Thundelarra’s wholly owned Garden Gully gold project near Meekatharra is shaping up as a major new gold discovery with exploration revealing spectacular intercepts.
Presenting to delegates on the third day of the RIU Explorers Conference in Fremantle, Thundelarra CEO Tony Lofthouse said Garden Gully was the major focus particularly Lydia and Crown Prince deposits where drilling has uncovered significant intercepts.
At Lydia, drilling has intercepted 7m at 24.5 gpt Au and 2.4m at 66.5 gpt Au within 8m at 22.3 gpt Au from 259.2m at Crown Prince.
Thundelarra began work at Garden Gully back in July 2016 and have put in some 26,000 metres of which 23,500m are RC and 2,500 diamond drilling.
Next drilling programs are expected to kick off from next month, designed to deliver maiden resources at Lydia and at Crown Prince.
The project is also close to two gold plants, Doray’s Andy Well (300ktpa) and Westgold’s Bluebird (3.1Mtpa)
We have got all the right locations, we have surface and near surface material,” he said.
“We have got resources to be outlined shortly and the possibility to monetise quickly through some sort of arrangement with one of the two plants nearby.
“If we can do that we can start self-funding further exploration to establish the potential that exists unquestionably at depth at this deposit as well.”
Thundelarra has cash on hand currently of around $4.5 million.
Shares in the company closed today at 2.2c.