Petratherm : Comet Project Update - Drilling Upgrades Gold Anomalies

PETRATHERM LIMITED

ACN 106 806 884

ASX: PTR

only						www.petratherm.com.au
				[e-mail]
ASX ANNOUNCEMENT
4/02/2022
		Comet Project Update - Drilling Upgrades Gold Anomalies
HIGHLIGHTS
use	 Regional and Infill RAB drilling completed during November and December 2021 has upgraded and expanded
	two gold anomalies in the Comet Project Area.
personal	 A mineralised gold system has been identified at Target 14 Prospect and is open in multiple directions
	requiring drill follow-up
	Infill shallow RAB sampling at "Anomaly A" returned additional highly anomalous gold and is open in
		multiple directions.
		AURORA TANK		COMET
		(MARMOTA, Au)		PROSPECT (Au)
			EL 6443
		CHALLENGER		Anomaly A (Au)
	1.1 Moz @ 5.1 g/t Au
		TARGET 14
		PROSPECT (Au)
For					EL6633

Figure 1- Regional Location Map of Petratherm's Comet Project (comprising EL6443 and EL 6633) and gold

occurrences overlain on a regional aeromagnetic image

Petratherm Limited ("Petratherm" or "the Company") (ASX: PTR) is pleased to announce results from regional and infill drilling campaigns completed during November and December 2021 (refer to PTR 31/01/22 ASX release) has upgraded and expanded two gold anomalies. At Target 14 Prospect initial reconnaissance style drilling identified a

mineralised gold envelope within weathered basement and is open in multiple directions and at depth. Follow up additional shallow RAB sampling at "Anomaly A" has confirmed highly anomalous gold and is open in multiple directions. A summary of key findings is presented below.

onlyTarget 14

At Target 14, 18 angled air core / RC drill holes for a total of 1,061 metres were completed in December 2021. Average hole depth was 60 metres (down hole), with holes at an 80-metre spacing. The prospect is blanketed by 10 to 20 metres of transported cover sediment, before passing into the weathered basement saprolitic profile, with fresher basement rock starting from approximately 40 metres down hole depth. A widespread anomalous gold blanket has been defined across the drill area.

Drill hole 21T14RC05 located on the northern edge of the grid returned the highest level of gold anomalism recording:

• 20 metres @ 0.13 g/t Au from 16 to 36 metres (down hole)

useThe drill intersection forms part of a broader zoned system, which is open to the north-northeast, and at depth to the

south-southwest. Figures 2 and 3 show a 3D modelling of Target 14 drilling with transparent gold iso-surfaces used to

highlight the blanket of gold anomalism in the saprolite. The diagrams show a zoned gold anomalism exists providing

a vector towards better mineralisation. An outer yellow shell being between 10-15 ppb Au and the second deeper gold

shell ranging from 50 to 100 ppb Au is displayed. Additional follow up holes are planned to evaluate if the gold zone
personalFor
encountered marks the edge of potentially more significant mineralisation.
		Gold Anomalism
			10	- 15 ppb
			50	- 100 ppb

Figure 2 - 3D model of gold shells in saprolite at Target 14 looking north.

The Company will undertake infill shallow RAB drilling at both Target 14 and Prospect A as soon as rig becomes available, which at this stage is likely to be at the end of February. In addition to these infill works, RC Drill testing of the Comet Gold shoot which features historic gold intercepts of up to 6.97 g/t Au (refer to PTR ASX release 30/10/20) is scheduled to start from late February. The RC drilling will test shoot positions along trend and at both shallower and deeper extensions to that currently known.

• Drill Hole 737 - 3 metres @ 23 ppb Au, from 24 metres

• Drill Hole 738 - 4 metres @ 23 ppb Au, from 23 metres

• Drill Hole 733 - 8 metres @ 9.5 ppb Au, from 21 metres

• Drill Hole 736 - 3 metres @ 9 ppb Au, from 18 metres

Figure 3 - 3D model of gold shells at Target 14 looking east.

50 - 100 ppb

onlyuse

personalAnomaly A

The gold in saprolite anomaly, referred to as "Anomaly A" is shown in Figure 4. In December shallow vertical RAB Infill drilling was completed on a 100-metrespaced grid around the single point gold anomaly (original sample returned 3 metres @17 ppb Au from 18-21metres) as part of a much larger regional and infill sampling program. The infill RAB sampling has both upgraded and expanded the anomaly returning sample results of:

ForThe multi-pointanomaly is coherent, extends over 200 metres and is open along trend. Additional shallow RAB sampling will now be undertaken to map the extent of this anomaly before drill testing. Significant gold occurrences in the region such as the Challenger gold deposit (1.1 Moz @ 5.1g/t) and the recent high-gradeAurora Tank Gold discovery (Figure 1), form discrete, steeply inclined gold shoots. The near surface gold dispersion haloes preserved in the weathered basement at the top of these shoots typically have a small surrounding footprint (i.e. Figure 5). The anomalies encountered at both Target 14 and Anomaly A are consistent with this style of mineralisation and further drill test work is warranted.

Gold Anomalism 10 - 15 ppb

For personal use only

Figure 4 - Gold in Saprolite Anomaly on EL 6633 "Anomaly A"

Figure 5 - Challenger Gold drillhole cross-section 3475E (source MESA Journal 4, Jan 1997). Section highlights

discrete gold in saprolite halo surrounding primary steeply inclined gold shoot.

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 onlymaterially 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.

EL 6443 & EL 6633 (Comet Project) JORC Table 1

	Section 1 Sampling Techniques and Data
use
	(Criteria in this section apply to all succeeding sections.)
	Criteria	JORC Code explanation	Commentary
	Sampling	• Nature and quality of sampling (eg cut channels, random	• A total of 993 drill holes
	techniques	chips, or specific specialised industry standard	have been drilled to collect
		measurement tools appropriate to the minerals under	samples from the top of the
personal	investigation, such as down hole gamma sondes, or	saprolite on approx. 400m
handheld XRF instruments, etc.). These examples should	spacing. Infill sampling has
not be taken as limiting the broad meaning of sampling.	also been completed at
		• Include reference to measures taken to ensure sample	select locations at approx.
		representivity and the appropriate calibration of any	100 metre spacings. At
		measurement tools or systems used.	Target 14 drillholes were
		• Aspects of the determination of mineralisation that are	approx. 80m spacings.
		Material to the Public Report.	• During the ADI program
		• In cases where 'industry standard' work has been done this	samples were collected as
		would be relatively simple (eg 'reverse circulation drilling	composite intervals from
		was used to obtain 1 m samples from which 3 kg was	one metre drill samples
		pulverised to produce a 30 g charge for fire assay'). In other	stored individually in
		cases more explanation may be required, such as where	buckets. At Target 14
		there is coarse Au that has inherent sampling problems.	samples were collected in
		Unusual commodities or mineralisation types (eg	green plastic RC bags at
		submarine nodules) may warrant disclosure of detailed	one metre intervals.
		information.	• Composite samples were
			collected using a "spear"
For		tool to collect
	representative samples
	from buckets and RC bags.
			Composite samples were
			an average weight of 2 kg.
			A handheld Garmin 64s
			was used to record the
			location of each drill hole.
			The accuracy of this GPS is
			+/- 3m
	Drilling	• Drill type (eg core, reverse circulation, open-hole hammer,	• Drill Method consists of
	techniques	rotary air blast, auger, Bangka, sonic, etc.) and details (eg	RAB. Hole diameters are
		core diameter, triple or standard tube, depth of diamond	100 mm. AT Target 14 the
		tails, face-sampling bit or other type, whether core is	drill method was a
		oriented and if so, by what method, etc.).	combination of Air core
			and RC drilling. Drillhole