Proactive Investors - Run By Investors For Investors

Thundelarra’s shares rise on confirming Crown Prince gold discovery

Results indicate that the primary lode extends 130 metres below the old workings.
visible gold
Assays grading up to 2.4 metres at 66.5 g/t gold from 263 metres

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.

READ: Thundelarra drills second hole with visible gold at Crown Prince

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. 

READ: Thundelarra awaits golden assays as drill rigs continue at Garden Gully

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.

View full THX profile View Profile

Thundelarra Ltd Timeline

Related Articles

Eritrean flag
September 20 2018
The company has already signed a binding offtake agreement with EuroChem for up to 100% (minimum 87%) of module I sulphate of potash (SOP) production.
1539165351_Tertiary---exploration-in-Sweden.jpg
October 10 2018
Tertiary Minerals has a unique portfolio of fluorspar assets in Europe and the US
Gold
June 14 2018
In April, Vast also acquired an indirect interest of 23.75% in the Eureka gold mine

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use