Thunderbird Assets Restricted (Thunderbird) or (the Firm) (ASX: THB) is happy to advise that it’s within the remaining phases 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 monitor to be signed shortly.
- 2,400m of diamond drilling deliberate, with drilling scheduled to start mid-August.
- Entitlement Supply closes at 5pm WST on Wednesday 10 July 2024. Share value on Friday closed at 3.3c, a ten% premium to the Entitlement Supply value of 3c.
- Thunderbird shall be fully-funded for its upcoming exploration applications 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 monitor 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 jap 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 group.
Entitlement Supply
The totally underwritten entitlement supply 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 supply.
The Firm shall be totally funded for the Hidden Bay drilling program following the completion of the Entitlement Supply and Placement, in addition to the latest sale of 10 million Firetail Shares (ASX: FTL) elevating $1.07 million.
The Firm has not too long ago participated within the Firetail Assets Entitlement Supply, buying 1.5m @ 4c for $60,000. It will enhance 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 mentioned: “We’re happy to have acquired proposals from six drilling contractors and stay up for finalising the contract shortly. All the pieces is on monitor 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), constructions 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 pair 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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