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

9 September 2021 10:33
ASX: PSL

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).

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