There are an increasingly large number of uses for Unmanned Aerial Vehicles (UAVs) from surveillance, mapping and target geolocation. However, most of commercial UAVs are equipped with low-cost navigation sensors such as C/A code GPS and a low-cost IMU on board, allowing a positioning accuracy of 5 to 10 meters. This low accuracy which implicates that it cannot be used in applications that require high precision data on cm-level. This paper presents a precise process for geolocation of ground targets based on thermal video imagery acquired by small UAV equipped with RTK GPS. The geolocation data is filtered using a linear Kalman filter, which provides a smoothed estimate of target location and target velocity. The accurate geo-locating of targets during image acquisition is conducted via traditional photogrammetric bundle adjustment equations using accurate exterior parameters achieved by on board IMU and RTK GPS sensors and Kalman filtering and interior orientation parameters of thermal camera from pre-flight laboratory calibration process.