PAT maps new copper targets in Zambia - drilling later this year
Our Investment Patriot Resources (ASX: PAT) just identified new copper targets at its newly acquired project in Zambia.
We Invested in PAT primarily for its silver project in Peru (and because we think the silver price is going higher).
That project has a 31.4M ounce silver equivalent JORC resource sitting inside a giant JORC exploration target of 559 to 774 million ounces silver equivalent.
(one of the largest undeveloped silver systems in the world if proven with drilling)
But PAT declared a copper discovery in Zambia a few weeks ago, and since then has been expanding its copper portfolio in country pretty quickly.
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 $35BN First Quantum Minerals.
The new ground also sits on strike to the Zambia-Congo copperbelt, which hosts numerous major copper deposits.
(source)
Today PAT confirmed 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)
The project was also covered by regional magnetic survey data, which shows a ~3km by 0.7km structural zone lining up with the mapped host rocks.
Zones like this can act as pathways for copper bearing fluids, giving PAT a defined target window.
(source)
Next up here comes the target generation work and then a Phase 1 drill program that PAT intends to run during 2026, so PAT is aiming to move fast here.
And given the proximity to PAT's existing licences and Tonic discovery, a single drill crew could drill one project then move across to the other.
Here is a look at how PAT’s existing copper project is sitting:
(source)
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.
PAT's flagship is the Tassa Silver Project in Peru, a 31.4Moz silver equivalent resource inside a 559-774Moz silver equivalent exploration target.
(Exploration targets are conceptual, drilling is needed to prove them up)
Today PAT also confirmed work is still ongoing for the community agreement required for the drilling permit, which will support its drilling application at Tassa.
PAT has previously confirmed no environmental issues at the project, so this is the key approval left before drilling.
(source)
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 and get initial works underway at the newly acquired project nearby, it has mentioned wanting to get back drilling this year. (source)
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)
