- Junior explorer Petratherm (PTR) have shared encouraging results from a drilling program at the Mabel Creek project in South Australia
- A major test hole at the Area 5 North Prospect shows the area is promising for iron-oxide copper-gold mineralisation
- The test zone spans over several square kilometres, meaning the company has lots of room for follow-up drilling after today's results
- Shares in Petratherm lost over 26 per cent today, currently worth 4.4 cents each
Junior explorer Petratherm (PTR) has revealed promising drill results from a big test hole at its Mabel Creek project in South Australia.
The company said assay results from a recent drilling program support the project's potential for iron-oxide copper-gold (IOCG) mineralisation and other mineralisation styles.
Under the program, four holes were drilled at Mabel Creek.
While interpreting the significance of some of the results is best left to the geological experts, a key highlight from the drilling is from the maiden hole drilled in the area, which tested the Area 5 North Prospect at Mabel Creek.
The hole intersected a 48-metre zone between 338 metres and 386 metres, grading 4.7 per cent iron and 350 parts per million (ppm) cerium and lanthanum. No copper was intersected in this zone.
However, the same hole hit a four-metre zone between 168 and 172 metres grading 8.4 per cent iron, 54 ppm cerium and lanthanum, and 0.18 per cent copper.
Patratherm said it is encouraged by the evidence of the IOCG-style alteration discovered at the maiden drilling campaign in the area.
Moreover, the company said Area 5 is a large geophysical target that spans over several square kilometres. This means there is ample room for some follow-up exploration following today's results.
Other "high-priority" targets still need to be tested in the project area, according to Petratherm.
Still, shareholders seem somewhat-disappointed with today's results despite the company's optimism.
Shares in Petratherm have declined in value by 26.67 per cent today, currently worth 4.4 cents each. The company has a modest $7.75 million market cap.