Patriot Resources Expands Mumbwa Copper Holdings, Unveils High-Grade Assays and 2025 Drill Plans

Strategic Land Consolidation in a Premier Copper District

Patriot Resources Limited (ASX: PAT) has bolstered its position in the Mumbwa copper district of Zambia, expanding its exploration tenure to an impressive 709 square kilometres. This expansion cements Patriot as one of the largest landholders in this highly prospective region, which is gaining attention as a junior copper play with significant upside potential.

The company’s March quarter activities focused on detailed fieldwork and consolidation, including sampling and mapping that have identified multiple high-grade copper and gold occurrences. Notably, samples from the Katwaro Pit’s southeastern face returned an average of 1.16% copper and 0.68 g/t gold over 14 metres, with a standout interval grading 4.45% copper and 2.59 g/t gold over 2 metres.

Encouraging Assay Results Highlight Exploration Upside

Beyond Katwaro, rock samples analyzed via portable XRF revealed exceptional copper grades at new targets: up to 33.08% copper at CBR South and 17.36% copper at Chimban South, with average grades of 12.19% and 6.46% respectively. Field mapping also suggests an 8-kilometre potential strike length between Katwaro and Chimban South, indicating a substantial mineralised corridor yet to be fully tested.

Patriot has further secured an option to acquire three additional licences covering 450 square kilometres, which encompass 45 kilometres of contiguous strike along key regional structures known to host copper mineralisation. Historic artisanal mines within these licences add to the geological promise.

Ambitious Exploration Program Planned for 2025

Looking ahead, Patriot is preparing for an intensive exploration campaign over the next two quarters. Planned activities include an aeromagnetic survey and an Induced Polarisation (IP) survey to refine drill targets. The company aims to execute a combined 9,000 metres of drilling, 5,000 metres of reverse circulation (RC) and 4,000 metres of diamond drilling, focused on testing extensions from the historic Katwaro pit, the 8-kilometre strike between historic pits, and other identified copper outcrops.

These efforts are designed to delineate the extent and grade of mineralisation, potentially advancing the project towards resource definition.

Financial Position and Funding Outlook

As of 31 March 2025, Patriot held cash reserves of approximately AUD 499,000. The company acknowledges the need to raise additional capital to fund its 2025 drilling program and has commenced discussions with key shareholders and brokers regarding a capital raise. This proactive approach aims to secure the necessary funding to maintain momentum in its exploration activities.

During the quarter, Patriot also received CAD 160,000 in co-contributions towards its Gorman exploration program in Canada, reflecting ongoing support for its broader portfolio.

Corporate and Governance Highlights

There were no mining production or development activities during the quarter, consistent with Patriot’s focus on exploration. Related party payments disclosed relate primarily to directors’ fees and rent, in line with corporate governance requirements.

The company’s performance rights structure remains in place, with milestones tied to share price performance, incentivising management to drive shareholder value.

Outlook

Patriot Resources is positioning itself as a compelling copper exploration story in a region with growing strategic importance amid global copper demand. The upcoming exploration program, if successful, could materially enhance the company’s resource base and valuation. However, the execution hinges on securing additional funding and delivering positive drilling results.