Greenfields drilling tests surface anomalies for the first time and results often arrive in batches. Patronus Resources (ASX:PTN) reported initial RC results from its Pine Creek Project in the Northern Territory on 23 September 2026.

Company overview

Patronus Resources (ASX:PTN) is a West Perth explorer with the Pine Creek Project in the Northern Territory, testing greenfields targets from surface sampling.

Burnside North results

At Hydra within Burnside North, hole HY26RC004 returned 44 metres at 0.76 g/t gold from 96 metres, ending in mineralisation, and 3 metres at 1.78 g/t gold from 27 metres. Twenty-six holes (3,668 metres) were completed with results received for 12, and copper anomalism beneath the historic Mt Ellison mine included 1 metre at 1% copper.

Grove Hill results

Twenty-eight holes (3,514 metres) were completed at Grove Hill with results for 16, including 3 metres at 2.37 g/t gold from 15 metres and 4 metres at 0.8 g/t from 105 metres. Remaining assays are expected in Q4 and drilling is ongoing.

The Mt Ellison copper-bismuth area

Drilling also intersected copper anomalism beneath the historical Mt Ellison copper-bismuth mine, including 1 metre at 1% copper from 39 metres in hole ME26RC005. Patronus has described Pine Creek as a region where it is exploring across a broader tenement package using a systematic approach, building on soil and lag sampling.

Other shallow gold mineralisation reported includes 1 metre at 1.95 g/t gold from 23 metres in HY26RC002.

How first-pass drilling is used

First-pass drilling samples the ground at wide spacing to establish whether surface geochemical anomalies are associated with bedrock mineralisation. Follow-up drilling usually tests extensions and defines geometry. Because the Hydra hole ended in mineralisation, the company says immediate follow-up is planned, and the outcome will show whether the intersection reflects a continuous zone.

Drilling scope and program status

At Hydra and Hydrellison in the Burnside North area, 26 RC holes were completed for 3,668 metres, and results have been received for 12. At Grove Hill, 28 RC holes were completed for 3,514 metres with results for 16. The remaining assays from both areas are expected in Q4, and drilling is continuing in the Northern Territory.

Hydra sits within a 5 kilometre-long target area, and the hole HY26RC004 is the first to return significant gold from an interpreted 2.5 kilometre geochemical and structural trend identified from surface sampling.

Adjusted program

Patronus said the result was encouraging enough that it adjusted the current program to return for follow-up drilling sooner than originally expected. The company also noted that the results follow up last year’s lag sampling.

Sector backdrop

The Pine Creek region has a history of gold and base metal mining, and first-pass results guide follow-up targets.

The Pine Creek orogen is a historic Northern Territory goldfield with a long Mining history, and many greenfields targets there are tested by first-pass RC drilling after geochemical sampling.

First-pass results are often reported in batches as laboratory assays are returned, so early announcements can represent only a part of a program.

Risks shareholders should weigh

Results cover only part of the holes, and grades are modest. No resource exists.

Follow-up drilling and funding are needed.

Mineralisation may not continue.

Because less than half the holes have reported, the results announced may not represent the program as a whole, and later assays may be lower.

Grades such as 0.76 g/t gold over wide intervals indicate mineralisation but do not demonstrate economic viability, and no resource is defined.

What’s next

Immediate follow-up drilling is planned at Hydra, and remaining assays are due in Q4. Shareholders may wish to watch for those.

Follow-up drilling at Hydra and the remaining Q4 assays are the main items for shareholders to watch.