Patriot Resources Ltd (ASX:PAT) has entered into an agreement to acquire a 100% interest in the high-grade Tassa Silver and Gold Deposit in the tier-1 silver jurisdiction of southern Peru. The transaction will occur through the purchase of all issued capital in Colque Holdings Pty Ltd for an initial consideration of 20 million shares and US$500,000 (AU$755,460).
The move into Peru is strategic as the company looks to advance its battery and critical mineral assets.
The Tassa deposit has been drill-tested through a 26-hole diamond drilling program totalling 8,474.5 metres, returning multiple high-grade silver intercepts over broad intervals. Significant results include:
- T-04: 60 metres @ 224.20 g/t silver from 24 metres, including 16 metres @ 383.9 g/t silver and 24 metres @ 291 g/t silver.
- T-23: 37 metres @ 113.50 g/t silver from 154 metres, including 8.7 metres @ 321.00 g/t silver.
- T-22: 16 metres @ 152.87 g/t silver from 102 metres, with associated gold mineralisation.
- T-06: 12 metres @ 174.66 g/t silver from 164 metres.
- T-12: 4 metres @ 919.50 g/t silver from 36 metres, including 2 metres @ 1,765 g/t silver.
Drilling in the southern zone has also highlighted potential for San Gabriel-style gold mineralisation, with notable intersections such as:
- T-22: 16 metres @ 1.50 g/t gold from 102 metres, including 6 metres @ 2.55 g/t gold.
- T-17: 81.9 metres @ 0.41 g/t gold from 332 metres, including 24 metres @ 0.80 g/t gold.
- T-21: 234 metres @ 0.25 g/t gold from 200 metres, including 114 metres @ 0.40 g/t gold.
“Upon the completion of this acquisition, we will have one of the most exciting battery minerals focused portfolios for any junior on the ASX," Patriot chairman, Hugh Warner, said.
"We believe that our Gorman Lithium Project is one of the best lithium plays in Canada, sitting along strike from Frontier Resources’ Pak/Spark lithium deposits - one of the first new lithium mines expected to come into production. We anticipate that they will need more tons over time and we hope to be a part of their solution (subject to our own resource definition).
"Our portfolio of copper projects within the Mumbwa High Grade Copper District of Zambia are also next to a near term producer (Sinomine’s Kitumba Copper Mine, construction of which is more than 80% complete). We recently announced that our exploration team has discovered a new polymetallic mineralised system of copper, zinc and lead. Follow up drilling in 2026 is expected to test depth extensions of previously announced mineralised zones.
"With Tassa, from only 26 drill holes, we have a drill confirmed silver and gold deposit! Drilling has already discovered three primary mineralised zones with another 8 smaller mineralised targets drill confirmed. We look forward to the 2026 drill program and its potential to delineate a resource and expand the scale of this silver and gold deposit."
Milestone-based acquisition
As with Patriot’s previous transactions, the consideration structure is milestone-based, with further share issuances and staged cash payments tied to exploration progress. The final share component will become payable upon the definition of a JORC-compliant Indicated Resource of 50 million ounces silver-equivalent.
The Tassa deposit is located in the Ubinas district of Peru’s Sánchez Cerro province and borders Buenaventura’s San Gabriel gold project, which hosts 1.8 million ounces of Proven and Probable gold reserves grading 3.71 g/t, along with 3.1 million ounces of silver.
San Gabriel is expected to enter production in late 2025.
About Patriot Resources
Patriot Resources is focused on discovering and advancing battery and critical mineral assets. The company targets jurisdictions with strong geological potential, established infrastructure and clear permitting and development pathways.
Patriot’s strategy combines disciplined exploration with selected partnerships to progress projects with near-term development potential while maintaining a longer-term growth pipeline. The company emphasises capital efficiency and scalable project development in the context of the global energy transition, supported by a diversified portfolio and an experienced leadership team.