Paterson Resources intends to make a large-scale gold discovery, beginning a detailed investigation of high-grade targets at its flagship Grace Gold project near the world-class Telfer and Haverion deposits in Western Australia’s Paterson province.
The news comes less than a month after the company secured the backing of its top investors to the tune of $1.2 million to commence a comprehensive 6,000-metre diamond and reverse circulation drilling campaign near the Newcrest’s world-class Telfer mine.
With gold prices expected to remain firm until the end of the year, the campaign will test high-impact targets and strike from historic shallow high-grade intercepts and deeper to assess the openness of mineralisation at depth.
The company said the drilling contractor is on-site and already underway with following up on high-grade intercepts as high as 20.95 grammes per tonne, targeting ‘Telfer and Haverion style’ gold mineralisation during the six-week program.
The company’s Australian Stock Exchange-listed share price is trading at 5.9c (9:14 am GMT+ 8 hours).