Guppy Prospect Gold Discovery Showcases Patronus Resources’ Exploration Success

Stunning High-Grade Discovery Opens New Gold Zone South of Cardinia

Recent reconnaissance drilling has delivered outstanding gold intercepts, including a remarkable 12m @ 12.41g/t Au hit at the Guppy Prospect gold discovery by Patronus Resources. This significant discovery is located approximately 5km south of Patronus' established 475koz Cardinia East resource base, creating an entirely new exploration corridor within the company's 1Moz Cardinia Gold Project.

Other notable intercepts from the program include:

• 4m @ 6.49g/t Au from 12m at Guppy
• 5m @ 2.98g/t Au from 64m at X15 (ended in mineralisation)
• 4m @ 3.16g/t Au from 8m at Guppy

The Guppy Prospect is particularly noteworthy as it sits at the intersection of prospective gold-bearing structures associated with the Cardinia shear zones. The area shows evidence of historic mining activity, further validating its gold potential.

"Recent air-core drilling at the Cardinia East and Mertondale Areas has delivered an outstanding suite of assay results, significantly advancing our understanding of the new mineralised corridors that are emerging within the broader project area," said Patronus Managing Director John Ingram.

Strategic Position in the Leonora Gold District

The Cardinia Gold Project is strategically positioned in the highly prospective Leonora region of Western Australia, a district known for hosting significant gold deposits. The project already boasts a substantial resource base of 20.8 million tonnes @ 1.4g/t Au for 1Moz, with these new discoveries potentially adding significantly to this inventory.

The Guppy Prospect gold discovery by Patronus Resources is particularly important as it opens up exploration potential on the eastern limb of the Benalla Anticline, whereas high-grade gold discoveries at Mertondale typically occur on the western limb. This represents a completely new structural setting for gold mineralisation within the project area.

Understanding the Guppy Gold Discovery

The Guppy target was initially identified through gold-arsenic anomalism in auger soil sampling, along with the presence of historic shafts, pits, and recent prospector workings. The area is characterised by:

• Primary basalt, dolerite, gabbro and andesite lithologies
• ENE-WSW striking geology on the eastern limb of the Benalla Anticline
• Mineralisation appears related to proximity of chert/quartz ironstone
• Evidence of hydrothermal staining, patchy sericite and fuchsite alteration
• Presence of cloudy quartz veining and silicification suggesting elevated fluid-rock interaction

Cross-sections indicate that gold mineralisation occurs along the regolith-fresh rock horizon, suggesting a supergene blanket style of mineralisation. Importantly, the mineralisation extends for 150m along the southern drilling line and at least 120m along the northern line.

X15 Prospect: Another Promising Discovery

In addition to the Guppy Prospect gold discovery by Patronus Resources, significant gold mineralisation was also encountered at the X15 Prospect within the broader Royals Project area. Located approximately 7km east of the 480koz Mertondale resource base, X15 sits along a 5km granite-greenstone contact.

The most significant intercept at X15 was 5m @ 2.98g/t Au from 64m, which ended in mineralisation, suggesting potential for even higher grades at depth. The mineralisation is located within basalt near the granite-greenstone contact and is associated with a magnetic high and potential structures.

What is Supergene Gold Mineralisation?

Supergene gold mineralisation refers to the process where primary gold deposits are weathered and enriched through natural processes. When surface water moves through the weathered rock profile, it can dissolve, transport, and redeposit gold, often creating concentrated zones of gold mineralisation at or near the boundary between weathered and fresh rock.

This type of mineralisation is significant for gold explorers for several reasons:

1. It can create higher-grade zones compared to the primary mineralisation
2. These deposits are typically shallow and therefore more economical to mine
3. They often have favourable metallurgical characteristics with high gold recoveries

At the Guppy Prospect, the presence of high-grade supergene mineralisation suggests there may be a primary gold source at depth that has been weathered and enriched near the surface, creating a potential "blanket" of gold mineralisation along the regolith-fresh rock boundary.

Joint Venture Progress and Next Steps

Both the Guppy Prospect and Royals Projects are part of a Joint Venture agreement with Golden Mile Resources (ASX: G88), with Patronus approaching the Stage 2 earn-in milestone to secure an 80% interest. The company has already invested $1.8 million into the JV since January 2022, with the $2 million milestone soon to be reached.

Patronus is planning follow-up drilling programs scheduled to commence in Q3 2025. These programs will aim to:

1. Determine the strike continuity of the mineralisation at Guppy and X15
2. Test the depth extent of the high-grade zones
3. Evaluate the potential for primary mineralisation beneath the supergene blanket at Guppy
4. Further investigate the multiple gold anomalies identified across the project area

"Planning is now underway for follow-up drilling to further evaluate strike potential and bedrock extensions adjacent to the significant intercepts," noted Managing Director John Ingram.

Investment Case: Why Patronus Resources Deserves Attention

Patronus Resources presents a compelling investment case for gold investors for several reasons:

1. Established Resource Base: The company already controls a substantial 1Moz gold resource at Cardinia, providing a solid foundation for growth.

2. High-Grade Discovery Potential: The recent high-grade intercepts at Guppy (12m @ 12.41g/t Au) demonstrate the potential for significant resource expansion.

3. Multiple Exploration Targets: With successful drilling at both the Guppy Prospect and X15, Patronus has multiple avenues for resource growth.

4. Strong Financial Position: With $81 million in cash and liquid investments (as of June 30, 2025), Patronus is well-funded to pursue aggressive exploration and development.

5. Strategic Location: The Cardinia Gold Project is located in the prolific Leonora gold district, close to established infrastructure and processing facilities.

6. Experienced Management: The company's technical team has demonstrated the ability to identify and successfully test new exploration targets.

Looking Ahead: A Pivotal Period for Patronus

The coming months represent a potentially transformative period for Patronus Resources as the company follows up on these significant discoveries. With a market capitalisation of approximately $106 million, successful expansion of the gold resource base could drive substantial shareholder value.

The company's strong cash position of $81 million provides ample funding for accelerated exploration programs without the need for dilutive capital raisings in the near term. This financial strength, combined with the technical success demonstrated in the recent drilling program, positions Patronus as one of the more promising gold exploration stories on the ASX.

Investors should watch closely for results from the planned Q3 2025 follow-up drilling programs, which will provide greater clarity on the extent and continuity of these exciting new gold discoveries at the Cardinia Gold Project. Furthermore, the ongoing drilling program along the Lancefield trend could also validate additional gold systems in the region.

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