January 31, 2023
Patriot Battery Metals Inc. (TSXV:PMET, BUY, C$8.50 target, David A. Talbot) reported results from the final 10 drill holes completed at the CV5 pegmatite within its 100%-owned Corvette Li property in Quebec. Highlight results from hole CV22-093 returned 3.34% Li2O over 52.2m, including 5.10% Li2O over 15.0m and 6.17% Li2O over 2.0m; completed as a 100m step-out along strike of hole CV22-083, which previously intersected 5.04% Li2O over 25.0m (read more). Meanwhile, hole CV22-100 tested the Nova zone between drill holes CV22-042 and 063, and returned 1.96% Li2O over 131.2m, including 2.97% Li2O over 57.0m. Drilling has targeted mineralization in the eastern extent of the CV5 pegmatite, as well as at depth over the central and eastern areas. To date, drilling at CV5 has defined a strike length of at least 2,200m (map), including a high-grade zone of ~350m, and remains open along strike and to depth. All assays from the 2022 drill campaign have been reported thus far, while core assays from 14 holes completed at the CV13 pegmatite cluster remain pending. We maintain our view that the Corvette project could quickly become one of the world’s largest lithium hard rock projects, with grades that may allow for straightforward spodumene concentrate production. Read more
Company Specific Disclosure Details
Patriot Battery Metals Inc. – TSXV:PMET
- The analyst has visited the head/principal office of the issuer or has viewed its material operations.
- The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit.
- In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer.
- In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration.
- An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly.
- Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities.
- A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer.
- Red Cloud Securities Inc. is a market maker in the equity of the issuer.
- There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer.
Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and client feedback. Analysts are not directly compensated for specific Investment Banking transactions.
