Following the recent merger with PNX Metals, Patronus Resources Ltd (ASX:PTN) has started its maiden 2,000-metre reverse circulation (RC) drilling program at the Fountain Head Gold Project in the Northern Territory.
The project contains a total of 234,000 ounces of gold and drilling will focus on extending resources and exploring new targets along the strike and down-dip of the Glencoe deposit, which has a resource of 79,000 ounces.
Glencoe forms part of the 234,000-ounce mineral resource estimate (MRE) at Fountain Head, a key asset within Patronus Resources’ expanded Northern Territory portfolio.
Both Fountain Head and Glencoe are on granted Mineral Leases with the Mine Management Plan for Fountain Head expected to be finalised in the December quarter, which is a significant step toward advancing project development.
Notably, Patronus’ Iron Blow and Mt Bonnie volcanic-hosted massive sulphide (VHMS) deposits are within a 10-kilometre radius of the Fountain Head Project and are also on granted Mineral Leases.
Regional overview showing PTN tenure in relation to neighbouring projects in the NT.
“This marks an exciting milestone for Patronus with the commencement of exploration activities on our under-explored Northern Territory assets,” Patronus Resources CEO John Ingram said.
“Expanding the existing gold resources at the Fountain Head Gold Project and testing of high-priority regional gold targets are the key areas of focus for Patronus, with an updated MRE planned for 2025.
“We are also looking forward to progressing uranium exploration in the Pine Creek district, where we hope to be drilling before the end of the year subject to receipt of approvals.”
Significant work program
Following its recent merger, Patronus is advancing a major work program in the Northern Territory, including the RC program and diamond drilling. These programs have been strategically scheduled to continue through the region’s wet season.
The current RC drilling targets five high-grade domains outside the existing MRE, previously identified by PNX, with a focus on high-grade gold in quartz veins that are oblique to the main anticline-related lodes.
Diamond drilling is also planned, pending the timely approval from government authorities, at Patronus' Thunderball uranium deposit and the Fountain Head gold deposit.
At Thunderball, the program will include a deep drill hole co-funded by the Northern Territory Government aiming to extend the known high-grade uranium lodes at depth. Additional drilling will target resource extensions and new nearby prospects.
At Fountain Head, the primary focus is the down-dip extension of the Tally Ho lodes, where high-grade intercepts, such as 15.2 metres at 59.88 g/t gold from 139 metres, remain outside current pit designs.
Coming resource upgrade
Drilling at Fountain Head follows the company’s preparation for a resource upgrade at the Mertondale Gold Project in Western Australia, following promising assay results from its recent RC drilling program.
Highlights include 3 metres at 11.75 g/t gold, reinforcing the project's growth potential.
The company also reported broad intersections, such as 36 metres at 1.49 g/t gold from 113 metres and 25 metres at 1.77 g/t from 78 metres, with several results outside the current resource boundary.
These findings will support a new mineral resource estimate for Mertondale, which is expected to be completed by late in the fourth quarter of this year.