Annual report for exploration license 25868 Mary River for the year ending 27 September 2008

Abstract

Exploration license EL25868 'Mary River' is located on the central eastern margin part of the 1:250,000 Topography Sheet SD5208 Pine Creek, directly east of the natural feature known as Brumby Gap. Access to the tenement is via the Kakadu Highway and along the Mary River Station access road. EL 25868 is held by Element 92 Pty Ltd, a fully owned subsidiary of Thundelarra. The operator for exploration on the EL is Thundelarra Exploration Ltd. Thundelarra is exploring the Mary River EL primarily for uranium mineralisation, while base-metal mineralisation is of secondary interest. Thundelarra is assessing the EL as part of a package of contiguous EL's held either by Thundelarra and its associates or under joint-venture with GBS Gold Ltd. Thundelarra's strategy has been to acquire and analyse all historical exploration work, carry out airborne geophysical surveys (EM) and develop a field exploration program based on the results of the above. Work carried out consisted of a compilation and review of historical reports, and the capture of historical data in the companies GIS system. In April 2008 Thundelarra entered into an agreement with Geoscience Australia to infill the planned government wide-spaced airborne EM survey of the Pine Creek Orogen to 400m line spacing over EL 25868. At the time of the initial negotiations the survey was scheduled for May-July 2008, then September 2008, but has subsequently been further delayed. Thundelarra's budgeted field work program for the EL was dependent on the airborne survey and has as a consequence been unavoidably delayed. Previous exploration has failed to locate economic mineralisation on the EL, although the EL covers part of the contact zone of the Minglo Granite, which nearby hosts sub-economic copper and uranium mineralisation. As much of the EL is covered by Cenozoic cover, the proposed EM program may reveal structures or mineralisation concealed from previous explorers. Previous soil sampling may not have been effective due to the Cenozoic cover.