Patronus Begins Drilling at Fountain Head Gold Project in NT

Patronus Resources (ASX:PTN) has begun its first-ever drilling program in Australia's Northern Territory, with 2,000 metres of reverse circulation drilling underway at the Glencoe gold deposit of its wholly owned Fountain Head gold project, the company said in a press release.

Formerly known as Kin Mining, the company acquired a portfolio of gold projects in the Northern Territory as part of a merger with PNX Metals in September that combined the companies and their portfolios under the new name.

The Fountain Head gold project is located on granted mineral leases north of the Mt Wells road between the towns of Pine Creek and Adelaide River. It holds a mineral resource estimate of 234,000 ounces gold and three deposits — Fountain Head, Glencoe and Tally Ho — all of which are open along strike and at depth. Glencoe's resource stands at 79,000 ounces gold.

“The current RC program is targeting five high-grade domains outside the existing MRE identified by PNX, particularly those related to high-grade gold in quartz veins oblique to the main anticline-related lodes,” Patronus said.

Diamond drilling at the Fountain Head deposit will also be scheduled depending on the receipt of necessary government approvals. The company plans to begin drilling at its Thunderball uranium project as well subject to the same conditions.

“This marks an exciting milestone for Patronus with the commencement of exploration activities on our underexplored Northern Territory assets,” Patronus CEO John Ingram said. “Expanding the existing gold resources at the Fountain Head Gold Project and testing of high-priority regional gold targets are the key areas of focus for Patronus.”

An updated mineral resource estimate for Fountain Head is planned for 2025.

“We are also looking forward to progressing uranium exploration in the Pine Creek district, where we hope to be drilling before the end of the year subject to receipt of approvals.”

In addition to its gold and uranium projects in the Northern Territory, Patronus owns the Leonora gold project and Hayes Creek base metals project in Western Australia.

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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.