Paterson Resources starts drilling at Grace Gold Project
- Paterson Resources will commence a 9,200-metre drilling campaign at its Grace Gold Project following final regulatory approvals.
- The drill programme aims to extend mineralisation and upgrade the existing mineral resource estimate.
- The campaign combines diamond and reverse circulation drilling to target high-grade extensions.
Paterson Resources (ASX:PSL) has secured all necessary approvals to launch a 9,200-metre drilling campaign aimed at expanding and upgrading its Grace Gold Project.
The campaign will target the project's current Inferred Mineral Resource Estimate of 3.46 million tonnes at 1.79 grammes per tonne of gold for 200,000 ounces of contained gold.
"The board is optimistic the upcoming drilling campaign can deliver another transformational milestone, with the potential to create incremental value for shareholders," said Paterson Resources Executive Director Matt Bull.
Contractor FORACO Australia will execute 1,200 metres of diamond drilling across six holes, while Stark Drilling will complete 8,000 metres of reverse circulation drilling across 34 holes.
The exploration effort focuses on extending shallow mineralisation along the 1.3-kilometre strike event and evaluating down-dip structures. Following the announcement, the Paterson Resources share price was unchanged at $0.04.
The Grace Gold Project is located in Western Australia's Paterson Province, near established mining operations such as the Telfer mine.
The company stated that data gathered from the diamond drilling will also provide critical samples for ongoing metallurgical test work.
