Patronus Resources (ASX: PTN) Enhances Mertondale Resource and Acquires Strategic Stakes
Mineral Resource Update
Patronus Resources reported an updated JORC 2012 Mineral Resource Estimate for the Mertondale Project, increasing the total gold resource to 955,000oz. The new estimate includes 10.4Mt @ 1.4g/t Au for 480,000oz in the Indicated and Inferred categories. A Scoping Study is on track for completion in Q2 2025.
Exploration Developments
The company defined a substantial Exploration Target at the Koi Prospect, estimated between 150,000 and 800,000oz of contained gold. Additionally, drilling at the Cardinia Project identified significant zinc and copper anomalies, enhancing the project’s VMS potential. Gold exploration in the Northern Territory and plans for a 1,500m drill program at the Pine Creek Uranium Project were also highlighted.
Strategic Investments
Patronus and Deutsche Balaton have a deemed relevant interest of **61.8%** in Geopacific Resources (ASX: GPR) shares on issue. The company also secured 49,144,000 shares in Emmerson Resources (ASX: ERM) for $5.406 million. Furthermore, Patronus launched an on-market takeover offer for Matsa Resources Limited (ASX: MAT), resulting in a 19.57% holding in MAT.
Financial Position
The company reported a strong financial position with $81 million in cash and liquid investments as of the end of the March Quarter 2025. This includes $11 million in cash, $41 million in term deposits, and $29 million in strategic investment shares.
Executive Comments
CEO John Ingram stated, “The March Quarter saw plenty of positive progress for Patronus, with the delivery of an updated Mineral Resource Estimate for the Mertondale Project increasing our confidence and total gold resource base in Western Australia and our exploration drilling confirming significant potential for ongoing growth.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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