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Petratherm (ASX:PTR) has spiked more than 70% in afternoon trade on exciting drill results at its Rosewood prospect, part of the Muckanippie Project in South Australia’s northern Gawler Craton.
Assay results from five step-out drill holes, extending over a two-kilometre trend, have revealed substantial heavy mineralisation with outstanding concentrations of heavy minerals such as Leucoxene and Rutile, the company announced on Wednesday.
The company says major drill intercepts include 24RW020 with 22m at 19.1% HM from 8m and 24RW017 with 17m at 9.7% HM from 6m.
These fledgling drill results form a starting point for the discovery of a substantive heavy mineral sands deposit.
Petratherm Chief Executive Officer, Peter Reid said, “The maiden Petratherm drill results are outstanding and confirm Rosewood is a highly significant new HMS discovery within the company’s broader Muckanippie Project.”
In addition, he highlighted the results are a major step in determining the potential scale and de-risking the project’s viability.
Advanced plans for further drilling are now being executed too, with additional assays from 45 drill holes anticipated within three to six weeks.
Petratherm says the results are congruent with prior findings of high HM concentrations one kilometre east, boosting geological understanding of the region.
Rosewood’s impressive geological setting, distinguished by fluvio-deltaic marine placer-style mineralisation, highlights exploration potential.
Mineral analysis of the HM assemblage will provide granular analysis and the company hopes this will enhance the attractiveness of its project portfolio to investors.
Petratherm has been trading at 35 cents at 130pm Sydney time.
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