Patronus Strikes High-Grade Gold and Uranium, Eyes Major Growth
Patronus Resources reports significant gold intercepts at its Cardinia Gold Project and confirms high-grade uranium at Thunderball, while advancing exploration in the Northern Territory with large-scale gold anomalies identified.
- High-grade gold intercepts at Guppy and X15 prospects in WA
- Follow-up drilling confirms Guppy’s potential as a meaningful deposit
- Re-assaying confirms exceptional uranium grades at Thunderball deposit
- Large-scale gold anomalies identified in Pine Creek surface sampling
- Strong cash position of $78 million supports ongoing exploration
Exploration Momentum in Western Australia
Patronus Resources (ASX – PTN) has delivered a robust update for the September 2025 quarter, highlighting promising exploration results across its Western Australian and Northern Territory assets. At the heart of its Western Australian portfolio is the 100%-owned Cardinia Gold Project, situated in the prolific North-Eastern Goldfields region. Recent reconnaissance air-core drilling at the Guppy and X15 prospects has yielded significant gold intercepts, including a standout 12 meters at 12.41 grams per tonne gold at Guppy.
Follow-up reverse circulation drilling at Guppy has confirmed the presence of a mineralised gold structure extending beyond existing resources, with intercepts such as 13 meters at 2.12 grams per tonne gold from 105 meters depth. These results underscore Guppy’s potential to evolve into a substantial deposit, complementing the broader Cardinia East and Mertondale resource base. Patronus is progressing towards an 80% earn-in milestone in its joint venture with Golden Mile Resources, underpinning its commitment to advancing this promising project.
High-Grade Uranium Confirmed at Thunderball
In the Northern Territory, Patronus has confirmed high-grade uranium mineralisation at the Thunderball deposit through a comprehensive re-assay program of historical drill core. Exceptional results include intervals grading up to 17.2% U3O8 over one meter, reaffirming Thunderball’s status as a world-class uranium deposit. An initial six-hole diamond drilling program aimed at testing extensions and increasing geological confidence has been completed, with assay results pending.
The uranium mineralisation is structurally controlled within the Gerowie Tuff, with two main lodes identified. The ongoing work aims to refine the geological model and support future resource expansion, positioning Patronus well within the uranium sector amid growing global interest in nuclear energy.
Expansive Gold Anomalies at Pine Creek
Patronus has also completed a large-scale surface geochemical sampling program across its Pine Creek tenure, covering approximately 1,500 square kilometres of highly prospective ground. Early results have identified several extensive gold anomalies, including a remarkable 7-kilometer by 1.5-kilometer trend at the Northern Leases area. In-fill sampling is underway to refine these targets ahead of a planned 2026 drilling campaign.
The anomalies coincide with significant structural features such as the Pine Creek Shear Zone and granite-greenstone contacts, known to host major gold deposits. This systematic approach to exploration reflects Patronus’s strategy to build a pipeline of high-quality targets across its Northern Territory portfolio.
Strong Financial Position and Corporate Developments
Supporting its exploration ambitions, Patronus ended the quarter with a solid cash and liquid investment position of approximately $78 million. The company also completed a selective share buyback, acquiring nearly 10% of its register from St Barbara Limited, which may enhance shareholder value through register consolidation.
Managing Director John Ingram emphasised the company’s sustained exploration momentum and the strategic integration of assets following the 2024 merger with PNX Metals. With a combined gold mineral resource exceeding 1.2 million ounces and significant base metals and uranium holdings, Patronus is well positioned for growth in a dynamic commodities market.
Bottom Line?
Patronus’s latest results reinforce its exploration potential, setting the stage for critical assay updates and drilling campaigns in 2026 that could reshape its resource profile.
Questions in the middle?
- What will the pending assay results from Thunderball’s extensional drilling reveal about resource expansion?
- How will in-fill sampling outcomes at Pine Creek influence the prioritisation of 2026 drilling targets?
- What are the strategic implications of the recent selective share buyback on Patronus’s shareholder structure?