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Paterson Resources show standout gold strikes with Grace 

10 February 2022 10:29
ASX: PSL

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) 

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