Petratherm (ASX:PTR) wins $316k grants for exploration

• Petratherm (PTR) has won $316,500 in grants under the South Australian Government’s Accelerated Discovery Initiative (ADI)
• The first grant, valued at $250,000, will fund the drilling of two geophysical targets at Petratherm’s Woomera project in a highly prospective iron oxide copper-gold province
• The second grant is for $65,500 and will co-fund an electromagnetic (EM) geophysical survey at Petratherm’s Mabel Creek project
• Company shares have ended the day 13.6 per cent in the green to close at 10 cents

Petratherm (PTR) has won two grants under the South Australian Government’s Accelerated Discovery Initiative (ADI).

The ADI program is part of the state government’s aim to accelerate mineral discovery through exploration and research throughout South Australia

The first grant totals $250,000 and will be used to assist with drilling two geophysical targets at Petratherm’s Woomera project.

The Woomera project lies within the ‘world-class’ Olympic Domain and is close to BHP’s (BHP) Oak Dam West copper-gold discovery, OZ Minerals’ (OZL) Carrapateena copper-gold mine and Coda Minerals’ (COD) recent Emmie Bluff Deeps iron oxide copper-gold (IOCG) discovery.

Petratherm will drill test two gravity targets for IOCG mineralisation. The company also intends to test the Rocky Well target where gravity modelling indicates the potential for a conventional-style IOCG breccia pipe-like body. These targets will be drilled later this year.

The second grant is for $65,500 and will co-fund an electromagnetic (EM) geophysical survey at Petratherm’s Mabel Creek project.

The Mabel Creek project is reportedly prospective for both IOCG and Broken Hill-type silver-lead-zinc mineralisation and two areas have already been prioritised for the survey work.

Petratherm said it is “highly encouraged” by the award of the grants as they’ll help to fund the advancement of these “exciting projects.”

Company shares ended the day 13.6 per cent in the green to close at 10 cents.