Patriot targets Corvette lithium project resource by June

Patriot Battery Metals (TSXV: PMET; ASX: PMT; OTCQX: PMETF) is starting one of Quebec’s largest winter lithium drilling programs at its Corvette property near James Bay as it prepares an initial resource estimate for the end of June.  

The Vancouver-based company plans to use five rigs to drill 20,000 metres in the period to April, it said in a news release on Thursday. It wants to lengthen a 2.2-km strike it calls CV5 and link targets along a 4.3-km trend of spodumene pegmatite it discovered in 2017.  

Patriot said drilling at the site about 300 km east of James Bay is aimed at revealing the near-surface lateral behaviour of the CV5 pegmatite to determine where infrastructure would be located in a potential prefeasibility study, as well as help define related field programs for this year. 

“The 2022 drilling has defined something very special at Corvette and this winter season will further expand on this significant discovery,” Patriot president and chief executive officer Blair Way said in the release. “The year 2023 will be a transformative year for the company as we advance to an initial mineral resource.” 

Patriot is among a growing group of explorers and developers drawn to the booming industry of battery metals for electric vehicles and other clean energy technologies. Lithium prices have soared in a market that Tesla boss Elon Musk has called “insane” while he and other manufacturers scramble for supplies.  

The explorer has completed 95 drill holes totaling 27,470 metres at targets along the Corvette trend. Assays reported last month include hole CV22-066 cutting 113.4 metres grading 1.61% lithium oxide (Li2O) from 162.1 metres depth, including 38 metres grading 2.17% Li2O. 

Hole CV22-062 returned 60 metres grading 1.52% Li2O from 25.3 metres downhole, including 18 metres at 2.16% Li2O.  

Patriot is in the final stages of constructing a 20-km winter road from the all-season Trans-Taiga road to the Corvette drill area. It will reduce a dependence on helicopters.  

Three rigs are on site and two more are expected in early February as ice thickens to support drilling over the shallow glacial lake that covers parts of the deposit, Blair said.  

“We will be better positioned to continue to drill out the CV5 pegmatite cluster at an aggressive pace, while also further testing the CV13 pegmatite cluster.”