Petratherm (ASX:PTR) begins drilling at Comet

• Pertatherm (PTR) has started prospect drilling at the Comet Gold Project in South Australia
• Specifically, PTR has commenced air-core and hammer drilling at Comet and Target 14 Gold Prospects
• The initial round of drilling includes 2400 metres of coverage and should take approximately 10 days to complete
• A second drill rig has also been conducting shallow rotary air blast drilling, exploring and identifying new gold anomalies
• Petratherm shares ended the day down 6 per cent, selling at 4.7 cents a share

Pertatherm (PTR) has started prospect drilling at the Comet Gold Project in South Australia.

Specifically, PTR has commenced air-core and hammer drilling at Comet and Target 14 Gold Prospects.

The initial round of drilling includes 2400 metres of coverage and should take approximately 10 days to complete.

Target 14 Gold has a significant gold anomaly, having returned up to 305 parts per billion of gold above the fresh rock, though its yet to be drilled further.

The Target 14 Prospect was discovered in 2002 by Redport during a traverse drilling program over a shear structure that was interpreted from the regional aeromagnetic data.

Meanwhile, historic drilling at Comet was conducted in the late 1990s by Minotaur Resources where limited reverse circulation drilling identified a continuous zone of gold intersections over 150 metres length.

Best results from the historical series include intercepts of up to 6.97 grams per tonne of gold for the 150-metre trend.

Finally, PTR said a second drill rig has been conducting shallow rotary air blast drill exploring and identifying new gold anomalies at the site, with the rig active since late November.

Petratherm shares ended the day down 6 per cent and were selling at 4.7 cents a share.