Mertondale Drilling Yields 36m at 1.49g/t Au as Patronus Holds $79M Cash

Exploration Momentum Builds at Mertondale

Patronus Resources (ASX: PTN) has delivered a robust update on its December 2024 quarter activities, highlighting substantial progress in drilling and exploration across its portfolio in Western Australia and the Northern Territory. The standout development comes from the Mertondale Gold Project in WA, where recent reverse circulation (RC) drilling has returned significant gold intercepts, including 36m at 1.49g/t from 113m and high-grade zones such as 3m at 11.75g/t from 61m. These results reinforce the continuity of mineralisation near surface and at depth along the 10km Mertondale shear corridor.

The company completed a 1,500m diamond drilling program targeting deeper high-grade structures, with assay results pending. This work supports an updated Mineral Resource Estimate (MRE) scheduled for early February 2025, which will incorporate new drilling data and a reinterpretation of the Mertondale 3-4 deposit. This refreshed resource will underpin a scoping study on potential project development options, targeted for completion in the June 2025 quarter.

Broader Exploration Efforts in Western Australia

Beyond Mertondale, Patronus has advanced exploration at the Cardinia Gold Project, completing a 6,000m air-core drilling campaign aimed at early-stage gold prospects. Assay results are awaited, but the program targets several priority zones including the Scallop Trend and Seahorse prospects, which have shown promising geochemical anomalies and historic high-grade intercepts. Additionally, DHEM surveys on recent base metals drill holes are complete, with results pending to refine future drilling targets.

Northern Territory Projects Gain Regulatory and Operational Traction

In the Northern Territory, Patronus is progressing its Fountain Head Gold Project with a 2,000m RC drilling program at Glencoe completed, awaiting assay results. A key regulatory milestone was achieved with the approval of an amended Mining Management Plan by the NT Government, clearing a path toward potential development. The Pine Creek Uranium Project is also advancing, with re-processing of historical core underway to support a JORC 2012 Mineral Resource Estimate targeted for Q2 2025. A 1,500m diamond drill program at the Thunderball deposit is planned pending timely regulatory approvals, including a government co-funded hole.

Patronus also holds the Hayes Creek VMS Project, which contains significant base metal resources. The company is refining targeting criteria and plans geophysical surveys and drilling in 2025 to explore for additional volcanic massive sulphide mineralisation along a 40km prospective horizon.

Strong Financial Position and Strategic Investments

Patronus ended the quarter with a strong balance sheet, holding $79 million in cash and liquid investments. This financial strength supports ongoing exploration and strategic growth initiatives. During the quarter, the company made strategic investments in Alto Metals and Aurumin Limited, and sub-underwrote a $10 million entitlement offer for Geopacific Resources, acquiring a 15.7% stake. Leadership changes included the promotion of John Ingram to Managing Director, reflecting a focus on driving the company’s growth trajectory.

Overall, Patronus Resources is positioning itself for a period of active news flow and potential value creation as it advances multiple projects across two highly prospective Australian jurisdictions.