Petratherm Limited Announces Comet Project Tenement Granted
January 13, 2020 at 04:47 pm
Petratherm Limited announced that the Comet Project Tenement (EL6443) has been granted allowing exploration activities to get underway. The tenement is located within the northern Gawler Craton of South Australia, which hosts numerous significant, gold occurrences, including the Challenger gold deposit, which has a recorded historical production of 1.1 million ounces at an average grade of 5.1g/t. The tenement includes the Comet Gold Prospect, where limited RC drilling identified a continuous zone of gold intersections, over at least 150 metres of strike, and remains open to the north, south and at depth. Best historical drill intercepts (not true width) include: CM023C 12m at 1.0 g/t Au from 56m to then end of hole; CM030C 28m at 0.4 g/t Au from 48m; RCCM1 16m at 1.9 g/t Au from 28m and 8m at 0.7 g/t Au from 48m Inc. 2m at 6.17 g/t Au from 30m; RCCM5 4m at 3.75 g/t Au from 36m Inc. 1m at 6.97 g/t Au from 39m; RCCM7 12m at 0.53 g/t Au from 72m Inc. 1m at 4.6 g/t Au from 82 m. Follow up drill testing of the Comet Prospect will be a priority for the Company during the 2020 period. The Company has an existing Native Title Mining Agreement in place with the Native Title Holders and anticipates a future drilling approval could be achieved quickly. The Company will also re-evaluate the broader tenement area which may have been prematurely down-graded based on ineffective historical surface soil geochemistry and will apply other exploration methods to target gold and other metals. This work will include some surface geochemical methods, where the cover-type is suitable, but will also target potential structural /magnetic target sites via proposed regional based, shallow RAB drilling to identify prospective mineralised zones.