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Petratherm Ltd (ASX:PTR) believes it has uncovered a ‘world-class titanium project’ at the Rosewood prospect in South Australia after a drilling program revealed heavy mineral sands (HM) rich in this metal.
Among the intercepts taken from 45 holes in this program were: 25 metres at 7.1% HM from eight metres, including five metres at 16.6% HM from 28 metres; 19 metres at 9.3% HM from five metres, including six metres at 13.9% HM from six metres.
One notable aspect of mineralisation at Rosewood is it’s open to the north in all drill traverses, in addition to being open to the west and east, and some of the most significant and thickest high-grade intercepts occur at the end of the current drill traverses, requiring follow-up extension drilling.
Intercepts from this end-of-drill traverse open mineralisation include: 14 metres at 8.5% HM from 0m (one hole in the West), 16 metres at 12.1% HM from 14 metre (North), and four metres at 9.3% HM from 10 metres (East).
CEO Peter Reid said the news from Rosewood – which is just one part of the wider Muckanippie project – indicated an exciting new avenue for Petratherm.
“These results confirm exceptional heavy mineral grade continuity and thickness over a very large area,” he said.
“Encouraging thick, high-grade mineralisation occurs right up to the extents of current drilling and we look forward to step out exploration drilling in the coming weeks, especially to the north, which has significant potential for additional mineralisation.
“We have now strengthened our confidence of Rosewood’s large-scale potential and as a result this next round of exploration drilling will include in parallel the collection of bulk heavy mineral sample to expedite initial trial mineral separation testing using standard ore processing techniques.”
In response to this news, Petratherm shares traded higher initially, before falling to 30.5 cents at 14:38 AEDT – a drop of 22.78% since the market opened.
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