Thunderball’s New Geological Model Could Reshape Uranium Exploration Risks

High-Grade Uranium Confirmed at Thunderball

Patronus Resources (ASX – PTN) has delivered a significant update from its Thunderball uranium deposit in the Northern Territory’s Pine Creek region. A recent seven-hole diamond drilling program totaling 1,278 metres has confirmed the presence of high-grade uranium mineralisation, with standout intercepts including 0.63 metres grading 6.51% U3O8 and 6.76 metres at 0.36% U3O8. These results reinforce Thunderball’s status as a compelling uranium asset within Australia’s emerging nuclear materials landscape.

A Step-Change Geological Model

Beyond the impressive grades, Patronus has introduced a new geological interpretation of Thunderball as a Proterozoic unconformity-related replacement deposit. This model, supported by uranium specialist Penny Sinclair, suggests that uranium mineralisation is structurally controlled and associated with pyrite-rich zones within volcanic sedimentary units. Such deposits are globally recognised for their size and grade, offering a promising framework to guide further exploration.

The implications are substantial – the model opens up more than 30 kilometres of highly prospective stratigraphy within the Pine Creek Project tenure, potentially unlocking district-scale uranium mineralisation beyond the immediate Thunderball area.

Pending Assays and Resource Estimate

Five samples from the drilling program exceeded laboratory handling limits due to their high radioactivity and have been sent to the Australian Nuclear Science and Technology Organisation (ANSTO) for detailed assay and uranium mineralogy analysis. These results, expected in the fourth quarter of 2025, will be critical to validating the visual estimates and refining the geological model.

Patronus also plans to deliver its initial JORC 2012 Mineral Resource Estimate (MRE) for Thunderball in Q4 2025, a key milestone that will provide investors with a clearer picture of the deposit’s scale and economic potential.

Strategic Outlook and Broader Portfolio

Managing Director John Ingram highlighted the company’s momentum, noting multiple pathways to unlock value at Thunderball and the wider Pine Creek district. Patronus is actively exploring partnership and transaction opportunities to advance the project, while simultaneously progressing its diverse portfolio of gold, uranium, and base metals assets in Western Australia and the Northern Territory.

With a strong cash position of $79 million as of June 2025 and a market capitalisation of $143 million, Patronus is well-positioned to capitalise on the growing demand for uranium amid global energy transitions.

Context Within the Pine Creek Orogen

The Pine Creek Orogen is a prolific uranium province hosting world-class deposits such as Ranger, Jabiluka, and Nabarlek. While Patronus does not claim direct comparability, the Thunderball deposit’s geological setting and emerging model place it within a highly prospective uranium belt. The company’s tenure includes multiple nearby uranium targets within a 5km radius, supporting the potential for a multi-deposit development scenario.