Petratherm (ASX:PTR) found thick and high-grade intercepts from resource drilling at the Rosewood project in South Australia with the receipt of the latest batch of heavy mineral assays, according to a Thursday filing with the Australian bourse.

Results include 42 meters at nearly 12% heavy minerals, including five meters at 18% heavy minerals from six meters, 32 meters at 12% heavy minerals from 10 meters, including six meters at nearly 16% heavy minerals from 11 meters, and 25 meters at nearly 13% heavy minerals from eight meters, including five meters at nearly 24% heavy minerals from 10 meters, the filing said.

The company is expected to deliver a maiden mineral resource estimate in the second quarter of the year, per the filing.

Shares rose more 5% in afternoon trade on Thursday.