Patronus Resources plans revised MRE for Mertondale after impressive gold intercepts
Strong intercepts from extensional drilling at the Mertondale gold project in Western Australia have paved the way for owner Patronus Resources (ASX: PTN) to work on a revised mineral resource estimate (MRE).
Assays from 80 holes for a total of 9,788 metres across the Mert 5, Mert North and Merton’s Reward deposits graded up to 11.75 grams per tonne of gold over 3m and confirmed the presence of multiple thick gold zones outside the current 457,000-ounce resource.
The results are reported to demonstrate growth potential ahead of the planned upgrade later this year.
Mertondale assays
The new zones were encountered at shallow depths and indicate the continuity of near-surface mineralisation.
Best intercepts were 36m at 1.49g/t from 113m, 22m at 1.81g/t from 163m including 1m at 10.70g/t from 166m and 20m at 1.98g/t from 63m including 1m at 6.60g/t from 78m.
Assays reported outside the existing resource envelope included 13m at 2.34g/t from 71m, 25m at 1.77g/t from 78m including 2m at 8.10g/t from 79m and 25m at 1.76g/t from 54m.
Expectations exceeded
Chief executive officer John Ingram said the company was pleased with the latest results.
“The results have exceeded our expectations and include some impressive grades, which point to the Mertondale corridor as a significant gold asset for Patronus,” he said.
“This is an exciting development as we continue to demonstrate the quality and endowment of this project and unlock its full potential ahead of an update to the mineral resource estimate.”
Existing resource
The Mertondale project had been devoid of any significant exploration for almost ten years, due mainly to land access issues.
Patronus’ recent drilling was designed to increase the quality of the project’s existing resource that was released in 2019, as well as extend the mineralisation envelopes at various deposits along the 10km Mertondale shear corridor.
The corridor contains historic pits and underground workings with the same stratigraphy as the company’s wholly-owned Cardinia gold project located to the south.
Merged entity
Patronus Resources was formed in August following the merger of Kin Mining and PNX Metals to create a diversified explorer with a global mineral resource of 1.4 million ounces of gold, 16.2Moz of silver and 117,000t of zinc.
The resource is believed to have near-term expansion potential from a portfolio of highly prospective gold, base metal and uranium prospects including Mertondale.
Mr Ingram was appointed to the role of chief executive officer in October, having previously held a range of senior corporate, operational and technical roles at Pilbara Minerals (ASX: PLS), IGO (ASX: IGO) and Western Areas (which was acquired by IGO in June 2022).