Announcement Date: 2022-10-10
Announcement Type: Drilling Results
Announcement Code: JORC
Company name: Paterson Resources Ltd.
Project name: Grace
Location: Australia
Commodities: Gold
Highlight: Drilling results incl. 13m at 1.43g/t Au from 174m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Paterson Resources Limited (“Paterson” or “the Company”) (ASX: PSL); is pleased to provide an update on the results of the Company’s RC drilling program. RC drill during the 2022 program was designed to target dip and strike extensions of the Grace-Bemm deposit, extend known mineralisation at the Genoa prospect, along with testing the highly prospective Parralel Range Fault (Figure 1). Major rock types intercepted were the sediments of the Malu and Isdell formations. These sediments are highly mineralized with quartz, carbonate and albite veining with some quartz intercepts up to 20m thick. Trace sulphides, mostly pyrite, is common in the shales and siltstones associated with silicification of the country rock. Goethite and haematite alteration, a common association with gold mineralisation in the oxide zone, is also common as replacement of the original rock or as a bedded unit. Parallel Range Fault The Parallel Range Fault sits just over 380m south of the Grace-Bemm shear zone and strikes in roughly the same orientation. The regional structure remains largely untested by historical drilling. A total of eight drill holes were designed to test the structure at depth with six of the eight holes hitting significant gold mineralisation over a trend of nearly 750m (Figure 1).
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