Total
0
Shares
Petratherm (ASX:PTR) secures $182k drilling grant
  • Petratherm (PTR) has secured a $182,000 grant through the Accelerated Discovery Initiative (ADI) for its Mabel Creek Project Area
  • This initiative aims to speed up South Australian mineral discoveries through exploration and research projects
  • The grant money will be used to drill test two iron-oxide copper-gold targets at the project
  • Petratherm has ended the day five per cent in the green with shares trading for 8.4 cents each

Petratherm (PTR) has secured a $182,000 grant through the Accelerated Discovery Initiative (ADI) for its Mabel Creek Project Area.

This initiative, which is under the South Australian Government, aims to speed up mineral discoveries through exploration and research projects in regional areas throughout the State.

Mabel Creek lies 50 kilometres east of Coober Pedy and covers an area of 2852 square kilometres.

It is considered prospective for iron-oxide systems, copper-gold, copper, and rare earth elements.

First pass exploration drilling of anomalous gravity and magnetic target areas intersected iron-oxide enriched rocks and highly elevated rare earths typical of IOCG (iron-oxide copper-gold) mineralisation.

Petratherm will use the grant money to aid in drill testing of two IOCG geophysical targets on the eastern side of the project area where thickness increases due to down faulting of basement rock.

Given previously identified anomalies, Petratherm is considering completing IP (induced polarisation) surveying over the anomalies before they are further drilled.

This will help the company target the most prospective areas of the anomalies to drill.

Petratherm has ended the day five per cent in the green with shares trading for 8.4 cents each in a $13.68 million market cap.


Subscribe


PTR by the numbers
More From The Market Herald
Golden State Mining (ASX:GSM) - Managing Director, Mike Moore - The Market Herald

" Golden State Mining (ASX:GSM) receives final assay results from Yule

Golden State Mining (GSM) has received final assay results from phase two aircore (AC) drilling at the Yule Project.
Ora Banda Mining (ASX:OBM) wraps up Davyhurst DFS

" Ora Banda Mining (ASX:OBM) focuses on production during December quarter

Ora Banda Mining (OBM) has released its latest quarterly report, showing it spent much of the period gearing up for the resumption of
Northern Minerals (ASX:NTU) - CEO, Mark Tory - The Market Herald

" Northern Minerals (ASX:NTU) trades red on latest WA drill results

Shares in Northern Minerals (NTU) are down today despite what the company called “encouraging” first assay results from a recent WA drilling program.
Firefinch (ASX:FFX) delivers initial MRE for Morila gold deposits

" Firefinch (ASX:FFX) in dispute with the Malian tax department

Firefinch (FFX), formerly Mali Lithium, has been served with a partial assessment from the tax department of Mali in relation to the Morila