PTR MINERALS LTD — Regulatory Filings 2021

Aug 16, 2021

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PETRATHERM LIMITED

ACN 106 806 884 ASX: PTR

www.petratherm.com.au admin@petratherm.com.au

ASX ANNOUNCEMENT 17 August 2021

Comet Project Update – Infill drill sampling over large DG1 Gold anomaly completed

HIGHLIGHTS

• Shallow infill drilling over the large DG1 Gold Anomaly has been successfully completed, results expected in about 3 weeks’ time

• Granting of a large adjoining land holding, (Gina Project) is imminent and contains the drill Ready Target 14 Gold Prospect.

• Air-core/hammer drilling of gold targets scheduled to start in September

• New Exploration Licence Application expands ground position in the Northern Gawler Craton

Petratherm Limited (ASX: PTR) is pleased to announce it has completed a detailed shallow grid drilling program over the DG1 Gold Anomaly (PTR ASX announcement 09/07/21 for details) on the Comet Project Area, approximately 80 kilometres southwest of Coober Pedy in South Australia. The Comet Project contains prospective Archean strata of the Northern Gawler Craton which hosts numerous gold occurrences such as the Challenger gold deposit (1.1 Moz @ 5.1g/t) and the recent high-grade Aurora Tank Gold discovery (Figure 1).

Petratherm has applied a new exploration methodology, where shallow grid drilling has been undertaken to directly sample the top of the in-situ “saprolite” zone clays that lie below younger transported cover strata that mask the bedrock geochemical response (See PTR ASX release 09/07/21 for further information). The DG1 gold anomaly spans an approximate 2,000 metre by 800 metre area and the infill program comprised 130 shallow holes drilled on an 100m grid array to an average depth of 12 metres (Figure 2). Drill samples have been submitted to ALS laboratories for geochemical analysis with results expected in approximately 3 weeks’ time.

The Company is also pleased to announce, that the granting of the adjoining Gina Tenement Application (ELA 2020/00194), a large 934km[2] holding, is imminent with final Regulation 46 Licence terms accepted. A new exploration licence application ELA2021/00090 has secured additional areas

along the western side of the Comet Project Area (Figure 1). The Gina Tenement Application includes the historical Target 14 Gold Prospect which occurs about 5 kilometres southwest of the new DG1 gold anomaly, and which may be linked along the same structural trend (Figure 1; refer to PTR ASX release 03/12/2020 for further information on Target 14).

Air core/hammer drilling to bedrock of the DG1 Anomaly and Target 14 Areas are scheduled to get underway during September subject to final approvals and rig availability. The Company will also expand its regional Deep Geochemical Gold exploration program over the western portion of the Gina Tenement to search for new gold anomalous areas. The regional work is supported with S.A Government grant funding to a level of $147,500 on a 1 for 1 basis through the Accelerated Discovery Initiative (ADI).

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AURORA TANK COMET
(MARMOTA, Au)
PROSPECT (Au)
EL 6443 DG1 Gold
“Comet” Anomaly
TARGET 14
PROSPECT (Au)
ELA 2020/00194
“Gina”
ELA 2021/00090
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Figure 1 Regional Location Map of Petratherm’s Comet Project (EL6443, ELA2020/00194 and ELA 2021/00090) and gold occurrences overlain on a regional aeromagnetic image

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Figure 2 Geochemical Plan highlighting the DG1 saprolite gold anomaly and location of infill drillholes (green dots) recently completed.

This ASX announcement has been approved by Petrtherm’s Board of Directors and authorised for release by Petratherm’s Chairman Derek Carter.

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 not aware of any new information or data that materially affects the historical exploration results included in this report. Mr Reid is an employee of 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.

EL 6443 (Comet Project) JORC Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

	Criteria	JORC Code explanation	Commentary
	Sampling	• Nature and quality of sampling (eg cut channels,	•130 drill holes were drilled
	techniques	random chips, or specific specialised industry standard measurement tools appropriate to the	to collect samples from the top of the saprolite on 100
		minerals under investigation, such as down hole	metre spacing over the
		gamma sondes, or handheld XRF instruments, etc.).	DG1 Anomaly.
		These examples should not be taken as limiting the	•Samples were collected as
		broad meaning of sampling.	composite intervals from
		• Include reference to measures taken to ensure	one metre drill samples
		sample representivity and the appropriate calibration	stored individually in
		of any measurement tools or systems used.	buckets.
		• Aspects of the determination of mineralisation that are	•Composite samples were
		Material to the Public Report.	collected using a sampling
		• In cases where ‘industry standard’ work has been	tool to collect
		done this would be relatively simple (eg ‘reverse	representative samples
		circulation drilling was used to obtain 1 m samples	from buckets. Composite
		from which 3 kg was pulverised to produce a 30 g	samples were an average
		charge for fire assay’). In other cases more	weight of 2 kg. These
		explanation may be required, such as where there is	samples have been
		coarse Au that has inherent sampling problems.	dispatched for geochemical
		Unusual commodities or mineralisation types (eg	analysis.
		submarine nodules) may warrant disclosure of	•A handheld Garmin 64s
		detailed information.	was used to record the
			location of each drill hole.
			The accuracy of this GPS is
			+/- 3m
	Drilling	• Drill type (eg core, reverse circulation, open-hole	•Drill Method consists of
	techniques	hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (eg core diameter, triple or standard tube,	RAB. Hole diameters are 100 mm
		depth of diamond tails, face-sampling bit or other
		type, whether core is oriented and if so, by what
		_method, etc.). _
	Drill sample	• Method of recording and assessing core and chip	•RAB drilling methods were
	recovery	sample recoveries and results assessed. • Measures taken to maximise sample recovery and	utilised throughout the duration of the program.
		ensure representative nature of the samples.	•Hole diameters are 100mm
		• Whether a relationship exists between sample	•A Geologist was on site for
		recovery and grade and whether sample bias may	every drill hole to ensure
		have occurred due to preferential loss/gain of	that sample recoveries
		fine/coarse material.	were appropriate.
	Logging	• Whether core and chip samples have been	•All samples were
		geologically and geotechnically logged to a level of	geologically logged by the
		detail to support appropriate Mineral Resource	on-site geologist.
		estimation, mining studies and metallurgical studies.	•Geological logging is
		• Whether logging is qualitative or quantitative in	qualitative.
		nature. Core (or costean, channel, etc.) photography.	•Representative chip trays
		• The total length and percentage of the relevant	containing 1 m geological
		intersections logged.	subsamples were collected.
	Sub-	• If core, whether cut or sawn and whether quarter, half	•Samples averaging 2 kg
	sampling techniques	or all core taken. • If non-core, whether riffled, tube sampled, rotary split, _etc. and whether sampled wet or dry. _	were collected for laboratory assay.

Criteria	JORC Code explanation	Commentary	Commentary
and sample	• For all sample types, the nature, quality and	•	It is considered
preparation	appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-		representative samples were collected.
	sampling stages to maximise representivity of	•	Laboratory sample
	samples.		preparation includes drying
	• Measures taken to ensure that the sampling is		and pulverizing of
	representative of the in-situ material collected,		submitted sample to target
	including for instance results for field		of p80 at 75 um.
	duplicate/second-half sampling.	•	Duplicate samples have
	• Whether sample sizes are appropriate to the grain		been introduced into the
	size of the material being sampled.		sample stream by the
			Company.
		•	Standard samples were
			introduced into the sample
			stream by the Company,
			and the laboratory will also
			complete standard assays.
		•	Laboratory analytical
			charge sizes are standard
			sizes and considered
			adequate for the material
			beingassayed.
Quality of	• The nature, quality and appropriateness of the	•	ALS in Perth will be used
assay data and laboratory	assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining		for analytical work. The samples have been dispatched but are yet to analysed. Samples will be
tests	the analysis including instrument make and model,		analysed in the following
	reading times, calibrations factors applied and their		manner:
	derivation, etc.	•	Aqua Regia Digest.
	• Nature of quality control procedures adopted (eg		Analysed by Inductively
	standards, blanks, duplicates, external laboratory		Coupled Plasma Mass
	checks) and whether acceptable levels of accuracy (ie		Spectrometry and
	lack of bias) and precision have been established.		Inductively Coupled
			Plasma-Atomic Emission
			Spectrometer for Au to
			1ppb and 39 other
			elements.
		•	For laboratory samples, the
			Company has introduced
			QA/QC samples at a ratio
			of one QA/QC sample for
			every 50 drill samples. The
			laboratory will introduce
			additional QA/QC samples
			(blanks,standards,checks)
Verification	• The verification of significant intersections by either	•	Not Applicable as no drilling
of sampling and assaying	independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical	•	results have been reported in the release. No twinned holes were drilled in the program.
	and electronic) protocols.	•	No adjustments have been
	• _Discuss any adjustment to assay data. _		made to the assaydata.
Location of	• Accuracy and quality of surveys used to locate drill	•	All maps and locations are
data points	holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral		in UTM grid (GDA94 Z53) and have been measured
	Resource estimation.		byhand-held GPS with a

Criteria	JORC Code explanation	Commentary	Commentary
	• Specification of the grid system used.		lateral accuracy of ±3
	• Quality and adequacy of topographic control.		metres and a vertical
			accuracy±5m.
Data	• Data spacing for reporting of Exploration Results.	•	Drill holes were completed
spacing and distribution	• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and	•	on a 100 metre spaced grid. The data spacing and
	Ore Reserve estimation procedure(s) and		distribution is insufficient to
	classifications applied.		establish the degree of
	• Whether sample compositing has been applied.		geological and grade
			continuity appropriate for a
			JORD mineral resource.
Orientation	• Whether the orientation of sampling achieves	•	No geological information
of data in relation to geological	unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and		regarding orientation of structure was available.
structure	the orientation of key mineralised structures is
	considered to have introduced a sampling bias, this
	should be assessed and reported if material.
Sample	• The measures taken to ensure sample security.	•	Company staff collected all
security		•	laboratory samples. Samples submitted to the
			laboratory were
			transported and delivered
			by Company staff.
Audits or	• The results of any audits or reviews of sampling	•	No audit of data has been
reviews	techniques and data.		completed to date.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

	Criteria	JORC Code explanation	Commentary	Commentary
	Mineral	• Type, reference name/number, location and	•	EL 6443 Comet is located
	tenement	ownership including agreements or material issues		approximately 80km south
	and land tenure	with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental		south-west of Coober Pedy overlapping Ingomar and Commonwealth Hill
	status	settings.		Pastoral Stations.
		• The security of the tenure held at the time of reporting	•	The tenement is located
		along with any known impediments to obtaining a		within the Woomera
		licence to operate in the area.		Prohibited Area (Amber
				Zone) and the Far North
				Prescribed Wells Area.
			•	Native Title Claims:
				SCD2011/001 Antakirinja
				Matu-Yankunytjatjara.
			•	The tenement is in good
				standing and no known
				impediments exist.
	Exploration	• Acknowledgment and appraisal of exploration by	•	Previous exploration work
	done by other parties	other parties.	•	includes; Surface Geochemical Sampling:Calcrete
				Airborne Geophysics:
				Magnetics & Radiometrics.

Criteria	JORC Code explanation	Commentary	Commentary
			Ground Geophysics:
			Magnetics and Gravity.
			Exploration Drilling:202
			Mechanised Auger, 103
			Aircore, 9 Rotary Air, 27
			Reverse Circulation & 3
			Diamond.
Geology	• Deposit type, geological setting and style of	•	Petratherm is primarily
	mineralisation.		exploring for Orogenic Gold
			mineralisation (e.g.
			Challenger-style) within the
			Christie Region of the
			Gawler Craton, South
			Australia.
Drill hole	• A summary of all information material to the	•	The type of drilling
Information	understanding of the exploration results including a tabulation of the following information for all Material		performed, comprised vertical shallow holes to an
	drill holes:		average depth of 12
	o easting and northing of the drill hole collar		metres on a 100m grid.
	o elevation or RL (Reduced Level – elevation above		The drilling is effectively a
	sea level in metres) of the drill hole collar		regional deep auger
	o dip and azimuth of the hole		geochemical sampling
	o down hole length and interception depth		program and as a result
	o hole length.		tabulation of drill hole
	• If the exclusion of this information is justified on the		information is considered
	basis that the information is not Material and this		not necessary as it does
	exclusion does not detract from the understanding of		not add further material
	the report, the Competent Person should clearly		information and does not
	explain why this is the case.		detract from the
			understanding of the
			report.
Data	• In reporting Exploration Results, weighting averaging	•	Not applicable as no drill
aggregation methods	techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.		results have been reported.
	• Where aggregate intercepts incorporate short lengths
	of high grade results and longer lengths of low grade
	results, the procedure used for such aggregation
	should be stated and some typical examples of such
	aggregations should be shown in detail.
	• The assumptions used for any reporting of metal
	equivalent values should be clearly stated.
Relationship	• These relationships are particularly important in the	•	Not applicable as no drill
between	reporting of Exploration Results.		results have been
mineralisati on widths and	• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are		reported.
intercept	reported, there should be a clear statement to this
lengths	effect (eg ‘down hole length, true width not known’).
Diagrams	• Appropriate maps and sections (with scales) and	•	See figures in release
	tabulations of intercepts should be included for any		attached.
	significant discovery being reported These should
	include, but not be limited to a plan view of drill hole
	collar locations and appropriate sectional views.

Criteria	JORC Code explanation	Commentary	Commentary
Balanced	• Where comprehensive reporting of all Exploration	•	Not applicable as no drill
reporting	Results is not practicable, representative reporting of both low and high grades and/or widths should be		results have been reported.
	practiced to avoid misleading reporting of Exploration
	Results.
Other	• Other exploration data, if meaningful and material,	•	See attached ASX
substantive	should be reported including (but not limited to):		Release. Geological
exploration data	geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk		observations are included in that report.
	density, groundwater, geotechnical and rock
	characteristics; potential deleterious or contaminating
	substances.
Further	• The nature and scale of planned further work (eg	•	See attached release.
work	tests for lateral extensions or depth extensions or
	large-scale step-out drilling).
	• Diagrams clearly highlighting the areas of possible
	extensions, including the main geological
	interpretations and future drilling areas, provided this
	information is not commercially sensitive.