Exploring for copper and gold

Mabel Creek Iron-Oxide Copper-Gold Project

The Mabel Creek Project, 50 kilometres northeast of Coober Pedy in South Australia is prospective for Iron-Oxide Copper-Gold (IOCG) and Broken Hill Type (BHT) lead-zinc-silver (Pb-Zn-Ag) mineralisation. Petratherm has a large ground position with four tenements (EL’s 6332, 6333, 6404 & 6405) totalling 2,852 km2 (Figure 1). Drilling to date has identified two areas (Areas 5 and 13) showing IOCG style hydrothermal alteration (refer to PTR ASX release 27/07/21).

Petrological analysis of the drill core from drilling completed in June 2021 identified granitoids which are strongly iron and light rare-earth enriched, highlighting the fertility of these target areas for iron-rich hydrothermal activity. Low levels of copper anomalism have been found to occur in flanking positions on the edges of the main gravity anomaly features at Area 5 and Area 13.

The Mabel Creek Area may represent a deeper, higher temperature crustal environment, where Iron-Sulphide Copper-Gold (ISCG) systems, a variant of IOCG deposits may be more likely to occur. ISCG ore deposits are increasingly being recognized for their potential economic importance most notably in the Cloncurry region of Queensland (i.e. Eloise Mine 10 Mt at 3.2 % Cu and 0.7 g/t Au). At Mabel Creek, the surrounding meta sedimentary rock sequences are comparable in age and lithology to the Broken Hill region. Petratherm’s drilling has encountered magnetic stratigraphy which include banded iron formation, amphibolite, garnet gneiss, and narrow zones of visible lead and zinc mineralisation like that typically encountered at Broken Hill. Both BHT’s and ISCG’s have been demonstrated to be conductive and amenable to Electromagnetic (EM) targeting methods.

Petratherm is considering undertaking high powered SQUID EM surveying, which has been shown to detect conductive zones, below thick (100m to 200m) conductive cover potentially indicating high concentrations of sulphide. This work is likely to be undertaken during the first half of 2022 calendar period.

Mabel Creek