PTR MINERALS LTD — Regulatory Filings 2021

Mar 2, 2021

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PETRATHERM LIMITED

ACN 106 806 884 ASX: PTR

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

ASX ANNOUNCEMENT 03 March 2021

Drilling Operations Update - Mabel Creek Project

HIGHLIGHTS

• Drilling operations scheduled to start next week.

• 4 targets to be drill tested for Olympic Dam Style Copper-Gold, with provision to test additional targets dependent on findings.

• Drilling will include follow up testing at the Area 5 target where pervasive Olympic Dam Style Copper-Gold alteration was encountered.

Petratherm is pleased to announce that the drilling operations at the Company’s Mabel Creek Project, 50 kilometres northeast of Coober Pedy in South Australia are scheduled to get underway next week. The drill program will test 4 gravity/magnetic targets for Iron-Oxide Copper-Gold (IOCG, or Olympic Dam Style Copper-Gold) mineralisation with provision to drill additional targets subject to early findings. The drilling operations are likely to continue through to the end of April.

The Mabel Creek Ridge is prospective for IOCG and related magnetite skarn copper and high value rare earths. Petratherm has a large ground position with four tenements (EL’s 6332, 6333, 6404 & 6405) totalling 2,852 km[2] (Figure 1). First pass drilling at Mabel Creek in March 2020 encountered pervasive IOCG alteration at the Company’s Area 5 gravity target (Figure 1, refer to PTR ASX release 30/07/20) demonstrating the regions fertility for this style of mineralisation.

Targets to be tested include:

• Area 5 – Target T5-02 - an intensely magnetic body adjacent to the MCDA5-01 drillhole which has an orientation at a high angle to most of the magnetic trends shown (T5-02 target, Figure 3) possibly indicating a favourable structural opening for mineralisation to focus. Target depth 400 metres.

• Area 5 – Target T5-03 - a prominent residual gravity high, within the broader strong 7mGal Area 5 Anomaly, and which also shows a low order magnetic anomaly (Figure 4). Target depth 400 metres.

• Area 13 – Target T13-01 – A strong gravity anomaly of approximately 6 milligals (Figure 5), situated along the faulted edge of the Mabel Creek Ridge (Figure 2). Target depth 500 metres.

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• Area 15 – Target T15-01 - A discrete, combined magnetic and gravity, anomaly (Figure 6) located along a NNW trending structure (fault) and which occurs on the fringe of a broader zone of increased magnetic intensity. Modelled depth to target is 420 metres.

Each of the Target Areas, have secondary drill targets that may be drill tested subject to early findings. The Company looks forward to the drilling operations getting underway. The exploration works mark the start of an active period for the Company, as regional gold exploration drilling at the Company’s Comet Project (Figure 1) are also scheduled to get underway in the next few weeks. Further information on the Comet Operations will be provided shortly.

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MABEL CREEK PROJECT
TENEMENTS (Cu-Au)
Area 5 Prospect
(IOCG Alteration)
CADI PROSPECT
(Cu-REE )
CAIRN HILL
(CU River Mining, Fe-Cu-Au)
11 Mt @ 49.5% Fe
0.4 % Cu, 0.1 g/t Au
COMET PROJECT
TENEMENTS (Au)
COMET PROSPECT
AURORA TANK (Au)
(MARMOTA, Au)
TARGET 14 PROSPECT
(Au)
CHALLENGER
1.1 Moz @ 5.1 g/t Au
PROMINENT HILL
(OZ Minerals, Fe-Cu-Au)
178 Mt @ 1.1% Cu,
0.7 g/t Au, 2.7 g/t Ag
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Figure 1 Regional Location Map showing Petratherm’s South Australian Project Holdings, with major mines and key prospects in the area overlain on a Regional Aeromagnetic Image

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N
AREA 15
AREA 13
AREA 5
MAJOR STRUCTURAL
TRENDS CADI PROSPECT
(Cu-REE )
20 KM
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Figure 2 - Total magnetic intensity image of the Eastern Mabel Creek Area, showing drill prospect locations and major NW and NE trending crustal faults that may be important in localising IOCG style mineralisation.

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T5-04 T5-04
T5-02
T5-02
Zone of
Remnant
T5-03 magnetization
T5-03
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Figure 3 – Area 5 Vertical Gradient Magnetic Image (left) and a Vector Residual Magnetic Intensity (VRMI) Image (right) showing possible magnetic remanence feature on eastern side of the T5-02 target (circled). This may represent a zone of remanent magnetisation of hematite. Magnetic Remanence effects are a common feature of IOCG mineralised systems. Proposed Drill Collars shown (red dots).

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T5-04
T5-02
MCDA5-01
T5-04 T5-03
T5-03
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Figure 4– Area 5 Bouguer Gravity Image and residual gravity contours. Note residual gravity anomalies profiled on the gravity cross section. T5-03 will be drilled first with provision to also test the T5-04 anomaly subject to early results.

Figure 5 Bouguer Gravity Image of the Area 13 Gravity Anomaly

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T13-01
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N
T15-01
T15-02
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Figure 6 Area 15 gradient gravity contours overlain on gradient aeromagnetic image. Gravity contours define target centres (preferred drill collar positions shown - yellow dots) partially overlapping magnetic features. Depth to top of body is modelled at approximately 420 metres.

For further information, please contact:

Peter Reid, Exploration Manager, Tel: (08) 8133 5000

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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