Patriot Resources Acquires High-Grade Sugarloaf Copper Deposit in Zambia
ASX-listed Patriot Resources has announced the acquisition of the high-grade Sugarloaf copper deposit, located in the Mumbwa district of Zambia.
The deposit, based on historical drilling data, 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, representing an estimated 32,000 to 62,500 tonnes of contained copper.
Sugarloaf lies just 4.4 km southeast of Sinomine’s Kitumba copper deposit and its under-construction smelter, which Patriot plans to use for ore processing.
“Upon completion of this acquisition, Patriot will hold a diversified copper portfolio, ranging from near-term, high-grade production to large-scale exploration—all within Zambia’s prolific Mumbwa copper district,” said Patriot Chairperson Hugh Warner.
Warner added that Patriot intends to align Sugarloaf’s development timeline with Sinomine’s Kitumba plant, expected to be operational by late 2026, to supply ore directly to the facility.
“We believe the commissioning of Sinomine’s Kitumba mine and smelter enhances the value of nearby deposits like Sugarloaf,” he said.
Sinomine Chairperson Pingwei Wang welcomed the deal, stating: “Congratulations to the Patriot team. We look forward to processing Sugarloaf ore at our state-of-the-art Kitumba smelter.”
Sugarloaf shares a similar geological setting with Kitumba, featuring near-surface mineralization suitable for open-pit mining.
Artisanal mining has already exposed the orebody, which has been drilled across 35 historical diamond core holes totaling 11,904 meters. The site is also located less than 500 meters from Zambia’s national power grid.
Acquisition terms include:
A $10,000 deposit and a 30-day due diligence period;
A $1 million payment due within 90 days;
A deferred payment of either $500,000 by December 31, 2025, or $1 million from future cash flows.
Patriot also sees further upside, noting several additional copper occurrences within the licensed area. The project is secured under a mining license valid until 2033.
