Abbotts Acquired
Perth, Dec 21, 2018 AEST (ABN Newswire) - Thundelarra Limited (
ASX:THX) (TLXPF:OTCMKTS) ("Thundelarra" or "the Company") is pleased to announce that the acquisition of the Abbotts gold exploration project from Doray Minerals Limited ("Doray") (ASX:DRM) has completed.
SUMMARY
- The Abbotts Project comprises 13 granted tenements that cover approximately 450 square kilometres
- Abbotts surrounds and abuts Thundelarra's Garden Gully Project
- Combined project area approximates 530 square kilometres
- Acquisition more than quadruples the aggregate strike extent of the prospective target settings
- Consideration: 11 million fully paid ordinary Thundelarra shares at a deemed issue price of $0.016 per share
The acquisition of this ground materially expands the scope of Thundelarra's Garden Gully Project. Signficantly, it represents the first recorded time that the majority of this remnant Abbotts greenstone belt has been held by a single company, thus opening itself to the use of modern exploration techniques across the entire geological setting. The transaction includes all data on exploration that Doray carried out on the area. These data, when collated with the information and interpretations that Thundelarra is already developing to understand the systems and structures controlling the mineralisation, materially enhances the potential for discovery on this, the only substantial portion of greenstone belt in the immediate Meekatharra region that does not already host a gold mine of significant size.
The results of Thundelarra and Doray drilling to date clearly indicate the presence of a gold-bearing system of significant extent. Thundelarra has identified several targets for immediate follow-up. Review of all the Doray exploration data will add further targets that will form part of the next stage of exploration drilling planned for early 2019.
Garden Gully and Abbotts are located about 20 kilometres north-west of the town of Meekatharra, a well-established and proven gold endowment centre in Western Australia's Murchison Province that has delivered in excess of seven million ounces of gold production to date. There are two operational gold plants within 30 kilometres' trucking distance.
The tenements acquired are: -------------------------------------------------------------Tenement Type Tenement Number-------------------------------------------------------------Exploration Licence E 51/1609Exploration Licence E 51/1708Exploration Licence E 51/1757Exploration Licence E 51/1790Exploration Licence E 51/1791Mining Lease M 51/390Mining Lease M 51/567Prospecting Licence P 51/2958Prospecting Licence P 51/2959Prospecting Licence P 51/2960Prospecting Licence P 51/2961Prospecting Licence P 51/2962Prospecting Licence P 51/2963 -------------------------------------------------------------
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http://abnnewswire.net/lnk/36DIDON8
About Ora Gold Ltd
Ora Gold Ltd (ASX:OAU) is an ASX-listed company exploring and conducting pre-production activities on its Abbotts and Garden Gully tenements near Meekatharra, Western Australia. The near-term focus is of low cost development of its already identified shallow mineralisation, while investigating the potential extensions for larger deposits.
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