Paterson Resources Limited (ASX: PSL), a company focused on discovering and developing economic mineral deposits, has announced the successful completion of Phase I of its comprehensive 8,500-meter reverse circulation drilling campaign at the Grace Gold-Copper Project. The company confirmed that the initial phase, comprising 18 drill-holes for approximately 2,600 meters, was completed on time and within budget. Paterson Resources is exploring the highly prospective Paterson Province.
All samples obtained during Phase I have been transported to SGS Australia in Perth for assay analysis. The drilling targeted extensional mineralisation along strike and at depth, infill resource drilling, and potential extensions to the high-grade gold lode running parallel to the existing JORC compliant Inferred Mineral Resource Estimate (MRE) of 1.59mt @ 1.35g/t Au for 69,000oz. The company anticipates releasing insights and interpretations upon materialisation of the assay results.
Paterson Resources is targeting the delivery of a JORC compliant Indicated MRE during the first half of 2026 to feed into a Scoping Study. The company aims to continue drilling in the first quarter of 2026, contingent upon the return of drilling contractors from the Christmas and New Year holiday period.
Executive Managing Director, Mr Matt Bull, stated that the board is pleased with the successful conclusion of Phase I. The geology team is currently focused on delivering outcomes that will reinforce the current MRE and further inform the Scoping Study. The board anticipates reporting insights from this round of drilling in the New Year and believes there is significant potential to create value for shareholders.
