Patronus Resources (ASX:PTN) Significant Gold Intersections From Extensional Drilling at Leonora

16 September 2024

Price Sensitive Announcement $

Overview:

Patronus Resources Limited announced that Reverse Circulation (RC) drilling at its Cardinia East gold project, located in the Leonora region of Western Australia, has delivered significant intercepts from both the Rangoon-Collymore and Cardinia Hill targets, indicating strong potential to grow the existing 475,000oz Mineral Resource (see Table A1).

The drilling has extended gold mineralisation a further 1.2km to the north along the Rangoon–Collymore trend and a further 250m south of the existing Cardinia Hill Resource, with the mineralisation remaining open to the north and south respectively.

The results highlight further exploration potential within Patronus’ Leonora assets, with the drilling forming part of a larger resource definition and exploration programme currently underway across both the Cardinia gold projects and the Mertondale gold project

Highlights:

• RC drilling has defined a 1.2km mineralised gold trend to the north of Rangoon along the RangoonCollymore trend.
• The new zone forms part of a broader 4km mineralised trend defined by Air Core (AC) drilling,
  which extends from Rangoon to Hobby.
• Significant intercepts returned from Rangoon–Collymore in this programme include:
  o 3m @ 5.69g/t from 77m in CM24RC069
   Inc 1m @ 15.7g/t from 78m
  o 11m @ 1.25g/t from 58m in CM24RC065
  o 4m @ 3.64g/t from 26m in CM24RC071
• Cardinia Hill Resource remains open to the south, with recent drilling extending known
  mineralisation

This programme was designed to test for potential northerly extensions to the existing Rangoon Mineral
Resource of 2.8Mt @ 1.32g/t Au for 121koz Au (see Table A1 in this release for further details). The drill
programme was designed to follow-up highly encouraging AC drill results targeting extensions to the
Rangoon–Collymore mineralised trend (see ASX release 1st June 2023). Significant Rangoon–Collymore
intercepts from this programme include:

• 3m @ 5.69g/t Au from 77m in CM24RC069
  o Inc 1m @ 15.7g/t Au from 78m
• 11m @ 1.25g/t Au from 58m in CM24RC065
• 4m @ 3.64g/t Au from 26m in CM24RC071

Drilling has extended the Rangoon–Collymore mineralised trend a further 1.2km north.

Based on results from this programme and previously reported AC drilling (see Company’s ASX release 1
June 2023), the Rangoon–Collymore trend now has a defined strike potential of approximately 4km,
additional to the current Resource trend of 3km

Company Notes:

Patronus Resources’ Executive Chairman Rowan Johnston said:
“These results from our RC drilling at Cardinia East are extremely encouraging, identifying a substantial 1.2km extension of the Rangoon–Collymore gold trend to the north of Rangoon. This underscores the prospectivity of our tenements and supports our strategy of expanding the mineralised footprint in the region. In addition, the intercept at Cardinia Hill also indicates the mineralisation continues along strike to the south-east in an area where we had previously believed gold mineralisation had been truncated. These results and extensions continue to add to the significance of our resources in the hot M&A region of Leonora.”

Full ASX Announcement: 6A1225421.pdf (discoveryalert.com.au)