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Cashed-up Paterson to chase ‘Telfer’ style deposit

19 August 2021 09:00
ASX: PSL

Paterson Resources Limited will commence drilling at its Grace project near the Pilbara’s world-class Telfer copper and gold deposit in Western Australia after banking $1.2 million from its top investors.

The planned exploration at the heart of the Paterson province, where multiple major exploration companies, including Rio Tinto, Newcrest and Greatland Gold, are actively exploring, has been extended from 3,500 metres to 6,000m, chasing gold grades suggested as high as nearly 21 grams per tonne.

With investors seeking the safety of gold in volatile markets, the timely drilling will be in good company with significant discoveries, including Havieron to the northeast, Maroochydore to the south, and Telfer mine located 25 kilometres northwest.

PSL said it would start this month with additional high impact drilling targets identified along strike from historic shallow high-grade intercepts.

The company’s Australian Stock Exchange-listed shares opened today at 5.6c  (8.00am GMT +8 hours).

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