West Perth-based mineral exploration company Thundelarra Exploration Ltd has announced plans to swap five uranium tenements in the Murchison for a Northern Territory uranium tenement held by Canada's Aldershot Resources Ltd.
West Perth-based mineral exploration company Thundelarra Exploration Ltd has announced plans to swap five uranium tenements in the Murchison for a Northern Territory uranium tenement held by Canada's Aldershot Resources Ltd.
Under the agreement, each company will pay the other a royalty of $1 per tonne of ore produced to an aggregate maximum of $500,000.
According to a Thundelarra announcement, the Mt Wedge tenement to be acquired is almost entirely enclosed by Thundelarra's existing applications in the area.
The full text of a Thundelarra announcement is pasted below
The Directors of Thundelarra Exploration Ltd ("Thundelarra") are pleased to announce that it has entered into a Tenement Swap
Agreement with Aldershot Resources Ltd (a Canadian listed Company). The terms of the agreement are that Aldershot will exchange its Mt Wedge tenement (E24561) located in the Ngalia Basin area in the Northern Territory for five tenements (ELA57/614-617 and ELA57/651) held by Thundelarra located in the Yuinmery area in the Murchison Region of Western Australia.
The consideration for the sale, assignment and transfer of the tenement's between Thundelarra and Aldershot is that each party
will pay the other party a royalty of $1.00 per tonne of ore produced from the tenements to an aggregate maximum of $500,000.
The transaction is subject to and conditional upon Australian and Canadian regulatory approvals.
The Mt Wedge tenement is a strategic acquisition which will compliment Thundelarra's existing tenement applications (E25283 and E25334) in the Ngalia Basin area covering 1,835 square kilometres of the highly prospective Mt Eclipse sandstone.
This sandstone formation is host to the Bigryli uranium deposit located 25 kilometres to the north west of the project area. The
Mt Wedge tenement is almost wholly enclosed by the Thundelarra application E25334 as shown on the attached map.
Historical broad spaced drilling in the early 1980's over part of the eastern project area including the Aldershot tenement has returned a number of anomalous intercepts. These include 4m @ 1,240ppm U3O8 in drillhole YRD206 and 2.2m @ 216ppm eU3O8 in drillhole YRD117 from within the Aldershot tenement.
The full text of an Aldershot announcement, dated March 2, is pasted below
Jeremy Caddy, President of Aldershot Resources Ltd. is pleased to announce that the Company has entered into a Tenement Swap Agreement with Thundelarra Exploration Ltd. The terms of the "swap" are THX will exchange its three tenements located around the Company's Yuinmery uranium property in the Murchison region of Western Australia for the Company's Mt Wedge tenement located in the Nagalia Basin region of the Northern Territory. The "swap" is for consideration of $1.00 along with a royalty to be paid by each party to the other of $1.00 per tonne of ore mined to a maximum of $500,000 each.
Management is delighted to have been able to negotiate this transaction. The acquisition of the additional tenements in the Murchison allows the Company to consolidate its previously reported valuable holding at Yuinmery where historical reported results have shown drill results which are non compliant NI 43-101 of 1.5 million tonnes of 0.038% U3O8 yielding 1.2 million pounds of contained U3O8.
THX is a public company whose shares trade on the Australian Stock Exchange. Frank DeMarte and Brian Richardson are director/officers of both the Company and THX.
The terms of the Tenement Swap Agreement are subject to all required regulatory approvals.
