Petratherm Limited has received assays from its recent Mabel Creek Drilling Operations. The drill program successfully tested 4 gravity targets, each with a single hole to planned depths. The Mabel Creek Ridge, 50 kilometres northeast of Coober Pedy in South Australia, is considered prospective for Olympic Dam Style Copper-Gold mineralised systems and related magnetite skarn copper and high value rare-earths. The region has only been lightly explored historically and Petratherm's drill program represents a first pass drill reconnaissance of anomalous gravity and magnetic target areas which previously had no exploration drilling. The breccia matrix is dominantly sericite-biotite-hematite and geochemical analysis returned highly elevated concentrations of the light rare earths, cerium and lanthanum. The form and mineralogy of the breccia is characteristic of Olympic Dam Style hydrothermal alteration seen on the edges of a mineralised system. The rock interval above the breccia zone shows broad zones of moderate sericite-biotite-chlorite-K feldspar alteration which is also characteristic of Olympic Dam Style hydrothermal alteration and includes minor hematite crackle veining. Trace levels of chalcopyrite are observed along fractures and as thin (typically 1cm-5cm) bedding parallel disseminations, with one 4 metre interval returning 0.18% copper from 168m. Drill hole MCDA2-01 tested the Area 2 target, a strong magnetic anomaly and combined residual 1 milligal gravity feature within a broader 3 milligal gravity anomaly. The hole encountered low to moderate sericite-chlorite-biotite-K feldspar alteration and includes minor zones of hematite (iron-oxide) crackle style and bedding parallel veining. The iron-oxide alteration is enriched in light rare earths. Near the base of the hole banded zones of earlier magnetite alteration and increased mafic amphibolite are interpreted to account for the magnetic and gravity target.