Paterson Resources starts largest drill program at Grace Gold Project
Key points
- Paterson Resources has commenced an extensive reverse circulation and diamond drilling campaign ahead of schedule at its Grace Gold Project.
- The share price of Paterson Resources remained unchanged at $0.04 following the market update.
- The dual-rig exploration programme represents the company's largest drilling campaign to date, as it aims to expand high-grade mineralisation and upgrade its resource estimate.
Paterson Resources (ASX:PSL) has commenced its largest-ever drilling programme ahead of schedule at the Grace Gold Project, initiating an 8,000-metre reverse circulation campaign.
This milestone development builds upon an ongoing 1,200-metre diamond drilling programme where the first two drill-holes have already been completed.
"The RC programme aims to extend the known shallow, high-grade mineralisation along strike, while the diamond programme aims to improve confidence in the current resource. The board looks forward to updating shareholders as results come to hand," said Paterson Resources Executive Director Matt Bull.
The combined campaigns target an extension of shallow, high-grade gold mineralisation across a 1.3-kilometre strike extent while supporting a potential upgrade of the existing 200,000-ounce mineral resource estimate.
Following the announcement, the Paterson Resources share price was unchanged at $0.04.
The Grace Gold Project is located within the Paterson Province of Western Australia and contains a current Inferred Mineral Resource Estimate of 3.46 million tonnes at 1.79 grammes per tonne of gold.
Laboratory analysis of core samples from the diamond drilling programme is currently underway, with assay results set to be released in batches as validation concludes.
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