- Paterson Resources (PSL) receives the final results from the first-phase diamond drilling program at its Grace project in WA’s Pilbara
- Results have been received from the remaining five diamond holes and one reverse circulation hole drilled to test a series of priority targets
- Four of the six holes intersected significant gold mineralisation with a peak gold grade of 10.2 g/t
- A 10,000-metre reverse circulation drilling program is expected to begin shortly with a maiden JORC compliant mineral resource to be released later in the year
- Shares in Paterson are down 3.33 per cent at 2.9 cents
Paterson Resources (PSL) has hit significant gold mineralisation in final results from its first-phase diamond drilling program at the Grace copper-gold project in Western Australia.
The Grace project lies in the Paterson Province in the remote east Pilbara where major exploration companies such as Rio Tinto (RIO), Newcrest Mining (NCM) and Greatland Gold are exploring.
Results have been received from the remaining five diamond holes and one reverse circulation (RC) hole drilled in October 2021 to test a series of priority targets outlined in geophysics and historical drilling.
Notably, four of the six holes intersected significant gold mineralisation with a best result of one metre at 7.29 grams of gold per tonne (g/t) from 829 metres including 0.7 metres at 10.2g/t gold from 829 metres.
Other results include 3.8 metres at 2.60 g/t gold from 37.2 metres including 0.7 metres at 9.9 g/t gold from 38.2 metres, and eight metres at 4.10 g/t gold from 216 metres including three metres at 8.32 g/t gold from 221 metres.
A program of work is already in place for a follow-up drilling program with a heritage survey due to begin in March to clear the area for access.
Paterson is in the process of finalising a drilling contractor to undertake an 8000 to 10,000-metre RC infill and extensional drilling program.
The company then hopes to release a maiden JORC compliant mineral resource later in the year.
“Our first phase diamond drilling program at the Grace project has delivered a set of solid near-surface gold hits and extended mineralisation nearly 200 metres along strike,” Managing Director Matt Bull said.
“Minimal shallow historical drilling exists in this area which presents a high priority drilling target for our upcoming RC drilling program.
“We are looking to infill and extend the shallow high-grade gold mineralisation at Grace in preparation for releasing a maiden JORC-compliant MRE later this year.”
Shares in Paterson were down 3.33 per cent at 2.9 cents at 12:33 pm AEDT.