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Telfer once again shows the money

16 December 2021
ASX: PSL
Rueben Hale

PSL’s first assay results have confirmed the project’s remarkable mineralisation is hosting capacity following high gold assay results from maiden drilling at Grace Project 25km from the Telfer Gold mine in the Paterson Province of Western Australia.

The exploration incentive scheme-funded drilling program intersected gold mineralisation within a comprehensive silica-carbonate rich brecciated ore system over returning 20.8 meters for 2 grammes per tonne of gold, from just over 203 meters, including high-grade intercepts of 2m for 3.6g/t Au from 216m and 3m for 8.38 g/t Au from 221m.

In addition, 15.7m for 0.39g/t Au was returned from 762m which is associated with silica altered felsic intrusive, representing a fresh style of mineralisation at the site.

The company said the extensive mineralisation highlights the perspectivity of the numerous untested magnetic targets.

“The drilling campaign was designed to test high-priority geophysical targets and target mineralisation along the Grace-Bemm Shear Zone,” executive director Matt Bull said.

“Historically, this has only been drilled with wide-spaced and generally shallow drill holes.”
“The drilling program successfully intersected broad sulphide-rich breccia zones in several diamond holes.

“Further, the first assay results received confirm they can host high-grade mineralisation.

“The results confirm a large mineral system with multiple mineralisation styles, and the company will now delineate the resource which remains open in all directions and test multiple magnetic targets.”

With a mineralised interval that has been intersected over 200m from the nearest drilling and remaining open to the east and west and at depth, the company is planning a combined diamond and RC drilling programme scheduled to commence in the first quarter of 2022 to test high-priority targets.

Further Results from the current drilling, four-diamond drill holes, and open reverse circulation holes are expected over the coming weeks.

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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