Patriot Resources confirms new copper drill target at Sugarloaf project in Zambia

Patriot Resources (ASX: PAT) has validated its belief in the potential of new exploration acreage in Zambia with the identification of a new copper drill target within the Sugarloaf licence.

The company signed an agreement in late May to acquire a 100% interest in the high-grade Sugarloaf deposit, which has a historical exploration target of between 1.6 million tonnes and 2.5Mt at 2.0% to 2.5% for 32,000t to 62,500t of contained copper.

Patriot has obtained first-pass portable X-ray fluorescence analysis results of copper values as high as 3.12%, confirming an average of 0.62% copper across a surface expression of approximately 800 metres strike and 240m width.

High-value neighbour

Executive chair Hugh Warner said the copper discovery is geologically similar to the main body observed inside the historical pit and the Kitumba copper deposit approximately 4.4 kilometres to the north-west owned and operated by Sinomine Resources.

The Sugarloaf licence includes an historical pit previously mined on an artisanal scale, with the company now preparing to generate a JORC 2012 MRE for the project and determine what validation holes it needs to drill.

Patriot also plans to commence pit optimisation and other works in preparation for reserve definition and mining, as well as expand its regional exploration within the Sugarloaf licence area.

The latest results are separate from and in addition to the previous Sugarloaf exploration target released in late May.

Toll-treating agreement

To help fast-track development, Patriot plans to enter negotiations on a toll-treating agreement with Sinomine Resources for processing of Sugarloaf ore at their nearby Kitumba operation.

“Upon the completion of this acquisition, we will have a portfolio of copper projects ranging from near-term, high-grade production to large-scale blue-sky exploration–all within the Mumbwa high-grade copper district of Zambia,” Mr Warner said at the time of the acquisition.

“It is Patriot’s intention to synchronise Sugarloaf’s development timetable with Sinomine’s development of their Kitumba process plant and smelter in order to be able to supply our ore to that facility for processing.”

“We believe that, with Sinomine’s Kitumba mine and smelter coming online [in late 2026], a deposit like Sugarloaf quickly becomes attractive.”