Patriot Resources Limited announces the acquisition of an 80% interest in Large Scale Exploration Licences:
- Mirkal Licence 32052HQ-LEL; and
- Chimban Licence 33587HQ-LEL, within the copper rich Mumbwa district, Zambia.
After renegotiating the terms of the original option agreement, Patriot Resources has acquired an 80% interest in Mirkal and Chimban in consideration for a 20% free carry and no further cash payments. In addition, we have relinquished rights to CBR Worldwide Licence 33585-HQ-LEL.
This new structure aligns with our Kitumba 27715 project where we own an 80% interest.
The company recently announced strong exploration results on our 80% owned licence, Kitumba, along with the commencement of ground magnetics and Induced Polarization (I.P.) surveys over the same area. Kitumba shares a boundary with Chimban to the north. Most regional structures trend NE-SW cutting through the two licences which makes them highly prospective. Our recent trench channel sampling program at Target B1 identified a NE-SW striking shear zone hosting CuZn-Pb approximately 200m in length and open-ended which we believe is part of a larger structural network connecting the two licences. The team is on the ground conducting exploration aimed at investigating these licences further.
“The consolidation of our land position in the highly prospective Mumbwa district represents an excellent outcome for Patriot and our shareholders. By securing an 80% interest in both the Mirkal and Chimban licences on a 20% free-carry basis and without any cash consideration, we have strengthened our ownership structure while preserving capital for exploration.”
