10.5 gpt Ag from 25m in hole TRBCO75

    – including 4.05m at 28.3% Cu, 6.9 gpt Au, 33.5 gpt Ag from 30m

  • 5.8m at 6.6% Cu, 2.2 gpt Au, 2.5 gpt Ag from 12.0m in hole TRBDD01
  • 5.0m at 5.0% Cu, 0.5 gpt Au, 2.9 gpt Ag from 20.0m in hole TRBDD03
  • 16.8m at 2.2% Cu from 23.1m in hole TRBDD04

    – including 4.5m at 6.5% Cu, 2.3 gpt Au, 7.6 gpt Ag from 29.1m

  • 4.0m at 9.9% Cu, 0.3 gpt Au, 2.1 gpt Ag from 12.5m in hole TRBDD06
  • 5.9m at 6.0% Cu from 54.1m in hole TRBDD06

These are down-hole intercepts. True widths of the mineralisation are yet to be determined.

Geographical surveys to follow up these results are being evaluated to assist in targeting follow-up drill programs.

RedBorePlanSchematic_CVInterp