PTR MINERALS LTD — Interim / Quarterly Report 2018

Jul 30, 2018

PETRATHERM LIMITED

ABN 17 106 806 884

Level 1, 169 Fullarton Road Dulwich SA 5065 T: +61 8 8133 5000 W: www.petratherm.com.au E: admin@petratherm.com.au

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ASX ANNOUNCEMENT 31 July 2018

Quarterly Activities Statement – June 2018

Summary

• The company held $4,631,126 cash at the end of the quarter;

• Initial ground exploration activities underway

• Search for new high value mineral projects

Review of Operations

During the quarter, Petratherm Limited (“the Company/ Petratherm”) had administration costs of $71,671 primarily relating to reporting & compliance, office costs and directors’ fees. The Company held $4,631,126 cash at the end of the quarter. The reinstatement of the Company’s Shares to official quotation occurred on 17 April 2018.

The Company’s exploration projects, Corunna and Walparuta, are located in two distinct geological provinces of South Australia, the Gawler Craton and Curnamona Province respectively (Figure 1). Details of the Corunna and Walparuta Project tenements are presented in the table below.

The Corunna Project (EL5497) is considered by the Company to be prospective for epithermal-style silver-lead-zinc and lead-zinc-silver skarn/carbonate replacement bodies, which are linked to the Hiltaba aged magmatism (Figure 2) in the region. There is also significant outcropping Corunna Conglomerate in the project area, which is considered prospective for unconformity related uranium mineralisation.

The Walparuta Project (EL’s 5306 & 5717) is considered by the Company to be prospective for a range of deposit types and styles (Figure 3). The main exploration focus is Broken Hill Type lead-zinc-silver, and various styles of copper-gold mineralisation including: shear hosted, magnetite skarn, and strataform/stratabound mineralisation. There is in addition recognised potential for cobalt associated with copper-gold mineralisation, and within pegmatites that occur across the basement inlier, lithium, rare-earth minerals, uranium and phosphate.

Table 1 Petratherm Project Tenements

Project	Tenement Name	Licence Nos.	Area **(Km2) **	Status	Grant Date	Expiry Date
Corunna Project	Corunna North	EL 5497	260	Granted	13/10/2014	12/10/2018
	Gilles Downs	ELA 2017/250	721	Application	TBA	TBA
Walparuta Project	Whey Whey Creek	EL 5306	26	Granted	18/07/2013	17/07/2018
	Walparuta	EL 5717	52	Granted	21/06/2015	20/06/2019

Following landholder approval, field operations began on the Walparuta Project tenements in June, with reconnaissance rock chip sampling of historic mineral prospect sites and of pegmatite bodies. Samples have been sent to Bureau Veritas Minerals for geochemical analysis and results are expected during the September quarter.

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At the Corunna Project, initial field reconnaissance mapping and sampling was undertaken in early July just after the current reporting period. A ground magnetic survey is planned for August to aid mapping beneath the shallow cover potential faults and zones of epithermal alteration at the Area 1 Prospect, which limited historical shallow drilling returned anomalous silver-lead-zinc mineralisation (refer to PTR 15 Dec 2017 ASX release). This work will be followed by aircore drill testing scheduled for September 2018, subject to rig availability.

In addition to the current exploration activities, the Company is reviewing other mineral opportunities and undertaking generative work to find new projects with high growth potential. This work is in its early stages and is ongoing.

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Figure 1 Petratherm tenements and outline of geological provinces

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AREA 1
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Figure 2 Corunna Project solid geology, tenements and prospect locations.

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Figure 3 Walparuta Project solid geology, tenements and prospect locations.

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Donald Stephens Director

For further information please contact:

Derek Carter Chairman Tel: (08) 8111 4000

Competent Persons Statement: The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Peter Reid, who is a Competent Person, and a Member of the Australian Institute of Geoscientists. Mr Reid is a contractor to Petratherm Ltd. Mr Reid has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Reid consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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