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Paterson Resources ( (AU:PSL) ) has provided an update.
Paterson Resources has reported strong final assay results from Phase I of its 8,500m reverse circulation drilling campaign at the Grace Gold-Copper Project, with standout shallow intercepts including 8m at 5.62 grams per tonne gold from 97m and 23m at 2.3 grams per tonne gold from 72m. The company highlighted the consistent intersection of wide, shallow gold mineralisation along a 1.3km strike, reinforcing the presence of a significant underlying gold system.
With 17 of 18 Phase I assays now received, Paterson’s geology team will recalibrate the current Inferred Mineral Resource Estimate of 1.59 million tonnes at 1.35 grams per tonne gold for 69,000 ounces, extending modelling along the 1.3km strike to a depth of 200m. As site access conditions improve, the Board is preparing to launch a ~6,000m Phase II drilling program of 32 holes, after which the company aims to further update and potentially upgrade the resource as it pivots toward defining a viable path to market for the project.
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 Australian mineral exploration company listed on the ASX that focuses on gold and copper projects. Its key asset is the Grace Gold-Copper Project in Western Australia, where the company is advancing exploration activities aimed at defining and upgrading mineral resources for potential development.
YTD Price Performance: 26.47%
Average Trading Volume: 790,955
Technical Sentiment Signal: Buy
Current Market Cap: A$24.14M
Learn more about PSL stock on TipRanks’ Stock Analysis page.