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Paterson Resources (ASX:PSL) receives $200k in WA govt. funding

Mining
ASX:PSL      MCAP $7.297M
13 November 2020 06:00 (AEST)
Paterson Resources (ASX:PSL) - Non Executive Chairman, Nick Johansen

Source: Ward Keller

Paterson Resource (PSL) has been awarded $200,000 in funding from the West Australian Department of Mines, Industry Regulation and Safety (DMIRS).

The funding came under the Exploration Incentive Scheme (EIS), which encourages exploration in WA for the long term sustainability of the state’s resources sector.

Funds will be used to drill a 900-metre-deep hole at the Grace and Beemm Shear Zone within the Grace Project. The hole is testing a large magnetic anomaly, in which no previous drilling has gone that deep. However, previous shallower drilling has shown the potential for a large gold mineralised system.

The Grace Project is located 25 kilometres south-east of the Telfer Gold Mine in the Pilbara region of Western Australia.

The project is found in the prospective Paterson Province, which is currently experiencing a significant uplift in exploration following Rio Tinto’s new successful find, dubbed the Winu copper and gold prospect.

Recently, the company completed an induced polarisation (IP) survey over the Grace and Bemm Shear Zone trend, as well as an airborne electromagnetic survey over the entire Grace Project.

Survey processing continues and will be used to target zones of potential sulphide mineralisation.

On market close, Patersons is down 25 per cent and is trading for 0.3 cents per share.

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