Thundelarra Ltd’s (ASX:THX) shares were trading 12.5% higher intra-day after receiving high-grade assays from drilling at its Crown Prince gold discovery within the Garden Gully Gold Project in Western Australia.
The results, including up to 2.4 metres at 66.5 g/t gold from 263 metres, confirm that the free visible gold revealed last month represents significant mineralisation.
Tony Lofthouse, chief executive officer, said: “We anticipated high gold grades and are very gratified to have the laboratory proof.
“When we have all pending assays from the other holes, we will then be able to generate preliminary interpretations of the high grade Crown Prince Main Lode geometry.
“There is every indication that the lode extends for at least 130 metres below the old workings and is still open”.
Stellar assays from a diamond drill hole
Thundelarra has intersected stellar assay results from the diamond drill hole:
- 2.40 metres at 66.5 g/t gold from 263.40 metres; within
- 5.65 metres at 29.2 g/t gold from 260.80 metres; within
- 8.00 metres at 22.3 g/t gold from 259.20 metres.
Significantly, high grade free gold mineralisation is now confirmed to be present at 130 vertical metres below the deepest recorded historical workings.
This augurs well for the potential existence of commercial quantities of gold mineralisation.
Moreover, the results for multiple drill holes are still awaited, which will give a clearer picture about the gold potential of Crown Prince.
As at the end of November, nine diamond holes for 1,244 metres and 30 reverse circulation holes for 7,150 metres have been drilled at multiple prospects across the project.
Garden Gully project background
Garden Gully is comprised of 15 granted prospecting licences and 2 granted exploration licences covering 78 square kilometres in the Doolgunna region, 20 kilometres from the town of Meekatharra.
Historical gold production totalled about 21,000 ounces at circa 21 g/t gold and was sourced from a maximum reported depth of 120 metres.
The current drilling will help Thundelarra gain a clearer understanding of the geology and structures controlling the mineralisation, to allow it to target extensions to that mineralisation.