Patriot Battery Metals (TSXV: PMET; ASX: PMT; OTC: PMETF) is raising $50 million with which to continue exploration on its Corvette lithium pegmatite property that covers more than 50 km of strike in Eeyou Istchee James Bay, Que. The company conducted a private placement of approximately 2.2 million flow-through shares at an individual price of $22.57 each.
Five drills are turning at the site, and the initial resource estimate is due in June 2023.
Patriot says it is fully funded to expand the drill program and undertake environmental and prefeasibility study programs well into 2024.
The 100%-owned Corvette property is located about 15 km from the Trans-Taiga Road and powerline. The land package hosts significant lithium potential highlighted by the 2.6 km long CV5 spodumene pegmatite with drill intercepts of 156.9 metres at 2.12% lithium oxide (Li2O), including 25.0 metres at 5.04% Li2O or 5.0 metres at 6.36% Li2O (CV22-083); 159.7 metres at 1.65% Li2O (CV22-042); 131.2 metres at 1.96% Li2O (CV22-100); and 52.2 metres at 3.34% Li2O, including 15.0 metres at 5.10% Li2O (CV22-093).
Additionally, the Corvette property hosts the Golden Gap trend with grab samples of 3.1 to 108.9 g/t gold from outcrop and 7.0 metres at 10.5 g/t gold in a drill hole, and the Maven trend with 8.15% copper, 1.33 g/t gold, and 171 g/t silver in outcrop.
Additional information is posted on www.PatriotBatteryMetals.com.
April 18, 2024
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