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Thunderbird Resources Ltd (ASX:THB) has seen its share price rise more than 5% on news it has identified numerous uranium targets, based on a major electromagnetic survey completed at its Cluff Lake project in Canada.
The MobileMT airborne magnetotelluric survey – which was completed in April – has highlighted the presence of several basement conductors, indicated as pathways for uranium mineralising fluids.
This has enabled Thunderbird to define two high-priority targets for drilling in the Douglas River area – with these being only 5 kilometres and 14 kilometres northeast of the Shea Creek uranium deposits.
Crucially, both targets have been interpreted as being relatively shallow: only 100 to 300 metres below surface.
The MobileMT survey also found that the southernmost target area defined is coincident with a previously defined gravity/EM target, while a new high-priority target has been defined to the north-east.
Both of these targets (DR-01 and DR-02) are set within an interpreted structural
corridor which trends north-northeast from the Shea Creek uranium deposits.
In another part of the project – Moose Lake – three drill targets were also defined by the survey, one of these being coincident with a previously defined gravity/EM target – and all being set within an interpreted structural corridor extending north northeast from the Cluff Lake uranium deposits.
Thunderbird executive chairman George Bauk said the results had increased confidence in exploration targets already identified at the project – located in Canada’s Athabasca Basin.
“Our interpretation is that the drill targets along strike from Shea Creek sit around 100-300m below surface, presenting an outstanding exploration target that is significantly shallower than the Shea Creek deposits,” he said.
“We are now finalising a drill program to test these targets. We are looking at a variety of funding options including JV partners to fund the activities at Cluff Lake including the maiden drill program.”
At 13:25 AEDT, shares in Thunderbird were trading at 2 cents – a rise of 5.26% since the market opened.
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