Patriot Resources (ASX: PAT) Soars on Big Silver Find in Peru

Key Highlights

• Maiden JORC resource of 31.4Moz silver equivalent announced
• Silver accounts for ~81% of contained metal value
• Exploration target indicates potential expansion to 40–87Moz AgEq
• Project secured at an exceptionally low acquisition cost of ~US$0.04 per AgEq ounce
• Mineralisation remains open along strike and at depth, supporting growth potential
  
   

Patriot Resources reports maiden resource milestone at Tassa Project

Patriot Resources Ltd (ASX: PAT) has reached a defining exploration milestone with the announcement of a 31.4 million ounce silver equivalent (AgEq) maiden mineral resource at its Tassa Project in southern Peru, a region recognised globally for large-scale silver systems. 

The update marks the company’s first formal resource estimate at the project and positions Patriot among emerging junior explorers advancing meaningful polymetallic discoveries in established mining jurisdictions.

According to the company’s announcement, the JORC (2012) Inferred Mineral Resource totals 18.53 million tonnes at 52.68 g/t AgEq, containing 31.39Moz AgEq, including approximately 25.5Moz of silver.  

The deposit also hosts gold, copper, zinc and lead credits, providing potential multi-metal revenue streams that could enhance future project economics.

Executive Chairman Hugh Warner described the resource as transformational for the company, stating:

He added that the current resource represents only part of a much larger mineralised system that remains open in all directions, highlighting strong potential for future expansion as drilling progresses. 

Source: PAT ASX Announcement 

A large epithermal system with room to grow

Geologically, the Tassa Project hosts a silver-dominant polymetallic epithermal system beginning near surface, suggesting potential suitability for open-pit mining methods at early stages of development.  Mineralisation has been confirmed through 26 historical diamond drill holes totalling more than 8,400 metres, defining multiple mineralised zones that remain open both laterally and at depth.

Notably, several drill holes ended in mineralisation, reinforcing the potential scale of the system. Intercepts such as 60 metres at 224.2 g/t silver and 37 metres at 113.5 g/t silver demonstrate the presence of high-grade zones within the broader deposit. 

Independent modelling also defined a conceptual exploration target of 40–87Moz AgEq, indicating that the current maiden resource could represent only the early stage of a significantly larger discovery if follow-up drilling confirms continuity. 

Strategic value in a tier-one silver jurisdiction

Southern Peru is widely regarded as one of the world’s premier silver-producing regions, hosting multiple long-life mines and extensive exploration infrastructure. Discoveries in established districts often command stronger market attention because development pathways, permitting frameworks and regional geological understanding are already well advanced compared with frontier jurisdictions.

For junior explorers such as Patriot, announcing a maiden resource of more than 30Moz AgEq is often considered a meaningful scale threshold, particularly when accompanied by expansion potential. In the broader exploration landscape, maiden resources above 20Moz AgEq frequently serve as catalysts for increased market visibility, partnership interest and further funding opportunities.

The company’s low acquisition cost also strengthens the strategic positioning of the project. Securing the resource at roughly US$0.04 per ounce AgEq, compared with significantly higher prevailing metal prices, suggests substantial embedded value if the deposit grows through additional drilling and resource upgrades.

Next steps: drilling and resource upgrades

With the initial resource now established, Patriot is preparing a 2026 drilling program focused on both infill drilling, aimed at upgrading resource confidence categories, and step-out drilling, designed to test extensions along strike and at depth. 

Management also plans to advance geological modelling, density testing and structural interpretation as exploration accelerates across the broader tenure. These programs are expected to play a key role in determining whether the exploration target range can be converted into formal resource additions over time.

Market perspective

Shares in Patriot Resources rose sharply following the announcement, reflecting investor interest in maiden resource discoveries that combine scale, growth potential and favourable jurisdictional exposure. Junior explorers announcing first resources often experience re-ratings as projects move from conceptual exploration toward defined development pathways, particularly when early results indicate district-scale systems.

While the resource remains classified as Inferred, meaning further drilling is required to confirm continuity and upgrade confidence levels, the combination of size, polymetallic composition and expansion potential places the Tassa Project among notable early-stage silver discoveries reported by ASX-listed explorers in recent years.

At the time of writing this article, PAT shares were up by 15.39% trading at A $0.06.

Source: Google

Outlook

Patriot Resources’ maiden resource announcement marks a critical transition point from exploration-led activity toward resource growth and potential development studies. With mineralisation open in multiple directions and a clearly defined expansion target, the coming drilling programs will be closely watched as the company works to demonstrate the full scale of the system.

If additional drilling confirms the broader mineralised envelope suggested by current modelling, the Tassa Project could evolve into a significantly larger silver-dominant asset within one of the world’s most prolific mining regions.