Patronus Resources Ltd has delivered a 480,000 ounce uplift to its total mineral resource at the Mertondale Project in Western Australia, taking the consolidated Central Gawler Gold Province (CGP) estimate to 955,000 ounces.
A Scoping Study is also on track for delivery in the June quarter. Additionally, drilling at the Cardinia Project intersected zinc and copper anomalies, while forward planning progressed across the Northern Territory assets including the Pine Creek Uranium Project.
The company remains well-funded, ending the quarter with A$81 million in cash and liquid assets and also holds an equity position in Emmerson Resources Ltd.
Figure 1: Regional overview showing PTN tenure in relation to neighbouring production centres at Leonora. Figure 2: Regional overview showing PTN tenure in relation to neighbouring projects in the NT.
“The March Quarter saw plenty of positive progress for Patronus, with the delivery of an updated Mineral Resource Estimate for the Mertondale Project increasing our confidence and total gold Resource base in Western Australia and our exploration drilling confirming significant potential for ongoing growth," Patronus Resources CEO, John Ingram, said.
“Reflecting our recent successful drilling campaign at Mertondale, the updated MRE has seen a strong increase in the total contained ounces, a significant improvement in overall grade and an increased proportion of ounces in the higher-confidence Indicated Resource category. This provides a very strong foundation for the ongoing Scoping Study for the Mertondale Project development, which is currently well advanced and on-track for delivery later in 2025.
“We were also very pleased by the outcomes of the recently completed diamond drilling campaign at Mertondale, which returned highly encouraging assay results that confirm high-grade gold extends below the existing Resource envelope at the Mertondale 4-5 deposit. Based on the results of this drilling, we have been able to define an Exploration Target for this area – which has been named the Koi Prospect – of between 150,000 and 800,000 ounces of contained gold.
“This presents a hugely exciting target for follow-up drilling, which will continue over the remainder of the year.
“We are pleased to report the completion of a comprehensive re-logging program on historical diamond core from the high-grade Thunderball Uranium Project, located in the Northern Territory. This work, has enhanced our understanding of the mineralisation and informed the planned drilling programme.
“We have adopted a back-to-basics exploration approach across our gold projects in the Northern Territory. Recent reprocessing of existing geophysical datasets, alongside the initiation of a regional structural study, is already enhancing our geological understanding. These results will directly inform a broad-scale geochemical survey, scheduled to commence in the June 2025 Quarter.
“This systematic, disciplined approach is designed to prioritise high-quality targets and ensure that follow-up drilling is focused on areas with genuine deposit-scale potential, maximising our exploration effectiveness and discovery opportunities.
“Patronus remains well funded to pursue these aggressive exploration programs, with $81 million in cash and liquid investments at the end of the Quarter.”
Mertondale Project (WA)
An updated Mineral Resource Estimate (MRE) was delivered for the Mertondale 3–4 and Mertondale 5 deposits:
- 10.4 million tonnes at 1.4 grams per tonne gold for 480,000 ounces (Indicated and Inferred).
- Total CGP MRE now stands at 955,000 ounces.
- Scoping Study remains on schedule for release in the June 2025 quarter.
This resource growth is expected to further underpin project development options across the Mertondale trend.
Cardinia Project (WA)
A 30-line kilometre ground IP survey was completed and returned strong chargeability anomalies coinciding with volcanogenic massive sulphide (VMS)-style rock chip samples.
31 holes for 4,852 metres of reverse circulation (RC) drilling completed, intersecting multiple base metal anomalies.
Notable intercepts:
- 8 metres at 2,013 ppm zinc and 366 ppm copper from 79 metres (Pegasus prospect).
- 4 metres at 2,643 ppm zinc and 92 ppm copper from 86 metres (Eagle prospect).
Overview of Patronus’ Cardinia Gold Project tenure showing current Resources.
Downhole electromagnetic surveys are underway to guide the next phase of drill targeting.
Tennant Creek and Pine Creek (Northern Territory)
At Tennant Creek, a broad-scale geochemical survey is scheduled to commence in the June 2025 quarter, with first-pass drilling to follow. At Pine Creek, planning is complete for an inaugural drilling program targeting uranium mineralisation.