Crocodile Gold has an agreement with Thundelarra, signed in September 2007, in which Thundelarra has the right to explore uranium on certain Crocodile Gold tenements, while Crocodile Gold retains all other metal rights including precious metals and base metals. Thundelarra holds a 70% interest until development and must incur a minimum AUD25m in exploration expenditures per year for the first three years and has the right to apply for a mining tenement on behalf of the JV.
Crocodile Gold has a 30% carried interest until development through the agreement with Thundelarra. The Thunderball uranium prospect has previously been identified, and is the only target that has been subject to extensive drilling.
The airborne radiometric and magnetic survey has outlined new radiometric anomalies and has defined several previously identified targets. The survey included 5,235km spaced at 25mt intervals and a 20mt mean terrain clearance.
Thundelarra is preparing for a major drilling program, which it expects to commence in April 2010, and includes resource definition drilling and extensional drilling at Thunderball, Crocodile Gold said.
