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Thundelarra Ltd: THE INVESTMENT CASE
INVESTMENT OVERVIEW

Thundelarra consolidates Murchison gold assets with aim to drill

The company more than quadrupled its Garden Gully prospective strike and will focus exploration efforts exclusively on the project.
Thundelarra consolidates Murchison gold assets with aim to drill
INVESTMENT OVERVIEW: THX The Big Picture
Thundelarra had $1.5 million cash on hand at quarter’s end

Thundelarra Ltd (ASX:THX) has shored up its Garden Gully Project this quarter and will now focus its exploration efforts exclusively on the prospective gold project.

The junior explorer acquired the 450-square-kilometre Abbotts gold exploration project from Doray Minerals Ltd (ASX:DRM) earlier this month, which surrounds and abuts Garden Gully.

The acquisition grew Thundelarra’s project area at Garden Gully to about 530 square kilometres, more than quadrupling the aggregate strike extent of the target.

Thundelarra aims to drill test Garden Gully’s prospective targets using its own information as well as Doray exploration data collected with the Abbotts acquisition, with $150,000 earmarked for exploration and evaluation next quarter.

READ: Thundelarra focused on recommencing high-grade gold mining at Garden Gully

While multiple prospects have revealed gold mineralisation at Garden Gully, the company’s focus is on the Crown Prince and Lydia prospects.

A recent 17-hole drilling program comprising 11 reverse circulation (RC) holes and six RC pre-collars with diamond tails at Crown Prince indicated high-grade mineralisation.
The program tested the area north of the main pit where the project’s main lode crops out and gold mineralisation was intersected in 13 of 17 holes drilled.

Results included: 3.25 metres at 18.5 g/t gold from 107 metres; 6 metres at 4 g/t from 37 metres; 11 metres at 4.9 g/t from 42 metres; and 5 metres at 3.6 g/t from 24 metres.

Crown Prince had previously delivered intersections as high as 4 metres at 16.5 g/t from 166 metres and 8 metres at 22.3 g/t from 259.2 metres.

Garden Gully has nearby infrastructure including two operational gold plants: Westgold Resources Ltd’s (ASX:WGX) 3.1-million-tonne per annum Bluebird plant and the 300,000-tonne per annum Andy Well plant, previously owned by Doray but on care and maintenance since November last year.

Garden Gully's prospects

 

READ: Thundelarra to acquire gold project from Doray adjacent to Garden Gully Project

The company is continuing exploration at its 90%-owned Doolgunna Projects near Sandfire in northern Western Australia, with joint venture partner W Richmond conducting various geophysical and geotechnical exploration activities through the quarter.

Doolgunna consists of the Red Bore and Curara Well prospects and is less than 600 metres from Sandfire Resources NL’s (ASX:SFR) operating DeGrussa copper-gold processing plant.

Thundelarra anticipates work carried out to date, together with follow-up RC and diamond drilling, will satisfy Richmond’s sole-fund exploration commitments and reveal a possible source for the identified Gossian mineralisation.

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