Petratherm Limited announced that it has been successful though a competitive bid process to be the preferred applicant for ELA 2019/122 (Comet Project). The tenement is located within the northern Gawler Craton of South Australia, which hosts numerous significant, gold occurrences, including the Challenger deposit, which has a recorded historical production of 1.1 million ounces at an average grade of 5.1 g/t. The tenement includes the Comet Gold Prospect, discovered using regional calcrete soil geochemistry in the mid 1990's during the Gawler Craton Gold Boom. The prospect was initially shallow RAB drill tested and then two small RC drill campaigns followed testing anomalous gold areas identified from the RAB drilling. The RC drilling identified a continuous zone of gold intersections, over at least 150 metres of strike, and remains open to the north, south and at depth. Best historical drill intercepts (not true width) include: CM023C ­ 12m @ 1.0 g/t Au from 56m to then end of hole. CM030C ­ 28m @ 0.4 g/t Au from 48m. RCCM1 ­ 16m @ 1.9 g/t Au from 28m and 8m @ 0.7 g/t Au from 48m Inc. 2m @ 6.17 g/t Au from 30m. RCCM5 ­ 4m @ 3.75 g/t Au from 36m Inc. 1m @ 6.97 g/t Au from 39m. RCCM7 ­ 12m @ 0.53 g/t Au from 72m Inc. 1m @ 4.6 g/t Au from 82 m. Upon granting of the tenement, follow up drill testing of the Comet Prospect will be a priority. The company has an existing Native Title Mining Agreement in place with the Native Title Owners and anticipates a future drilling approval could be achieved quickly, soon after grant of the Licence. The Northern Gawler Craton is mostly blanketed by a veneer of shallow younger cover sediment and has undergone a complex weathering history. This has proved an impediment to exploration over large areas by effectively masking any mineralization, which may occur in the older basement rock just below the ground surface. The original gold exploration drive in 1990's over the Gawler Craton, relied heavily on surface geochemical sampling methods for drill targeting. Subsequent research by Government Agencies, Universities and Industry, have highlighted its limitations as a targeting tool in many regions of thickened, deeply weathered or transported cover. The company intends re-evaluate areas that may have been prematurely down-graded based on ineffective historical surface soil geochemistry and will apply other exploration methods to target gold and other metals over the broader tenement area. This work will include some surface geochemical methods, where the cover-type is suitable, but will also target potential structural /magnetic target sites undercover via regional based, shallow RAB drilling to identify prospective mineralized zones.