Battery Metals

Lithium pegmatite extension puts Patriot Battery Metals at top of ASX gainers’ leaderboard

Mon 06 Feb 23, 12:36pm (AEST)
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Key Points

  • Broker smallcap favourite Patriot Battery Metals up 12% in second hour of trade
  • Company has extended keystone CV5 lithium spodumene target by 400m
  • Exploration team adds spodumene mineralisation continues for 2.6km

Patriot Battery Metals (ASX:PMT) was leading the top gainers leaderboard in the early second hour of trade on Monday as the company revealed it has extended a key lithium spodumene pegmatite target by 400m. 

“Spodumene pegmatite has been traced continuously by drilling at 50-100m spacing over a lateral distance of at least 2.6km,” the company wrote. 

No assay grades were included in Monday’s data. 

“We are collaring at wide step-outs of 100 m on this first series of holes to the east and have now extended the principal spodumene pegmatite body at least another 400m,” Patriot CEO Blair Way said.

Four drilling rigs are currently active on-site with the company’s exploration team most keenly focused on the CV5 outcrop-heavy target. 

Way says the company will continue to advance aggressively. 

What is CV5?

Patriot’s keystone “CV5” target is confirmed to boast spodumene pegmatite, a superior form of lithium-hosting rock compared to lepidolite and other hard-rock contexts.  

The officially recognised length of the CV5 exploration target is now expanded 400m eastward, according to drill data from the company’s exploration team. 

Four drillholes confirm that CV5 extends east, which are also on-strike of the high-grade ‘Nova Zone’ area of interest on-site.

The Nova Zone, in short, boasts more lithium outcrops and positive geochemical results than anywhere else detected at the project so far. 

Northern winter snowfall continues to hamper exploration efforts, and when snow melts, exploration activities will intensify.

Who is Patriot Battery Metals? 

The company, an international player which only recently found a home on the ASX, is established in Quebec province, Canada, on the hunt for battery metal lithium. 

Late last month, the company hit high-grade lithium on-site. 

The company’s acreage was already confirmed to have lithium pegmatites, and evidence of high-grades is only fuelling bullish sentiment. 

The smallcap is also a favourite of brokers. According to Market Index’s free broker consensus scan, seven brokers rank Patriot a “Buy.

Patriot's three month charts since listing on the ASX on December 7 2022
Patriot's three month charts since listing on the ASX on December 7 2022

 

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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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