Thundelarra (ASX: THX) has discovered visible gold within a drill core from its Crown Prince prospect, part of the company’s 100%-owned Garden Gully project in Western Australia’s Murchison region.
Commenting on the discovery, Thundelarra chief executive officer Tony Lofthouse said finding visible free gold in a fresh drill core was uncommon and “highly significant” for the project’s potential.
“The presence of visible free gold will generally indicate high gold grades, so the core will be cut, sampled and submitted for laboratory assays as soon as possible,” he added.
At the beginning of the month, Thundelarra reported visible gold in an earlier drill hole, which the company believes evidences the fact that gold mineralisation extends well below historical workings at the project.
The visible gold was identified 30m below the historical workings and within quartz-carbonate veining with some arsenopyrite within the main shear zone.
Historical production at the Crown Prince prospect totalled 21,000 ounces of gold with an average 21 grams per tonne grade.
Thundelarra is “aggressively exploring” at Crown Prince and aims to develop a JORC-compliant resource for the prospect as soon as it can.
The Garden Gully project encompasses 78 square kilometres and is about 20km from Meekathara. The project has 15 prospecting licences and two granted exploration licences. Thundelarra has been exploring at Garden Gully since mid-last year and has drilled 85 reverse circulation holes and 2 diamond drill holes.
Additional programs amounting 3,500m of reverse circulation and 3,000 of diamond drilling are underway.
Although focussed on gold, Thundelarra is also exploring for multiple commodities including copper, zinc, nickel, graphite and uranium at its projects littered throughout Western Australia and the Northern Territory.
Thundelarra’s stock price rocketed on the news – up more than 80% by early afternoon trade and hovering at A$0.04 at the time of writing, compared to yesterday’s close of A$0.02.