Petratherm (ASX:PTR) uncovers large rare earth prospect at Comet project - Kalkine Media

March 06, 2023 06:42 PM AEDT | By Team Kalkine Media
Follow us on Google News:

Highlights

  • Petratherm is riding high on the latest rare earth (REE) discovery at its Comet Project.
  • The new prospect, Artemis, compliments Meteor, the company’s high-quality and emerging REE prospect nearby.
  • The company believes that the new prospect shows good upside potential with high-grade clay hosted rare earths intercepted over a large area and vertical thickness.
  • The latest development has also boosted the company’s confidence in its exploration models for discovering REE mineralisation.
  • The company expects to unearth new exploration targets in the coming months.

Petratherm Limited (ASX: PTR), an Australian mineral exploration company, has made a new discovery at its Comet Rare Earth Project in South Australia’s Northern Gawler Craton region.

The latest exploration drill results have defined a new, major rare earth (REE) occurrence named the Artemis Prospect with coherent grades >1000 ppm Total Rare Earth Oxide (TREO) and over substantial thicknesses (up to 32 metres).

Notably, 90% of the project area has not yet been explored for REE mineralisation. 

The Major New Rare Earth Prospect – Artemis

The new prospect, open laterally in all directions, covers an approximate 1.5km by 800m area.

It sits only 15km southeast of Petratherm’s well-defined Meteor REE Prospect, where the company has defined a substantial and continuous horizon of high-grade (>1000 ppm TREO) mineralisation starting from shallow depths (3-6 metres below surface), and over substantial vertical thicknesses.

The Artemis prospect is characterised by a high-grade blanket of mineralisation over 1,000 ppm TREO hosted within the clay weathering profile.

The mineralisation starts at shallow depths and high-grade drill intersections range from 12 to 32 metres in thickness. High-value magnet rare earth (MREO) intercepts up to 609 ppm are recorded and across the prospect the average MREO drill intercept grade is 242 ppm. 

Of the total 21 holes drilled at Artemis Prospect, 20 holes returned significant mineralised REE intercepts.

Significant new drill intercepts are as follows: 

© 2023 Krish Capital Pty. Ltd. (Data source: company update)

What does this discovery mean for Petratherm?

The latest results have boosted the company’s confidence in the project and confirmed the Artemis Prospect as an important new REE occurrence. The prospect has the potential for the delineation of an extensive mineralised blanket with future infill drilling, the company added. Moreover, the latest results compliment the advanced REE Meteor Prospect at the project.

The company is advancing petrological work to understand the nature of REE mineralisation hosted in the clays as well as to determine the prospectivity of the underlying bedrock for primary REE mineralisation at depth.

This is what Petratherm’s CEO Peter Reid said about the development, among other things.

© 2023 Krish Capital Pty. Ltd. (Data source: company update)

Petratherm believes that the company is well positioned to be a significant player in the Comet Project area, which is shaping up as an emerging REE province. Over the coming months, the company expects to identify further new exploration targets, backed by its cutting-edge models, along with a significant, under-explored land holding of 1,915km2 at the Comet Project.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.



Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK