Announcement Date: 2022-10-24
Announcement Type: Drilling Results
Announcement Code: JORC
Company name: Paterson Resources Ltd.
Project name: Grace
Location: Australia
Commodities: Gold
Highlight: Drilling results incl. 41m at 2.56g/t Au from 143m
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 at its flagship Grace Gold-Copper Project in the highly prospective Paterson Province. Assay results have been received for a further 12 holes. The drilling program was designed to target dip and strike extensions of the mineralised resource envelop at the Grace-Bemm deposit, extend known mineralisation at the Genoa prospect, along with testing the highly prospective Parallel Range Fault (Figure 1). Of the 25 holes with assays received, 22 holes have returned significant gold mineralisation. An EIS co-funded diamond drilling hole was completed at the Grace Gold-Copper project in August 2021 designed to test the source of a large magnetic feature at depth interpreted to be a felsic intrusion. The hole intercepted thick breccia hosted gold mineralisation within a metasedimentary sequence and was pushed through to hit a large felsic intrusion at about 761m. Significant intercepts from the hole (see ASX announcement dated 15th December 2021) included The hole confirmed the presence of a large felsic intrusion at depth, responsible for the magnetic anomaly, thought to be the likely source of gold-copper mineralised fluids penetrating the overlying sedimentary sequence forming breccia-hosted gold rich zones.
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