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- Canadian wildfires have subsided and Patriot Battery Metals (PMT) is now back to work at its Corvette Property in Quebec
- Seven drill rigs are on-site at the company’s James Bay acreage in Canada, the hottest tier-one lithium province of 2023
- The company has visually detected lithium spodumene mineralisation in drilling at the ‘CV5’ target
- The company is now awaiting assay results which were delayed due to road closures in the area hampering logistics
- Patriot shares last traded at $1.30
Patriot Battery Metals (PMT) has announced an extension of the CV5 pegmatite target by 650 metres westward, underpinned by drillhole results from the immediate area.
The company reported multiple drill holes intersecting spodumene pegmatite mineralisation in intersections exceeding 30 metres in thickness and up to 56.8 metres.
The CV5 spodumene pegmatite target has been confirmed to extend over at least 4.35 kilometres with mineralisation remaining open.
Thirty holes have been drilled at the CV5 target for 10,757 meters, by far the largest drilling campaign across the CV targets. The company has most recently kicked off drilling at the CV9 target in addition.
The company awaits assays to fully confirm lithium grades intersected in the latest CV5 samples, and identification of spodumene is visual.
Seven drill rigs are currently active at Patriot’s James Bay acreage in Canada, which sees it join a growing chorus of companies descending upon what is looking like the hottest tier-one lithium jurisdiction of the current moment.
Four of those rigs are active at CV5 alone.
The company also flagged today that its assay results schedule is behind pace, with the company noting road closures in the James Bay region extended far beyond original forecasts, hampering Patriot’s ability to send core samples to labs. That has now been resolved.
Wildfire season appears to have subsided, too.
“With the unprecedented season of wildfires expected to be behind us, the company has continued to ramp up its operations at the project,” the company wrote.
“Additionally, the conversion of the winter road route to an all-season exploration road is continuing to advance. Both the camp and road are anticipated to be operational mid fall with the company planning on continuing drilling operations into December.”
“Following a much-deserved break for the holidays, activities will recommence in mid-January 2024, where the company intends to ramp up to at least ten (10) drill rigs at site.”
PMT shares last traded at $1.30.
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