PAT secures community approvals for exploration at silver project in Peru

Our silver Investment Patriot Resources (ASX: PAT) just took a step toward drilling at its Silver and Gold Project in Peru.

PAT’s project has a current 31.4Moz silver equivalent JORC resource.

(Sitting inside a giant 559 to 774Moz silver equivalent JORC Exploration Target)

Today PAT received confirmation from the community groups at the northern end of its project for surface exploration work to commence.

Here is where the agreement covers:

(source)

PAT will now run a mapping and sampling program over a three month period to rank drill targets on its project.

We are hoping today's agreement acts as a catalyst for the other communities in the area.

PAT is still in discussions with the Tassa Community over access to other parts of the project ahead of an initial drill program.

So we will wait and see if PAT can get another agreement over the line to unlock more exploration across the project area.

(source)

What else is PAT up to?

We Invested in PAT primarily for its silver project in Peru (and because we think the silver price is going higher).

Recently PAT declared a copper discovery in Zambia a few weeks ago, and since then has been expanding its copper portfolio in country pretty quickly, which makes sense with the copper price:

(source)

PAT’s existing copper discovery is next door to $8BN Sinomine's Kitumba copper development.

PAT’s newly acquired licence is ~17km along strike from the Fishtie/Kashime copper project, owned by $37BN First Quantum Minerals.

The new ground also sits on strike to the Zambia-Congo copperbelt, which hosts numerous major copper deposits.

(source)

Earlier in the week PAT confirmed that its technical team has already been to site, completing first-pass geological mapping within days of the acquisition.

And PAT already wants to drill here this year, so they must be liking what they see from surface.

The mapping identified the same style of rock unit that hosts the copper at Fishtie/Kashime nearby.

(No sampling has been taken yet, so the ground remains untested from an assay point of view, which is what matters most).

PAT made note it is planning to drill here during the year, so is clearly keen to get serious exploration underway on these projects soon.

See our latest Deep Dive on the copper discovery: PAT: New Copper discovery extends to 5.5km target corridor... 18km from $860M Chinese copper mine