May 18, 2023
Patriot Battery Metals Inc. (TSXV:PMET, BUY, C$18.30 target, David A. Talbot) reported additional drill results from the recently completed 89-hole (32,367m) 2023 winter drill program at its 100%-owned Corvette project in the James Bay region of Quebec. Drilling extended the high-grade Nova zone in the east-central region of the CV5 pegmatite, westward by ~200m to a total interpreted strike length of ~1,100m. Highlights from the Nova zone include: 1) 1.89% Li2O over 122.6m including 5.01% Li2O over 8.1m (CV23-138), 2) 1.56% Li2O over 130.3m including 2.45% Li2O over 52.7m (CV23-132), 3) 1.44% Li2O over 101.3m including 3.00% Li2O over 28.1m (CV23-134), and 4) 1.08% Li2O over 101.2m including 2.42% Li2O over 10.1m and 4.13% Li2O over 4.0m (CV23-130). Other highlights are from CV23 141, -114, -168A, and -127, including 1.59% Li2O over 101.2m including 4.14% Li2O over 28.5m (CV23-141), and 2.34% Li2O over 56.3m including 4.06% Li2O over 11.1m (CV23-114). Two holes drilled on the recently discovered western portion of the CV5 pegmatite confirmed strong lithium grades with highlights including 1.19% Li2O over 38.4m, 3.01% Li2O over 7.8m, and 1.29% Li2O 8.8m (CV23-176) (read more). Notably, the westernmost drill hole CV23-184 intersected a continuous 93m interval of spodumene-bearing pegmatite, while the last hole of winter drilling CV23-190 intersected a continuous 139m interval – the widest pegmatite intercept of the 2023 winter program. Assays remain pending from 27 holes, including these two holes. The CV5 pegmatite has now been defined over a lateral distance of ~3.7km and remains open along strike and depth, to be further explored in the upcoming summer-fall drill program anticipated to commence later in May. We believe it’s time for management to focus on resource delineation, metallurgical studies and work towards a PEA or PFS – which it has said it would do. We look forward to a pending initial resource estimate due within the next couple of months, should assays be returned in a timely manner. We anticipate that Patriot is onto one of the world’s largest hard rock lithium projects, with expectations to surpass 170 Mt at grades of 1.3% Li2O or better. Read more
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Patriot Battery Metals Inc. – TSXV:PMET
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