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Thunderbird Resources launches Hidden Bay summer exploration program

20 May 2024 12:41
ASX:THB

Thunderbird Resources Limited (ASX:THB) has initiated its 2024 summer exploration program at the Hidden Bay Uranium Project, located 20 kilometres southwest of the Rabbit Lake uranium deposit within Canada’s Athabasca Basin.

This program marks a significant step forward in the company’s efforts to tap into the region’s rich uranium resources, with a series of geochemical and logistical activities already underway.

Spatiotemporal Geochemical Hydrocarbons survey

A key component of the exploration is the Spatiotemporal Geochemical Hydrocarbons (SGH) survey, a sophisticated analytical method developed by Activation Laboratories Ltd. (Actlabs) in Ontario, Canada.

This technique involves the analysis of organic compounds within the C5-C17 carbon series range to detect subtle geochemical anomalies that may indicate the presence of buried uranium deposits.

The SGH survey at Hidden Bay targets three priority areas and involves the collection of approximately 140 samples. This approach has previously demonstrated its effectiveness in identifying concealed uranium targets at depths of several hundred meters, making it an invaluable tool for Thunderbird’s exploration efforts.

Preparations for drilling

Thunderbird’s field team is conducting reconnaissance geological mapping and scintillometer surveys across key drill targets in conjunction with the SGH survey to identify the most promising areas for future drilling.

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Figure 1: SGH survey grid at Hidden Bay Uranium Project

Additionally, the team is assessing the logistical aspects of the drilling program, including optimal access routes to the drill sites, ensuring that the subsequent drilling phase can proceed smoothly and efficiently.

Strategic importance of Hidden Bay

Strategically located within the Athabasca Basin, Hidden Bay’s potential is underscored by its proximity to the historic Rabbit Lake Uranium Mine, which operated for over 41 years and produced more than 203 million pounds of uranium concentrate.

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Figure 2: Location of Hidden Bay Uranium Project in the Athabasca Basin

The area is surrounded by several notable uranium deposits and active mines, including Eagle Point, Collins Bay, Cigar Lake, Roughrider, and Horseshoe-Raven.

Despite this, Hidden Bay has seen limited drilling activity, with only one hole drilled on the property in the past 35 years, highlighting a significant opportunity for new discoveries.

Chairman commentary

Thunderbird‘s Executive Chairman, George Bauk, expressed enthusiasm about the commencement of fieldwork at Hidden Bay, emphasising its importance as the company’s most prospective project.

Over the next two weeks, Bauk, along with Technical Director Robin Wilson, will be visiting various projects within the Basin to plan the work programs for the remainder of 2024 and beyond.

“The main initial priority is the implementation of a maiden drilling program to test the exciting basement type uranium targets at Hidden Bay,” he said.

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Figure 3: Hidden Bay – current planned drill locations over gravity image

Bauk also highlighted the favourable market conditions for uranium, driven by the growing recognition of its role in providing a cleaner energy solution and the geopolitical complexities affecting the nuclear supply chain.

“This coupled with geopolitical challenges associated with the nuclear supply chain sees various agencies forecasting a higher uranium price in the short term, from a current price of US$91/lb,” he added.

THB’s Australian Security Exchange-listed share price has risen 12.12% today and is currently trading at $0.037 (12:30 pm UTC+ 8 hours).

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