The Toronto-quoted equity of Patriot Battery Metals (TSXV: PMET; OTCQB: PMETF) jumped to a fresh 12-month high on Aug. 31 following the release of the company’s best lithium drill intercept to date on its Quebec-based Corvette property.
The Vancouver-domiciled company released the results of six holes as part of the summer phase of the 2022 drill program on the prospective wholly owned property in the province’s James Bay Region.
Hole CV22-042 returned a continuous pegmatite interval of 159.7 metres grading 1.65% lithium oxide from 131.8 metres depth, including 9.0 metres of 4.12% from 249.5 metres. It was completed as a follow-up along strike eastwardly of the 2.22% lithium oxide over 70.1 metres intercept in drill hole CV22-017, which the company released on May 24.
Patriot also said hole CV22-044 was completed as a step-back to prior hole CV22-017 to test the high-grade zone at depth and returned 86.2 metres grading 2.13% lithium oxide from 244.4 metres depth, including 18.0 metres of 3.07% from 308.5 metres deep.
Holes CV22-042 and 044 have extended the high-grade lithium zone – first intersected in CV22-017 – along strike and to depth, respectively.
The company’s non-executive chairman Ken Brinsden said in a news release the scope of lithium mineralization at Corvette was “incredible.” He added that the intercepts from the summer program continued to demonstrate the scale and grade of the mineralized envelope.
“Remaining open to the east, west, and to depth, in addition to the numerous other lithium pegmatite targets on the property, the Corvette project remains highly prospective beyond what we have found to date,” said Brinsden. Patriot appointed Brinsden, a former managing director and CEO of Pilbara Minerals, to his role and as a director on Aug. 23.
“Corvette is one of the world’s great lithium raw materials discoveries with full credit to the team as we continue to realize its potential,” he said in the Aug. 31 press release.
Location map of Patriot’s Corvette property. Credit: Patriot Battery Metals.
Patriot shares gained almost 21% or $1.24 to $7.08 on Aug. 31, giving it a market capitalization of $612.4 million. The equity has gained 1,670% over the past 12 months and 136% in the past 30 trading days.
The company’s latest news had social media channels buzzing on Wednesday. “$PMET.v out with some huge news again today. I sold out in the last week and half far….to soon. Good luck to all the longs. Looks like this is the real deal and will get taken out by a major,” commented user Dave Edwards (@CdnxTracker) on Twitter.
Fellow mining commentator and newsletter writer @JamesKwantes tweeted: “What a hit, what a story $PMET.V With demand skyrocketing & Cdn EV battery metals sector taking shape, right place and right time for lithium discoveries.”
Meanwhile, Patriot says drill holes CV22-063 and 066, with 39.9 metres and 113.4-metre core length intercepts of spodumene-bearing pegmatite, respectively, have extended the strike length of the main lithium pegmatite deposit to at least 2,000 metres, as tested by drilling, spanning laterally from drill hole CF21-004 through CV22-063/066.
As of Aug. 24, the company has completed 15,497 metres of drilling over 53 holes out of a planned 20,000 metres this year. Nineteen drill holes are currently en route to or in process at the analytical laboratory.
Patriot first announced the discovery of a new and significant lithium pegmatite cluster at its Corvette property on Aug. 11. The cluster, CV13, is situated less than 4.5 km from its CV5-1 pegmatite corridor where drilling is currently focused.
The discovery is central to the property and about 15 km south of the Trans-Taiga all-weather road and powerline infrastructure corridor.
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