Merlin Gold Discovery Opens Door to Resource Growth but Faces Key Drilling Tests

Exploration Target Establishes Merlin as a Key Growth Asset

Patronus Resources (ASX – PTN) has taken a significant step forward in its Western Australian gold portfolio by defining a maiden Exploration Target for the Merlin Prospect, part of the Cardinia Gold Project near Leonora. The target, prepared under the JORC 2012 Code, estimates between 1.0 and 4.0 million tonnes of ore grading 1.5 to 4.0 grams per tonne gold, translating to a potential 50,000 to 500,000 ounces of gold. This range, while conceptual, underscores the prospectivity of the Mertondale East Shear Zone corridor as an emerging gold camp.

Located just 400 metres north of the established Mertondale 3-4/North Resource, which hosts 138,000 ounces at 1.6g/t, Merlin benefits from proximity to known mineralisation and infrastructure. Recent reverse circulation (RC) drilling has returned encouraging broad, shallow gold intercepts, including 24 metres at 1.16g/t from 61 metres depth, reinforcing the potential for near-surface mining opportunities.

Geological Context and Historical Data Support Target

The Merlin Prospect lies along a 12-kilometre-long shear zone that has historically hosted multiple gold discoveries. Geological logging indicates the presence of felsic porphyry intrusions spatially associated with higher-grade gold zones, similar to those mined in the early 1990s at nearby pits. The mineralisation is interpreted to plunge northwards, remaining open along strike and at depth, suggesting substantial upside potential.

Patronus has integrated recent drilling results with a comprehensive historical database, including diamond, RC, and aircore drilling, to model the mineralised system. The company has applied conservative assumptions in tonnage and grade estimates, acknowledging that further drilling is required to convert the Exploration Target into a formal Mineral Resource.

Strategic Implications and Next Steps

Managing Director John Ingram emphasised Merlin’s role in Patronus’s strategy to grow high-grade ounces within the Mertondale Project. The company plans additional RC drilling in the third quarter of 2025 to test extensions of high-grade shoots and to explore the northern trend where historical aircore intercepts have shown promising gold grades. Initial metallurgical test work is also scheduled to assess ore processing characteristics.

This announcement complements Patronus’s broader portfolio, which includes over 1.2 million ounces of gold resources across Western Australia and the Northern Territory, as well as base metals and uranium assets. The Merlin Prospect’s advancement could materially enhance the company’s resource base and underpin future development options.

Technical Rigor and Historical Validation

The Exploration Target and drilling results have been compiled and verified by competent persons in accordance with industry standards. Sampling and assay protocols, including QA/QC measures, have been rigorously applied, with data cross-checked against historical records. While some legacy data limitations exist, the overall dataset provides a robust foundation for ongoing exploration and resource definition.

Patronus’s methodical approach to exploration at Merlin reflects a balance of optimism and caution, with clear plans to de-risk the project through further drilling and metallurgical evaluation.