Patronus finds deeper gold at Tally Ho as Pine Creek drilling widens

Deep Tally Ho drilling moves beyond the existing resource

Patronus Resources (ASX:PTN) has finished a busy quarter at Pine Creek with its most consequential results arriving from depth: diamond drilling at Tally Ho intersected gold below the historical pit and outside the current Mineral Resource. The strongest reported interval was 2.61 metres at 6.38 grams per tonne gold from 454 metres, while another hole returned 3.17 metres at 3.32g/t from 324.83 metres.

“Cross-section through the Tally Ho – Fountain Head mineralised system at TH26DD003 showing reported gold intercepts, the existing Mineral Resource Estimate and historical pit…”

“Plan view of the Fountain Head area showing recently completed diamond drill holes.”

Caption and image © Patronus Resources Limited. From “Quarterly Activities Report”, 27 Oct 2026.

The four-hole programme was designed to test a potential footwall zone called the Tally Ho Extension, as well as an alternative structural trend. Patronus said the results support the interpretation that mineralisation extends at depth and identified additional structures for follow-up work. The company plans further RC drilling on linking structures between Fountain Head and Tally Ho, while deeper diamond drilling will be considered for the extension target. That makes the deep Tally Ho drilling a direct test of whether the exploration story can add ounces beyond the existing 234,000-ounce Fountain Head area resource.

Davies No. 2 confirms shallow gold across an open system

At Davies No. 2, six RC holes returned a cluster of shallow intercepts, including 10 metres at 2.05g/t gold, 9 metres at 1.32g/t and 2 metres at 6.03g/t. One hole ended in mineralisation after water forced an early stop, with a further 3 metres at 3.89g/t from 57 metres. Patronus intends to re-enter that hole during the next drilling round.

“Cross-section A–Aʹ looking north, showing significant drill intercepts and two interpreted mineralised lenses within each mudstone unit.”

“Cross-section B–Bʹ looking north, showing the significant intercept in GD26RC001 and the interpreted hanging-wall and footwall mineralised lenses.”

Caption and image © Patronus Resources Limited. From “Quarterly Activities Report”, 27 Oct 2026.

The mineralisation has so far been tested to less than 100 metres vertically and remains open along strike and at depth, according to the report. Geological interpretation also points to multiple mineralised lenses around dolerite and mudstone contacts. The result builds on the company's first Davies No. 2 drilling, but it remains an exploration result rather than a resource estimate.

Hydra delivers a wide intercept while continuity remains unproven

First-pass drilling across greenfields targets added another potentially useful data point at Hydra in Burnside North. Hole HY26RC004 returned 44 metres at 0.76g/t gold from 96 metres and ended in mineralisation, alongside a separate 3-metre interval at 1.78g/t. Hydrellison also produced copper results including a 1-metre sample grading 1% copper, although surrounding samples are being analysed to establish the extent of that anomaly.

“Plan view of Hydra and Hydrellison holes showing recent RC holes with PTN surface sampling.”

Caption and image © Patronus Resources Limited. From “Quarterly Activities Report”, 27 Oct 2026.

The caution is in the drill spacing. Patronus explicitly said the widely spaced Hydra campaign does not establish continuity between holes or across the tested area. Results had been received for only 12 of 26 Burnside North holes and 16 of 28 Grove Hill holes by the end of the quarter. Grove Hill had returned early intercepts including 3 metres at 2.37g/t gold from 15 metres. The 44-metre Hydra result had already been highlighted in the company's Hydra broad gold intercept, but the pending assays will determine whether it sits within a repeatable mineralised pattern.

Surface sampling keeps expanding the target pipeline

Patronus also used its 2026 surface sampling programme to add targets ahead of future drilling. Golden Wall is a newly defined 3-kilometre gold target beside the Cosmo-Howley trend, while J25 along the Western Shear Zone produced individual soil results of up to 0.99g/t gold. The company also refined targets at Hydra, Medusa, Howley NE, Burnside South and Mt Margaret, with first-pass RC drilling planned at Medusa later in the current field season.

Those anomalies are prospective targets, not yet defined deposits. Their significance will depend on geological interpretation and drill testing, particularly as surface geochemistry can identify a corridor without demonstrating depth continuity, width or recoverable mineralisation.

Cash supports continued exploration as uranium deal remains conditional

Patronus held $72.029 million in cash and liquid investments at 30 September, comprising $9.817 million in cash, $43.156 million in short-term term deposits and $19.056 million in strategic investments. The balance provides a substantial disclosed funding base for the next phase of Pine Creek exploration, although the report does not provide a forecast exploration budget or spending guidance.

The proposed sale of Patronus's Pine Creek uranium rights to Greenvale Energy, which would give Patronus a 19.6% Greenvale stake valued at about $5.5 million and a board position, also moved forward during the quarter after Greenvale shareholders approved the consideration-share issue. Completion still depends on approvals and consents from joint venture partners. The immediate exploration catalysts are therefore the outstanding Burnside North and Grove Hill assays, follow-up drilling at Tally Ho and Davies No. 2, and the next steps on the conditional uranium transaction.