Petratherm (ASX:PTR) reports it has secured a new tenement, ELA 2023/00015, also known as ‘The Pines’, located in the ‘world-class’ copper-gold Olympic Province of South Australia.
The Pines tenement covers 210km-square adjacent to the company’s Woomera Copper-Gold Project. Petratherm states this strengthens the company’s ground position within the region, as it now totals 683km-square.
The company states iron-oxide copper gold (IOCG) style mineralisation is best targeted using gravity surveys as the iron-hosted ores are denser than surrounding rock producing discrete local gravity highs.
Petratherm reports it is expected that the tenement may be offered for grant in approximately 3 months, as well as IOCG gravity targeting work will then get underway.
Additionally, the company is planning to conduct a ‘large’ regional gravity survey over its neighbouring Arcoona Tenement (EL6854) and will provide updates once the survey has begun.
Petratherm’s newly acquired Woomera Project is ‘highly’ prospective for IOCG mineralisation and is close to Coda Mineral’s (ASX:COD) recent Emmie Bluff Deeps IOCG discovery.
The company is focused on the discovery of ‘world-class’ copper-gold and rare earth deposits and has multiple advanced drill-ready projects in the Olympic Copper-Gold Domain of South Australia. Petratherm’s assets comprise of the Mabel Creek IOCG, Comet Gold, Comet Rare Earth, Muckanippie, and Woomera IOCG projects.
Images: Petratherm Ltd
