Chart Analysis
PAT Daily Timeframe Chart as of 24 April 2026
Patriot Resources (ASX: PAT) Upgrades Tassa Exploration Target 7–10x to 774–559 Moz Silver Equivalent — Maiden Resource Represents Just 4–6% of the Upper-End Target
From 40–87 Moz AgEq to 774–559 Moz AgEq — a roughly 7–10x increase. That is the scale of the upgraded Exploration Target at Patriot Resources' 100%-owned Tassa Silver & Gold Project in southern Peru, independently prepared from over 20 years of geological data compiled by three separate operators (Bear Creek, Teck Peru, and Buena Vista) across 1,832 surface samples, 36 km of IP geophysics, 70 km of magnetics, and 8,500 metres of diamond drilling. The existing Maiden JORC Inferred Resource of 31.4 Moz AgEq — announced just two months earlier — represents approximately 4–6% of the upper-end target. The stock moved +44.1% to $0.098 on 24 April 2026, touching a 52-week high of $0.105 before closing two ticks below the $0.10 psychological level. Under JORC 2012 guidelines, the Exploration Target is explicitly conceptual — further exploration may not result in a Mineral Resource.
The Scale of Tassa — What 774–559 Moz AgEq Looks Like
| Detail | Value |
|---|---|
| Exploration Target (Upgraded) | 774–559 Moz AgEq (422–359 Mt at 57–48 g/t AgEq) |
| Silver Component | 663–479 Moz Ag at 49–42 g/t Ag |
| Previous Target | 40–87 Moz AgEq |
| Maiden JORC Inferred Resource | 31.4 Moz AgEq (18.53 Mt at 52.68 g/t AgEq) |
| Resource as % of Upper Target | ~4–6% |
| Mineralisation Extent | Surface to ~550m depth, ~2.9 km strike × ~1.0 km width |
| Polymetallic Credits | Silver, gold, copper, zinc, lead |
The target encompasses mineralisation from surface to approximately 550 metres depth across a 2.9 km strike length and 1.0 km width. Three primary mineralised zones define the existing MRE, with the high-grade Zone S2 averaging approximately 102 g/t AgEq. Historic drilling returned intercepts including 60m at 224.20 g/t Ag from 24m (hole T-04, including 16m at 383.9 g/t Ag) and 37m at 113.50 g/t Ag from 154m (hole T-23).
The Bridge Zone Strategy — Where the 4,000m Drill Program Will Test
The planned 4,000-metre drill program targets the undrilled inter-zone gaps ("bridge zones") between the three cluster zones that define the MRE. None of these areas has been drilled. If grade continuity is confirmed across the gaps, portions of the Exploration Target could convert to additional JORC Resources — effectively connecting the existing resource islands into a continuous system.
Community engagement and permitting are underway but not secured. The drill program is planned for H2 2026. PAT completed a $500,000 placement at a 28% premium to fund early-stage activities, but a 4,000m program in Peru will likely require further capital.
Tassa in Context — Acquisition, Metallurgy, and Silver Market
PAT acquired 100% of Tassa in late 2025 through the purchase of Colque Holdings for 20 million shares and US$500,000, with milestone payments including a final share component payable upon a JORC Indicated Resource of 50 Moz AgEq. Historical cyanidation testwork on six surface rock samples returned 85.05% average silver recovery — very preliminary but indicative that the mineralisation may respond to conventional leach processing.
The silver price has rallied approximately 150% year-on-year from ~US$29/oz to the current ~US$78–80/oz range (down from a January 2026 peak above US$121/oz). PAT also holds a copper project in Zambia approximately 4 km from Sinomine's Kitumba processing plant, scheduled to come online late 2026.
Risks & Considerations
The Exploration Target is conceptual under JORC 2012 — there has been insufficient exploration to estimate a Mineral Resource for the target areas, and many exploration targets do not convert to resources. The 7–10x upgrade is striking, but it remains a range estimate based on geological interpretation, not drill-confirmed mineralisation.
PAT is a micro-cap explorer with a market capitalisation under A$20 million and limited cash. The $500,000 recent placement is small relative to the cost of a 4,000m diamond drill program in Peru's Moquegua region. Further dilutive raisings are likely. Permitting timelines in Peru can be unpredictable, with community engagement requirements that may introduce delays — no timeline for permit completion has been disclosed.
The 85.05% silver recovery is from six surface rock samples only. This is insufficient for any economic assessment. The Tassa acquisition includes ongoing milestone obligations that increase in scale as the project advances.
Key Dates & Timeline
| Date | Event |
|---|---|
| Late 2025 | Tassa acquisition completed via Colque Holdings |
| February 2026 | Maiden JORC Inferred Resource — 31.4 Moz AgEq |
| March 2026 | Dominic Duggan appointed MD & CEO; metallurgy results reported |
| 24 April 2026 | Exploration Target upgraded to 774–559 Moz AgEq; stock moved +44.1% |
| H2 2026 | 4,000m drill program targeting bridge zones (permitting underway) |
Price Data
- Previous Close: $0.068
- Close Price (24 April 2026): $0.098
- Change (24 April 2026): +44.1%
- 52-Week Range: $0.032 – $0.105
Notable Price Levels
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$0.105 — 52-week high and intraday high, tested and rejected on announcement day. The stock closed at $0.098 — two ticks below the $0.10 psychological level — indicating sellers absorbed buying momentum at the session peak. This is a confirmed near-term ceiling.
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$0.068 — undisturbed close and the top of the pre-announcement $0.060–$0.068 range. Also the bottom of the gap-up window. A retracement here would fully unwind the exploration target upgrade premium.
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$0.059 — the level where PAT traded following the February 2026 Maiden MRE (31.4 Moz AgEq). This represents the market's pricing of a defined resource without an exploration target premium. A return here would imply the market has reverted to a resource-only valuation.
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$0.032 — 52-week low, set before the Tassa acquisition. A return here would reverse the entire Tassa re-rating — acquisition, MRE, metallurgy, placement, and exploration target upgrade.
Summary
Patriot Resources upgraded the Exploration Target at its Tassa Silver & Gold Project in southern Peru to 774–559 Moz AgEq — a roughly 7–10x increase from the prior 40–87 Moz range — independently prepared from 20+ years of multi-operator geological data. The existing Maiden JORC Inferred Resource of 31.4 Moz AgEq represents just 4–6% of the upper-end target. The stock moved +44.1% to $0.098 on 24 April 2026, touching a 52-week high of $0.105. A planned 4,000-metre drill program targeting undrilled bridge zones between the three MRE clusters is the key step toward resource conversion, subject to permitting that is underway but has no disclosed timeline. The target is explicitly conceptual under JORC 2012 guidelines. PAT remains a micro-cap explorer with a sub-A$20 million market capitalisation and limited cash, with further capital raisings likely required to fund the drill campaign.
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