A new high-grade zone of lithium within one pegmatite – with grades measuring up to 3.58 percent – has provided Patriot Battery Metals Ltd (ASX:PMT) with more good news from its program of winter drilling at Canadian play Corvette.
The market seemed happy with the announcement, sending Patriot’s share price upwards, reaching 87.5 cents by 14:45 AEST – a rise of 10.76 percent since the beginning of day’s trading.
The newly identified lithium zone – which included 34.4 metres at 2.90 percent lithium oxide (Li2O), including 21 metres at 3.58 percent Li2O – was discovered within the CV13 spodumene pegmatite, whose mineralisation was observed to be shallow and open in multiple directions.
What’s more, the focus of this work was building confidence in the pegmatite itself ahead of a maiden mineral resource estimate (MRE), which will accompany an updated estimate for another pegmatite – CV5 – estimated for release in the third quarter of 2024.
Patriot Battery Metals vice president of exploration Darren L. Smith said the team was excited about the high-grade discovery at CV13, particularly in terms of what it revealed about the territory’s wider potential.
“This hole (CV24-470) is the widest, most well-mineralized drill hole to date from CV13 and includes multiple samples over 5 percent Li2O,” he said.
“This discovery was made at the tail end of the program; however, we were able to follow-up with multiple additional holes prior to break-up.
“We are eagerly awaiting the assay results from these follow-up drill holes as we work to
refine the geological model ahead of a maiden MRE at CV13, on track for the third quarter of 2024.”
Located in the Eeyou Istchee James Bay region of Quebec, Corvette was the subject of a winter drill program totalling 166 holes for 62,518 metres, with most of the focus on CV5 (with 121 holes), although 45 holes were also drilled at CV13.