Patronus Resources Boosts Mertondale Gold Resource and Advances VMS Exploration

Mertondale Resource Upgrade and Scoping Study Progress

Patronus Resources (ASX: PTN) has delivered a significant upgrade to its Mertondale Project in Western Australia, with an updated JORC 2012 Mineral Resource Estimate (MRE) now totalling 10.4 million tonnes at 1.4 grams per tonne gold for 480,000 ounces. This represents a 5% increase in contained ounces and an 18% improvement in grade compared to previous estimates. Notably, 63% of the ounces are now classified as Indicated Resources, enhancing confidence ahead of the planned Scoping Study due in the June quarter of 2025.

The recent diamond drilling campaign has confirmed high-grade gold mineralisation extending below the existing resource envelope, particularly at the Mertondale 3-4 deposit. This has led to the definition of the Koi Prospect, a new Exploration Target ranging from 150,000 to 800,000 ounces of gold. While still conceptual, this target underscores the potential for further resource growth with ongoing drilling planned throughout the year.

Advancing VMS Exploration at Cardinia

At the Cardinia Gold Project, Patronus has completed a comprehensive exploration program focused on Volcanogenic Massive Sulphide (VMS) mineralisation. A 30-line kilometre Induced Polarisation (IP) survey identified strong chargeability anomalies coincident with geochemical signatures along chert horizons. Subsequent Reverse Circulation (RC) drilling intercepted significant zinc and copper mineralisation, including assays such as 8 metres at 2,013 ppm zinc and 366 ppm copper at the Pegasus prospect.

Down-Hole Electro-Magnetic (DHEM) surveys further delineated conductive plates warranting follow-up drilling. These results reinforce the VMS potential of the Cardinia Project and position Patronus well to explore this under-explored greenstone belt for base metals alongside gold.

Northern Territory Exploration and Uranium Focus

In the Northern Territory, Patronus is advancing exploration across its extensive tenure in the Pine Creek Orogen. A broad-scale geochemical survey is scheduled to commence in the June quarter to refine targets at the Fountain Head Gold Project, which currently holds a 0.3 million ounce gold resource. Resource extension drilling is planned later in 2025.

At the Pine Creek Uranium Project, regulatory approvals are in place for an initial 1,500-metre diamond drill program at the Thunderball prospect. This program aims to expand known high-grade uranium mineralisation and identify new zones, supported by co-funding from the NT Government.

Strategic Investments and Corporate Activity

Patronus has strengthened its strategic position through acquisitions of substantial stakes in Geopacific Resources (ASX: GPR) and Emmerson Resources (ASX: ERM), investing $10 million and $5.4 million respectively. These investments align with Patronus’s focus on high-quality gold and base metals assets in Western Australia and the Northern Territory.

Additionally, Patronus launched an on-market takeover offer for Matsa Resources Limited (ASX: MAT), with the company and its associates holding nearly 20% of Matsa’s shares at the offer’s close. This move signals Patronus’s intent to consolidate and expand its footprint in the region.

Financial Position and Outlook

Patronus remains well funded with $81 million in cash and liquid investments as of 31 March 2025, providing a strong balance sheet to support its aggressive exploration and development programs. CEO John Ingram highlighted the company’s disciplined approach to exploration, emphasizing the integration of geophysical data, structural studies, and targeted drilling to maximise discovery potential.

With multiple projects advancing simultaneously and a robust pipeline of exploration targets, Patronus is positioning itself for significant growth in both gold and base metals sectors across two highly prospective Australian jurisdictions.