PAT identifies targets ~2km to the north of 774 million ounce silver exploration target

Our silver Investment Patriot Resources (ASX: PAT) just identified a new target area ~2km to the north of its silver project in Peru.

PAT’s project has a giant 559M to 774Moz silver equivalent JORC Exploration Target - “One of the largest undeveloped silver systems globally”.

Inside that exploration target PAT has a JORC resource of 31.4Moz silver equivalent resource.

And today, PAT announced results from a sampling program ~2km to the north of that resource, identifying targets sitting across a ~200m x 60m zone.

(with a peak result of 27.7g/t silver with 0.30% lead plus copper)

Here is where the new target area sits relative to PAT’s resource:

(source)

The main takeaways for us from today’s announcement was this:

(source)

Basically, PAT thinks the soil samples could represent the same geology style that hosts the mineralisation near PAT’s current resource.

(so the new target could be part of the same system that we know sits~2km to the south).

A 2km step out to what is already a pretty big exploration target could be game changing for PAT - but of course, it's far too early to say anything for sure based on just soil samples.

Ultimately, we will need to see PAT drill out this area and see if it extends:

(source)

PAT did say that the next round of work on the new target would be to map the area in between the two key areas here:

(source)

Next for PAT though, we want to see it lock in permits for its first ever drilling program on the project.

What do we want to see PAT do next?

🔄 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:

• ✅ Land Access Agreements
• 🔄 Drilling permits (today PAT confirmed the permits have been lodged)
• 🔲 Drilling starts
• 🔲 Drilling results

🔄 Divestments of side assets

We noticed recently that PAT said it was looking to divest its recent copper discovery in Zambia (next door to $7BN Sinomine’s copper project) AND its lithium asset in Canada .

(source)

We want to see PAT land a deal that is positive for us as shareholders.

Ideally some sort of cash payments OR scrip in the entity that takes the assets.