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The Northern Territory government has approved Patronus Resources Ltd’s (ASX:PTN) mining work at its Fountain Head gold project, where it continues an extensive drilling campaign to upgrade the resource.
The state government signed off on an amended mining management plan (MMP) submitted in December 2023, which lets Patronus progress the development of Fountain Head – located 170 kilometres from Darwin in the Pine Creek region of NT.
This crucial regulatory step followed receipt of an environmental approval in February 2023.
Patronus has rolled out a program of 2,000 metres of reverse circulation (RC) and 500 metres of diamond drilling at the play, testing for high-grade extensions to its 234,000-ounce resource base.
The drilling will focus on the Fountain Head (96,000oz), Tally Ho (59,000oz), and Glencoe (79,000oz) gold deposits, working towards the goal of updating the mineral resource estimate in 2025.
CEO John Ingram said he was pleased to pass this approval milestone for Fountain Head.
“We are delighted with the timely receipt of the MMP approval from Minister Burgoyne, and I would like to thank the NT Government for their efficient management and oversight of this process, which demonstrates their ongoing commitment to support the development of new resource projects in the Territory,” he said.
“This is an important regulatory approval which allows us to move the Fountain Head Project forward.
“We are looking forward to receiving assay results from the current RC drilling at Glencoe and the imminent commencement of diamond drilling at Fountain Head, as part of a new phase of work aimed at expanding and upgrading the current resources to inform future development scenarios.”
Patronus shares moved down on the news, and at 12:56 AEDT, they were trading at 6.7 cents – a fall of 0.74% since the market opened.
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