Thundelarra is pleased to announce that a major strategic exploration agreement has been signed with Panoramic Resources Limited covering a significant portion of Thundelarra’s extensive East Kimberley base metal interests.
Key terms of the proposed East Kimberley Joint Venture are:
· Panoramic to spend $3.0 million on exploration within four years to earn a 61% interest in the Joint Venture
· Minimum annual expenditure will be $750,000
· Additional tenements acquired by either party within 10 kilometres of the Joint Venture tenements will be included
· The agreement remains subject to final due diligence being satisfactorily completed within 14 days
The agreement represents a significant expansion of the relationship established between the two companies through the joint development of the Copernicus nickel mine. The proximity of Panoramic’s Savannah processing plant and associated infrastructure to Thundelarra’s exploration tenements is of significant strategic benefit to both companies as it provides scope for the rapid development of any new discovery.
The agreement also marks an important milestone in Thundelarra’s development. Since acquiring its first uranium tenement in 2005, Thundelarra has built up extensive prospective uranium tenure, now totalling approximately 7,500 square kilometres. Thundelarra has become one of the most active uranium explorers in Australia and has achieved significant success with recent new uranium discoveries in the Northern Territory. The East Kimberley Joint Venture will enable Thundelarra to more effectively focus its resources on further development of its uranium projects whilst ensuring the Company’s base metals assets continue to be advanced through a substantial, well funded exploration program.
The Panoramic Board has already approved the $750,000 first year expenditure commitment and work is scheduled to commence in the current quarter.
Advanced Projects within the JV area include:
Azura Copper Prospect, Frank Hill Project
Thundelarra discovered the Azura Copper Prospect in 2009 where a considerable number of large native copper specimens have been recovered. Sampling at the prospect returned copper values up to 4.81% and 10 g/t silver (rock sample TK651418) with native copper mineralisation observed in undeformed basaltic bedrock. Thirteen rock samples were collected over a 3.4 kilometre strike extent with seven returning assays greater than 1% copper. Thundelarra was awarded a drilling grant of $90,000 under the Western Australian State Government’s Co-funded Industry Drilling Program for the Azura prospect.
Mabel Hill Nickel Sulphide Project
The Mabel Hill project area is situated five kilometres from the Great Northern Highway and approximately 50 kilometres south of the Savannah Nickel Mine. The area has two advanced areas, the Jackal and Mabel Hill prospects where nickel sulphide mineralisation hosted by mafic intrusions has been identified. The prospects contain steeply plunging pipe-like intrusions, interpreted to be feeder pipes prospective for Voisey’s Bay style nickel sulphide mineralisation. Best drill results include 3m @ 1.16% Ni.
Sophie Downs Base Metals Project (Thundelarra 90%)
The Sophie Downs project is located 27 kilometres north of Halls Creek and secures a number of Volcanogenic Hosted Massive Sulphide (‘VHMS’) style base metal occurrences. The most advanced is the Ilmars prospect where drilling by Thundelarra returned sulphide mineralisation with a best intercept of 24m at 2.05% zinc, 0.38% copper, 0.25% lead and 11g/t silver from 75m in hole THXRC094.
Lamboo PGE Project
Edison Prospect was discovered by Thundelarra in 2006 through the discovery of significant platinum+palladium+gold (“Pt+Pd+Au”) mineralisation. Drill testing of a high order and extensive soil anomaly (maximum value 1.3 g/t Pt+Pd+Au) returned a number of significant results including:
46 metres @ 1.87 g/t Pt+Pd+Au from surface;
33 metres @ 2.77 g/t Pt+Pd+Au from surface; and
37 metres @ 2.07 g/t Pt+Pd+Au from 16 metres.
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