Patriot Battery shares advance on Quebec lithium results
Patriot Battery Metals Inc. [PMET-CSE, PMETF-OTCQB, R9GA-FSE] has released results from 27 new drill holes from a summer-fall program at its Corvette – FCI gold-copper-silver-lithium project in the James Bay Region of Quebec.
The company said a 2023 summer-fall drill program, although hindered by regional forest fires for multiple months, was highly successful, with a collective pegmatite strike length of at least 5.9 kilometres now defined.
Patriot Battery shares advanced on the news, rising 3.8% or 38 cents to $10.39. The shares are trading in a 52-week range of $17.74 and $5.64.
Patriot Battery Metals has been targeting the CV Lithium Trend, an emerging spodumene pegmatite district discovered, which 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 the primary drill area is 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. A third drill has been active on the CV13 pegmatite cluster.
The company said 177 holes (45,700 metres) have been completed over the summer-fall program. Assays remain to be reported for more than 125 drill holes, including 1.5 kilometres of prospective pegmatite trend across the CV5 and CV13 pegmatites.
In a December 17, 2023, news release, Patriot said it continues to intersect well-mineralized zones in step-out drilling at both the CV5 and CV13 pegmatites. CV5 Pegmatite highlights include 56.6 metres of 1.37% Li20 in a step out hole. Highlights from CV13 drilling include 19.2 metres of 1.75% Li20 in step out drilling.
“It is hard to understate the success of the 2023 drill campaign, including our recently completed summer-fall program,’’ said Patriot Battery President and CEO Blair Way. “In addition to underpinning a maiden mineral resource estimate mid-year, which established the CV5 as a world class deposit, and one of the largest lithium pegmatites globally, we have extended the strike length of CV5 to 4.35 kilometres with drill results over additional prospective strike remaining to be reported,’’ he said.
“Further, drilling this summer-fall at CV13 has confirmed continuous pegmatite of at least 1.1 kilometres in strike length with drill results for an additional 1.2 kilometres of prospective strike remaining to be reported, and initial drill testing of CV9 has outlined a potentially large and fertile pegmatite over at least 450 metres of strike length.’’
The company is currently working to progress a backlog of core, due to wildfires and prioritization of drilling staff in accommodation. Core processing is continuing at site and is expected to continue through to the holidays to clear the remaining backlog.
Going forward the company said it will only report pegmatite drill intercepts at the same time as the respective core assays are announced, in compliance with applicable ASX and TSX Venture Exchange rules.