March 31, 2023
Patriot Battery Metals Inc. (TSXV:PMET, BUY, C$18.30 target, David A. Talbot) reported core assays for 16 holes completed as part of the 2023 winter drill program at its 100%-owned Corvette property in Quebec. These drill results bode incredibly well for both grades and thickness of the deposit, with highlights that include 1) 3.13% Li2O over 83.7m, including 5.28% Li2O over 19.8m and 5.17% Li2O over 5.1m (CV23-105) and 2) 1.22% Li2O over 132.2m including 2.99% Li2O over 11.2m and 2.92% Li2O over 6.0m (CV23-106) (results). Four holes have extended the Nova zone (occurring at the heart of the CV5 trend) eastward by 400m to 750m strike, including a high-grade unit of >5% Li2O over a 200m strike. Meanwhile, the CV5 pegmatite has now been traced over a lateral distance of atleast 3.15km (map) and remains open at both ends and to depth along its length. Each of the holes reported demonstrate the high-grade cores that grade between 3% and 5.5% Li2O. Six core drills continue to test the CV5 pegmatite, while 27 additional holes await assays. Drilling is expected to pause on or about April 20th, as requested by the local communities to accommodate the goose harvesting season, and should resume in late May. We note that the primary objective of the 2023 drill campaign was to further delineate the CV5 pegmatite for an initial MRE scheduled for Q2/23 and refine the geological model to support a Pre-Feasibility Study (PFS) that is currently being planned by management. We maintain our view that the CV5 and CV13 pegmatites alone could make this deposit the largest in Canada, if not one of the largest in the world, with grades that may allow for straightforward spodumene concentrate production via DMS. Read more
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Patriot Battery Metals Inc. – TSXV:PMET
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