Petratherm Limited Quarterly Activities Report - 29 July 2024
PTR (PTR) Share Update July 2024 Monday 29th
Petratherm Limited Identifies High-Priority Copper-Gold Targets
Petratherm Limited (ASX: PTR) has released its Quarterly Activities Report for the period ending 30 June 2024, highlighting significant advancements in its copper-gold exploration projects in South Australia.
Instant Summary:
- Five high-priority IOCG targets identified at the Woomera Copper-Gold Project.
- Three high-priority copper-gold targets identified at the Mabel Creek Project.
- Agreement executed to earn-in to EL 6715, expanding the Muckanippie Project.
- Company held $907,000 cash at the end of the period.
Woomera Copper-Gold Project
During the reporting period, Petratherm completed a gravity survey over the Woomera Project, identifying five new high-priority gravity targets. The Bernard Hill anomaly, a significant IOCG style target, was modeled as a 400m wide, >2,000m long body with a depth extent of 1,000m. The modelled density of 3.4 g/cm3 is comparable to known IOCG deposits in the region.
Mabel Creek Copper-Gold Project
Subsequent to the quarter, gravity surveying results at Mabel Creek identified three high-priority copper-gold targets. Target BCG1 is a significant IOCG style target, adjacent to historical drilling that intersected copper-bearing hematite alteration. Two other targets are within 10km of known hematite alteration, with modelled densities of 3.4 g/cm3.
Muckanippie Project
Petratherm executed an agreement to earn-in to EL 6715, a 324 km2 ground position adjoining PTR’s northern Muckanippie Project area. This agreement secures a majority ground position over the Muckanippie Suite, a layered igneous intrusion highly prospective for gold, platinum group metals, and titanium-vanadium.
Corporate
The company held $907,000 cash at the end of the period. Exploration and evaluation costs totaled $228,000, primarily for gravity surveying at the Woomera and Mabel Creek Projects. Administration and corporate costs were $238,000.
The identification of high-priority targets at both the Woomera and Mabel Creek projects is a positive development for Petratherm Limited. These findings could lead to significant copper-gold discoveries, which would likely boost the company's stock value. The agreement to expand the Muckanippie Project further strengthens Petratherm's project portfolio.
Investor Reaction:
Investors and analysts have reacted positively to the news, noting the potential for significant copper-gold discoveries. The market is expected to watch closely as Petratherm progresses with drilling and further exploration activities.
Conclusion:
Investors should keep an eye on Petratherm Limited as it advances its exploration projects in South Australia. The company's strategic moves and promising survey results could lead to substantial returns. Stay informed and consider the potential long-term benefits of investing in Petratherm.