Thunderbird Resources Limited (Thunderbird) or (the Company) (ASX: THB) is happy to advise that it’s within the remaining levels of preparation for its maiden drilling program on the extremely potential Hidden Bay Uranium Venture within the Athabasca Basin, Canada, with six quotes acquired from potential drilling contractors.
Highlights
- Six drilling contractors have submitted quotes with a drilling contract on observe to be signed shortly.
- 2,400m of diamond drilling deliberate, with drilling scheduled to start mid-August.
- Entitlement Provide closes at 5pm WST on Wednesday 10 July 2024. Share value on Friday closed at 3.3c, a ten% premium to the Entitlement Provide value of 3c.
- Thunderbird shall be fully-funded for its upcoming exploration packages following the completion of its $4.1m capital elevating and a latest $1.07m share sale.
The Firm is aiming to nominate its most well-liked drilling contractor shortly, with the drilling program on observe to start by mid-August, with Dahrouge Geological Consulting offering technical assist. Hidden Bay is positioned 20km south-west of the Rabbit Lake uranium deposit on the japanese flank of Canada’s world-class Athabasca Basin.
The upcoming drilling program will comprise 2,400m of diamond drilling throughout 5 high-priority goal areas which have been meticulously refined by the Firm’s exploration crew.
Entitlement Provide
The absolutely underwritten entitlement provide closes at 5pm on Wednesday 10 July. The share value closed on Friday at 3.3c, which is a ten% premium to the 3c value of the entitlement provide.
The Firm shall be absolutely funded for the Hidden Bay drilling program following the completion of the Entitlement Provide and Placement, in addition to the latest sale of 10 million Firetail Shares (ASX: FTL) elevating $1.07 million.
The Firm has lately participated within the Firetail Sources Entitlement Provide, buying 1.5m @ 4c for $60,000. This may improve its holding to 16.5 million Firetail Shares. Based mostly on the closing value on Friday 5 July 2024 of 10c, Thunderbird’s funding is valued at $1.65 million.
Administration Remark
Thunderbird Government Chairman George Bauk stated: “We’re happy to have acquired proposals from six drilling contractors and look ahead to finalising the contract shortly. Every part is on observe to start the Firm’s maiden drilling program at Hidden Bay by mid-August.”
Hidden Bay Drilling Targets
The drill targets outlined at Hidden Bay are primarily based on airborne gravity and magnetic surveys, radon in soil surveys, and re-interpretation of historic exploration knowledge. Six precedence gravity low targets have been recognized inside an ENE-trending structural hall proximal to the regional Athabasca unconformity. The ENE-corridor is outlined by EM conductors (historic surveys), buildings and fold axes. Historic drilling within the southwest a part of the property returned as much as 0.13% U3O8 1 and elevated radon geochemistry happens proximal to the gravity lows.
Determine 1. Location of Hidden Bay Uranium Venture within the Athabasca Basin
Hidden Bay is positioned roughly 20km south of the historic Rabbit Lake Uranium mine, which was the longest operating uranium mine in North America with over 41 years of mining, producing over 203 million kilos of uranium focus1. This a part of the Athabasca Basin is extremely endowed with a number of uranium deposits and producing mines inside a 40km radius together with Eagle Level, Collins Bay, Cigar Lake, Roughrider, and Horseshoe-Raven (see Figures 1 and a couple of). Regardless of its proximity to a number of uranium prospects and deposits just one gap has been drilled on the property within the final 35 years (see Determine 3).
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