- Australian explorer Petratherm (PTR) has begun drilling at its Mabel Creek Project in South Australia
- First pass drilling undertaken in March 2020 encountered extensive iron-oxide copper-gold mineralisation at the Area 5 gravity target
- This upcoming drilling will test four targets in this area with work beginning with mud drilling then switching to diamond
- Drilling was originally meant to start three weeks ago, however, mobilisation of the equipment was delayed due to heavy rains in the area
- Petratherm has ended the day 3.57 per cent in the red with shares trading at 13.5 cents
Australian explorer Petratherm (PTR) has begun drilling at its Mabel Creek Project in South Australia.
The project lies 50 kilometres northeast of Coober Pedy in a region that has been subject to limited historical exploration.
First pass drilling undertaken in March 2020 encountered extensive iron-oxide copper-gold (IOCG) mineralisation at the Area 5 gravity target.
This demonstrated the fertility of the region for this style of mineralisation.
This upcoming drilling program will test four gravity and magnetic targets in the area with work beginning with mud drilling then switching to diamond.
These targets range between gravity anomalies, gravity highs and gravity lows, with depths ranging between 400 metres to 500 metres.
Drilling was originally meant to start three weeks ago, however, mobilisation of the equipment was delayed due to heavy rains in the area.
In May, Petratherm intersected a 48-metre zone of mineralisation grading 4.7 per cent iron and 350 parts per million (ppm) cerium and lanthanum at Mabel Creek.
This same hole also intersected a four-metre zone grading 0.18 per cent copper.
Petratherm will continue updating the market as work progresses and results are received.
Petratherm has ended the day 3.57 per cent in the red with shares trading at 13.5 cents in a $26.52 million market cap.