High grade uranium hits continue at Thunderball

The high grades encountered by Thundelarra Exploration Ltd at the Thunderball uranium project were surpassed by assays from a new diamond drill hole at this prospect in Australia's Northern Territory.

PERTH - 

Thundelarra Exploration (ASX: ) announced today that its best intercept in this field season, when hole TPDD26 hit 11 metres at 3.4% U₃0₈, including 4.6m @ 8% U₃0₈.

Managing director Brett Lambert said two diamond drill rigs are on site, 50 kilometres north west of Pine Creek - a discovery that the company holds a 70% stake with an option to acquire the balance from private company Crocodile Gold.

One hole at Thunderball, detailed in the recently released September quarter report, intercepted 15m @ 1.5% U₃0₈, including a 1m section at 20.3%.

Mineralisation at Thunderball occurs as disseminated to massive uraninite and, from drilling to date, the target is open down-plunge.

Lambert said that with cash and receivables of more than A$25 million (US$22.6 million) the company was "very well funded" to progress Thunderball and to pursue its other targets in the Pine Creek and Ngalia Basin regions of the Northern Territory.

The company also has farmed-in on the Cleo's uranium project in the Pine Creek region, the most advanced property held by Atom Energy Ltd (ASX: AXY) which is now taking a strong interest in gold leases north of Kalgoorlie and also dormant northern leases on Kalgoorlie's famous Golden Mile.

As major shareholder in Western Australian iron ore explorer United Minerals Corporation, Thundelarra recently realised A$3 million (US$2.71 million) from the sale of some of its holdings - when BHP Billiton decided to make a takeover bid for that company. Thundelarra retained another 18 M shares valued at BHP's offer of $A1.30/share at A$23.4 million (US$21.17 million).

Indirectly Thundelarra became a base metals producer last month when stockpiled nickel-copper ore at its 40% owned Copernicus mine development was processed by partner Panoramic Resources Ltd at its adjacent Savannah nickel-copper mill, and the concentrates were shipped to China.

Copernicus was mothballed last year when commodity prices crashed and it remains on care and maintenance.

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what are you calling high grade? Hathor just drilled 28 meters of 12.8% uranium in the basin .... that's high grade by sb on November 12 2009, 22:16 Find this comment inappropriate? Report it

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