In accordance with the Company’s strategy of acquiring additional prospective tenure within the Pine Creek project area, Thundelarra announced during the June 2009 quarter (ASX announcement 11 June 2009) the terms of a joint venture agreement with Atom Energy Limited (ASX:AXY) covering Atom’s wholly owned Cleo Uranium Project.
The project hosts a JORC compliant Inferred Resource of 1,409,000 tonnes grading 304 ppm U3O8 (Atom ASX release 26 March 2008) and is considered highly prospective for discovery of additional uranium deposits.
Thundelarra can earn a 70% interest in Atom’s four granted exploration licenses by issuing Atom one million Thundelarra ordinary shares and spending a total of $300,000 on exploration over three years. After Thundelarra has earned its interest Atom can elect to contribute to further work or reduce to a 10% interest free carried to a decision to mine.
If a decision is made to mine the existing resource at Cleo’s, Thundelarra will pay Atom an additional $1,000,000 or issue further Thundelarra shares to that value following receipt of all approvals to mine. All Thundelarra shares that are issued will be held in escrow for a period of six months.
The Cleo’s tenements total 480 km2 and are contiguous with Thundelarra’s existing tenure in the area, which is now collectively referred to as the Allamber Project. A systematic regional exploration program involving geological mapping, airborne geophysics, ground radiometric surveying and drilling will commence the Allamber Project before the end of the 2009 field season.
In parallel with the regional program, Thundelarra will evaluate potential to expand and upgrade the existing Cleo’s resource, which is limited to a depth of 60 metres below surface and remains open at depth and along strike.
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