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- Paterson Resources (PSL) anticipates a resource increase at its Grace project in Western Australia following the latest round of drilling
- Early results show the company’s reverse circulation drilling program has so far met its objectives of extending the mineralisation at both the Genoa and Grace-Bemm deposits
- Additionally, drilling intercepted a new 750 metre gold trend along the Parallel Range Fault
- Executive Director Matt Bull says the initial results have exceeded expectations and demonstrate potential to “increase the resources at the Grace project significantly”
- Paterson shares are up 6.25 per cent, trading at 3.4 cents at 2:52 pm AEDT
Paterson Resources (PSL) anticipates a resource increase at its Grace project in Western Australia following the latest round of drilling.
Early results show the company’s reverse circulation drilling program has so far met its objectives of extending the mineralisation at both the Genoa and Grace-Bemm deposits.
The company completed a single drill hole at Genoa which returned 19 metres at 1.44 grams per tonne (g/t) gold from 29 metres, including one metre at 15.93 g/t from 34 metres.
This has reportedly extended the mineralised trend to about 200 metres, with mineralisation remaining open both along strike and at depth.
At Grace-Bemm, preliminary results from infill and extensional drilling included 10 metres at 0.86 g/t gold from 22 metres, including one metre at 3.2 g/t gold.
Paterson said the mineralisation here also appears to remain open at depth.
Additionally, drilling intercepted a new 750-metre gold trend along the Parallel Range Fault with 13 metres at 1.43 g/t gold from 174 metres, including one metre at 12.91 g/t from 179 metres.
Paterson’s Executive Director Matt Bull said the initial results have exceeded the company’s expectations and demonstrate potential to “increase the resources at the Grace project significantly”.
Further results are pending and anticipated to continue being received over the coming weeks.
Paterson shares were up 6.25 per cent, trading at 3.4 cents at 2:52 pm AEDT.
