Maiden 31.4Moz AgEq Resource at Tassa Highlights Large-Scale Silver Potential

A Major Milestone for Patriot Resources

Patriot Resources Limited (ASX, PAT) has delivered a landmark maiden mineral resource estimate at its Tassa Silver & Gold Project in Southern Peru. The inferred resource totals 18.53 million tonnes grading 52.68 grams per tonne silver equivalent (AgEq), containing an impressive 31.39 million ounces AgEq. This includes a substantial 25.5 million ounces of silver alone, underscoring the project's silver-dominant polymetallic nature.

The announcement marks a pivotal step for Patriot, confirming the presence of a large-scale epithermal system that starts from surface and remains open in all directions. The resource estimate assumes open pit mining, aligning with the near-surface mineralisation and offering a practical extraction pathway.

Exploration Upside and Strategic Value

Beyond the maiden resource, Patriot has declared an Exploration Target ranging from 29 to 46 million tonnes at grades between 43 and 59 g/t AgEq, translating to a potential 40 to 87 million ounces silver equivalent. This conceptual target highlights significant upside potential, although further drilling is required to convert this into a formal resource.

Notably, the resource was acquired at an initial consideration of approximately US$0.04 per contained ounce of silver equivalent, a fraction of the current silver price near US$77 per ounce. This valuation suggests considerable embedded value and positions the Tassa Project as a compelling asset in Patriot’s portfolio.

Robust Technical Foundation

The resource estimate is based on 26 diamond drill holes totaling 8,474.5 metres, with independent validation by Geminas Advisory. The drilling has delineated multiple structurally controlled mineralised zones, incorporating silver, gold, copper, lead, and zinc, with silver accounting for approximately 81% of the contained metal value.

Significant drill intercepts include intervals such as 60 metres at 224.2 g/t silver and 37 metres at 113.5 g/t silver, demonstrating high-grade continuity. Importantly, several drill holes ended in mineralisation, indicating the deposit remains open for expansion both laterally and at depth.

Looking Ahead, Drilling and Development Plans

Patriot’s Executive Chairman, Hugh Warner, emphasised the transformational nature of this milestone and the company’s plans to advance exploration. A 2026 drilling program is planned, focusing on infill drilling to upgrade the resource classification from inferred to higher confidence categories, alongside step-out drilling to test extensions of the mineralised system.

Further technical work will include bulk density testing and detailed structural logging to refine the geological model. These efforts aim to unlock the full potential of the Tassa Project and lay the groundwork for future economic studies.

Geological Context and Historical Work

The Tassa Project is situated within a complex geological setting characterized by volcanic and sedimentary host rocks, with polymetallic mineralisation overprinted by epithermal silver-gold events. Historical exploration by Bear Creek Mining Company and Teck Resources has provided a solid foundation of geological data, which Patriot has built upon with comprehensive technical reviews and updated 3D modelling.

This geological framework supports the interpretation of a large, structurally controlled epithermal system, with mineralisation associated with major fault corridors. The project’s location in the Moquegua region of Peru benefits from established mining infrastructure and a supportive jurisdiction.