Patronus Resources (ASX:PTN) found high-grade gold mineralizations after a diamond drilling program at its Mertondale Gold Project in Western Australia, according to a Monday filing with the Australian bourse.
Significant intercepts include 12.82 meters at 3.28 grams per tonne of gold from a depth of 213.54 meters including 5.23 meters at 5.04 g/t gold from a depth of 220.92 meters with visible gold throughout the intercept, the filing added.
Multiple phases of drilling are planned this year to further evaluate the exploration target within the project, the filing said.
Company shares rose 3% in recent trade.
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