Patriot Battery Metals (TSX:PMET) Reports High-Grade Lithium Results from 2023 Drilling at CV5 at Corvette, including 133.9 m at 1.21% Li2O and Extending Strike to 4.6 km

Figure 1: Growth of the CV5 Spodumene Pegmatite through 2023. (CNW Group/Patriot Battery Metals Inc)

Patriot Battery Metals (TSX:PMET) has reported detailed results from its 2023 drilling activities at the CV5 Spodumene Pegmatite located on its wholly owned Corvette Property in the Eeyou Istchee James Bay region of Quebec. The Corvette Property lies approximately 13.5 km south of the Trans-Taiga Road and powerline infrastructure, an advantageous position for logistical support.

In 2023, the company completed drilling in 42 new holes at the CV5 Spodumene Pegmatite, which previously had a maiden mineral resource estimate (MRE) of 109.2 million tonnes at 1.42% Li2O. These holes included both infill drilling aimed at increasing the density of data within the previously drilled area and new drills that extended the known area of the pegmatite body. By the end of the year, the pegmatite had been traced over a strike length of 4.6 km. Notably, this pegmatite remains open for further exploration both along its strike and at depth.

Darren L. Smith, Vice President of Exploration for the Company, commented in a press release: “The 2023 drilling at CV5 has more than doubled the spodumene pegmatite’s strike from 2.2 km at the end of 2022, to 4.6 km at the end of 2023 and remains open. To put this further into perspective, the maiden mineral resource estimate for CV5 – announced July 2023 – covered only ~3.7 km of this strike length and highlights the deposit’s growth potential over time. While much work has been done, in many respects it feels like we are only just beginning to unlock the potential at Corvette.”

The drilling results highlighted several areas of very high-grade lithium concentrations. Specifically, drill holes CV23-298 and CV23-285 returned significant sub-intervals with grades of 3.22% Li2O over 10.1 meters and 3.26% Li2O over 15.6 meters, respectively. These high-grade results are crucial as they confirm the central area of CV5’s potential outside of the previously identified Nova Zone.

Further west, the primary pegmatite body appears to have split into two sub-parallel trending bodies, both showing ongoing mineralization. This includes a drill result from hole CV23-273, which found 3.9 meters at 3.99% Li2O, and from the most westerly hole drilled in 2023, CV23-364, which returned 13.1 meters at 0.91% Li2O, including a higher-grade section of 4.3 meters at 2.22% Li2O.

Figure 2: Simplified geological cross-section over the central area of CV5. Core assay results announced herein for CV23-298 and 313. (CNW Group/Patriot Battery Metals Inc)

The proximity of CV5 and another pegmatite on the property, CV13, which are now known to be approximately 2.9 km apart, represents a prospective corridor that has yet to be fully tested by drilling. This corridor is also aligned with a local structural and magnetic trend, adding to its prospectivity.

Overall, in 2023, the company drilled a substantial 78,213 meters across the property, focusing largely on CV5 and CV13. The results from the winter 2024 drill program, which included 62,518 meters of drilling, are still pending. This program aimed to continue detailed exploration and data collection, particularly at CV5, to upgrade the resource classification from inferred to indicated, thereby enhancing the project’s potential for development.

Looking ahead, Battery Metals Inc. plans to release an updated MRE for the Corvette Project by the third quarter of 2024. This update will incorporate all drilling data up to April 2024 and is expected to boost confidence in the resource estimates at both CV5 and CV13, supporting ongoing development studies. The forthcoming MRE update aims not just to integrate new data but to advance the resource category at CV5, a step forward in moving the project towards development.

Highlights from the results are as follows:

 

  • Strong assay results over wide intervals from infill drilling at CV5.
    • 133.9 m at 1.21% Li2O, including 41.5 m at 1.52% Li2O; and 42.2 m at 1.59% Li2O, including 10.1 m at 3.22% Li2O (CV23-298).
    • 50.5 m at 1.42% Li2O, including 11.4 m at 3.13% Li2O; and 38.7 m at 2.06% Li2O, including 15.6 m at 3.26% Li2O (CV23-285).
    • High-grade intercepts at CV23-298 and 285 are located further west and outside of the previously delineated Nova Zone.
  • Assays and the continuity of mineralization along CV5’s western extension are encouraging and situated outside of the June 2023 mineral resource estimate (“MRE”).
    • 30.5 m at 0.77% Li2O, including 14.2 m at 1.57% Li2O; and 21.0 m at 0.81% Li2O, including 11.0 m at 1.46% Li2O (CV23-283) – collared in pegmatite.
    • 21.3 m at 0.88% Li2O, including 6.4 m at 1.87% Li2O; and 24.9 m at 0.83% Li2O, including 11.1 m at 1.80% Li2O (CV23-295).
  • Through 2023, CV5 mineralization has been traced by drilling over a 4.6 km strike length and remains open along strike at both ends and to depth.
  • The 2024 winter drill program (now complete), totaled 62,518 m (166 holes), including 50,961 m (121 holes) at CV5, and 11,557 m (45 holes) at CV13 (with first assays to be reported shortly).
  • Since discovery (fall 2021) through to the recently completed 2024 winter drill program, the Company had completed 134,129 m (369 holes) at CV5, of which only 56,461 m (166 holes) were included in the June 2023 MRE.
  • An updated MRE in Q3 2024 will focus on upgrading the resource category at CV5 and include a maiden resource at CV13, incorporating all drilling through to April 2024.
Infill Drill Holes
  • 133.9 m at 1.21% Li2O, including 41.5 m at 1.52% Li2O; and 42.2 m at 1.59% Li2O, including 10.1 m at 3.22% Li2O (CV23-298).
  • 50.5 m at 1.42% Li2O, including 11.4 m at 3.13% Li2O; and 38.7 m at 2.06% Li2O, including 15.6 m at 3.26% Li2O (CV23-285).
  • 123.5 m at 0.72% Li2O, including 35.5 m at 1.07% Li2O; and 12.9 m at 1.30% Li2O, (CV23-272A).
  • 76.7 m at 0.69% Li2O, including 34.1 m at 0.98% Li2(CV23-327).
Western Extension
  • 30.5 m at 0.77% Li2O, including 14.2 m at 1.57% Li2O; and 21.0 m at 0.81% Li2O, including 11.0 m at 1.46% Li2O (CV23-283) – collared in pegmatite.
  • 21.3 m at 0.88% Li2O, including 6.4 m at 1.87% Li2O; and 24.9 m at 0.83% Li2O, including 11.1 m at 1.80% Li2O (CV23-295).
Table 1: Core assay summary for drill holes reported herein at the CV5 Spodumene Pegmatite. (CNW Group/Patriot Battery Metals Inc)
Table 2: Attributes for drill holes reported herein at the CV5 spodumene pegmatite. (CNW Group/Patriot Battery Metals Inc)

 

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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