Analysts at Stifel GMP have repeated their ‘Speculative Buy’ rating and C$16 price target for Patriot Battery Metals after the company provided an update from its winter drill program at its Corvette project in the James Bay region of Quebec.
They wrote in a note to clients that Patriot has reported an extension to the CV5 pegmatite cluster of 550 metres (m) to the west based on visually indicated spodumene-bearing pegmatite.
No new assays have been released with assays pending from 67 holes drilled at CV5, they noted.
“In combination with earlier results, the winter drill program has effectively demonstrated strike growth from 2.2km to 3.7km,” they wrote.
The analysts noted that Patriot intends to resume drilling with a summer/fall program focused on extending and infilling CV5 and testing the continuation of the cluster to CV4 and CV13.
A maiden resource estimate is expected in June or July 2023 to allow for the winter program results to be included, they wrote.
“Increasing tonnage at Corvette has the ability to increase interest of parties seeking North American conventional lithium assets of scale,” they wrote.
“PMET is favourably located in Quebec, which continues to win EV downstream investments. In addition, Corvette is located just 13.5km away from hydropower access.”
Patriot shares were trading 0.6% lower at C$12.18 on Wednesday afternoon.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie