Springfield Gold Deposit Acquisition Boosts Thunderbird’s NSW Portfolio with $2.2M Raise
Thunderbird Resources has executed a binding agreement to acquire 100% of the Springfield Gold Deposit in NSW, a drill-ready project with significant historical gold intercepts. The company also secured $2.2 million in funding to kickstart exploration.
- Binding agreement to acquire 100% interest in Springfield Gold Deposit
- Historical drilling reveals multiple wide, high-grade gold intercepts
- Springfield Deposit features >1,700m strike with mineralisation open at depth
- Placement raised $2.2 million at $0.014/share to fund acquisition and drilling
- Acquisition complements existing Rockvale and Kookabookra gold-antimony projects
Acquisition of a Promising Gold Project
Thunderbird Resources Limited (ASX, THB) has taken a significant step forward by entering into a binding agreement to acquire a 100% interest in the Springfield Gold Deposit, located in central New South Wales. This advanced, drill-ready gold project is notable for its extensive mineralised monzodiorite intrusion, which extends over more than 1,700 metres of strike, and a history of shallow drilling that has intersected thick, high-grade gold mineralisation.
Despite only 6,568 metres of historical drilling; mostly shallow and limited to about 500 metres of the strike length; the deposit has yielded impressive intercepts, including 27 metres at 3.65 grams per tonne gold from surface and an 86-metre interval at 1.04 grams per tonne from 104 metres depth. The mineralisation remains open both along strike and at depth, presenting considerable exploration upside.
Strategic Fit and Regional Context
The Springfield acquisition complements Thunderbird's existing portfolio, which includes the Rockvale and Kookabookra Gold-Antimony Projects in northern NSW. These projects are situated near Larvotto Resources’ Hillgrove Gold-Antimony Project, one of Australia’s largest antimony deposits. The synergy between these assets offers Thunderbird the opportunity to leverage regional geological knowledge and streamline exploration efforts.
In addition to Springfield, the acquisition includes five other granted exploration licences across NSW, covering a total of 344 square kilometres. These licences encompass historically productive gold and antimony areas such as Ironbarks, Grenfell, Golden Hill, Shanahans, and Warrane, each with encouraging past production or assay results that Thunderbird plans to evaluate further.
Funding and Forward Work Program
To finance the acquisition and upcoming exploration activities, Thunderbird has secured firm commitments for a $2.2 million placement at $0.014 per share. Directors have also committed to participate in the placement, subject to shareholder approval. The funds will cover acquisition costs, an initial drilling program at Springfield, further targeting work at existing projects, and general working capital.
Thunderbird intends to commence maiden drilling at Springfield shortly after completing the acquisition, focusing on testing the extensive strike length and depth extensions of the mineralised system. Concurrently, the company will conduct a thorough review of all historical data to prioritise targets across the newly acquired licences.
Exploration Potential and Next Steps
The Springfield Gold Deposit offers multiple drill-ready targets, with mineralisation open in all directions and significant intervals of high-grade gold near surface. The project’s location within the highly prospective Lachlan Orogen, known for hosting major gold and copper deposits, adds to its appeal.
Completion of the acquisition is subject to due diligence, capital raising minimums, and shareholder and regulatory approvals. Thunderbird is actively progressing land access agreements and permits to enable drilling to commence in the coming months.
Bottom Line?
With a strong funding base and a portfolio of promising NSW gold projects, Thunderbird is poised to unlock significant value through targeted exploration in the months ahead.
Questions in the middle?
- What initial results will the maiden drilling program at Springfield yield?
- How will the integration of Springfield with existing projects enhance Thunderbird’s exploration strategy?
- What are the timelines and likelihood of meeting the deferred consideration milestones tied to resource delineation?
