Drilling underway at the Grace Project. Source: Paterson Resources
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  • Paterson Resources (PSL) says first results from a maiden drilling program at the Grace project have confirmed a large mineral system with multiple styles of mineralisation
  • Drilling at the WA project is testing targets which reportedly bare similarities to gold-copper mineralisation at the nearby “world-class” Telfer mine and Havieron gold deposit
  • Initial results include 2g/t gold over nearly 21 metres, as well as a higher grade intercept of 8.38g/t gold over a three-metre interval
  • Paterson is continuing drilling with the added goal of better understanding the underlying mineral system along strike and at depth
  • Company shares are trading steady at 3.6 cents

Paterson Resources (PSL) has received initial results from a maiden drilling program at the Grace project which is located in Western Australia’s Paterson Province.

This drilling program aimed to test a number of targets that were outlined by geophysics and historical drilling which identified gold-copper mineralisation similar to that of the ‘world-class’ Telfer mine and the and Havieron gold deposit — both of which are also located in the Paterson Province.

Results receive come from the PDD001 hole, which returned ‘encouraging’ results within a broad zone of brecciated silica-carbonate altered siltstone.

Assays include 20.8 metres at two grams of gold per tonne (g/t) from 203.2 metres, including two metres at 3.6g/t gold from 216 metres and three metres at 8.38g/t gold from 221 metres.

Executive Director Matt Bull commented on the findings.

“The first assay results received confirm they can host high-grade mineralisation,” he said.

“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.”

Once the hole was completed and the core was analysed, consultant geologists reviewed the samples and noticed the shallow mineralisation highlighted the potential for a ‘more significant’ underlying system.

Due to this, Paterson is focused on following up on this drill hole to better understand the structural relationships of the mineralisation with additional diamond drilling.

Additionally, follow-up drilling will also aim to uncover extensions to the mineralised system as well as test multiple high-quality targets along strike and at depth.

Company shares were trading steady at 3.6 cents at 12:06 pm AEDT.

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