Patronus Resources Ltd (ASX:PTN) is gearing up for a resource upgrade at the Mertondale Gold Project in Western Australia with assays of up to 3 metres at 11.75 g/t gold from a recent reverse circulation (RC) drilling program demonstrating the project's growth potential.
The company also unearthed broad intersections of up to 36 metres at 1.49 g/t gold from 113 metres and 25 metres at 1.77 g/t from 78 metres, including a number outside the current resource boundary.
These results will inform a new mineral resource estimate for Mertondale, which Patronus expects to finish by late in the fourth quarter of this year.
Results exceed expectations
"The results of our RC drilling program at Mertondale have exceeded our expectations, with the discovery of multiple thick gold zones outside the current 457,000-ounce resource, including some impressive high-grade assays,” Patronus CEO John Ingram said.
“This is an exciting development for Patronus as we continue to demonstrate the quality and endowment of the project and unlock its full potential.
“The shallow depth of the mineralisation, combined with the impressive grades, shows that the Mertondale corridor is a significant gold asset for Patronus Resources.
"We are now focused on updating the MRE and developing a scoping study. We look forward to continuing to deliver positive news to our shareholders as we move this project forward."
Assay results of note include:
- 36 metres at 1.49 g/t gold from 113 metres;
- 22 metres at 1.81 g/t from 163 metres including 1 metre at 10.70 g/t from 166 metres;
- 20 metres at 1.98 g/t from 63 metres including 1 metre at 6.60 g/t from 78 metres (outside existing resource envelope);
- 9 metres at 4.48 g/t from 60 metres including 3 metres at 11.75 g/t from 61 metres (outside resource envelope);
- 13 metres at 2.84 g/t from 30 metres, including 3 metres at 9.60 g/t from 34 metres (outside resource envelope);
- 13 metres at 2.34 g/t from 71 metres (outside resource envelope);
- 25 metres at 1.77 g/t from 78 metres including 2 metres at 8.10 g/t from 79 metres (outside resource envelope);
- 25 metres at 1.76 g/t from 54 metres (outside resource envelope);
- 9 metres at 4.24 g/t from 86 metres (outside resource envelope); and
- 35 metres at 0.57 g/t from 197 metres (outside resource envelope).