Patriot Battery Metals Inc. [PMET-CSE, PMETF-OTCQB, R9GA-FSE] shares rallied Thursday after the company released results from the last four drill holes to be reported from the 2022 winter drill program at the Corvette – FCI gold-copper-silver-lithium project in the James Bay Region of Quebec.
The results include some of the strongest drill intersections to date, including 1.22% Li20 and 138 ppm Ta205 over 152.8 metres (CV22030) and 1.45% Li20 and 177 ppm Ta205 over 84 metres (CV22-028). Those two drill holes were collared approximately 700 metres apart and are interpreted to have intersected the same pegmatite body based on geological modelling.
Patriot Battery shares rallied on the news, rising 8.3% or 24 cents to $3.14 on voluime of 242,320. The shares are currently trading in a 52-week range of $4.50 and 21.5 cents.
“I am very excited for what the summer/fall drilling has in store for us as well as for the surface exploration to be completed over areas of the property that have never been assessed for lithium,’’ said Darren Smith, Vice-President, Exploration at Patriot Battery Metals.
Patriot Battery Meals has been targeting the CV Lithium Trend, an emerging spodumene pegmatite district discovered by the company in 2017. It spans more than 25 kilometres across the Corvette Property, covering the FCE West, FCE East and Corvette claim blocks. It consists of numerous spodumene pegmatite occurrences, which include the CV1, CV2, CV3, CV5, CV6, and CV7 pegmatites, highlighted by the CV5 and CV1 Pegmatite.
The company said drilling to date indicates a principal spodumene-bearing pegmatite body of significant size and has been traced by drilling over a distance of 1.4 kilometres and therefore is considerably larger than that observed in outcrop.
“The high number of well-mineralized pegmatites in this core area of the trend indicate a strong potential for a series of relatively closely spaced/stacked, sub-parallel, and sizeable spodumene-bearing pegmatite bodies, with significant lateral and depth extent, to be present,” the company said in a press release.
On Thursday, the company said a total of 20 NQ-size diamond holes (4,345 metres) were completed during the winter/spring phase of the 2022 drill campaign and included 17 holes collared over ice, and three over land. Collectively, the information gained from the winter drill program supports the interpretation of a large, dominantly spodumene-bearing, pegmatite body of significant continuity, thickness and length, extending from the CV5 Pegmatite outcrop beneath and across a shallow lake to the south of the CV1 Pegmatite outcrop – a distance of approximately 1.4 kilometres and is flanked in several areas by relatively narrow and sub-parallel tending spodumene-bearing bearing pegmatites.
Patriot said the summer/fall phase of the 2022 drill campaign commenced in early June with two drill rigs. So far seven holes covering 2,207 metres have been completed from land-based pads. Additionally, the surface exploration program has just commenced with detailed mapping over the CV5-1 pegmatite corridor, to be followed by prospecting and mapping over a more than 25 kilometre trend across the property that has never been assessed for lithium pegmatite.