Patronus Resources has validated the Thunderball uranium deposit as a high-grade asset through a comprehensive re-assay program, with extensional drilling now underway to explore its growth potential in the Northern Territory’s Pine Creek region.
- Re-assay confirms exceptional uranium grades up to 17.2% U3O8
- Initial six-hole diamond drilling program commenced to test deposit extensions
- Thunderball deposit poised for upgrade to JORC 2012 Mineral Resource standards
- Surrounding district hosts multiple high-potential uranium targets
- Patronus holds strong cash position to support ongoing exploration
Re-assay Validates Thunderball’s High-Grade Potential
Patronus Resources (ASX, PTN) has delivered a significant update on its Thunderball uranium deposit in the Northern Territory, confirming through a rigorous re-assay program that the deposit hosts high-grade uranium mineralisation. The standout results include impressive intervals such as 10 metres at 2.5% U3O8 and individual metre samples exceeding 17% U3O8, underscoring the deposit’s quality and continuity.
This re-assay effort was part of a broader technical review led by SRK Consulting aimed at aligning the Thunderball resource with the more stringent JORC 2012 reporting standards. The program leveraged well-preserved historical drill core and samples, enabling Patronus to refine geological models and enhance confidence in the deposit’s grade distribution.
Extensional Drilling Targets Growth
Building on these encouraging results, Patronus has initiated an initial six-hole diamond drilling campaign designed to test the extensions of the main mineralised lode and improve understanding of the upper lode’s continuity. Planned drill depths range from 150 to 350 metres, targeting structural extensions that could materially expand the mineralised footprint.
Managing Director John Ingram highlighted the strategic importance of these developments, stating, “These results clearly validate Thunderball as a high-grade uranium deposit with outstanding growth potential. With extensional drilling now underway and an updated Mineral Resource Estimate on the horizon, we’re excited about the opportunity to significantly expand the mineralised footprint and unlock the district-scale potential of Pine Creek.”
District-Scale Uranium Opportunity in Pine Creek
Thunderball sits within the Pine Creek Orogen, a region known for hosting several world-class uranium deposits, including Ranger and Jabiluka. While Patronus makes no direct economic comparisons, the geological context is compelling. The company’s tenure covers multiple uranium targets within a 5-kilometre radius of Thunderball, suggesting potential for a multi-deposit development scenario.
Importantly, all exploration licences are granted and situated on pastoral leases, avoiding national park boundaries and easing access and permitting considerations. Patronus’s strong cash position of $81 million as of March 2025 provides a solid financial foundation to advance exploration and resource development activities.
Looking Ahead
As the drilling program progresses, the market will be watching closely for assay results that could confirm extensions to the high-grade mineralisation. An updated Mineral Resource Estimate, expected following the completion of drilling and analysis, will be a critical milestone in defining Thunderball’s economic potential and shaping Patronus’s development strategy in the uranium sector.
Bottom Line?
With high-grade assays confirmed and drilling underway, Patronus is poised to unlock significant value from its Thunderball uranium project.
Questions in the middle?
- Will the ongoing drilling confirm extensions that materially increase the resource size?
- How will the updated Mineral Resource Estimate impact Patronus’s valuation and development plans?
- What are the timelines and potential hurdles for advancing Thunderball towards production?