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Paterson Resources (ASX:PSL) - Non Executive Chairman, Nick Johansen
Non Executive Chairman, Nick Johansen
Source: Ward Keller
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  • Paterson Resources (PSL) completes an aboriginal heritage survey at the Grace Project in WA and appoints drilling contractor to complete 2021 drill program
  • PSL has cleared all proposed drill hole locations within the survey area, marking a step forward in anticipation of the upcoming drilling program
  • The 2021 drilling program will test gold targets identified from recent geophysical surveys, as well as follow up historic drilling in the Grace and Bemm Shear Zones
  • Shares are trading 9.8 per cent higher at 4.5 cents each at 1:01 pm AEST

Paterson Resources (PSL) has completed an aboriginal heritage survey at the Grace Project in WA and has also appointed a drilling contractor to complete the 2021 drill program.

The survey was conducted across the project with the traditional owners through the Western Desert Lands Aboriginal Corporation, which is the prescribed body corporate for the Martu people of the central west desert region of WA.

PSL has cleared all proposed drill hole locations within the survey area. The company said this is a major step forward in the exploration program at Grace in anticipation of the upcoming drilling program.

On that point, the company has contracted DDH1 to undertake the drilling which has been designed to test high-impact targets identified from recent geophysical surveying, as well as infill significant gaps between known mineralisation previously intersected in the Grace and Bemm Shear Zones.

This known mineralisation was identified from historic drilling, believed to have produced surface high-grade gold mineralisation which the company said hasn’t been followed up.

Paterson said the current drilling program is targeting similar styles of mineralisation to the world class Telfer copper-gold deposit located 25 kilometres to the northwest, and the Havieron Project located 40 kilometres to the northeast.

Plans are in place for additional drillholes targeting other IP and versatile time domain electromagnetic anomalies, as well as interpreted structurally complex zones to the north-west of GraceBemm, plus deeper geophysical anomaly sources to the south.

The diamond and reverse-circulation drilling programs are expected to commence in August.

Shares were trading 9.8 per cent higher at 4.5 cents each at 1:01 pm AEST.

PSL by the numbers
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