Patronus Assets (ASX:PTN) has begun its first-ever drilling program in Australia’s Northern Territory, with 2,000 metres of reverse circulation drilling underway on the Glencoe gold deposit of its wholly owned Fountain Head gold undertaking, the corporate mentioned in a press launch.
Previously generally known as Kin Mining, the corporate acquired a portfolio of gold initiatives within the Northern Territory as a part of a merger with PNX Metals in September that mixed the businesses and their portfolios beneath the brand new identify.
The Fountain Head gold undertaking is situated on granted mineral leases north of the Mt Wells highway between the cities of Pine Creek and Adelaide River. It holds a mineral useful resource estimate of 234,000 ounces gold and three deposits — Fountain Head, Glencoe and Tally Ho — all of that are open alongside strike and at depth. Glencoe’s useful resource stands at 79,000 ounces gold.
“The present RC program is focusing on 5 high-grade domains outdoors the present MRE recognized by PNX, significantly these associated to high-grade gold in quartz veins indirect to the primary anticline-related lodes,” Patronus mentioned.
Diamond drilling on the Fountain Head deposit will even be scheduled relying on the receipt of obligatory authorities approvals. The corporate plans to start drilling at its Thunderball uranium undertaking as effectively topic to the identical circumstances.
“This marks an thrilling milestone for Patronus with the graduation of exploration actions on our underexplored Northern Territory property,” Patronus CEO John Ingram mentioned. “Increasing the present gold sources on the Fountain Head Gold Mission and testing of high-priority regional gold targets are the important thing areas of focus for Patronus.”
An up to date mineral useful resource estimate for Fountain Head is deliberate for 2025.
“We’re additionally wanting ahead to progressing uranium exploration within the Pine Creek district, the place we hope to be drilling earlier than the top of the yr topic to receipt of approvals.”
Along with its gold and uranium initiatives within the Northern Territory, Patronus owns the Leonora gold undertaking and Hayes Creek base metals undertaking in Western Australia.
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Securities Disclosure: I, Gabrielle de la Cruz, maintain no direct funding curiosity in any firm talked about on this article.
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