Thundelarra holds a 90% interest in its flagship Red Bore project, less than 1,500 metres from the processing plant at Sandfire Resources' neighbouring DeGrussa copper-gold mine, and 90% of the Curara Well project immediately to the north, in the State's Mid West.

But it is Red Bore which has CEO Tony Lofthouse excited thanks to its "spectacularly successful" drilling program during 2014.

Red Bore's initial JORC resource stands at 48,000 tonnes at 3.6% copper for 1740t and 0.4 grams per tonne gold for 650 ounces.

Highly promising drilling results indicate this is just the tip of the iceberg with the prospect of something substantial present at depth.

Drilling during 2014 has revealed near surface direct shipping ore (DSO) high-grade massive copper sulphides and significant gold and silver intercepts.

"Drilling to date has been spectacularly successful," Lofthouse said.

"We've had a 64% hit rate with copper-gold-silver mineralisation found in 14 of the 22 holes drilled since April.

"We've also recorded 11 separate drill intercepts with copper grades greater than 5%, the smallest interval was 4m at 9.9% copper and the largest was 29m at 6%. We believe this is just the start."

Highlights among the significant intercepts included 7.05m at 28.4% copper, 1.3gpt gold and 32.2gpt silver from 30m announced in July.

This massive chalcopyrite containing DSO-grade copper sparked the company's successful $A7.5 million share placement to continue exploration in Doolgunna.

Further exciting results were announced in September including 4m at 28.3% copper, 6.9gpt gold and 33.5gpt silver from 30m and indications that the mineralisation style is repeated 900m west of the initial discovery.

"This level of success is unparalleled," Lofthouse said.

"I can't think of any other example of a junior company with such a consistent number of intervals of such grade and repetition.

"These are some of the best results we've seen in the junior space in many a year, in my opinion."

He said despite the relatively small size of the Red Bore tenement it held immense potential.

"The tenement is only 2 square.kilometres but there are huge possibilities," he said.

"I like to offer the analogy that the entire Golden Mile (the prolific gold-producing ground next to Kalgoorlie) would fit within our Red Bore tenement, so although the tenement is small, it is certainly large enough to host a deposit of commercial size and substance.

"We have the right address, there is an operating plant next door and Sandfire has the same style of copper-gold-silver mineralisation.

"We're getting exciting results at Red Bore and they're near surface."

The DeGrussa mine produced 67,690t of copper and 33,893oz of gold in the 2014 financial year.

Lofthouse said Thundelarra's high-grade results had DSO potential, which would be an important consideration for early cash flow when the project reached development stage.

Further drilling was planned at the time of going to press in search of the motherlode that has produced high-grade shoots intersected in the drilling program.

Thundelarra's board and management have real skin in the game and have collectively bought 18% of the company.

Since resolving the ownership issues at Red Bore, the exploration program this year has been extremely successful.

"We've identified spectacular grades in near-surface mineralisation," he said.

"The most rational approach, and the most cost-effective use of shareholders' funds, is to drill close-spaced holes so as to extend this high-value mineralisation without losing it.

"Each successful hole we drill adds significantly to our understanding of the geology and helps effective targeting of follow-up holes.

"As we find more of these mineralised ‘pipes' we can use their orientation to start to predict where the motherlode might be at depth.

"We'd love to see Thundelarra succeed and we believe we've got some fantastic targets."

Lofthouse said the drilling since April has proved geologist Costica Vieru's theory that the mineralisation existed as a cigar-shaped ‘shoot' or ‘pipe'.

"The reason we're drilling closely is because it's a cost-effective way of finding value quickly and improving our understanding of the geological setting," he said.

"That's the key to finding the motherlode and these results are helping us develop a valid geological model to do just that."

"We need to pursue all the indicators towards that target slowly, systematically, and cost-effectively," he said.

"We have a number of other targets that need to be looked at and the downhole geophysics will help us target the next stage of drilling."

Over the past few years, Lofthouse has worked to consolidate Thundelarra's portfolio and slim down the operation.

The company has reduced operating costs, notching up sustainable savings of $A4.5 million a year since April 2012.

Thundelarra now has just two joint ventures instead of 17 and cash has flowed in from various divestments.

However, the company continues to hold promising projects elsewhere in WA and the Northern Territory.

Curara Well lies to the north of Red Bore and 20km from Northern Star Resources' Plutonic gold mine.

"That's another string in Thundelarra's exploration bow," Lofthouse says.

Red Bore and Curara Well are joint ventures with prospector Bill Richmond, who originally held Red Bore and now has 10% in each, free-carried until a decision to mine.

Lofthouse said the new arrangement, which was resolved earlier this year, provided the best outcome to both parties and gave Thundelarra certainty as it worked to develop Red Bore.

The company is also planning a 3,300m drilling program before the wet season at its Allamber project in the NT, which has copper, base metal and uranium potential.

Further south towards central Australia, Thundelarra is looking for a partner to develop its Ngalia Basin uranium interests.

Lofthouse said the company had identified a substantial target in more than 400 line km of a Paleochannel system (buried riverbeds) within its tenements.

"We're looking for a partner with a counter-cyclical view on uranium to advance this project," he said.

In the East Kimberley, Sophie Downs - with copper, zinc and silver potential - is lower priority.

Thundelarra has more than $7 million in the bank to continue its exploration program and Lofthouse is eagerly anticipating uncovering Red Bore's true potential.

"We're unlocking the geological story," he said.

"We've already identified one location with a repetition of the Red Bore style of mineralisation that proves our geological interpretation, and there are still five or six other locations to be tested.

"The Red Bore story is the most exciting of all the projects we have, and it holds immense potential."

*A version of this report, first published in the November/December 2014 edition of RESOURCESTOCKS magazine, was commissioned by Thundelarra.