Mining Lease Progress and Resource Upgrade Plans Signal Critical Phase for Paterson Resources
Paterson Resources Limited reports significant progress at its Grace Gold-Copper Project, including promising drilling results and key steps toward resource upgrading and mining lease application.
- Metallurgical testwork core selected for Grace Project
- Mining lease application well advanced
- Planning underway for JORC Resource upgrade
- Scoping study work streams initiated
- Notable high-grade gold intersections from recent drilling
Strategic Location in Paterson Province
Paterson Resources Limited continues to build momentum at its Grace Gold-Copper Project, situated in Western Australia's prolific Paterson Province. This region is renowned for hosting world-class deposits such as Newmont's 30+ million ounce Telfer gold mine and Greatland Gold's 5.5 million ounce Havieron project, positioning Grace within a highly prospective mineral corridor.
Encouraging Drilling Results Bolster Confidence
The company has reported a series of significant gold intersections from its recent drilling campaigns, with highlights including 15 meters at 4.03 g/t Au and 31 meters at 3.13 g/t Au from the Grace-Bemm deposit. These results underscore the potential for a substantial resource upgrade, reinforcing the project's attractiveness amid a competitive exploration landscape.
Advancing Towards Resource Definition and Mining Lease
Paterson Resources is actively progressing its mining lease application, now well advanced, alongside desktop planning to upgrade the deposit to a JORC-compliant resource. The selection of diamond drill core for metallurgical testwork marks a critical step in assessing the project's processing characteristics, essential for future feasibility studies.
Initiation of Scoping Study
In parallel, the company has commenced defining work streams for a scoping study, aiming to evaluate the economic potential of the Grace Project comprehensively. This study will integrate updated geological models, resource estimates, and metallurgical data to inform development strategies.
Financial and Operational Outlook
During the December quarter, exploration and evaluation expenditure remained modest at $67,000, primarily covering tenement administration and native title costs. The company ended the quarter with $2.24 million in cash, providing a runway of nearly ten quarters at current expenditure levels, indicating a solid financial position to support ongoing activities.
Looking Ahead
Paterson Resources plans to continue infill and extensional drilling to refine the resource estimate and advance the mining lease documentation in the coming quarter. These efforts will be closely watched by investors seeking clarity on the project's scalability and potential to join the ranks of major Paterson Province discoveries.
Bottom Line?
With drilling success and key development milestones underway, Paterson Resources is positioning Grace as a compelling gold-copper opportunity in a world-class mining province.
Questions in the middle?
- How will the upcoming JORC Resource upgrade impact the project's valuation?
- What are the expected timelines and hurdles for mining lease approval?
- How might metallurgical testwork results influence processing strategies and costs?
