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- Petratherm (PTR) wins competitive bid process to be the preferred applicant for the Muckanippie rare earth project in South Australia
- The Muckanippie Complex is prospective for both primary rare earth elements (REEs), along with secondary concentrations of ionic clay REEs in the overlying weathering profile
- The company says it expects the granting of the tenement to occur late in 2022
- This will be followed with regional shallow air core drill traverses across the Muckanippie Complex, exploring for horizons where REE enrichment may be occurring
- Petratherm is up 5.63 per cent, trading at 7.5 cents at 12:42 pm AEST
Petratherm (PTR) has secured the application for the Muckanippie rare earth project in South Australia through a competitive bid process.
The tenement covers a 178 square kilometre area over the central portion of a major intrusive complex, which has shown evidence of anomalous rare earths, dubbed the Muckanippie Anorthosite Complex.
The Muckanippie Complex is prospective for both primary rare earth elements (REEs) in the basement and secondary concentrations of ionic clay REEs in the overlying weathering profile.
Previous exploration did not directly target REEs, although limited geochemical assays of the light rare earths cerium and lanthanum has been undertaken, along with petrological analysis.
The company said it expects to be granted the tenement in late 2022.
This will be followed by regional shallow aircore drill traverses across the Muckanippie Complex, exploring for horizons where REE enrichment may be occurring.
PTR has an existing native title mining agreement in place with the traditional owners, allowing ground exploration to begin soon after grant.
Petratherm was up 5.63 per cent, trading at 7.5 cents at 12:42 pm AEST.
