Patronus Resources has reported significant high-grade gold intercepts at its Mertondale Gold Project, confirming substantial exploration upside and unveiling a maiden JORC Exploration Target named Koi. The results reinforce the potential to expand beyond the existing 241,000-ounce resource.
- High-grade gold intercepts including 12.82m @ 3.28g/t Au with visible gold
- New maiden JORC Exploration Target at Koi estimated between 150-800koz Au
- Mineralisation remains open along strike and down-plunge at Mertondale
- Exploration drilling resumed after Department of Defence access approval
- Follow-up drilling planned in multiple phases throughout 2025
Exploration Breakthrough at Mertondale
Patronus Resources Limited (ASX: PTN) has delivered a compelling update from its 100%-owned Mertondale Gold Project in Western Australia's Leonora district. The company announced outstanding diamond drilling results that not only confirm the presence of high-grade gold shoots below the recently upgraded resource but also underpin a substantial new Exploration Target named Koi.
The highlight intercept, MT24DD010, returned 12.82 metres at 3.28 grams per tonne gold from 213.54 metres, including a high-grade core of 5.23 metres at 5.04 g/t Au with visible gold throughout. Other notable intercepts include 1.8 metres at 5.16 g/t Au and 9.87 metres at 1.40 g/t Au, reinforcing the down-plunge potential of mineralisation at both Merton's Reward and Mertondale 3-4 deposits.
Defining the Koi Exploration Target
Building on these results, Patronus has defined a maiden JORC-compliant Exploration Target for Koi, estimated between 3.2 and 6.4 million tonnes grading 1.5 to 4.0 g/t Au, translating to a potential 150,000 to 800,000 ounces of gold. While the target remains conceptual pending further drilling, it represents a significant addition to the existing 241,000-ounce Mineral Resource Estimate (MRE) recently upgraded to 4.4 million tonnes at 1.7 g/t Au.
The Koi target lies beneath the current resource boundary and remains open along strike and at depth, suggesting considerable upside potential. The exploration team employed advanced structural analysis and historical data to model high-grade shoots, with recent drilling confirming these predictions.
Resumption of Exploration and Future Plans
Exploration activities at Mertondale had been dormant for nearly a decade due to access restrictions, but the recent approval of a Department of Defence Access Agreement has allowed Patronus to recommence drilling with confidence. The current diamond drilling program, comprising five holes totaling over 1,500 metres, was designed to test down-plunge extensions and has yielded encouraging results.
Patronus Managing Director John Ingram expressed optimism about the project's trajectory, emphasizing the robust nature of the upgraded resource and the exciting potential of the Koi target. The company has already commenced follow-up drilling at Koi, with plans for multiple phases throughout 2025, alongside additional reverse circulation drilling at nearby prospects such as Merlin and Mertondale South.
Strategic Implications for Patronus
This exploration success enhances Patronus's position in the highly prospective Leonora gold district, complementing its broader portfolio that includes the Cardinia Gold Project and Northern Territory assets. The demonstrated high-grade potential and significant exploration upside at Mertondale could materially increase the company's resource base and support future development options.
While the Exploration Target at Koi remains conceptual, the combination of recent drilling, historical data, and structural modelling provides a strong foundation for resource expansion. Investors will be watching closely as the company advances its drilling programs and updates its resource estimates in the coming months.
Bottom Line?
Patronus’s Mertondale drilling success and new Koi target set the stage for a potentially transformative resource upgrade in 2025.
Questions in the middle?
- Will follow-up drilling at Koi convert the Exploration Target into a defined Mineral Resource?
- How might the expanded resource impact Patronus’s development timeline and capital allocation?
- What are the implications of ongoing exploration success for the Leonora district’s competitive landscape?