Petratherm (ASX:PTR) is actively advancing its Muckanippie Project in South Australia, focusing on mineral recovery and initial mineral sample production. The company has collected a one-tonne bulk sample from the Rosewood East discovery area for metallurgical testwork. This sample will undergo processing by IHC Mining in Brisbane, utilizing wet concentrator, magnetic, and electrostatic separation techniques to produce heavy mineral concentrates. CEO Peter Reid anticipates that these results will inform separation processing and final mineral product development.
In conjunction with metallurgical preparations, Petratherm completed a phase-two extension drilling program at the Rosewood Titanium Discovery and other prospect sites within Muckanippie. The program, encompassing 128 holes for 4,486 meters, aimed to test for extensions of heavy mineral mineralization 1.6 kilometers north of the defined mineralized outline. Future exploration drilling is scheduled to commence later this quarter, leveraging a previously conducted heritage survey to extend drilling operations further to the north, east, and west.
Petratherm has also notified Narryer Metals (ASX:NYM) that it has met the stage-one commitment of their farm-in and joint venture deal, earning a 51% interest in EL6715. The company intends to increase its stake to 70% by investing an additional $300,000 over the next two years. Petratherm, with a market capitalization of $77.76 million, is a copper and critical minerals explorer focused on discovering deposits in both frontier and mature mineral provinces.
