In August of 2021, Petratherm was granted a large exploration license covering 934 km2 (EL 6633 “Gina”) which co-joins Petratherm’s existing Comet Gold Project (EL 6443). On the eastern side of the newly granted Gina Tenement the basement terrain is down faulted by a series of major northwest trending faults forming a sub-basin (trough) with the opposite eastern up faulted edge defined by the Mt Woods Inlier (Figure 1). Perched on the eastern faulted edge of the sub-basin, the world-class Prominent Hill Cu-Au deposit occurs (178 Mt @ 1.1% Cu, 0.7 g/t Au, 2.7 g/t Ag).
Petratherm postulate that these major extensional fault systems and associated major transfer faults and splays, are critical to the localisation of Iron-Oxide Copper-Gold (IOCG) style mineralisation and that the western edge of this faulted sub-basin may also be prospective for IOCG’s. Several regional gravity anomalies are evident from the open file South Australian Geological Survey data (Figure 1) potentially indicating IOCG style alteration/mineralisation. The Company will undertake a regional and infill gravity survey over these prospective regional gravity targets to see if they may represent potential IOCG style mineral accumulations. Gravity survey work is scheduled to occur early in the 2022 calendar period.