ASX/Media Announcement
28 October 2016
FOURTH QUARTER ACTIVITY & CASHFLOW REPORT 30 SEPTEMBER 2016
HIGHLIGHTS
WESTERN AUSTRALIA
Garden Gully Gold Project, Murchison Region (THX 100%)
-
Visible gold in drill chips from Lydia prospect
-
Exceptional intercepts, including:
7m at 24.5 gpt Au from 11m downhole (true width unknown: "TWU")
-
12m at 4.0 gpt Au from 96m downhole (TWU)
-
6m at 2.8 gpt Au from 103m downhole (TWU)
-
11 prospects identified for follow-up
-
Deeper follow-up RC drilling underway
Red Bore Copper-Gold Project, Murchison Region (THX 90%)
-
7 RC holes for 2,566m and 2 DD holes for 1,361m completed
-
Deep gravity target explained: dolerite sills within volcaniclastics
-
Source of shallow mineralisation at Gossan not explained: potential remains for VHMS mineralisation at depth below Gossan
-
Potential also remains for VHMS mineralisation at Impaler
CORPORATE
Cash position at end of quarter: $3.818 million (excludes equity investments) Current marked to market value of equity investments: $0.409 million
SUBSEQUENT EVENTS SINCE 30 SEPTEMBER
Garden Gully drilling continues to test targets identified by initial programme Assays pending from first batch of new drilling at Lydia
Diamond drilling at Allamber is testing Ox-Eyed Herring and Tarpon targets
Thundelarra Limited | ABN: 74 950 465 654 | Level 1, 186 Hampden Rd, Nedlands WA 6009 | PO Box 7363, Cloisters Square, WA, 6850
www.thundelarra.com.au | [email protected] | Tel: +61 8 9389 6927 | Fax: +61 8 9389 5593
Garden Gully Gold Project, WA (THX 100%)
The Garden Gully Project comprises 1 EL and 12 PLs totalling approximately 65km2, located about 10km north-northwest of Meekatharra (Figure 1). The area encompasses a number of historic gold mines with aggregate recorded production of 20,718 oz gold at an average grade of 21.7 gpt.
Local infrastructure is excellent, with two operating gold treatment plants nearby: Doray Minerals' Andy Well plant (~300kpta) and Metals Ex's Bluebird Plant (~3.1 Mtpa). Both companies are actively exploring their tenements, which abut a large part of Thundelarra's project area, in their search for additional mineralisation for their plants.
Figure 1. Garden Gully location showing proximity to local plant and infrastructure.
During the Quarter a programme of 28 Reverse Circulation ("RC") holes (Table 1) were drilled for a total advance of 2,278m using a narrow diameter hammer. The programme was intended as a first pass scout drilling programme to identify geochemical targets for subsequent RC follow-up.
The programme was an unqualified success, and even though 20 of the 28 holes were abandoned before reaching target depth for various technical reasons, 11 significant targets were generated.
The best intersection (ASX announcements 29 July, 13 September 2016) was at the Lydia Prospect:
7m at 24.5 gpt Au (re-sampled assay 17.7 gpt Au) from 11m in hole TGGRC018 Mineralisation was also intersected ~100m south in the primary zone below the base of oxidation:
37m at 1.8 gpt Au from 71m downhole in hole TGGRC026
including 12m at 4.0 gpt Au from 96m downhole
These results are exceptional for a first pass programme and augur well for the follow-up drilling that is currently underway.
|
Hole ID
|
Easting
|
Northing
|
Prospect
|
RL
|
Depth
|
Azimuth
|
Dip
|
|
TGGRC001
|
646120
|
7065942
|
North Granite Well
|
506m
|
73m
|
120o
|
-60o
|
|
TGGRC002
|
646179
|
7065981
|
North Granite Well
|
504m
|
76m
|
120o
|
-60o
|
|
TGGRC003
|
646399
|
7066304
|
North Granite Well
|
499m
|
81m
|
120o
|
-60o
|
|
TGGRC004
|
645440
|
7066784
|
North Granite Well
|
494m
|
102m
|
295o
|
-60o
|
|
TGGRC005
|
645461
|
7066777
|
North Granite Well
|
495m
|
60m
|
295o
|
-60o
|
|
TGGRC006
|
645850
|
7073074
|
Crown
|
486m
|
84m
|
090o
|
-60o
|
|
TGGRC007
|
645575
|
7073104
|
Crown
|
488m
|
71m
|
090o
|
-60o
|
|
TGGRC008
|
645546
|
7073103
|
Crown
|
491m
|
66m
|
090o
|
-60o
|
|
TGGRC009
|
645517
|
7073105
|
Crown
|
482m
|
66m
|
090o
|
-60o
|
|
TGGRC010
|
645487
|
7073105
|
Crown
|
480m
|
75m
|
090o
|
-60o
|
|
TGGRC011
|
645477
|
7073167
|
Crown
|
480m
|
72m
|
090o
|
-60o
|
|
TGGRC012
|
645501
|
7073176
|
Crown
|
480m
|
69m
|
090o
|
-60o
|
|
TGGRC013
|
645540
|
7073183
|
Crown
|
480m
|
33m
|
090o
|
-60o
|
|
TGGRC014
|
644321
|
7072842
|
Lydia
|
480m
|
75m
|
100o
|
-60o
|
|
TGGRC015
|
644319
|
7072842
|
Lydia
|
480m
|
63m
|
070o
|
-60o
|
|
TGGRC016
|
644331
|
7072884
|
Lydia
|
480m
|
87m
|
100o
|
-60o
|
|
TGGRC017
|
644330
|
7072884
|
Lydia
|
480m
|
102m
|
100o
|
-60o
|
|
TGGRC018
|
644341
|
7072924
|
Lydia
|
480m
|
96m
|
100o
|
-60o
|
|
TGGRC019
|
644350
|
7072960
|
Lydia
|
480m
|
96m
|
100o
|
-60o
|
|
TGGRC020
|
645946
|
7071517
|
Battery
|
471m
|
72m
|
120o
|
-60o
|
|
TGGRC021
|
645912
|
7071514
|
Battery
|
488m
|
72m
|
120o
|
-60o
|
|
TGGRC022
|
644657
|
7069191
|
Transylvania
|
496m
|
111m
|
060o
|
-60o
|
|
TGGRC023
|
644626
|
7069403
|
Transylvania
|
500m
|
141m
|
240o
|
-60o
|
|
TGGRC024
|
644660
|
7069321
|
Transylvania
|
495m
|
93m
|
060o
|
-60o
|
|
TGGRC025
|
644360
|
7072919
|
Lydia
|
480m
|
75m
|
340o
|
-60o
|
|
TGGRC026
|
644357
|
7072833
|
Lydia
|
480m
|
111m
|
320o
|
-60o
|
|
TGGRC027
|
646120
|
7065942
|
Unnamed
|
480m
|
81m
|
290o
|
-60o
|
|
TGGRC028
|
646179
|
7065981
|
Unnamed
|
480m
|
75m
|
295o
|
-60o
|
Table 1. Details of the holes drilled at Garden Gully. All locations on Australian Geodetic Grid GDA94-50. The azimuth shown is the magnetic azimuth of the drilling direction.
At Lydia, gold mineralisation was intersected in six out of the eight holes drilled, which tested only 120m of the prospective structure at the prospect. Significant drill intercepts from Lydia and the other prospects are presented in Table 2.
Full details of results from this initial scout programme were reported in the ASX announcements dated 27 July; 29 July; 13 September; and 14 September 2016. Details of the follow-up drilling programme can be found in the ASX announcement of 22 September 2016.
The locations of the Lydia, Booty, Transylvania, Sabbath, Northwest Granite Well (renamed NW Granite Well), North Granite Well (renamed Granite Well), NE Transylvania, Battery, Crown, Young and NW Prospect (now renamed Ascuns) Prospects are shown in Figures 2 and 3.
|
Prospect
|
Hole No
|
From
|
To
|
Interval
|
Au(g/t)
|
|
Lydia
|
TGGRC014
|
23
|
30
|
7m
|
0.5
|
|
and
|
35
|
44
|
9m
|
0.5
|
|
TGGRC015
|
49
|
55
|
6m
|
2.8
|
|
inc
|
49
|
51
|
2m
|
8.0
|
|
TGGRC017
|
74
|
75
|
1m
|
0.5
|
|
TGGRC018
|
11
|
18
|
7m
|
24.5
|
|
inc
|
11
|
18
|
7m
|
17.8
|
|
TGGRC019
|
76
|
77
|
1m
|
0.5
|
|
TGGRC026
|
48m
|
51m
|
3m
|
1.2
|
|
and
|
71m
|
108m
|
37m
|
1.8
|
|
inc
|
96m
|
108m
|
12m
|
4.0
|
|
North Granite Well
|
TGGRC002
|
32
|
39
|
7m
|
0.44
|
|
inc
|
33
|
36
|
3m
|
0.79
|
|
TGGRC003
|
49
|
53
|
4m
|
0.93
|
|
TGGRC004
|
71
|
102
|
31m
|
0.32
|
|
Crown
|
TGGRC010
|
72
|
73
|
1m
|
0.47
|
|
Battery
|
TGGRC020
|
60
|
65
|
5m
|
0.72
|
|
Transylvania
|
TGGRC022
|
19
|
21
|
2m
|
0.72
|
|
and
|
103
|
109
|
6m
|
2.85
|
|
inc
|
106
|
108
|
2m
|
6.13
|
|
TGGRC024
|
49
|
85
|
36m
|
0.68
|
|
inc
|
69
|
77
|
8m
|
1.73
|
|
and
|
81
|
85
|
4m
|
1.23
|
Table 2. Significant drill intercepts. See ASX releases of 13, 14 September 2016 for all assays.
Figure 2. Garden Gully Prospects with significant gold intersections, shown on TMI image.