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Paterson Resources show standout gold strikes with Grace 

10 February 2022
ASX: PSL
Rueben Hale

Paterson Resources first phase of drilling assays has confirmed solid results, including intercepts of 2.60g/t from 3.8m (37.2m), 9.9g/t from 7m, 1.43g/t from 3.8m (31.7m) and 8.15g/t from 0.4m (35.2m) from the Paterson Province hosting Newcrest’s world-class Telfer Mine and the evolving Havieron gold deposit.    

Gold mineralisation within quartz-rich hydrothermal breccias has extended the total strike length to around 1,200m, with gold mineralisation remaining open along strike and down dip.  

Additional assaying from EIS co-funded diamond drill hole within the newly identified felsic intrusive source of gold mineralisation has also returned, further encouraging high-grade intercepts highlighted by 4.4g/t from 1.05m (480.25m).  

The company said it is planning an aggressive 10,000-metre follow-up program for the second quarter of this year.  

“Our first phase diamond drilling program at the Grace Project has delivered a set of solid near-surface gold hits and extended mineralisation nearly 200 metres along strike,” managing director Matt Bull said  

“We are highly encouraged by the significant gold intercept intersected in PDD0005, a further 800m southeast along strike from the main Grace deposit.  

“Minimal shallow historical drilling exists in this area which presents a high priority drilling target for our upcoming RC drilling program.”  

Plans for a maiden JORC-compliant MRE are progressing, pending the completion of infill drilling later this year. 

PSL’s Australian Stock Exchange-listed share was trading at 2.8c today (10:15 am (UTC+ 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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