-- Patronus Resources (ASX:PTN) purchased the remaining 20% stake in the Guppy-Benalla prospect for AU$250,000 in cash, giving it full ownership of the tenure within the Cardinia Gold Project in Western Australia, according to a Tuesday filing with the Australian bourse.
The acquisition follows the completion of a AU$2 million, 80% earn-in over the tenements, and eliminates joint venture restrictions to give the company full control over exploration and any future development pathways, per the filing.
Previous drilling at the area returned high-grade intercepts, including 12 meters at 12.4 grams per tonne grade of gold from 20 meters. The company said follow-up air core and reverse circulation drilling is planned, subject to the finalization of heritage surveys.
Shares of Patronus Resources gained nearly 3% in recent Tuesday trading.