Patronus Resources (ASX: PTN) has reported positive results from its four-hole diamond drilling campaign at the Tally Ho deposit, located within the Fountain Head area of the Northern Territory’s Pine Creek project. The drilling, which totalled 1,432.53 metres, successfully intersected high-grade gold mineralisation well beneath the historical open pit. These findings are significant because the gold was identified outside the current Mineral Resource boundary, suggesting the mineralised system remains open at depth.

Key intersections from the programme include a result of 3.17 metres at 3.32 grams per tonne of gold from 324.83 metres depth. These results build upon previously reported findings, such as an intercept of 2.61 metres at 6.38 grams per tonne of gold from 454 metres, reinforcing the technical continuity of the gold system across the project area.

"With all four drill holes now assayed, we have confirmed the presence of gold mineralisation well below the historical Tally Ho pit and outside the current Mineral Resource, further increasing our confidence that the system remains open at depth."

"Importantly, the programme has also identified an additional mineralised structural target that was not recognised prior to drilling, providing another opportunity to expand the Tally Ho and Fountain Head mineralised systems."

— John Ingram, Managing Director

Beyond simply confirming depth extensions, the drilling has successfully identified linking mineralised structures between the Tally Ho and Fountain Head deposits. This development has provided the company with fresh structural targets that were not previously recognised in earlier models. The data also confirmed that the gold mineralisation is associated with quartz stockwork veining and sulphide alteration, indicating that host lithology is not the primary control on the system.

The explorer’s operational focus is now firmly set on the broader 2026 Northern Territory field season, which includes a 30,000-metre drilling programme. Management plans to execute a follow-up reverse circulation drilling campaign at Tally Ho and Fountain Head later this year to test these newly identified structural trends.

In parallel with this targeted drilling, the company continues its wider exploration work. This includes testing several high-priority brownfields and greenfields targets generated during the 2025 programme, alongside an ongoing surface geochemical sampling initiative involving the collection of 3,000 samples across the wider Pine Creek project area.

Read the full announcement: Strong Drill Results Confirm Depth Potential at Tally Ho