Paterson Resources Confirms High-Grade Shallow Gold at Grace Project, Plans Phase II Drilling

Paterson Resources ( (AU:PSL) ) just unveiled an announcement.

Paterson Resources has reported a second batch of assay results from Phase I of its 8,500m reverse circulation drilling campaign at the Grace Gold-Copper Project, with all six new holes intersecting shallow, wide zones of gold mineralisation along a 1.3km strike. Significant intercepts included 19m at 3.53g/t gold from 40m and 15m at 2.93g/t gold from 13m, reinforcing evidence that the high-grade system remains open at depth and exceeds initial expectations.

Results from the full Phase I program, including seven remaining drill holes still being processed, will feed into a recalibration of the current inferred mineral resource estimate of 1.59mt at 1.35g/t gold for 69,000oz, now being reassessed over a longer strike and greater depth. The board is preparing to launch a Phase II drilling campaign of at least 6,000m across 32 holes, a move that could materially enhance the project’s resource scale and strengthen Paterson’s position in the gold exploration sector.

The most recent analyst rating on (AU:PSL) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Paterson Resources stock, see the AU:PSL Stock Forecast page.

More about Paterson Resources

Paterson Resources Limited is an ASX-listed mineral exploration company focused on the Grace Gold-Copper Project in Western Australia. The company is targeting high-grade, shallow gold and associated copper mineralisation over a 1.3km strike length, aiming to expand and upgrade its existing inferred mineral resource base.

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Technical Sentiment Signal: Hold

Current Market Cap: A$23.04M

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