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Thundelarra has Red Bore drilling update on the way, in trading halt

Published: 15:18 14 May 2014 AEST

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Thundelarra’s (ASX: THX) shares have been placed into pre-open after it was granted an ASX trading halt in relation to interim diamond drilling results from its Red Bore project in Western Australia’s Doolgunna region.

The halt will last until the earlier of the announcement being made or the commencement of trade on Friday, 16 May 2014.

Recent drilling at its 90%-owned Red Bore, located near Sandfire's (ASX:SFR) DeGrussa mine have resulted in the intersection of copper mineralisation at four of six diamond holes.

Data indicates the zone represents a submarine black-smoker style of vent or fumarole or a breccia pipe extending from a deeper magmatic source.

The identification of an apparent breccia pipe / feeder pipe with magnetite core and a brecciated annular “halo” with sulphide veining and blebs is a hint that what Thundelarra is finding may be a different model to the traditionally accepted DeGrussa VMS.

Thundelarra had this week reached an agreement to sell its remaining non-core stakes in the Copernicus and East Kimberley Joint Ventures in Western Australia to Panoramic Resources (ASX: PAN) for $800,000 in cash.

It has also recently received the first tranche of $650,000 of the settlement consideration from the sale of its Hayes Creek uranium project in the Northern Territory.

Proceeds from both will allow the company to advance ongoing exploration at Red Bore.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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