Thundelarra (ASX:THX) is one step closer to drilling its recently granted Crown Prince tenement, which lies within the 100% owned Garden Gully gold project located in Western Australia.
The heritage survey has now been completed, which means once the programme of work is granted, a suitable drilling rig can be commissioned and mobilised to commence drilling.
Thundelarra plans to commence drilling with a diamond rig in order to maximise the amount of structural and geological data that can be generated from the work programme.
Drilling at Garden Gully is working towards defining a maiden resource.
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.
Since commencing exploration in mid-2016, Thundelarra has drilled 85 reverse circulation holes for 13,721 metres and 2 diamond holes for 788 metres.
The recent addition of Crown Prince to the Garden Gully project is significant as it brings all the historical prospecting and production areas at Garden Gully into a single exploration project under one owner.
Rights issue underway
Thundelarra is currently in the process of raising up to $4.23 million before costs through a 2 for 5 renounceable pro-rata rights issue.
The issue is attractively priced at $0.025 and includes a 1 for 2 free listed option exercisable at $0.05 and expiring on the 30th September 2019.
Funds raised will be used to progress drilling at the flagship Garden Gully Gold Project with a focus on extending the known mineralisation at the Lydia Prospect and drilling the Crown Prince prospect.