PTR Minerals (ASX:PTR) said it found heavy-mineral mineralization during a recent drilling at its Muckanippie Project's Rosewood East area in Australia, according to a Monday Australian bourse filing.

The results were up to 11 meters at over 12% heavy minerals from 4 meters, including 7 meters at about 18% heavy minerals from 5 meters.

The company said conventional wet separation techniques successfully recovered over 91% of the heavy minerals to a high-quality heavy mineral concentrate containing nearly 91% of heavy minerals.

The Rosewood East area is located on exploration license 6855, wholly owned by PTR, while the Rosewood West area is a joint venture between PTR with a 70% stake and Narryer Metals with 30%, the filing added.

PTR Minerals' shares fell 16% in recent Monday trade, earlier hitting their lowest since November 2024.