PTR MINERALS LTD — Regulatory Filings 2021

Jun 15, 2021

ASX: PTR

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PETRATHERM LIMITED

ACN 106 806 884

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

ASX ANNOUNCEMENT 16 June 2021

Woomera IOCG Project Acquired close to Emmie Bluff Deeps Discovery

Petratherm Limited (“Petratherm” or “the Company”) (ASX: PTR) is pleased to announce that it has secured a prospective ground position, close to Coda Minerals recent Emmie Bluff Deeps Prospect Iron-Oxide Copper-Gold (IOCG) discovery (Refer to Coda Minerals (ASX: COD) 09/06/21 ASX release) near Woomera in South Australia (Figure 1). The new Licence Application (ELA 2021/00066), Woomera Project, covers an approximate 205 km[2] area. Open file historical company reporting additionally record significant historical copper drill intersections from two drill holes just north of the new tenement area (Figure 2).

Drill hole WJD1 drilled by Western Mining, testing a magnetic anomaly in 1980, intersected interpreted IOCG related iron formation strata which returned 62m @ 0.33% Cu from 864m . In 1990, MIM, testing a second magnetic feature (drill hole SAE 11) approximately 2.8 km west-southwest of WJD1 (Figure2) and only 960 metres north of the new tenement application (Figure 2), returned further significant copper mineralisation summarised below:

MIM drill hole SAE11 Significant Copper Intersections:

94m @ 0.21% Cu (interval 1005-1099m)

and,

Including 7m @ 0.48% Cu from 1006m Including 9m @ 0.52% Cu from 1086m 42m @ 0.28% Cu (Interval 1123 - 1165metres) Including 5m @ 1.1% Cu from 1160m

The exploration licence is expected to be granted later in the year and the Company is in the process of reprocessing existing open file magnetic and gravity data to aid determination of initial focus areas for ground operations and to begin Native Title proceedings. The Company is very pleased to be able to secure a significant holding in the Woomera sub-region which is proving very fertile for significant IOCG style mineralisation, with not only the new Emmie Bluff Deeps Discovery, but also includes BHP’s recent Oak Dam West Discovery and OZ Minerals’ newly operating world-class Carrapateena Cu-Au deposit (Figure 1). The Company will provide additional project detail once geophysical modelling has been completed. 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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OAK DAM
(BHP, Cu-Au)
Historical IOCG
Woomera – Defence
Continuous Use Zone Cu Prospects
EMMIE BLUFF DEEPS
Cu Discovery
(Coda Minerals)
CARRAPATEENA
(OZ Minerals,
Cu-Au-Ag)
587 Mt @ 0.7%% Cu,
0.3 g/t Au, 2.9 g/t Ag
Woomera
PETRATHERM
ELA 2021/00066
Figure 1 – Location Map of Petratherm Exploration Licence Application Area’s (ELA 2020/00066), IOCG Mines and
Major IOCG Prospects, overlain on a Reduced to Pole Aeromagnetic Image
WJD1- 62m @ 0.33% Cu (int. 864-926m)
Woomera – Defence
Continuous Use Zone
SAE11- 94m @ 0.21% Cu (int. 1005-1099m)
inc. 7m @ 0.48% Cu from 1006m
inc. 9m @ 0.52% Cu from 1086m
and
42m @ 0.28% Cu (Int. 1123-1165m)
PETRATHERM inc. 5m @ 1.1% Cu from 1160m
ELA 2021/00066
Woomera
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Figure 1 – Location Map of Petratherm Exploration Licence Application Area’s (ELA 2020/00066), IOCG Mines and Major IOCG Prospects, overlain on a Reduced to Pole Aeromagnetic Image

Figure 2 – Significant historical IOCG Style copper intersections adjacent to Petratherm’s Woomera Exploration Licence Application Area (ELA 2021/00066) overlain on a Reduced to Pole Aeromagnetic Image.

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ELA 2021/00061 (Woomera Project) JORC Table 1

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (eg cut channels,	•	The results in this report
techniques	random chips, or specific specialised industry standard measurement tools appropriate to the		are historical and as such details are unknown.
	minerals under investigation, such as down hole	•	Results presented have
	gamma sondes, or handheld XRF instruments, etc.).		been compiled from
	These examples should not be taken as limiting the		historical open-file
	broad meaning of sampling.		company technical reports
	• Include reference to measures taken to ensure		and data.
	sample representivity and the appropriate calibration
	of any measurement tools or systems used.
	• Aspects of the determination of mineralisation that are
	Material to the Public Report.
	• In cases where ‘industry standard’ work has been
	done this would be relatively simple (eg ‘reverse
	circulation drilling was used to obtain 1 m samples
	from which 3 kg was pulverised to produce a 30 g
	charge for fire assay’). In other cases, more
	explanation may be required, such as where there is
	coarse Au that has inherent sampling problems.
	Unusual commodities or mineralisation types (eg
	submarine nodules) may warrant disclosure of
	detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole	•	Previous Drilling includes:
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (eg core diameter, triple or standard tube,		WJD01 and SAE11– drilled by RC Percussion top hole
	depth of diamond tails, face-sampling bit or other		with Diamond coring tail,
	type, whether core is oriented and if so, by what		through the zone of
	method, etc.).		interest.
		•	Results in this Report are
			historical and as such
			additional details are
			unknown.
Drill sample	• Method of recording and assessing core and chip	•	Results in this Report are
recovery	sample recoveries and results assessed. • Measures taken to maximise sample recovery and		historical and as such these details are unknown.
	ensure representative nature of the samples.
	• Whether a relationship exists between sample
	recovery and grade and whether sample bias may
	have occurred due to preferential loss/gain of
	fine/coarse material.
Logging	• Whether core and chip samples have been	•	Results in this Report are
	geologically and geotechnically logged to a level of		historical and as such these
	detail to support appropriate Mineral Resource		details are unknown
	estimation, mining studies and metallurgical studies.
	• Whether logging is qualitative or quantitative in
	nature. Core (or costean, channel, etc.) photography.
	• The total length and percentage of the relevant
	intersections logged.
Sub-	• If core, whether cut or sawn and whether quarter, half	•	Results in this Report are
sampling techniques	or all core taken. • If non-core, whether riffled, tube sampled, rotary split,		historical and as such these details are unknown.

Criteria	JORC Code explanation	Commentary	Commentary
and sample	etc. and whether sampled wet or dry.
preparation	• For all sample types, the nature, quality and appropriateness of the sample preparation technique.
	• Quality control procedures adopted for all sub-
	sampling stages to maximise representivity of
	samples.
	• Measures taken to ensure that the sampling is
	representative of the in-situ material collected,
	including for instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are appropriate to the grain
	size of the material being sampled.
Quality of	• The nature, quality and appropriateness of the	•	Results in this Report are
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		historical and as such these details are unknown.
tests	the analysis including instrument make and model,
	reading times, calibrations factors applied and their
	derivation, etc.
	• Nature of quality control procedures adopted (eg
	standards, blanks, duplicates, external laboratory
	checks) and whether acceptable levels of accuracy (ie
	lack of bias) andprecision have been established.
Verification	• The verification of significant intersections by either	•	The results in this Report
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		are historical and as such these details are unknown.
	and electronic) protocols.
	• Discuss any adjustment to assay data.
Location of	• Accuracy and quality of surveys used to locate drill	•	All collar locations are in
data points	holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral	•	UTM grid (GDA94 Z53). The results in this Report
	Resource estimation.		are historical and as such
	• Specification of the grid system used.		the accuracy of surveying
	• Quality and adequacy of topographic control.		is unknown.
Data	• Data spacing for reporting of Exploration Results.	•	The results in this Report
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	•	are historical and as such these details are unknown. Data spacing is insufficient
	Ore Reserve estimation procedure(s) and		to establish the degree of
	classifications applied.		geological and grade
	• Whether sample compositing has been applied.		continuity required for a
			Mineral Resource
			estimation.
Orientation	• Whether the orientation of sampling achieves	•	The results in this Report
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	•	are historical and as such these details are unknown. The relationship between the drilling orientation and
structure	the orientation of key mineralised structures is		the orientation of any
	considered to have introduced a sampling bias, this		potential mineralised
	should be assessed and reported if material.		structure is unknown.
Sample	• The measures taken to ensure sample security.	•	The results in this Report
security			are historical and as such these details are unknown.

Criteria	JORC Code explanation	Commentary
Audits or	• The results of any audits or reviews of sampling	•The results in this Report
reviews	techniques and data.	are historical and as such
		these details are unknown.

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	•	Petratherm Limited have
	tenement	ownership including agreements or material issues		registered ELA2021/00066
	and land tenure	with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental		(Woomera Project) with the South Australian Department of Energy and
	status	settings.		Mining.
		• The security of the tenure held at the time of reporting	•	The Woomera Project is
		along with any known impediments to obtaining a		located over the Woomera
		licence to operate in the area.		area approximately 500 km
				north-northwest of
				Adelaide, South Australia.
			Native Title Claims:
			•	Kokatha People (Part A)
				SCD 2014/004
			•	No known impediments
				exist.
	Exploration	• Acknowledgment and appraisal of exploration by	•	Previous exploration work
	done by other parties	other parties.		includes regional State Government airborne magnetic and radiometric
				surveying.
			•	UXA Resources Limited
				(2007) completed ground
				gravity surveying at 250 to
				500m spacing.
			•	Oz Minerals (2014)
				completed airborne
				magnetic surveying and
				ground gravity at a 200m
				grid spacing.
	Geology	• Deposit type, geological setting and style of	•	Petratherm is exploring for
		mineralisation.		Iron-Oxide Copper-Gold
				mineralisation. The
				tenement application area
				occurs on the Stuart Shelf
				within the broader Olympic
				Copper Province in 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		historical drill results and hole locations shown
		drill holes:		relative to the tenement
		o easting and northing of the drill hole collar		application boundary in
		o elevation or RL (Reduced Level – elevation above		Figure 2 are presented in
		sea level in metres) of the drill hole collar		the body of the report.
		o dip and azimuth of the hole	•	A tabulation of drill hole
		o down hole length and interception depth		information is considered
		o hole length.		not necessaryas it does

Criteria	JORC Code explanation	Commentary	Commentary
	• If the exclusion of this information is justified on the		not add further material
	basis that the information is not Material and this		information and does not
	exclusion does not detract from the understanding of		detract from the
	the report, the Competent Person should clearly		understanding of the report.
	explain why this is the case.		The historical drill results
			presented do not occur on
			the application licence area
			and act only as a guide as
			to the regionsprospectivity.
Data	• In reporting Exploration Results, weighting averaging	•	The results in this Report
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.	•	are historical and as such these details are unknown. No metal equivalents have
	• Where aggregate intercepts incorporate short lengths		been used.
	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	•	Down hole length has
between	reporting of Exploration Results.		been reported, as true
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		width is not known, as insufficient work has been undertaken to understand the true width of intervals.
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	•	Plan view of regional drill
	tabulations of intercepts should be included for any		collar locations has been
	significant discovery being reported These should		shown in the body of this
	include, but not be limited to a plan view of drill hole		report.
	collar locations and appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration	•	The reporting is
reporting	Results is not practicable, representative reporting of both low and high grades and/or widths should be		considered balanced. This is the first announcement
	practiced to avoid misleading reporting of Exploration		by the Company outlining
	Results.		a new project venture.
Other	• Other exploration data, if meaningful and material,	•	Not applicable – no
substantive	should be reported including (but not limited to):		exploration data is being
exploration data	geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk		reported only historical drilling results.
	density, groundwater, geotechnical and rock
	characteristics; potential deleterious or contaminating
	substances.
Further	• The nature and scale of planned further work (eg	•	A range of exploration
work	tests for lateral extensions or depth extensions or		techniques are being
	large-scale step-out drilling).		considered to progress
	• Diagrams clearly highlighting the areas of possible		exploration including
	extensions, including the main geological		geophysical surveying to
	interpretations and future drilling areas, provided this		aid drill targeting and
	information is not commercially sensitive.		future drilling.