PAT expands Peru silver project - strike grows to 3.1km

Our Investment Patriot Resources (ASX: PAT) just expanded its Silver-Gold Project in Peru.

PAT added a new block Tassa 5 directly to the south of its 31.4Moz silver equivalent JORC resource.

(Inside the giant 559 to 774Moz silver equivalent exploration target - potentially one of the largest undeveloped silver systems in the world)

Now PAT holds ground across ~3.1km of strike.

Here is a look at a cross section of some of the historic holes at the at the project, so PAT believes that hits like these may extend into the new license (no guarantees though):

(source)

We also noted - Peru's Ministry of Energy and Mines declared PAT’s Environmental Impact Declaration remains valid and free of any observations.

(a good signal we might be getting closer to PAT’s first drill program on this project)

PAT is continuing community engagement, the last approval required before Phase 1 drilling, and is now also engaging with the Pachamayo community whose land overlaps the new tenement. (source)

PAT also has copper projects in Zambia, with copper at all time highs

We Invested in PAT primarily for its silver project in Peru (and because we think the silver price is going higher).

Recently PAT declared a copper discovery in Zambia a few weeks ago, and since then has been expanding its copper portfolio in country pretty quickly, which makes sense with the copper price:

(source)

PAT’s existing copper discovery is next door to $8BN Sinomine's Kitumba copper development.

PAT’s newly acquired licence is ~17km along strike from the Fishtie/Kashime copper project, owned by $36BN First Quantum Minerals.

The new ground also sits on strike to the Zambia-Congo copperbelt, which hosts numerous major copper deposits.

(source)

Earlier in the week PAT confirmed that its technical team has already been to site, completing first-pass geological mapping within days of the acquisition.

And PAT already wants to drill here this year, so they must be liking what they see from surface.

The mapping identified the same style of rock unit that hosts the copper at Fishtie/Kashime nearby.

(No sampling has been taken yet, so the ground remains untested form an assay point of view, which is what matters most).

PAT made note it is planning to drill here during the year, so is clearly keen to get serious exploration underway on these projects soon.

See our lates Deep Dive on the copper discovery: PAT: New Copper discovery extends to 5.5km target corridor... 18km from $860M Chinese copper mine

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)

Since then PAT has acquired another project nearby which it also plans to drill this year. (source)