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Paterson chases ‘Telfer style’ discovery in mineral-rich province

9 September 2021
ASX: PSL
Rueben Hale

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).

COMPANY OVERVIEW

Paterson Resources (ASX:PSL) is a publicly listed, junior mineral resources company focused on the exploration and development of gold and gold/copper exploration projects. The Grace Gold-Copper Project is located 25km SE from the 32moz Telfer Mine in the world class Paterson mineral province in Western Australia consists of two granted exploration licences (E45/4524 and E45/5130) and five granted prospecting licences (P45/2905-2909). The Pilbara Gold Projects are in the heart of WA Pilbara. The Burraga Copper-Gold Project, located in the world class minerals province of the East Lachlan Fold Belt in central western New South Wales consists of four contiguous exploration licences (EL6463, EL6874, EL7975 and EL8826) covering a total area of approximately 221km.

COMPANY INFORMATION

ASX: PSL

Website

https://patersonresources.com.au/
https://www2.asx.com.au/markets/company/psl

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