Early-Stage Drilling at Cardinia Reveals Potential Risks and Rewards for Patronus JV

Exploration Breakthrough at Cardinia

Patronus Resources (ASX, PTN) has unveiled compelling results from its recent reconnaissance air-core drilling campaign at the Cardinia Gold Project, located east of Leonora in Western Australia. The standout intercept of 12 metres grading 12.41 grams per tonne gold at the Guppy Prospect signals a promising new discovery south of the established Cardinia East resource area.

This drilling program, spanning over 17,000 metres across multiple prospects including Guppy and the Royals Project, has delineated several significant gold mineralisation zones. Notably, the Royals Project’s X15 prospect returned a 5-metre intercept at 2.98 grams per tonne gold, underscoring the broader potential of the region.

Strategic Joint Venture Progress

The Guppy and Royals prospects are part of a joint venture with Golden Mile Resources (ASX, G88), where Patronus is nearing a Stage 2 earn-in milestone to secure an 80% interest. This milestone requires a further $2 million investment, reflecting Patronus’s commitment to advancing exploration and resource definition in these highly prospective areas.

Patronus’s Managing Director, John Ingram, highlighted that these first-pass air-core results in previously under-explored zones are reshaping the understanding of mineralised corridors within the Cardinia Gold Project. The company is now preparing for follow-up drilling in the third quarter of 2025 to better define the strike length and depth extent of these mineralised zones.

Geological Context and Exploration Potential

The Guppy Prospect lies within a geologically complex area marked by historic mining activity and intersecting gold-bearing structures associated with the Benalla Anticline. The mineralisation appears to be related to chert and ironstone horizons, with evidence of supergene enrichment near the regolith-fresh rock interface.

Meanwhile, the Royals Project is situated along a 5-kilometre granite-greenstone contact, a geological setting often associated with intrusion-related gold systems. The presence of pathfinder elements such as molybdenum and bismuth further supports this interpretation, suggesting a fertile environment for gold mineralisation.

Looking Ahead

With a current resource base exceeding one million ounces of gold across Cardinia East and Mertondale, these new drilling results enhance the project’s discovery potential and could materially increase the resource inventory. The upcoming drilling campaign will be critical in confirming the continuity and economic viability of these early-stage discoveries.

Patronus’s strong cash position of $81 million as of June 2025 provides a solid financial foundation to support ongoing exploration and development activities. The company’s methodical approach to data analysis and target selection continues to yield promising results in this prolific gold region.