Patriot Resources announced the acquisition of a 100% interest in the Sugarloaf Copper Deposit, in the Mumbwa District of Zambia. The deposit offers a high-grade Exploration Target ranging from approximately 1.6 to 2.5 million tonnes at 2.0% to 2.5% total copper, representing 32,000 to 62,500 tonnes of contained copper based on historical drilling data. Notably, previous drilling identified intersections with impressive grades, such as 91.76 metres averaging 2.02% copper, highlighting the resource’s significant potential.
Patriot Lithium Ltd aims to develop Sugarloaf in synergy with Sinomine Resources’ Kitumba Copper Process Plant and Smelter, situated nearby and expected to begin operations around late 2026. This geographic and geological proximity supports efficient ore processing and cost advantages through shared facilities.
The acquisition agreement includes an initial deposit and structured payments, with US$10,000 paid upfront, followed by US$1,000,000 within 90 days, and a deferred payment option of up to US$1,000,000 contingent upon project cash flow. Completion depends on successful due diligence and regulatory approvals from both Australian and Zambian authorities.
Moving forward, Patriot intends to establish a maiden JORC (2012) Mineral Resource estimate, followed by comprehensive Scoping and Feasibility Studies to evaluate mine development options. This involves confirming historical drill data, refining pit designs, updating metallurgical processes and finalizing ore toll treatment agreements with Sinomine.
This acquisition and development plan signify a strategic expansion for Patriot into Zambia’s copper sector, leveraging established infrastructure and resource potential to pursue commercialisation opportunities effectively.
