Patriot Resources has secured a binding agreement to acquire the high-grade Tassa Silver-Gold deposit in Peru and completed an oversubscribed $4.25 million capital raising to fund exploration and acquisitions across its portfolio.
- Binding agreement to acquire 100% of Tassa Silver-Gold deposit in Peru
- Oversubscribed $4.25 million capital raising completed
- Expansion of polymetallic mineralisation at Kitumba 27715 Project in Zambia
- Consolidation of land tenure in Mumbwa District, Zambia
- Ongoing lithium exploration at Gorman Project, Canada
Strategic Acquisition in Peru
Patriot Resources Limited has taken a significant step forward by entering into a binding agreement to acquire 100% of the Tassa Silver-Gold deposit in southern Peru. This drill-confirmed project boasts multiple thick, high-grade silver and gold intercepts, including standout results such as 60 metres at 224.20 grams per tonne silver and 16 metres at 1.50 grams per tonne gold. The acquisition, structured through an initial payment of 20 million shares and US$500,000, positions Patriot to capitalise on record silver prices and the deposit’s promising San Gabriel-style gold mineralisation.
Robust Capital Raising Supports Growth
Backing this strategic expansion, Patriot successfully completed an oversubscribed capital raising of $4.25 million. The funds will underpin the Tassa acquisition, advance exploration activities at the company’s copper and lithium projects, and support broader portfolio development. The raising included two tranches, with the second tranche subject to shareholder approval, reflecting strong investor confidence in Patriot’s growth trajectory.
Expanding Copper and Polymetallic Footprint in Zambia
In Zambia, Patriot has made notable progress at the Kitumba 27715 Project. Phase 1 trenching and geophysical surveys have revealed a significantly expanded polymetallic system rich in copper, gold, silver, zinc, and lead. High-resolution magnetics and induced polarisation surveys doubled the interpreted strike length of the main mineralised zone to approximately 400 metres and identified two additional parallel structures. These findings provide clear, high-priority drill targets, with further trenching and assays planned to extend the prospect’s footprint.
Land Consolidation Enhances Regional Potential
Patriot also consolidated its land tenure in the highly prospective Mumbwa District by acquiring an 80% interest in the Mirkal and Chimban licences on a 20% free-carry basis. This strategic move aligns ownership across key licences and strengthens the company’s ability to explore district-scale structural controls within a proven copper-rich corridor. The consolidation enhances optionality and positions Patriot to leverage regional synergies in its copper exploration efforts.
Lithium Exploration Maintains Momentum
On the lithium front, Patriot continues to advance its 100% owned Gorman Lithium Project in Ontario, Canada. The project lies along strike from Frontier Lithium’s world-class PAK-Spark deposit, one of North America’s largest and highest-grade lithium resources. Encouraging exploration results at Gorman include a 5.2-kilometre spodumene-bearing pegmatite trend and rock chip samples exceeding 3% lithium oxide. With lithium prices surpassing US$2,000 per tonne, the project remains a strategic asset within Patriot’s critical minerals portfolio.
Outlook for 2026
Executive Chairman Hugh Warner emphasised that Patriot enters 2026 well-positioned to advance multiple high-grade opportunities. The company’s strengthened balance sheet and expanded project portfolio set the stage for focused drilling programs, particularly at Tassa and Kitumba, alongside ongoing lithium exploration. As Patriot moves to convert existing data to JORC standards and plans its next phases of exploration, investors will be watching closely for updates on resource definition and development milestones.
Bottom Line?
With a fortified portfolio and fresh capital, Patriot Resources is poised to unlock value across silver, copper, and lithium assets in 2026.
Questions in the middle?
- When will Patriot release updated JORC-compliant resource estimates for the Tassa deposit?
- What are the timelines and targets for the upcoming drilling campaigns at Kitumba and Tassa?
- How will lithium market dynamics influence the development strategy for the Gorman Project?