Petratherm Limited has confirmed a significant titanium-rich heavy mineral sands discovery at its Muckanippie Project, with drilling extending mineralisation over 15 square kilometres and a recent $8.1 million placement to accelerate development.
- Titanium-rich heavy mineral sands confirmed over 15 sq km at Rosewood Prospect
- High-grade drill intersections including up to 28m @ 13.6% HM with coarse grain size
- New saprolite-hosted titanium mineralisation discovered at Nardoo, Duke, and Claypan prospects
- $8.1 million share placement completed to fund exploration and metallurgical testwork
- Company ends quarter with $9.3 million cash and appoints Rob Sennitt as Executive Director
Muckanippie Project Breakthrough
Petratherm Limited (ASX: PTR) has reported robust progress in its Muckanippie Project in South Australia, unveiling a substantial titanium-rich heavy mineral sands (HMS) discovery at the Rosewood Prospect. The latest drilling results confirm that titanium mineralisation extends over at least 15 square kilometres and remains open in multiple directions, underscoring the project's potential scale.
Initial heavy mineral assemblage analyses reveal an exceptionally high concentration of valuable titanium minerals, primarily rutile and pseudorutile, with over 95% valuable heavy mineral content and negligible deleterious minerals. This purity is a promising indicator for downstream processing and product quality.
Drilling Highlights and Mineralogy
The Phase 1 drilling program, comprising 45 holes at Rosewood, returned impressive intercepts such as 28 metres at 13.6% HM including 8 metres at 26.3% HM, and 19 metres at 9.3% HM. The mineralisation typically starts at shallow depths averaging 5.7 metres, with an average intercept thickness of 12.2 metres at 8.0% HM, although drill spacing remains wide and results preliminary.
Heavy mineral sizing analysis indicates the HMS is coarse-grained, with 90% of the concentrate exceeding 75 microns and a median grain size of 279 microns. This grain size distribution is favourable for conventional gravity spiral processing, potentially enabling efficient mineral recovery.
New Saprolite-Hosted Titanium Mineralisation
Beyond Rosewood, exploration drilling in greenfield areas identified a new style of titanium-rich HMS mineralisation hosted in saprolite clay at the Nardoo, Duke, and Claypan prospects. These intersections are notable for their thickness and grade, including 44 metres at 29.4% HM at Nardoo and 61 metres at 19.7% HM at Duke, with high ilmenite and leucoxene contents. This discovery broadens the project's resource potential and highlights diverse mineralisation styles within the Muckanippie tenure.
Funding and Corporate Developments
To accelerate exploration and metallurgical testwork, Petratherm completed a strongly supported $8.1 million share placement during the quarter, boosting its cash position to $9.3 million. The funds will underpin ongoing Phase 2 drilling, bulk sampling, and processing studies aimed at refining mineral recovery and product specifications.
Post-quarter, the company appointed Rob Sennitt as Executive Director, bringing over 30 years of executive and financial markets experience in the resources sector, a strategic addition as Petratherm advances its critical minerals portfolio.
Outlook and Market Context
Titanium is increasingly recognised as a critical mineral globally, essential for electric vehicles, battery storage, wind technology, and aerospace alloys. The Muckanippie Project’s high-grade, coarse-grained titanium mineralisation positions Petratherm to potentially supply this growing market. However, resource estimation and metallurgical optimisation remain ongoing, with further assay results from the Phase 2 drilling and processing tests expected in the coming months.
While the company’s copper-gold projects saw no activity this quarter, the focus on titanium HMS reflects a strategic pivot towards critical minerals with strong market demand and geopolitical significance.
Bottom Line?
Petratherm’s expanding titanium discovery and fresh capital injection set the stage for a pivotal year of resource definition and market positioning.
Questions in the middle?
- How will upcoming metallurgical testwork influence the economic viability of the Muckanippie titanium deposits?
- What are the timelines and expectations for a maiden resource estimate following Phase 2 drilling?
- Could Petratherm pursue strategic partnerships or off-take agreements to commercialise its titanium products?