Patriot Battery Metals’ (TSXV: PMET; ASX: PMT; OTCQX: PMETF) shares jumped Monday on new drill results the company says extend the strike length at its Corvette property in northern Quebec.
Four holes at the site about 300 km east of James Bay lengthen the strike Patriot calls CV5 by 400 metres from 2.2 km along a 4.3-km trend of spodumene pegmatite it discovered in 2017, the company said in a news release on Monday.
The drilling cut near-continuous spodumene-bearing pegmatite intersections from the main body ranging from 54 metres to 132 metres in core length in the high-grade Nova zone, Patriot said. The holes were spaced about 50 to 100 metres apart and the deposit remains open along strike at both ends and to depth along most of its length, it said.
“We are off to a great start with drilling at the CV5 pegmatite this year,” Patriot president and chief executive officer Blair Way said in the release. “We will continue to advance aggressively as we look ahead to an initial mineral resource estimate targeted for the first half of 2023.”
Patriot said the drill campaign’s main goals are to further define the CV5 pegmatite and improve the geological model for an indicated mineral resource. It plans to continue stepping out the Nova zone along strike eastwardly towards the CV4 pegmatite cluster, which is now about 2 km from the easternmost drill hole.