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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.


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