ASX-listed Patriot Resources on Thursday announced the acquisition of the high-grade Sugarloaf copper deposit, in the Mumbwa district of Zambia.

The project has an exploration target of between 1.6-million and 2.5-million tonnes at grades ranging from 2.0% to 2.5% total copper, for an estimated 32 000 t to 62 500 t of contained copper, based on historical drilling data.

The copper deposit is situated about 4.4 km south-east of Sinomine’s Kitumba copper deposit and under-construction smelter, which Patriot aims to leverage for ore processing.

“Upon the completion of this acquisition, we will have a portfolio of copper projects ranging from near-term, high-grade production to large-scale blue sky exploration – all within the Mumbwa high-grade copper district of Zambia,” said Patriot chairperson Hugh Warner.

“It is Patriot’s intention to synchronise Sugarloaf’s development timetable with Sinomine’s development of their Kitumba process plant and smelter, which is expected to come on line in late 2026, in order to be able to supply our ore to that facility for processing,” Warner added. 

“We believe that with Sinomine’s Kitumba mine and smelter coming on line, a stranded deposit like Sugarloaf quickly becomes attractive.”

Sinomine chairperson Pingwei Wang welcomed the announcement, stating: “Congratulations to the Patriot team and we look forward to processing the Sugarloaf ore at our state-of-the-art Kitumba smelter.”

The Sugarloaf deposit is hosted in a geological setting similar to that of the Kitumba copper deposit and features near-surface mineralisation amenable to openpit mining. The orebody, exposed by artisanal mining, has been drilled with 35 historical holes covering 11 904 m of diamond core. It also lies less than 500 m from the Zambia power grid.

Terms of the acquisition include a $10 000 deposit and 30-day due diligence period, a $1-million payment within 90 days, and a deferred payment of either $500 000 by December 31, 2025, or $1-million from future cash flows.

Patriot says further exploration could unlock additional value, with several copper occurrences identified within the broader licence area. The project is covered by a mining licence valid until 2033.