Petratherm Limited (ASX: PTR) has announced a major expansion of its ground position at the Mabel Creek Project, located along the northern reaches of the Olympic copper-gold province, South Australia.
The company has been granted the Dean Bore (EL 6919) tenement, which adds an additional 470km2 at Mabel Creek, and also has registered two large ELA’s covering 1,263km2 over a newly identified prospective iron-oxide copper-gold (IOCG) fertile zone.
PTR’s CEO, Peter Reid, commented, “The granting of the Dean Bore tenement further strengthens the company’s ground position in the world class Olympic province. Importantly, recently completed gravity modelling over the BigNE target has produced two high-priority targets that we anticipate drilling later this year,”
“The two high-priority targets will be followed up with a precision ground gravity survey to assist with modelling before drill testing of the three most prospective targets in October.”
Re-evaluation of the ABNE 2 drill core by PTR stan independent IOCG specialist consultant confirmed the presence of iron-rich veins and pervasive iron-alteration, associated with brecciation and extension at a high crustal level.
The hydrothermal alteration event is clearly younger than deformed host rocks. This is consistent with classic IOCG alteration in the Olympic province.
A key additional finding is that the host sequences at BigNE comprise fine-grained laminated sedimentary rocks of probable Wallaroo Group equivalent strata that have not been previously recognized in the region.
The Wallaroo Group is the host sequence to numerous IOCG mineralized occurrences in the Olympic province such as at the Prominent Hill Mine, Emmie IOCG, and Winjabbie Prospects. This observation and overprinting iron alteration demonstrates the eastern Mabel Creek Area has upper crustal levels present, which may be critical for the preservation of IOCG mineralization in the area.
Further, geophysical interpretations undertaken by PTR suggest that east of the major Wirracanna structure, more of these higher-level crustal rock sequences may be present. The Wirracanna structure has been previously identified by PTR as having the potential to be a significant pathway for mineralizing fluids.
As a result, PTR has registered two large exploration licence application areas over the newly identified prospective IOCG region. The total area of these new applications is 1,263km2. PTR will undertake tenement wide gravity surveying upon grant of these leases, expected later in the year.
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