PMET Resources advances Shaakichiuwaanaan Project with more than 30,000-metre 2026 drill program, Quebec
PMET Resources Inc. [TSX: PMET; ASX: PMT; OTCQX: PMETF; FSE: R9GA] provided an update on the extensive 2026 drill program being undertaken at its 100%-owned Shaakichiuwaanaan Property, located in the Eeyou Istchee James Bay region of northern Quebec.
Since the start of drilling in June 2026, more than 30,000 metres of drilling across more than 250 holes has been completed at the property. The primary focus of the 2026 program has been to support advancement of the CV5 and CV13 pegmatites through development along the path to production. Specifically, drilling has focused on supporting project development (including detailed engineering) – geotechnical, hydrogeological, geomechanical and condemnation drilling – at the CV5 and CV13 pegmatites and nearby proposed infrastructure areas. This drilling is essential to collect information on soil stability, depth to bedrock, water quality, and bedrock geomechanical characteristics, to inform various modelling mandates as well as building and waste rock pile construction. This information is intended to feed into detailed engineering as well as permitting deliverables with a view to reducing execution risk.
Infill drilling at the CV5 Pegmatite is targeting a caesium zone within the open pit design from the 2025 Feasibility Study with the objective of defining a maiden caesium Mineral Resource Estimate (MRE) at CV5 in late 2027. The presence of pollucite (caesium mineral) has been confirmed at CV5 through prior mineralogy and geological modelling, which has outlined several areas where continuous lenses may be present.
Targeted infill drilling at CV5 and CV13 is designed to improve geological interpretation. These drill holes are focused on improving the Company’s geological models and testing alternative interpretations in certain areas.
Pollucite pegmatite sample collection (BerryPick program) will be via two dedicated shallow coring rigs. At least 7 tons of sample material is estimated to have been collected which will be used for XRT ore-sorting testwork scheduled for early 2027.
Infill along the CV4 to CV5 gap with barge mounted drill rig. This gap is considered highly prospective for LCT pegmatite to be present. Only a portion of this gap, via step-outs at both ends, is anticipated to be drill tested this program.
Additionally, multiple infill drill holes are scheduled to be completed at the CV13 Pegmatite prior to the end of the program. These holes will target an upgrade in resource classification in certain areas from Inferred to Indicated as well as supporting geological interpretation.
The drill program is scheduled to be completed in mid-November, with assay results expected through Q1 2027. The results from the 2026 program will be incorporated into the ongoing and future development studies for the Project as well as an updated MRE (MRE-6), anticipated for the second half of 2027.
An updated MRE for the Project (MRE-5, the fifth for the Project) will be announced shortly, which will underpin an updated Feasibility Study for lithium and tantalum at the CV5 Pegmatite and a Preliminary Economic Assessment for lithium, caesium, and tantalum for the broader Project (CV5 & CV13 Pegmatites), which remains on schedule to be announced before year-end.
PMET Resources is a pegmatite critical mineral exploration and development company focused on advancing its district-scale 100%-owned Shaakichiuwaanaan property located in the Eeyou Istchee James Bay region of Quebec which is accessible year-round by all-season road and proximal to regional hydro-power infrastructure.
In late 2025, the company announced a positive lithium-only Feasibility Study on the CV5 Pegmatite for the Shaakichiuwaanaan Property and declared a maiden Mineral Reserve of 84.3 Mt at 1.26% Li2O (Probable). The study outlines the potential for a competitive and globally significant high-grade lithium project targeting up to ~800 ktpa spodumene concentrate using a simple Dense Media Separation (DMS) only process flowsheet. Further, the results highlight Shaakichiuwaanaan as a potential North American critical mineral powerhouse with significant opportunity for tantalum and caesium in addition to lithium.
The Project hosts a consolidated mineral resource totalling 108.0 Mt at 1.40% Li2O and 166 ppm Ta2O5 (Indicated) and 33.4 Mt at 1.33% Li2O and 155 ppm Ta2O5 (Inferred) and ranks as a top ten lithium pegmatite globally in size.
Additionally, the Project hosts the world’s largest pollucite-hosted caesium pegmatite mineral resource at the Rigel and Vega zones with 0.69 Mt at 4.40% Cs2O (Indicated), and 1.70 Mt at 2.40% Cs2O (Inferred).