Metals Australia (ASX:MLS) is looking to undertake more trenching and sampling ahead of an initial drilling program at its Corvette River Project in Quebec once it prioritises spodumene pegmatite targets in the area.
The $23.71 million market capitalisation company says it plans to define the spodumene pegmatite targets using outstanding results from 63 samples from 21 pegmatite outcrops in Corvette River.
Metals Australia gathered the samples from its ‘large’ CR1 pegmatite at the Felice prospect, which sits just 2.5km along strike from Patriot Battery Metals’ (ASX:PMT) new CV9 discovery, and from 20 other pegmatites scattered across the Felice, West Pontois, West Eade, and East Eade tenements.
The company expects to receive results within a few weeks, having been advised of sample processing problems at ALS’s Val d’Or laboratory in Quebec, which have caused widespread delays.
Metals Australia is an active explorer and mining developer with a ‘high-quality’ portfolio of battery minerals and metals projects in the well-established mining provinces of Australia and Canada.
The company’s Corvette River Project sits in the ‘highly prospective’ James Bay lithium province in Quebec on extensions of Patriot Battery Metals’ Corvette Lithium Trend and on the newly identified Corvette South Trend.
As of 30 September 2023, Metals Australia had $15.575 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Metals Australia
