Patriot Battery Metals shares rise on new discovery at Corvette
Patriot Battery Metals (TSXV: PMET) announced on Wednesday a new discovery at the Corvette lithium property in the James Bay region of Quebec, hitting about 100m of near-continuous-bearing pegmatite at CV9.
The CV9 spodumene pegmatite is located about 14km west of the CV5 spodumene pegmatite, which hosts a maiden mineral resource estimate of 109.2 million tonnes at 1.42% lithium oxide.
“This is a very strong start to the drill exploration at the CV9 Pegmatite. Although no core assays have been received yet, the presence of spodumene and the length of pegmatite encountered in multiple holes, highlighted by an approximate 100 m near-continuous spodumene-bearing hit in the final hole of the program, are very positive in terms of potential of this pegmatite to hold significant scale,” said Darren L. Smith, Patriot VP of Exploration.
A total of 18 holes, for approximately 4,000 m of NQ coring, were completed this summer-fall in the inaugural drill program at the CV9 spodumene pegmatite.
The Corvette property ranks as the largest lithium pegmatite resource in the Americas based on contained lithium carbonate equivalent, and one of the 10 largest in the world.
Shares of Patriot Battery Metals rose 5% by 1:15 p.m. EDT. The company has a market capitalization of C$1.23 billion ($900 million).