Thunderbird’s JV Shifts and Exploration Spend Raise Questions on Next Steps

Exploration Breakthroughs in New South Wales

Thunderbird Resources (ASX, THB) has delivered a compelling update for the June 2025 quarter, highlighting its maiden ground exploration programs at the Rockvale and Kookabookra gold-antimony projects in New South Wales. The company reported exceptional rock chip assay results, including a peak of 153.5 grams per tonne (g/t) gold at Kookabookra, underscoring the high-grade potential of these historically underexplored areas.

At Rockvale, situated within a well-known antimony-gold district near Larvotto Resources’ Hillgrove project, sampling confirmed significant antimony grades up to 4.12% alongside gold values. Meanwhile, Kookabookra’s exploration efforts have been bolstered by the recent grant of a new contiguous exploration licence, expanding the project footprint and covering prospective granitic units favorable for intrusion-related gold systems.

Advanced Survey Techniques and Drilling Plans

To refine drill targeting, Thunderbird has employed modern geophysical tools including LiDAR data interpretation and Induced Polarisation (IP) surveys over key prospects such as Mt Secret and Mannix. The LiDAR analysis revealed over 400 historical mine workings, many previously undocumented, providing a rich dataset for follow-up field verification. The IP survey results, combined with soil geochemistry and detailed rock chip sampling, are shaping the company’s maiden drilling program scheduled for the September quarter.

Strategic JV Adjustments in Peru and Canada

On the copper front, Thunderbird’s 30% joint venture interest in the Picha Copper-Silver Project in Peru, operated alongside Firetail Resources (ASX, FTL), saw active geophysical and field exploration during the quarter. However, the company has since elected to cease contributing to the JV, diluting its stake to a 1% net smelter return (NSR), signaling a strategic pivot away from direct copper exposure.

In Canada, Thunderbird advanced its uranium portfolio by executing an option agreement with Mustang Energy Corporation (CSE, MEC) for the Cluff Lake North and Surprise Creek projects in the Athabasca Basin, a globally renowned uranium district. While no field work was conducted this quarter, the agreement positions Thunderbird to benefit from Mustang’s exploration expertise and capital, potentially accelerating discovery prospects in this critical minerals sector.

Financial and Operational Overview

Exploration expenditure for the quarter totaled $302,000, reflecting focused investment in the NSW projects. The company reported no substantive mining production activities during the period and ended the quarter with $1.179 million in cash reserves. Payments to related parties amounted to $166,000, primarily covering director fees and consulting services. Thunderbird’s financial position supports its near-term exploration ambitions, including the upcoming drilling campaign.

Overall, Thunderbird Resources continues to build momentum across its diversified portfolio of precious metals and critical minerals projects, leveraging modern exploration techniques and strategic partnerships to unlock value.