Patriot Battery Metals Inc (TSX-V:PMET, OTCQB:PMETF, ASX:PMT) caught the attention of analysts at Stifel GMP after the company reported results from maiden drilling that targeted the CV13 cluster at its Corvette property in Quebec.
The firm issued a Speculative Buy rating in a flash note published Tuesday.
Drill highlights include 22.6 meters at 1.56% lithium oxide (Li2O), including 6 m at 3.19% Li2O; 22.4 m at 1.28% Li2O and 15.6 m at 1.5% Li2O.
READ: Canada Silver Cobalt Works readies Coniagas Battery Metals spin-out
“Today's results show the district-scale potential of the property, with mineable clusters beyond the main pegmatite-spodumene cluster at CV5 4.3 kilometers to the west,” analysts wrote.
“...Positive results at CV13 show the district-scale potential of the property and the continued prospectivity of the land package.”
Thus far, Patriot Battery Metals has reported results from 14 holes over 2,647 m of drilling targeting the CV13 pegmatite cluster at its Corvette Property in the James Bay region of Quebec.
The CV13 Cluster is a series of spodumene pegmatite outcrops clustered approximately 4.3 km along trend to the southwest of the CV5 cluster, the firm noted, and was identified via 31 spodumene-bearing outcrops over 2.3 km in strike.
“We have thus far taken a conservative approach and have only given value to CV5 in our model,” analysts wrote. “These drill results from CV13 point to a potentially scaled-up operation, with the ability to pull tonnage from multiple pits across the property. The at- or near-surface nature of the intercepts strengthens this thesis.
Looking ahead, CV5 will remain the main target of 2023 drilling, with a minimum 20,000 m planned, the firm noted. Four drill rigs are currently active with a fifth expected soon. In addition, step-out drilling will take place at CV13 in 2023
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel