Patriot Resources is set to acquire a 90% interest in Licence 33543-HQ-LEL, a mining permit covering around 16.15km² in Zambia’s Copperbelt region.
The company will obtain the stake from MNS Global World Import and Export for $50,000 (A$72,045), including a 10% free carry and $20,000 paid on the signing of the agreement, with the remaining balance due at completion.
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The newly acquired licence is situated approximately 12km north of Mkushi and 17km south-west of the Fishtie/Kashime Copper project held by First Quantum Minerals and Mimosa Resources.
This area lies within the south-western extension of the Lusale Basin, which is interpreted as a satellite basin to the main Central African Copperbelt that extends into the Democratic Republic of Congo (DRC).
According to Patriot, this geological setting is host to formations similar to the Kamoa deposit in the DRC and the Lonshi deposit in Zambia.
Copper mineralisation in this area is contained within the Grand Conglomérat diamictite, siltstone and the overlying Kakontwe limestone.
High-angle normal faults and iron-rich replacement are thought to have shaped the distribution and thickness of mineralised zones.
The underlying basement rocks comprise a range of metamorphosed and deformed sedimentary, volcanic and intrusive units, overlain by the Katanga Supergroup, a rock sequence notable for copper and cobalt deposits.
Patriot Resources plans to focus near-term exploration on defining drill targets within the licence.
The company also intends to carry out a phase two drilling programme at its Tonic copper discovery in Mumbwa and continue exploration at its high-grade Tassa silver project in Peru, subject to local agreements.
It will maintain a small team and continues to pursue its strategy of divesting non-core assets including the Gorman lithium project in Ontario, Canada.
Chief geologist Eugene Gotora leads the technical team for Patriot’s Zambian projects.
The company expects to commence a phase one drill programme on the new licence in the third quarter of 2026.
