Comet
Rare Earth Project

The Comet Project holds a significant ground position totaling 1,915km² in the Northern Gawler Craton of South Australia. It is historically noted for numerous gold occurrences, however in April 2022, the Company reported significant intercepts of Rare Earth Elements (REE) hosted in clays following a program of greenfield regional RAB drilling.

Exploration to date has defined two key prospects, Meteor and Artemis REE Prospect, with a recently completed aircore (AC) drill campaign totaling 62 AC holes for 2,900m targeting extensions to the Artemis Prospect and other high priority targets. Assay results are anticipated for the end of July, with a second follow up phase of drilling to planned once results are received and evaluated.

Meteor REE Prospect

Drilling has uncovered a major high-grade REE at the Meteor Prospect at shallow depth containing substantial thicknesses of mineralisation. The Meteor Prospect is characterised by a high-grade blanket of mineralisation over 2,000 ppm TREO.

REE mineralisation starts from a depth of 3 to 6 metres and the average intercept thickness is 11.5 metres across the prospect. The average TREO intercept grade is 936 ppm, which includes 242 ppm MREO (26% of TREO).

The prospect area is approximately 2 kilometres by 1 kilometre and remains open in several directions. Due to the shallow nature of mineralisation, there is potential for low-cost favourable free dig mining methods. PTR has begun beneficiation trials to increase head grade with leach optimisation work to follow.

Artemis REE Prospect

The Artemis Prospect REE mineralisation typically starts from a depth of 9 to 15 metres and the average intercept thickness is 17 metres across the prospect. The average TREO intercept grade is 973 ppm, which includes 222 ppm Magnet Rare Earth Oxide (MREO) (23% of TREO). The prospect area is approximately 1.5 kilometres by 800 metres and is open laterally in all directions. Follow up drilling has been completed with results expected by end of July.