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- Petratherm (PTR) shares are up after the company announced it had identified a “significant gold occurrence” at its Comet Project
- PTR discovered the 2000 metres by 800 metres anomaly as part of its geochemical gold exploration program
- The explorer is laying plans for a follow-up drilling effort, expected to take a week to complete, in the next three weeks
- The Comet Project is approximately 80 kilometres southwest of Coober Pedy in South Australia
- Petratherm shares are up 37.9 per cent to trade at 8 cents at 2:15 pm AEST
Petratherm (PTR) shares have enjoyed a boost following an announcement that the company has identified a “significant gold occurrence” at its Comet Project in South Australia.
The company said it identified an anomaly covering an area of approximately 2000 metres by 800 metres while undertaking a geochemical gold exploration program in the area.
The Comet Project is approximately 80 kilometres southwest of Coober Pedy in South Australia and is said to host numerous gold occurrences such as the Challenger gold deposit.
PTR said its sampling program had proved effective, with early findings indicating geochemical data with a high level of precision and providing direct geochemical screening of the prospective basement rock.
PTR said the find warranted “immediate follow-up”, with the company engaging McLeod Drilling to undertake infill sampling over the new prospective zone.
This drilling effort is set to start in approximately three weeks time and is estimated to take one week to complete.
Petratherm shares were up 37.9 per cent to trade at 8 cents at 2:15 pm AEST.
