Patronus Resources (ASX:PTN) Announces High-Grade Gold Intercepts and New Exploration Target at Mertondale Project
Exploration Results
Patronus Resources Limited (ASX:PTN) announced significant intercepts from its Diamond Drilling program at the Mertondale Gold Project. Notable results include 12.82m @ 3.28g/t Au from 213.54m in hole MT24DD010, featuring 5.23m @ 5.04g/t Au with visible gold. Additional intercepts include 1.8m @ 5.16g/t Au from 218.84m in MT24DD007 and 9.87m @ 1.40g/t Au from 246.43m in MT24DD009. These results support the potential for high-grade shoots and the expansion of mineralisation down-plunge.
Exploration Target
The company has established a maiden JORC Exploration Target for the newly identified Koi Target within the Mertondale Gold Project. The target is estimated to range between 3.2 to 6.4 Mt with grades of 1.5 to 4.0 g/t Au, containing 150 to 800 koz of gold. This exploration target is conceptual and prepared in accordance with the JORC Code 2012, with multiple drilling phases planned to further evaluate its potential.
Future Plans
Patronus has commenced follow-up diamond drilling targeting the Koi Exploration Target, which will proceed in two phases based on initial results. Additionally, further RC drilling is planned at the Merlin prospect north of the Koi Target and the Mertondale South target within the year.
Executive Comments
Managing Director John Ingram commented, “2025 is off to a great start, with the recently announced MRE upgrade at Mertondale confirming a more robust, higher-grade resource – now with demonstrable upside as evidenced by this significant new Exploration Target. Encouragingly, all the resources at Mertondale remain open both along strike and down-plunge, and the broader tenement package at Mertondale remains highly prospective. Drilling has commenced at Koi targeting the recent high-grade intercepts and we are excited to see what this round of drilling delivers. We look forward to continuing to deliver positive news-flow to our shareholders as we move this project forward.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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