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Petratherm

Petratherm receives Victorian State Government approval for Yuengroon tenement

Historical mine grades of 250 g/t gold have been recorded at the Golden Jacket Mine within the company's project area.

Map of Victoria
The licence area covers 687 square kilometres over the historical Wedderburn Goldfield

Petratherm Ltd (ASX:PTR) has received approval from the Victorian State Government for its Yuengroon project tenement application covering the historical Wedderburn Goldfield.

The government authority has given Petratherm's area, which includes the historical Golden Jacket Mine, highest ranking.

This tenement area covers a highly prospective ground position over a portion of the Bendigo Zone and extends west to cover a large strike continuance of 32 kilometres in the Golden Jack Fault that shows several important gold occurrences.

 

Map showing the location of historical mine sites and known major faults

Notable historic mine occurrences

The Golden Jack Mine comprises a shallow small-scale shaft reef mine worked to 46 metres depth.

Total recorded production was 171.7 tonnes of ore which produced 1,385 ounces of gold.

Although only a small historical working, the grade is exceptional, running at an average of 250.1 g/t.

The Nine Mile Reef is a larger historical mine which was worked down to 131 metres depth and with 43,571 tonnes of ore mined, producing 16,236 ounces of gold with an average grade of 11.6 g/t.

Gravity surveying techniques

Very little modern exploration has tested the extents and depths of these historical gold reef systems but the use of gravity surveying techniques to locate prospective faults has been paramount in targeting areas for drill testing with the potential to new discoveries.

Fieldwork to begin

Petratherm is reviewing previous exploration results and processing geological and geophysical data in order to begin fieldwork once the tenement has been granted.

The company is also actively looking to increase its Victorian project holdings through purchase or joint venture.

A recent resurgence in interest in Victorian Goldfields largely stems from the success of Kirkland Lake Gold’s Fosterville operations.

Annual production at Fosterville is forecast to increase to more than 500,000 ounces in 2020 and exceed 570,000 ounces by 2021

- Jessica Cummins 

Quick facts: Petratherm

Price: $0.04

Market: ASX
Market Cap: $6.33 m
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