Resource Growth Potential Rises as Mertondale Gold Zones Extend Along Shear

Exploration Success at Mertondale

Patronus Resources (ASX, PTN) has reported encouraging results from its recent reverse circulation (RC) drilling campaign at the Mertondale Project, part of the broader Cardinia Gold Project in Western Australia. The 22-hole, nearly 3,000-metre program focused on the Merlin and Gargamel prospects along the 10-kilometre Mertondale Shear Zone, a key structural corridor known for hosting gold mineralisation.

The standout findings include high-grade gold intercepts at Merlin, confirming that mineralisation extends 1.5 kilometres north beyond previously defined resources. Notable intercepts include 13 metres at 3.71 grams per tonne (g/t) gold and 25 metres at 1.01 g/t gold, underscoring the prospect’s potential to add significant ounces to the resource base.

Extending the Mineralised Corridor

At Gargamel, located south of Merton’s Reward, drilling extended known mineralisation by a further 500 metres. The intercepts here are near surface and include 16 metres at 0.81 g/t gold and 6 metres at 1.65 g/t gold, indicating a shallow lode system that remains open along strike. These results reinforce the continuity of gold mineralisation along the shear zone and highlight multiple targets for future exploration.

Complementing these exploration results, metallurgical drilling within existing resource areas returned broad zones of mineralisation with grades supportive of potential economic extraction. Intercepts such as 11 metres at 7.72 g/t gold and 19 metres at 2.74 g/t gold provide valuable samples for ongoing metallurgical testwork, which is critical for assessing processing characteristics and recovery rates.

Strategic Implications and Next Steps

Managing Director John Ingram emphasised the significance of these results, stating they confirm both the scale and quality of the Mertondale gold system. The continuous mineralisation extending north and south of current resources, combined with the presence of felsic porphyry intrusions associated with higher-grade zones, suggests multiple mineralised centres within the shear zone. This geological complexity bodes well for resource growth along strike and at depth.

Patronus Resources plans to build on this momentum with follow-up diamond and RC drilling scheduled for 2026. These activities aim to further delineate the resource at Merlin and potentially update the Mineral Resource Estimate, supporting the Cardinia Gold Project’s development trajectory. The ongoing metallurgical testwork will also inform future mining and processing strategies.

With a strong cash position of $78 million as of September 2025 and a market capitalisation of approximately $107 million, Patronus Resources is well-positioned to advance its exploration and development programs. The Mertondale Project remains a cornerstone asset within the company’s portfolio, which also includes significant base metals and uranium interests in the Northern Territory.