Petratherm Limited has received geochemical assays for 2 of the 5 holes drilled and completed geological and detailed XRF geochemical analysis of all the holes from its recent Mabel Creek Drilling Operations, 50 kilometres northeast of Coober Pedy in South Australia. The Mabel Creek Ridge is considered prospective for Iron-Oxide Copper-Gold (IOCG) mineralised systems and related magnetite skarn copper and high value rare-earths. Previous limited drilling at Mabel Creek by Petratherm in March 2020 encountered evidence for IOCG alteration at the Company's Area 5 gravity target. This recent second round of drilling has successfully tested 5 gravity/magnetic anomalies, each with a single hole to targeted depths. Petratherm's drilling program represents a frontier exploration drill reconnaissance of anomalous gravity and magnetic target areas in a region which has been largely un-explored. All holes were drilled using the rotary mud method through the softer younger cover sediment to the top of crystalline basement and then diamond core drilled to the end of hole. Two geophysical targets were drilled at the Area 5 Prospect (Figures 2 & 4). Drill hole MCA5-04 tested a magnetic anomaly of high intensity, immediately east of the initial MCDA5-01 hole drilled in 2020. Basement rock was reached at 148 metres and then diamond cored to the end of hole at 379 metres (down hole depth). The cored section comprises altered and highly magnetic porphyritic granitoid which had been intruded by numerous felsic and mafic dykes. The sequence has undergone moderate to intense infiltration by hydrothermal fluid producing IOCG style alteration assemblages most notably of chlorite-epidote with iron-oxide (hematite) dusting/veining and includes wide zones of K-feldspar alteration. The granitoid shows moderate enrichment in light rare-earths, indicative of IOCG alteration, averaging more than 350 ppm throughout the hole however no copper or precious metals of any significance occur with the alteration.