Patronus Reports 1.94g/t Gold as Three Rigs Turn at Pine Creek Project

Patronus expands district-scale gold hunt as three rigs turn at Pine Creek

Explorer Patronus Resources has reported high-grade lag sampling up to 1.94g/t Au across priority areas at its 1,500km² Pine Creek Project in the Northern Territory, while ongoing drilling ramps up to test multiple kilometre-scale gold targets. Two RC drill rigs are currently operating, with one diamond drill rig recently mobilised.

The programme has confirmed and expanded several kilometre-scale gold anomalies, including Hydra and Medusa, while defining the new 3km-long Golden Wall target adjacent to the extensive +1Moz Cosmo–Howley trend. Only a small proportion of the project has been drill tested.

The results driving the district-scale story

Assay results have now been received for 1,782 samples from Burnside North and Cosmo, confirming and expanding anomalies first identified in the 2025 programme. These are surface geochemistry results from lag and soil sampling, not drill assay results — drilling is underway with results still pending.

Burnside North — 10 priority targets emerging

Burnside North is one of the Company’s most significant exploration areas, centred on the northern margin of the Burnside Granite where the Pine Creek Shear Zone intersects favourable formations including the Koolpin Formation, Burrundie Dolerite, Mount Bonnie Formation and Burrell Creek Formation.

This favourable structural and lithological setting has resulted in the definition of 10 priority target areas across Burnside North:

• Kraken SW
• Kraken
• Medusa
• Typhoon
• Chimera
• Hydra
• Cyclops
• Griffin
• Hydrellison
• Minotaur

Hydra and Medusa lead the drill queue

Hydra is one of the largest gold anomalies defined to date within Burnside North. In-fill sampling confirmed coherent gold anomalism over an area of approximately ~5km x 2km, adjacent to the historical Mt Ellison Cu mine. A first-pass RC programme is currently underway, comprising 27 holes for ~3,700m.

Medusa comprises a coherent gold anomaly extending over approximately ~5km x 1km around the Burnside Granite. In-fill sampling returned peak lag values up to 0.56g/t Au. First-pass RC drilling is planned at this target later in the current field season.

Elsewhere across Burnside North, Typhoon is characterised by broad, consistent gold anomalism. Minotaur and Kraken SW returned peak lag sample values up to 1.94 g/t Au.

Golden Wall — a new 3km target beside a 1Moz trend

Golden Wall is a newly defined 3km-long gold target associated with the McMinns Shear and coincident ironstone ridge, located immediately adjacent to the Cosmo-Howley trend.

Howley NE comprises a coherent anomaly immediately northeast of the Cosmo-Howley trend, returning peak gold-in-soil values up to 0.60g/t Au.

Why kilometre-scale gold targets matter

Surface geochemistry — lag and soil sampling — is used to detect gold that has dispersed from bedrock mineralisation below. “Lag” refers to weathered fragments that accumulate near the surface. Sampling these materials helps explorers identify where bedrock mineralisation may exist, prioritising where to drill.

A “kilometre-scale gold anomaly” means surface gold readings span multiple square kilometres. This scale indicates the potential for a large mineralised system, not just an isolated occurrence.

Shear zones are major structural breaks in rock formations. They act as pathways for hot, metal-bearing fluids, which then deposit gold as they cool. Targets near established shear zones and producing gold trends carry reduced geological risk.

A broad pipeline of targets spreads discovery risk and provides multiple “shots on goal” over the coming months.

John Ingram, Managing Director

“These results continue to demonstrate that Pine Creek is evolving into a district-scale gold opportunity, with multiple kilometre-scale gold systems emerging across the project rather than reliance on a single prospect.

“Our ongoing exploration programme continues to confirm, expand and refine priority gold targets while drilling systematically tests these opportunities. Together, these programmes are building a substantial and growing pipeline of high-quality drill targets across our 1,500km² landholding.

“Importantly, only a small proportion of our tenure has been drill tested, and we believe Pine Creek remains significantly under-explored with considerable discovery potential. Each phase of exploration strengthens our understanding of the project and reinforces our confidence in the district-scale potential of Pine Creek.

“With this year’s exploration programme now in full swing – including two RC drill rigs currently operating and a recently mobilised diamond drill rig – we look forward to reporting results from both drilling and regional exploration as they become available over the coming months.”

The investment case and what comes next

The Company’s balance-sheet strength enables this concurrent multi-rig campaign without near-term dilution pressure.

A $65m cash position against a $68m market cap funds concurrent drilling and sampling without near-term dilution pressure.

Catalysts over the coming months

1. RC drilling results from Hydra (27 holes / ~3,700m underway)
2. First-pass RC drilling at Medusa later this field season
3. Diamond drilling results as the newly mobilised rig commences
4. In-fill lag sampling results between Burnside SW and Eastern Flank
5. First-pass sampling results at Jessops

The Company will continue to systematically advance the target pipeline, with multiple news flow catalysts expected over the coming months.

Want the Next Northern Territory Gold Discovery in Your Inbox?

Join 30,000+ investors getting FREE breaking ASX mining news delivered within minutes of release, complete with in-depth analysis. Click the “Free Alerts” button at Big News Blast to receive real-time alerts the moment market-moving announcements hit the ASX.