Thunderbird Resources Limited (Thunderbird) or (the Company) (ASX: THB) is thrilled to announce that it is in the final stages of preparation for its inaugural drilling program at the highly promising Hidden Bay Uranium Project in the Athabasca Basin, Canada. Quotes have been received from six potential drilling contractors, setting the stage for an exciting phase of exploration.
Key Points to Note:
- Quotes from six drilling contractors received, with the signing of a drilling contract imminent.
- 2,400m of diamond drilling planned, set to kick off in mid-August.
- Entitlement Offer closing at 5pm WST on Wednesday 10 July 2024. Share price as of Friday closed at 3.3c, a 10% premium to the Entitlement Offer price of 3c.
- Thunderbird is well-funded for upcoming exploration endeavors following a successful $4.1m capital raising and a recent $1.07m share sale.
The Company is on track to appoint its preferred drilling contractor soon, paving the way for the drilling program to commence by mid-August with technical support from Dahrouge Geological Consulting. Hidden Bay is strategically located 20km southwest of the Rabbit Lake uranium deposit on the eastern edge of the Athabasca Basin.
The forthcoming drilling program will encompass 2,400m of diamond drilling across five high-priority target areas meticulously identified by the Company’s exploration team.
Entitlement Offer Details:
The fully underwritten entitlement offer is set to close at 5pm on Wednesday, 10 July. As of Friday, the share price stood at 3.3c, reflecting a 10% premium over the 3c offer price.
With the completion of the Entitlement Offer, the Company will be fully funded for the Hidden Bay drilling program, complemented by a recent sale of 10 million Firetail Shares (ASX: FTL) raising $1.07 million.
In a strategic move, Thunderbird has also participated in the Firetail Resources Entitlement Offer, acquiring 1.5m @ 4c for $60,000. This investment will enhance its portfolio, with a valuation of $1.65 million based on Friday’s closing price.
Statement from Management:
George Bauk, Executive Chairman of Thunderbird, expressed optimism, stating: “We are pleased to have received proposals from six drilling contractors and look forward to finalising the contract shortly. Everything is on track to commence the Company’s maiden drilling program at Hidden Bay by mid-August.”
Hidden Bay Drilling Targets:
The drill targets at Hidden Bay are a result of detailed analysis of airborne gravity and magnetic surveys, radon in soil surveys, and historical exploration data reinterpretation. The identification of six priority gravity low targets within an ENE-trending structural corridor near the regional Athabasca unconformity mark a significant milestone. Historical drilling in the southwest part of the property revealed promising results, with up to 0.13% U3O8 recorded, alongside elevated radon geochemistry in proximity to the gravity lows.
Figure 1. Location of Hidden Bay Uranium Project in the Athabasca Basin
Located approximately 20km south of the historic Rabbit Lake Uranium mine, Hidden Bay benefits from its proximity to other uranium deposits and mines in the region. Despite being in an area rich with uranium prospects, only one hole has been drilled on the property in the past 35 years, highlighting the untapped potential awaiting exploration (see Figures 2 and 3).
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