PTR MINERALS LTD — Regulatory Filings 2021

Jul 8, 2021

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PETRATHERM LIMITED

ACN 106 806 884 ASX: PTR

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

ASX ANNOUNCEMENT 9 July 2021

Comet Project – Regional shallow drilling program identifies a large new gold anomalous area

HIGHLIGHTS

• Stage 1 - Regional gold exploration program identifies significant new gold anomaly covering an area of approximately 2,000 metres by 800 metres.

• Infill sampling to get underway in 3 weeks, with follow-up drill testing of this target, Comet, and Target 14 Gold Prospects in the coming months

Petratherm Limited (“Petratherm” or “the Company”) (ASX: PTR) is pleased to provide a summary of findings from its regional geochemical gold exploration program at the Comet Project, 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 is located 30 km east from the recent high-grade Aurora Tank Gold discovery (Figure 1).

The survey has identified a significant new coherent gold anomalous occurrence (DG1) spanning an approximate 2,000 metre by 800 metre area (Figure 2), warranting immediate follow-up.

Historical surface geochemical sampling exploration techniques in the region have been severely impeded by shallow cover strata which masks most of the prospective basement rock geochemical response. To overcome this issue, Petratherm applied a new exploration methodology, where regional scale (400 metre by 400 metre) shallow grid drilling has been undertaken to directly sample the top of the in-situ “saprolite” zone clays (deeply weathered basement rock which has been chemically decomposed to clay) below younger transported cover strata (refer to PTR ASX release 28/05/21 for program background). In most areas over the tenement the top of saprolite zone occurs between 5 and 15 metres depth and shallow drilling was undertaken using a light weight and cost effective, land cruiser mounted air core drill rig.

The saprolite sampling program has proved effective, with early findings indicating sampling provides geochemical data with high level of precision (low noise), eliminates superficial anomalies contained in the transported cover sediment, and most critically provides direct geochemical screening of the prospective basement rock.

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The new assay results for the DG1 gold anomalous area has yielded gold in saprolite up to 33 ppb (on a 400m grid). For comparison, the gold in saprolite above primary gold mineralisation at the Comet Gold Prospect 5 km to the northwest ranged between 7 to 51 ppb (including all detailed in-fill RAB drill sampling down to a 50m grid size ). Bedrock drilling below the saprolite anomaly at Comet Prospect has yielded multiple high gold intercepts of up to 6.97 g/t Au (refer to PTR ASX release 30/10/20 for summary of significant gold intercepts).

The Company has engaged McLeod Drilling to undertake infill sampling over the new prospective zone and this work is scheduled to start in approximately 3 weeks time and will take about 1 week to complete.

The Company was recently awarded S.A Government grant funding to a level of $147,500 on a 1 for 1 basis through the Accelerated Discovery Initiative (ADI) to assist the Company’s Deep Geochemical Gold exploration for the Comet Project Area (PTR ASX release 21/05/21). A small portion of this grant will be used to co-fund the upcoming infill sampling work, with the majority to be spent on regional and infill sampling on the adjoining tenement application area (ELA 2020/0194, “Gina Project”). An initial focus area for the Company on the adjoining Gina Project Area includes the historical Target 14 Gold Prospect (refer to PTR ASX release 03/12/2020) which occurs about 5km SW of the new gold anomalous area, and which may be along the same structural trend (Figure 1).

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COMET
AURORA TANK
(MARMOTA, Au) PROSPECT (Au)
EL 6443
New Gold
CHALLENGER Anomalous area
1.1 Moz @ 5.1 g/t Au TARGET 14 (Au)
PROSPECT (Au)
ELA 2020/0194
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Figure 1 Regional Location Map of Petratherm’s Comet Project (comprising EL6443 and ELA 2020/0194) and gold occurrences overlain on a regional aeromagnetic image

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Figure 2 Geochemical Plan highlighting the DG1 Saprolite gold anomaly

This ASX announcement has been approved by Petratherm’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.

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ELA 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,	•459 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 400
		minerals under investigation, such as down hole	metre spacing across EL
		gamma sondes, or handheld XRF instruments, etc.).	6443.
		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 which were
		explanation may be required, such as where there is	pulverized to produce sub
		coarse Au that has inherent sampling problems.	samples for lab assay
		Unusual commodities or mineralisation types (eg	(samples pulverized to
		submarine nodules) may warrant disclosure of	produce a 25 g sample for
		detailed information.	Aqua Regia Digest and
			analysed by Inductively
			Coupled Mass
			Spectrometry and
			Inductively Coupled Plasma
			Optical (Atomic) Emission
			Spectrometry). Only
			laboratory assay results
			were used to compile the
			results that appears in the
			report.
			•A handheld Garmin 64s
			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,	Aircore and RAB Drilling, 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	•Both Air core and RAB
	recovery	sample recoveries and results assessed. • Measures taken to maximise sample recovery and	drilling methods were utilised throughout the
		ensure representative nature of the samples.	duration of the program.
		• Whether a relationship exists between sample	•Hole diameters are 100mm
		recovery and grade and whether sample bias may	•A Geologist was on site for
		have occurred due to preferential loss/gain of	every drill hole to ensure
		fine/coarse material.	that sample recoveries
			were appropriate.

Criteria	JORC Code explanation	Commentary
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.
		•100% of any reported
		intersections in this
		announcement have had
		geological logging
		completed.
Sub-	• If core, whether cut or sawn and whether quarter, half	•Samples averaging 2 kg
sampling techniques and sample preparation	or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique.	were collected for laboratory assay. •It is considered representative samples were collected.
	• Quality control procedures adopted for all sub-	•Laboratory sample
	sampling stages to maximise representivity of	preparation includes drying
	samples.	and pulverizing of
	• Measures taken to ensure that the sampling is	submitted sample to target
	representative of the in-situ material collected,	of p80 at 75 um.
	including for instance results for field	•No samples checked for
	duplicate/second-half sampling.	size after pulverizing failed
	• Whether sample sizes are appropriate to the grain	to meet sizing target in the
	size of the material being sampled.	sample batches relevant to
		the report.
		•Duplicate samples were
		introduced into the sample
		stream by the Company,
		while the laboratory
		completed repeat assays
		on various samples.
		•Standard samples were
		introduced into the sample
		stream by the Company,
		while the laboratory
		completed standard assays
		also.
		•Both Company and
		laboratory introduced
		duplicate samples indicate
		acceptable analytical
		accuracy and precision.
		•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 was used for
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	analytical work. Samples were analysed in the following manner: •Aqua Regia Digest.
tests	the analysis including instrument make and model,	Analysed by Inductively

Criteria	JORC Code explanation	Commentary	Commentary
	reading times, calibrations factors applied and their		Coupled Plasma Mass
	derivation, etc.		Spectrometry and
	• Nature of quality control procedures adopted (eg		Inductively Coupled
	standards, blanks, duplicates, external laboratory		Plasma-Atomic Emission
	checks) and whether acceptable levels of accuracy (ie		Spectrometer for Au to
	lack of bias) and precision have been established.		1ppb and 39 other
			elements.
		•	For laboratory samples, the
			Company introduced
			QA/QC samples at a ratio
			of one QA/QC sample for
			every 50 drill samples. The
			laboratory introduced
			additional QA/QC samples
			(blanks, standards, checks)
		•	Both the Company
			introduced, and laboratory
			introduced QA/QC samples
			indicate acceptable levels
			of accuracy and precision
			have been established.
Verification	• The verification of significant intersections by either	•	A Company geologist has
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		checked the calculation of the quoted intersections in addition to the Competent Person.
	and electronic) protocols.	•	No twinned holes were
	• Discuss any adjustment to assay data.		drilled in the program.
		•	No adjustments have been
			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.		by hand-held GPS with a
	• 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 400 metres 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

Criteria	JORC Code explanation	Commentary	Commentary
			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	Section 2 Reporting of Exploration Results	Section 2 Reporting of Exploration Results
(Criteria listedin the preceding section alsoapplytothis section.)
	Criteria	JORC Code explanation	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 done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• •	Previous exploration work includes; Surface Geochemical Sampling:Calcrete
				Airborne Geophysics:
				Magnetics & Radiometrics.
				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	•	A summary of material
	Information	understanding of the exploration results including a tabulation of the following information for all Material		geochemical drill results and sample locations
		drill holes:		shown in Figure 2 are
		o easting and northing of the drill hole collar		presented in the body of
		o elevation or RL (Reduced Level – elevation above		the report.
		sea level in metres) of the drill hole collar
		o dip and azimuth of the hole	•	The type of drilling
		o down hole length and interception depth		performed,comprised

Criteria	JORC Code explanation	Commentary	Commentary
	o hole length.		vertical shallow holes to an
	• If the exclusion of this information is justified on the		average depth of 12
	basis that the information is not Material and this		metres on a 400m grid.
	exclusion does not detract from the understanding of		The drilling is effectively a
	the report, the Competent Person should clearly		regional deep auger
	explain why this is the case.		geochemical sampling
			program and as a result
			tabulation of drill hole
			information is considered
			not necessary as it does
			not add further material
			information and does not
			detract from the
			understanding of the
			report.
Data	• In reporting Exploration Results, weighting averaging	•	The results reported are the
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.		true values of composite samples as received by ALS.
	• Where aggregate intercepts incorporate short lengths	•	Sample results have not
	of high grade results and longer lengths of low grade		been aggregated for the
	results, the procedure used for such aggregation		purposes of reporting
	should be stated and some typical examples of such		interval lengths or average
	aggregations should be shown in detail.		grades.
	• The assumptions used for any reporting of metal	•	No metal equivalents are
	equivalent values should be clearly stated.		reported.
Relationship	• These relationships are particularly important in the	•	Drill coverage is not
between	reporting of Exploration Results.		currently considered
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		sufficient to establish true widths due to uncertainty regarding mineralisation dip and strike.
intercept	reported, there should be a clear statement to this	•	Mineralisation
lengths	effect (eg ‘down hole length, true width not known’).		intersections are downhole lengths; true width is
			unknown.
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.
Balanced	• Where comprehensive reporting of all Exploration	•	An assessment of drilling
reporting	Results is not practicable, representative reporting of both low and high grades and/or widths should be		data has been completed and based of the data set
	practiced to avoid misleading reporting of Exploration		any gold value of greater
	Results.		than 4 ppb Au is
			determined to be
			anomalous.
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.

Criteria	JORC Code explanation	Commentary
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.