Patriot Resources acquires Zambian Copperbelt licence

Patriot Resources Limited has acquired a 90% interest in a strategic exploration licence in Zambia’s Copperbelt, positioning the company in a region with significant potential for copper mineralisation.

The company announced on Wednesday, July 29, that it had acquired the interest in Licence 33543-HQ-LEL, which covers approximately 16.15 km² and is located about 12 km north of Mkushi.

The licence is situated 17 km along strike from First Quantum Minerals and Mimosa Resources’ Fishtie/Kashime Copper Project, placing Patriot’s exploration ground within a well-established copper exploration corridor.

The licence covers the south-western extension of the Lusale Basin mineralised corridor, a Neoproterozoic sedimentary sub-basin whose geological setting is considered favourable for copper-hosted mineralisation.

Patriot said the Lusale Basin is regarded as an eastern extension, or satellite basin, of the DRC-Zambian Central African Copperbelt.

“Mineralised zones occur in the lower portion of the Nguba Group, a stratigraphic position above the units that host most deposits in the Zambian Copperbelt,” the company said.

Patriot noted that this geological position is broadly comparable with the stratigraphic setting of the Kamoa deposit in the Democratic Republic of Congo and the Lonshi deposit on the eastern edge of the Zambian Copperbelt.

“This places Patriot’s ground within a stratigraphic trend that hosts tier-1 scale copper mineralisation elsewhere, supporting discovery potential as the Company advances exploration activities,” it said.

The acquisition gives Patriot a 90% interest in the licence, with MNS Global World Import and Export Limited retaining a 10% free-carried interest.

Under the terms of the agreement, Patriot will pay US$50,000 for the 90% interest, with US$20,000 payable upon signing and the balance due on completion.