Patronus Resources (ASX:PTN) has returned ‘high-grade’ gold from its first diamond hole at the Tally Ho deposit in the Northern Territory.
The company completed four diamond holes totalling 1,432.53m at Tally Ho, part of the Pine Creek Project, with the intercept supporting the potential for a new mineralised structure at depth.
Initial results from TH26DD001 returned 2.61m @ 6.38 grams per tonne gold (Au) from 454m downhole, approximately 200m below the historical pit. Assays are pending from the remaining three holes.
Managing Director John Ingram says the results support the company’s theory of a ‘previously unrecognised mineralised zone’ below the existing resource.
“These first results from Tally Ho are very encouraging, intersecting high-grade gold well below the known deposit and providing strong support for our theory that a zone of previously unrecognised gold mineralisation sits below the existing Tally Ho resource,” Ingram says.
“The multiple gold-bearing intervals intersected throughout TH26DD001 indicate that the system remains open at depth and reinforces the potential identified through our geological modelling.”
TH26DD001 returned nine significant gold intervals across the 461.32m hole. Additional intercepts include 0.62m @ 7.37g/t from 285.68m, 0.30m @ 9.11g/t from 293.7m, and 0.33m @ 8.55g/t from 335.98m.
The drilling program tested for a previously unrecognised mineralised zone in the footwall to the Tally Ho lodes. Patronus’ three-dimensional modelling of historical gold intercepts suggests potential for a new mineralised zone outside the existing resource, referred to as the Tally Ho Extension.
The Fountain Head area comprises the Fountain Head, Tally Ho, and Glencoe deposits and hosts a combined mineral resource of 234,000oz @ 1.4g/t.
Subject to regulatory approvals, Patronus plans to complete 30,000m of drilling across multiple gold targets in 2026.
This program will comprise approximately 6,000m of diamond drilling and 24,000m of reverse circulation drilling, supplemented by 3,000 surface geochemical samples.
Assay results from the remaining three Tally Ho holes are expected over the coming weeks, with structural and mineralogical interpretation to follow.
Write to JC Villarba at Mining.com.au
Images: Patronus Resources
