Patronus Resources Unveils High-Grade Uranium Potential at Thunderball Project in the NT
Patronus Resources (ASX: PTN) has obtained positive early returns from new studies at its Thunderball uranium deposit in the prolific Pine Creek region of Australia’s Northern Territory.
The successful re-assay program at Thunderball is an important ingredient in the company’s plans to bring the historical Thunderball mineral resource up to JORC 2012 standards.
The deposit currently hosts a JORC 2004 mineral resource of 1.69 million pounds of uranium at 924 parts per million.
‘Outstanding Growth Potential’
“These results clearly validate Thunderball as a high-grade uranium deposit with outstanding growth potential,” Managing director John Ingram said.
Along with the re-assaying of historic core samples, Patronus is undertaking a diamond drill (DD) program that it expects to complete inside of six weeks.
The company plans to geologically and structurally log the core from that program before cutting and sampling it, and use the available data to build on current 3D models.
Prolific Uranium Region
Thundelarra Exploration initially discovered Thunderball between 2008 and 2011 within the highly endowed Pine Creek orogen, host to several globally significant uranium deposits including Ranger, Jabiluka, Nabarlek and Coronation Hill/El Sherana.
Patronus commissioned SRK Consulting to conduct a technical gap analysis in 2024 that focused on identifying areas lacking JORC 2012 standards, increasing geological confidence and expanding the high-grade domains.
The re-logging and sampling campaign forms part of that program.
“With extensional drilling now underway and an updated mineral resource estimate on the horizon, we’re excited about the opportunity to significantly expand the mineralised footprint and unlock the district-scale potential of Pine Creek,” Mr Ingram said.
Merlin Drilling Success
In mid-June, Patronus announced new reverse circulation drilling results from the Merlin prospect, part of the company’s 100%-owned Cardinia gold project in Western Australia’s Leonora region.
The company said the discovery of a new high-grade gold shoot at Merlin further strengthened the exceptional prospectivity of the 12km-long Mertondale East corridor at Cardinia.
“With historical hits at this target of up to 17.5 grams per tonne gold, and with the mineralisation remaining open, Merlin presents a clear opportunity for Patronus to rapidly build on the one million ounce Cardinia gold project,” Mr Ingram said.