PAT jumps on silver upside, Altair pockets $28m

• Patriot extends winning run on silver exploration upside in Peru

• Altair hits all-time high on $28m placement and gold drilling in Guyana

• Loyal jumps on takeover move by Indonesian miner Bumi

Patriot continued its ascent with a 32% jump in today’s session to reach a new two-year high of 13.5c, adding to a 44% surge on Friday.

The powerful rally follows the release of a large-scale exploration target for its Tassa silver-gold project in southern Peru of between 359-422Mt at 48-57g/t silver equivalent.

This equates to between 559Moz and 774Moz of contained silver equivalent metals.

The conceptual target was compiled from 1832 surface samples, 8500m of diamond drilling, 36km of IP geophysics and 70km of magnetics.

It marks the first-ever integration of 20+ years of multi-source datasets into a single JORC-compliant geological model.

Past drilling at the project included 60m at 224.2g/t Ag from 24m, 37m at 113.5g/t Ag from 154m, and 16m at 152.87g/t Ag and 1.50g/t Au from 102m.

Patriot is now eyeing a 4000m drill program to test high-priority bridge zones between mineralised areas, with the goal of converting parts of the exploration target into a resource.

Beyond the current model, Patriot believes the Tassa project has district-scale potential, with 19 mineralised zones identified for systematic follow-up and testing.

Altair stormed higher after raising $28.2 million in a placement to UK-based gold mining giant Endeavour Mining.

The placement was priced at a premium to Altair’s recent most recent share price, marking an unusual occurrence in the resources space where capital is typically raised at a discount.

An issue price of 4.3c per share represents a 5% premium on Altair’s last closing price and a 40% premium to its 30-day volume weighted average price.

The cash injection lifts the company’s pro-forma cash position to about $40m, strengthening its balance sheet as it ramps up exploration at its flagship Greater Oko gold project in Guyana.

Management noted that two projects adjoining Greater Oko had recently been taken over for $1 billion and $3 bn, respectively.

Here, adjacent operators have drilled out four regional discoveries totalling more than 9Moz of gold along the Oko Shear.

Altair’s ground hosts about 15km of strike along this same structure.

A recently launched 30,000m drill program will now be expanded to 50,000m, with multiple rigs smashing out the metres across the tenure.

The drilling will target the Oko Shear at the company’s South Oko prospect, as well as other targets within the 570km2 landholding.

Altair’s share price has more than doubled since the start of the month.

Loyal burst higher following news of a proposed takeover by Indonesian mining major PT Bumi Resources at 45c per share, valuing the company at $79.1m.

The all-cash offer represents a 40.6% premium to Loyal’s last closing price.

The board has unanimously recommended the deal, with major shareholders also indicating their support for the transaction.

“Since listing the company in 2021 we have always focused on our mission of delivering value for our shareholders,” said Loyal Metals founder and chairman Peretz Schapiro.

“Through the many ups and downs along the journey, we have always had this mission at the forefront of our minds and are glad to have delivered for our loyal shareholders.”

Earlier this month, Loyal exercised an option to acquire the Highway Reward copper and gold mine southwest of Townsville in Queensland, which previously produced 3.65Mt at 5.7% copper.

Its recent drilling at the project also returned a number of significant intercepts, including 179m at 1.47% copper equivalent and 145m at 1.50% CuEq.

In addition, gravity imaging pointed to the potential for the copper-gold system to extend beneath the Highway Reward mineralised trend.

For Bumi, the proposed acquisition expands its exposure to critical minerals, particularly copper.

The transaction will be funded through existing cash and facilities, subject to regulatory approvals.

Dalaroo headed north after concluding a priority first phase soil sampling program at Gold Ridge prospect within its Bondoukou gold project in Côte d’Ivoire.

The program represents the first large-scale systematic geochemical survey over the southeastern extent of an interpreted mineralised corridor.

This work was designed to refine and extend known gold anomalism associated with artisanal workings, favourable host lithologies and interpreted structural controls.

It targeted strike extensions of a previously defined 2.5km x 400m gold corridor, where historical rock-chip results included grades up to 17.95g/t Au.

The latest sampling covered about 4.5km of a structural corridor believed to stretch for around 9.5km.

All up, more than 2,200 primary soil samples and 120 QA/QC samples were collected.

Management noted that its approach was consistent with exploration methods applied across major Birimian gold discoveries in West Africa.

The Bondoukou tenure lies within the Birimian greenstone belt of Côte d’Ivoire, which is known to host numerous multi-million ounce gold deposits.

The terrane is characterised by extensive greenstone belts, regional-scale shear zones and favourable structural architecture, which commonly controls the emplacement of gold mineralisation throughout the region.

Results from the program are expected to support future trenching, auger drilling and a maiden RC drilling program.

A phase 2 sampling program is also underway.

An all-time high of $1.54 per share was reached by Solstice after diamond drilling at its Nanadie copper-gold project in the Murchison region of WA intersected visible sulphides.

The observed outcomes from the group’s first diamond hole are interpreted to be consistent with previous RC results.

Past RC drilling intersected wide zones of copper and gold, including 62m at 1.55% Cu and 0.66g/t Au from 256m. This intercept featured a best-ever interval of 22m at 2.78% Cu and 1.25g/t Au.

Nanadie already hosts a resource totalling 40Mt at 0.4% copper.

Management believes the early observations from the diamond drill hole provide support for continuity of the mineralised system 400m vertically below the existing MRE.

Assays from the hole are anticipated within six weeks.

All up, planned diamond drilling is expected to comprise 10 tails for 2000m of core.

In parallel, Solstice is conducting a 10,000m RC program at Nanadie, with five holes completed so far.

This program involves step-out exploration drilling, resource drilling and ‘pre-collar’ holes designated for diamond tails.

So far, the observed geology is believed to consistent with earlier RC drilling.

First assays are expected in upcoming weeks.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Loyal Metals is a Stockhead advertiser, it did not sponsor this article.

Originally published as Resources Top 5: Precious metals see Patriot and Altair on winning runs