Retraction Clouds Historic Resource, But High-Grade Uranium Potential Remains Strong
Patronus Resources retracts its previous historic resource reference at the Thunderball uranium project but confirms extensive high-grade mineralisation with new drilling underway.
- Retraction of historic JORC 2004 uranium resource reference
- Re-assay program validates high-grade uranium mineralisation
- Initial six-hole diamond drilling program commenced
- Thunderball located in prolific Pine Creek uranium district
- Plans to update Mineral Resource Estimate to JORC 2012 standards
Retraction Clarifies Historical Resource Status
Patronus Resources Limited (ASX, PTN) has issued a retraction of its July 21 announcement that referenced a historic JORC 2004 uranium mineral resource at its Thunderball Project in the Northern Territory. The company acknowledged it lacks a reasonable basis and has not completed the necessary work to release that historical resource, advising investors to disregard the previous resource statements.
This move underscores the company’s commitment to transparency and regulatory compliance, ensuring that all resource estimates meet current standards before being publicly disclosed.
Re-assay Program Confirms High-Grade Uranium Potential
Despite the retraction, Patronus has reinforced the significance of the Thunderball deposit through a comprehensive re-assay program. The results confirm exceptional uranium grades and continuity within the deposit, with standout intersections including 10 meters at 2.5% U3O8 and individual meter intervals exceeding 14% U3O8.
The re-assay work was part of a broader technical review conducted by SRK Consulting in 2024, aimed at upgrading the deposit’s geological confidence and aligning it with the JORC 2012 reporting code. These findings validate Thunderball as a high-grade uranium asset with promising growth potential.
Drilling Program Targets Deposit Extensions
Patronus has initiated an initial six-hole diamond drilling program designed to test extensions of the main uranium lode and improve confidence in the upper lode. Planned drill depths range from 150 to 350 meters, targeting the predicted plunge extensions of mineralisation.
This drilling campaign is a critical step toward expanding the mineralised footprint and supporting an updated Mineral Resource Estimate, which the company anticipates releasing in due course.
Strategic Location in Pine Creek Orogen
The Thunderball Project sits within the Pine Creek Orogen, a region known for hosting several world-class uranium deposits such as Ranger and Jabiluka. While Patronus does not assert direct comparability, the district-scale potential is evident, with multiple high-potential uranium targets within a 5-kilometer radius of Thunderball.
Importantly, all tenements are on granted pastoral leases outside national parks, facilitating exploration and potential development activities.
Outlook and Next Steps
Patronus Resources is focused on completing the current drilling program, followed by detailed geological logging and sampling. The company aims to leverage the re-assay data and new drilling results to deliver a robust Mineral Resource Estimate compliant with JORC 2012 standards, positioning Thunderball as a key asset in Australia’s uranium sector.
Bottom Line?
Patronus resets expectations with a clear path to validate and expand Thunderball’s high-grade uranium resource.
Questions in the middle?
- When will Patronus release the updated JORC 2012 Mineral Resource Estimate for Thunderball?
- How might the retraction of the historic resource impact investor confidence and valuation?
- What are the prospects for discovering additional uranium deposits within the surrounding Pine Creek tenure?
