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Petratherm Ltd.
Summary
| Project: | Corunna | |
|---|---|---|
| Deposit: | Corunna | |
| Location: | Australia | |
| Commodities: | Lead-Zinc-Silver | |
| Date: | 10/24/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 24-10-2018: Petratherm Ltd. announces an Exploration/Drilling Update report for its Corunna deposit at the Corunna project. Drilling results incl. 16m @ 0.3% Ni, 0.2% Cr, 0.01% Co from 8m. Petratherm Limited (“Petratherm” or “the Company”) (ASX: PTR) is p | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Christine Lawley (Independent) | |
| ABSTRACT: | Petratherm Limited (“Petratherm” or “the Company”) (ASX: PTR) is pleased to announce that it has intersected anomalous silver, lead and zinc from aircore drilling at Corunna. Petratherm signed a letter agreement to acquire 75% interest in the Corunna Project (EL5497) with Musgrave Minerals Limited in December 2017 (refer to Petratherm’s 15/12/2017 ASX release for further details). The Corunna Project occurs in the emerging Ag-Pb-Zn province of the Southern Gawler Craton which hosts the Menninnie Dam Zn-Pb-Ag deposit and the Paris epithermal silver deposit (Figure 1). The tenement covers 260km2 and is well positioned in regards to infrastructure and proximity to the coast, being located approximately 50km west of Port Augusta. Aircore drilling tested five structural targets defined during Petratherm’s August 2018 infill ground magnetic survey (refer to Petratherm’s 14/09/2018 ASX release for further details). The best results from Area 1 include 12m @ 20.0g/t Ag, 0.8% Pb and 0.2% Zn from 20m in drill hole CO18AC10; 4m @ 13.0g/t Ag, 0.6% Pb and 0.3% Zn from 32m in drill hole CO18AC11, 20m @ 12.0g/t Ag, 0.3% Pb and 0.2% Zn from 12m in drill hole CO18AC12); 12m @ 9.0g/t Ag, 0.5% Pb and 0.3% Zn from 20m in drill hole CO18AC17; 12m @ 16.0g/t Ag, 0.03% Pb and 0.05% Zn from 0m (surface) in drill hole CO18AC29; 8m @ 13.0g/t Ag, 0.1% Pb and 0.06% Zn from 16m in drill hole CO18AC40 and 8m @ 16.5g/t Ag, 0.07% Pb and 0.3% Zn from 36m in drill hole CO18AC40. These results extend the zone of silver-lead-zinc anomalism previously defined by Musgrave Minerals (refer to Musgrave Minerals 27/08/2015 ASX release for further details) across a 300m x 500m zone (Figure 2 to Figure 9), which remains open in all directions. In addition, two aircore drill holes tested discrete, high intensity, magnetic targets on the southern side of the project area (Figure 2), adjacent to a historic prospector’s pit (refer to Petratherm’s 14/09/2018 ASX release for further details). The best results returned included 16m @ 0.3% Ni, 0.2% Cr and 0.01% Co from 8m in drill hole CO18RC38 and 12m @ 0.4% Ni, 0.7% Cr and 0.01% Co from 4m in drill hole CO18RC42. Although the drill rig was unable to penetrate fresh rock, this geochemical anomalism suggests the magnetic bodies could represent ultramafic intrusives, a potential host rock for magmatic Ni-Cu sulphides. | |
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