- Petratherm (PTR) has completed the first stage of a deep geochemical gold exploration drilling program at the Comet Project in SA
- The work comprised 468 rotary air blast (RAB) holes drilled over 5777 metres
- So far, PTR’s studies of the Gawler Craton show the top saprolite is highly-anomalous in gold
- The stage-one geochemical assays are expected to be received in late June
- PTR also drilled nine close-spaced RAB holes to roughly 40 metres to aid the dip direction for reverse circulation drilling planned at Comet later this year
- Stage-two drilling is set to recommence in around two months, following PTR’s receipt of $147,500 in funding from the South Australian Government
- Petratherm shares are trading 3.5 per cent lower at 5.5 cents
Petratherm (PTR) has completed the first stage of a deep geochemical gold exploration drilling program at the Comet Project in South Australia.
According to PTR, the area’s Challenger gold deposit and Aurora Tank gold discovery, owned by ASX-lister Marmota (MEU), demonstrate gold fertility in the northern Gawler Craton.
However, the company notes historical exploration in the region has been severely impeded by shallow cover, which masks most of the prospective basement rock.
To overcome the issue, Petratherm undertook shallow rotary air blast (RAB) drilling at Comet, comprising 468 holes over 5777 metres.
The company aimed to drill through the cover to directly evaluate the geochemical signature of the top of deeply-weathered basement clays for gold and other metals.
So far, PTR’s studies of the Gawler Craton show the top saprolite is highly-anomalous in gold and passes into a deeply-leached zone above a primary gold source in bedrock below.
PTR expects the geochemical assays from stage-one to be completed by late June, with a summary of the results set to follow.
Nine RAB drill holes to aid dip orientation
Further, the company has drilled nine close-spaced, deeper orientation holes to blade refusal at roughly 40 metres’ depth.
The exercise aimed to help identify the dip direction of historic gold mineralisation in preparation for planned deeper reverse circulation drilling at the project later in the year.
State government grant to support further exploration
Meanwhile, Petratherm has accepted $147,500 in funding, on a one-for-one basis, through the South Australian Government’s Accelerated Discovery Initiative.
The grant will help finance further regional shallow RAB exploration drilling beyond Comet’s current survey area and infill any anomalies identified during phase-one work.
PTR expects to recommence second-phase drilling works in around two months’ time, once the grant money has been received.
Late in the session, Petratherm shares are trading 3.5 per cent lower at 5.5 cents at 3:43 pm AEST.