Patronus Resources (ASX:PTN) has started its first-ever drill program in the Northern Territory following the completion of its merger with PNX Metals on 11 September 2024.
The $91.69 million market capitalisation company has launched 2,000m of reverse circulation (RC) drilling at the Glencoe gold deposit in the Pine Creek district.
Glencoe forms part of the 234,000 ounce mineral resource estimate (MRE) at the Fountain Head Gold Project, a key component of Patronus’ expanded Northern Territory portfolio.
With the completion of the merger, Patronus is now undertaking a significant work program in the region, including RC and diamond drilling programs, which have been planned and scheduled to allow exploration to continue through the Top End’s wet season.
The current RC program is targeting five ‘high-grade’ domains outside the existing MRE identified by PNX, particularly those related to high-grade gold in quartz veins oblique to the main anticline-related lodes.
Diamond drilling is also scheduled, subject to the timely receipt of government approvals, at Patronus’ Thunderball uranium and Fountain Head deposit.
Drilling at Thunderball will include the deep drillhole co-funded by the Northern Territory Government, targeting the deep, down-plunge extent of the uranium lodes.
Patronus will be attending the Noosa Mining Conference on 13-15 November at Peppers Noosa Resort on the top end of Queensland’s beautiful Sunshine Coast. Mining.com.au is an official media partner this year.
Write to Adam Orlando at Mining.com.au
Images: Patronus
