Patronus Resources (ASX: PTN) has announced positive early results from new studies at its Thunderball uranium deposit, located in the Pine Creek region of the Northern Territory. Patronus Resources is an Australian-based company focused on gold and uranium exploration. The company aims to create shareholder value through project acquisition, exploration, and development.
The successful re-assay program at Thunderball is crucial to Patronus’ plans to bring the historical Thunderball mineral resource up to JORC 2012 standards. The deposit currently holds a JORC 2004 mineral resource of 1.69 million pounds of uranium at 924 parts per million. Managing Director John Ingram stated that the results validate Thunderball as a high-grade uranium deposit with ‘outstanding growth potential’.
In addition to the re-assaying of historic core samples, Patronus is conducting a diamond drill program expected to be completed within six weeks. The company intends to geologically and structurally log the core from this program before cutting and sampling it, utilising the data to enhance current 3D models. Thundelarra Exploration initially discovered Thunderball between 2008 and 2011 within the Pine Creek orogen, which hosts other significant uranium deposits.
Patronus commissioned SRK Consulting to conduct a technical gap analysis in 2024, focusing on identifying areas needing JORC 2012 standards, increasing geological confidence, and expanding high-grade domains. Mr. Ingram expressed excitement about the opportunity to significantly expand the mineralised footprint and unlock the district-scale potential of Pine Creek, with extensional drilling underway and an updated mineral resource estimate anticipated.
