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Patriot Resources Limited (ASX:PAT)

ALERT: Price-sensitive ASX Announcement for PAT
Current share price for PAT : $0.067 0.026 (63.41%)+
Announcement
Release
21 Nov 2025 9:06AM
Price at Release
$0.041
Full Release
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Summary
Patriot Resources Limited has announced the acquisition of an 80% interest in the Mirkal and Chimban Large Scale Exploration Licences in the copper-rich Mumbwa district of Zambia. This strategic consolidation aligns with their existing Kitumba project, optimizing their land tenure without further cash expenditure and on a 20% free-carry basis. These actions enhance Patriot's ownership structure while maintaining economic resources for continued exploration, including ground magnetics and Induced Polarization surveys. Recent exploration identified a NE-SW striking shear zone hosting copper, zinc, and lead, indicating promising geological continuity across their licenses.
Key Points
  • Patriot Resources Limited acquired an 80% interest in Large Scale Exploration Licences Mirkal Licence 32052HQ-LEL and Chimban Licence 33587HQ-LEL in the Mumbwa district, Zambia.
  • The acquisition was achieved with a 20% free carry and no further cash payments.
  • The company relinquished rights to the CBR Worldwide Licence 33585-HQ-LEL.
  • The Mirkal and Chimban licences are aligned with the Kitumba project, where Patriot also holds an 80% interest.
  • Exploration activities include ground magnetics and Induced Polarization (I.P.) surveys in Kitumba.
  • A trench channel sampling program identified a shear zone striking NE-SW hosting Cu-Zn-Pb.
  • The consolidation of land tenure strengthens Patriot's ownership structure in Mumbwa while preserving capital for exploration.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.