Patronus Resources has hit high-grade gold well below the historical pit at its Tally Ho deposit in the Northern Territory, signalling promising depth extensions and a fresh mineralised zone.
- 2.61m at 6.38 g/t gold confirmed from 454m depth
- Four diamond holes completed, assays pending for three
- 2026 exploration program targets 30,000m drilling and 3,000 surface samples
- New mineralised zone below existing resource indicated
- Tally Ho part of Pine Creek Project with 234,000oz gold resource
High-Grade Gold Intersected Deep Below Historical Pit
Patronus Resources (ASX:PTN) has kicked off its 2026 Northern Territory field season with a bang, reporting high-grade gold intercepts from the first of four diamond drill holes at the Tally Ho deposit within its Pine Creek Project. The standout result came from hole TH26DD001, which delivered 2.61 metres at 6.38 grams per tonne gold starting at 454 metres downhole; some 200 metres beneath the old Tally Ho pit and outside the current resource boundary.
This intercept not only confirms the presence of significant mineralisation at depth but also supports the company’s geological model that predicts a previously unrecognised mineralised zone, dubbed the “Tally Ho Extension.” Nine gold-bearing intervals were logged throughout the 461-metre hole, with grades ranging from modest to high, reinforcing the deposit’s potential to grow vertically.
Drilling Program and Geological Insights
The four diamond holes completed total 1,432.53 metres and were designed to test both the footwall zone beneath the known lodes and an alternative mineralisation trend suggested by 3D modelling and field mapping. While assays for the remaining three holes are still pending, the initial results validate Patronus’s approach and its structural interpretation of the Fountain Head area, which includes Tally Ho, Fountain Head, and Glencoe deposits collectively hosting a 234,000-ounce gold resource at 1.4 g/t.
Managing Director John Ingram emphasised the significance of the findings, noting that the multiple gold intervals and the depth of mineralisation indicate the system remains open at depth. He highlighted that these results align with the company’s 3D geological modelling and provide a strong foundation for follow-up drilling to further refine the resource.
Ambitious 2026 Exploration Campaign Underway
Patronus is gearing up for an aggressive exploration campaign across its Pine Creek tenure, planning 30,000 metres of drilling comprising 6,000 metres of diamond drilling and 24,000 metres of reverse circulation (RC) drilling. This will be supplemented by 3,000 surface geochemical samples aimed at advancing brownfields targets with resource growth potential and testing high-priority geochemical anomalies identified in 2025.
The drilling will focus on both historical gold workings, some of which have seen little exploration in over four decades, and greenfields targets generated from recent surface sampling. The program includes testing at Grove Hill, Golden Dyke, Burnside North, and Northern Leases, reflecting a broad strategic push to unlock value across the project.
Context Within Patronus’s Growing Portfolio
The Tally Ho results build upon Patronus’s expanding footprint in the Northern Territory and Western Australia, where it holds a combined gold resource exceeding 1.2 million ounces. The Pine Creek Project, with its extensive tenure and multiple deposits, remains a key growth pillar alongside the Cardinia Gold Project in Western Australia.
Patronus’s strong balance sheet, with $75 million in cash and liquid investments as of March 2026, positions it well to fund this ambitious exploration agenda. The company’s track record of asset monetisation and strategic acquisitions has been instrumental in assembling this diversified portfolio.
As the assays from the remaining Tally Ho holes come in, and the broader RC drilling progresses, Patronus is poised to deliver a steady stream of newsflow that could reshape the resource landscape at Pine Creek. The market will be watching closely for how these results translate into resource upgrades and potential development pathways.
Bottom Line?
Patronus’s initial high-grade gold hit at depth in Tally Ho validates its geological model and sets the stage for a pivotal year of exploration in the Northern Territory.
Questions in the middle?
- Will assays from the remaining three diamond holes confirm the extent of the new mineralised zone?
- How will the 2026 drilling campaign reshape the resource base across Pine Creek’s multiple targets?
- What implications do these depth extensions have for potential mine planning and economics at Tally Ho?