PAT acquires new copper project in Zambia - drilling in Q3

Our Investment Patriot Resources (ASX: PAT) just acquired a NEW copper project in Zambia.

We are Invested in PAT primarily for its Peruvian silver project (a 31.4Moz silver equivalent resource with a 559-774Moz silver equivalent exploration target).

But a few weeks ago, PAT made a discovery on its copper project next door to $8BN Sinomine.

And then just last week announced that the target could actually extend across a ~5.5km structure.

(source)

PAT's Zambian copper side salad keeps getting more interesting - especially with the copper price trading near its all time highs…

Today PAT picked up a 90% interest in a 16.15km² licence for a total of just US$50,000.

(US$20,000 paid on signing, the balance on completion, with the vendor retaining a 10% free carry)

The new ground sits inside the Lusale Basin mineralised corridor, which is considered an eastern extension of the DRC/Zambian Copperbelt, well known as one of the world's premier copper producing regions.

It also sits 17km along strike from $32BN First Quantum Minerals and Mimosa Resources' Fishtie/Kashime copper project.

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PAT says the copper mineralisation in this basin sits in a stratigraphic position, with some similarities to the giant Kamoa deposit in the DRC.

(That is just the geological setting, not a discovery - drilling will be needed to see if there is anything there)

The basin has already seen extensive exploration, discoveries and operating mines, so PAT can move quickly on defining drill-ready targets here.

PAT is targeting a Phase 1 drill program in Q3 2026 - so inside the next three months.

A Phase 2 drill program is also planned at PAT's Tonic copper discovery, which we covered in a deep dive last week:

PAT: New Copper discovery extends to 5.5km target corridor... 18km from $860M Chinese copper mine

What else is PAT up to?

As we mentioned earlier, we are mainly invested in PAT for the Tassa Silver-Gold Project in southern Peru, which it holds 100% of.

The project currently has a maiden 31.4Moz silver equivalent JORC Resource with an average grade of 52.68 g/t.

(sitting inside the project's broader 559-774Moz silver equivalent exploration target).

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And here is a nice summary of the project:

(source)

So sitting inside a giant JORC exploration target of 559 to 774 million ounces silver equivalent, is potentially one of the largest undeveloped silver systems in the world:

(source)

PAT is continuing community engagement, the last approval required before it can get drilling underway here.

What’s next for PAT?

Drill and update the current silver resource

We want to see PAT drill its silver project in Peru and confirm the existing 31.4M ounce silver equivalent JORC resource estimate.

With the first drill campaign, we want to see the previous results confirmed with infill drilling.

Here are the milestones we are tracking for that program:

• 🔲 Drilling permits
• 🔲 Phase 1 drill program (mostly infill drilling)
• 🔲 Assay results from phase 1 drilling

Drill follow up holes on the copper discovery

We want to see PAT drill out and extend its copper discovery in Zambia.

Interestingly, PAT’s discovery announcement said “several of the holes terminated in mineralisation or ended before their planned target depth”.

So it could be that the discovery is bigger than what PAT has defined on the project so far.

(source)