Paterson Resources Launches Scoping Study for Grace Gold-Copper Project
PSL (PSL) Share Update October 2024 Thursday 31st
Paterson Resources Initiates Scoping Study for Grace Gold-Copper Project
Paterson Resources Limited has announced the commencement of a scoping study on its Grace Gold-Copper Project, located in the highly prospective Paterson Province of Western Australia. This move signals a significant step forward in the development of a project situated near major gold and copper deposits.
Instant Summary:
- Scoping study initiated for Grace Gold-Copper Project.
- Project located in Paterson Province, near Telfer and Havieron deposits.
- Completion of Burraga Project sale to Octo Mining Burraga Pty Ltd.
Grace Gold-Copper Project Overview
The Grace Gold-Copper Project is strategically located in the Paterson Province, a region renowned for its rich mineral deposits. The project is in proximity to the world-class Telfer gold deposit, which boasts over 30 million ounces of gold, and the Havieron Gold-Copper Project, which holds a resource of 5.5 million ounces.
Paterson Resources has undertaken detailed 3D geological interpretation and wireframing at the Grace-Bemm deposit, incorporating recent high-grade gold intersections. Notable drilling results include 15 meters at 4.03g/t Au from 77 meters and 31 meters at 3.13g/t Au from 145 meters, indicating promising potential for further exploration.
Scoping Study Details
The scoping study will involve preliminary block modeling and mine design, with additional studies such as metallurgical testwork planned for the December quarter. This comprehensive approach aims to evaluate the project's feasibility and outline the next steps for development.
Corporate Developments
In a strategic move to focus on its flagship project, Paterson Resources has completed the sale of its Burraga Copper-Gold Project in New South Wales to Octo Mining Burraga Pty Ltd. The sale, which included several exploration licenses, brought in a total of A$2,650,000, providing additional funding for the Grace Project.
The commencement of the scoping study is a positive development for Paterson Resources, potentially enhancing the project's value and attracting investor interest. The sale of the Burraga Project allows the company to concentrate its efforts and resources on the more promising Grace Project, which could lead to significant discoveries and increased stock value.
Investor Reaction:
Analysts are likely to view the initiation of the scoping study as a strategic move that positions Paterson Resources for future growth. The proximity of the Grace Project to major deposits could generate optimism about the project's potential, though investors will be keenly watching for the results of the study and subsequent developments.
Conclusion:
Investors should keep an eye on the progress of the scoping study and any further announcements from Paterson Resources. The company's focus on the Grace Project could lead to substantial returns if the project meets its potential. Staying informed about upcoming developments will be crucial for making informed investment decisions.