Patriot Battery releases update on Quebec lithium project
Patriot Battery Metals Inc. [PMET-CSE, PMETF-OTCQB, R9GA-FSE] said it is working to advance its CV5 Pegmatite project in Quebec towards the pre-feasibility study stage. CV5 is part of the company’s wholly-owned Corvette – FCI gold-copper-silver-lithium project in the James Bay Region of Quebec.
The company said it is seeking authorization to build an all-season road, designed to follow that of the current winter road. Authorization is expected in early summer with construction anticipated to be completed throughout the second half of 2023, for use starting in the first quarter of 2024.
“The upgrade of the winter road to an all-season road will reduce dependency on helicopters and significantly reduce project transportation costs by enabling direct access to the drill area at the CV5 Pegmatite,” the company said. “The all-season road will connect the drill area at the CV5 Pegmatite directly to the Trans-Taiga Road, which is connected to the provincial road network.’’
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 recently launched what it said will be the largest single lithium drill program undertaken in recent times in Quebec. The company was planning to complete a minimum of 20,000 metres of drilling.
The company said the primary drill area has focused on the CV5 Pegmatite, which is located approximately 13.5 kilometres south of the regional and all-weather Trans-Taiga Road and powerline infrastructure.
The objective is to extend the 2,200-metre strike length of the CV5 pegmatite system to the east and west and to continue delineation of the recent CV13 discovery, situated about 4.3 kilometres along the geological trend to the southwest.
On April 12, 2023, Patriot Battery shares closed at $13.06. The shares currently trade in a 52-week range of $17.69 and $1.46.
In order to optimize logistics and support the increase in activities planned at the project, preparations have been advanced for a Phase 1.0 camp (up to 80 persons). A Phase 11 expansion of the camp, for accommodation of up to 150 persons, is also being considered and is expected to be ready in the fourth quarter of 2023, pending the receipt of all required authorizations.
A hydrogeological drill program, consisting of 12 NQ-sized holes is well-advanced at CV5, and is being completed to collect groundwater data in the envisioned pit area.