Paterson Resources has completed a $1.7 million capital raise, positioning itself to launch an 8,500-meter drilling campaign at its Grace Gold-Copper Project in Western Australia’s Paterson Province. This program aims to upgrade the project’s resource classification and support a mining lease application.
- Raised $1.7 million through placement and rights issue
- Planned 8,500m RC drilling to define JORC-compliant resource
- Grace Project located near world-class Telfer and Havieron deposits
- Ongoing metallurgical testing and environmental studies underway
- Cash position improved to $2.17 million at quarter end
Capital Raise Fuels Exploration Ambitions
Paterson Resources Limited has successfully completed a capital raising of $1.7 million through a combination of placement and rights issue, bolstering its financial position to advance exploration activities at the Grace Gold-Copper Project. With a cash balance of approximately $2.17 million at the end of September 2025, the company is well positioned to execute its planned drilling program.
Targeted Drilling to Upgrade Resource Status
The company is gearing up for an extensive 8,500-meter reverse circulation (RC) drilling campaign scheduled to commence in mid-November. This program is designed to both infill and extend known mineralisation, with the objective of upgrading the existing resource to the Indicated category under the JORC Code. Such an upgrade is a critical step towards advancing the project’s development potential and attracting further investment.
Strategic Location in a Proven Mineral Province
The Grace Project is situated in Western Australia’s Paterson Province, a region renowned for hosting significant gold and copper deposits. Notably, it lies just 25 kilometers south of Newmont’s world-class Telfer gold deposit, which boasts over 30 million ounces of gold, and 40 kilometers southwest of Greatland Gold’s Havieron project, with a 5.5 million ounce gold resource. This proximity to major discoveries underscores the geological potential of Paterson Resources’ tenure.
Supporting Studies and Regulatory Progress
Alongside drilling preparations, Paterson Resources is advancing metallurgical test work on diamond core samples as part of a broader scoping study. These efforts aim to better understand ore processing characteristics and inform future development plans. Concurrently, environmental flora and fauna surveys have commenced to support the company’s mining lease application, reflecting a proactive approach to regulatory compliance and sustainable project advancement.
Financial and Operational Overview
Exploration and evaluation expenditure for the quarter totaled $109,000, primarily allocated to the scoping study and tenement administration. There were no mining production activities during the period. Payments to related parties, including directors’ fees, amounted to $57,000. The company holds 100% interest in tenement E45/4524, securing full control over the Grace Project area.
Paterson Resources’ upcoming drilling results and progress on environmental and regulatory fronts will be pivotal in shaping the project’s trajectory and investor sentiment in the coming months.
Bottom Line?
With funding secured and drilling imminent, Paterson Resources is poised to unlock the Grace Project’s potential amid a competitive regional landscape.
Questions in the middle?
- What initial results will the 8,500m drilling program yield regarding resource size and grade?
- How will metallurgical test outcomes influence the project's economic viability?
- What timeline is anticipated for mining lease approval and subsequent development milestones?