Patriot Battery Metals (TSXV: PMET) has announced the discovery of a new high-grade zone at the CV13 spodumene pegmatite of the Corvette property in the James Bay region of northern Quebec.
Samples from the zone range between 3% and 5% lithium oxide (Li2O), the company said in a Wednesday news release.
The CV13 spodumene pegmatite trend extends over a strike length of around 2.3 km through multiple outcrop exposures, of which about 1.1 km has now been traced continuously by drilling.
According to the company, with significant mineralization now delineated further west at CV5 and at CV13, there are now several options for the mining starter pit.
“As we continue to close the distance between CV5 and CV13 through drilling, this newly discovered high-grade zone at CV13, coupled with the large spodumene crystals observed (up to 1.3 metres in drill core), supports the interpretation that both share the same ‘plumbing’ system,” VP of exploration Darren Smith said.
Corvette contains the CV5 spodumene pegmatite that hosts about 109.2 million tonnes at 1.42% Li2O inferred, according to an initial resource published in July. It also hosts 160 parts per million tantalum, for 1.6 million tonnes of contained lithium oxide, or 3.8 million tonnes of lithium carbonate equivalent, using a 0.4% lithium cut-off grade.
Patriot said the estimate ranks CV5 as the largest lithium pegmatite resource in the Americas based on contained lithium carbonate equivalent, and one of the top 10 largest lithium pegmatite resources in the world.
Shares of Patriot Battery Metals were down 1.6% to $10.42 on Thursday afternoon in Toronto, valuing the company at $1.1 billion. Its shares traded in a 52-week range of $4.69 and $17.74.
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