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- Newly listed junior explorer Paterson Resources (PSL) has entered a trading halt as it prepares to raise fresh capital
- The materials stock, which hosts a portfolio of gold and copper development projects across WA and NSW, announced the trading halt early this morning
- At this stage, Paterson shares will stay frozen until September 11, unless the company can make a raising announcement earlier
- Until then, investors won’t know how much Paterson intends to raise or what the funding will be used for
- In its latest investor presentation, released last Thursday, Paterson reviewed exploration activity across its current assets
- At the Grace Gold Copper Project, situated just 25 kilometres from Newcrest Mining’s 32-million-ounce Telfer gold mine, Patersons is working to develop “untapped exploration potential”
- Meanwhile, at the Burraga Project in NSW, the total mineral resource now stands at 1.68 million tonnes and is estimated to contain 15,120 tonnes of copper metal
- Paterson shares last traded for 0.4 cents per share on Tuesday, September 8
Newly listed junior explorer Paterson Resources (PSL) has entered a trading halt as it prepares to raise fresh capital.
The materials stock, which hosts a portfolio of gold and copper development projects across WA and NSW, announced the trading halt early this morning.
At this stage, Paterson shares will stay frozen until September 11, unless the company can make a raising announcement earlier.
Until then, investors won’t know how much Paterson intends to raise or what the funding will be used for.
Interestingly, the materials stock only relisted on the ASX in late July. In its latest investor presentation, released last Thursday, Paterson reviewed exploration activity across its current assets.
At the Grace Gold Copper Project, situated just 25 kilometres from Newcrest Mining’s 32-million-ounce Telfer gold mine, Patersons is working to develop “untapped exploration potential”
One significant result from a drilling campaign at Grace intersected 12 metres at 14.38 grams per tonne gold from 56 metres — an assay picked up from reverse circulation drillhole GR037.
Positively, Grace’s inferred mineral resource estimates now stands at 1.59 million tonnes at 1.35 grams per tonne gold for 69,000 ounces.
Looking ahead, Paterson intends to conduct an induced polarisation survey over more than four kilometres of strike at Grace so it can review high priority targets.
Meanwhile, at the Burraga Project in NSW, the total mineral resource now stands at 1.68 million tonnes at 0.9 grams per tonne copper, 0.1 grams per tonne gold, seven grams per tonne silver, and 0.2 grams per tonne zinc. Overall, the project is thought to contain 15,120 tonnes of copper metal.
Paterson shares last traded for 0.4 cents per share on Tuesday, September 8.
