Patriot Battery Metals (ASX:PMT) has increased its landholding at its Eastmain Lithium Project in the James Bay region of Quebec, Canada, through the acquisition of 2 new claim blocks.
The $500 million market capitalisation company has acquired a 100% interest in 73 Eastmain claims covering a 3,851.5-hectare area for CAD$500,000 and 120,000 common shares in PMT.
On 27 October, the agreement was accepted by the TSX Venture Exchange, though the issued shares are subject to a statutory hold period of 4 months and 1 day from issuance.
Patriot Battery Metals President and Chief Executive Officer (CEO) Blair Way says these claims complement the Eastmain Project and the company’s other non-core lithium properties.
“As we continue to be focused on aggressive advancement of our Corvette Project, we are also evaluating opportunities and approaches for unlocking the value these non-core assets hold for our shareholders.”
“As we continue to be focused on aggressive advancement of our Corvette Project, we are also evaluating opportunities and approaches for unlocking the value these non-core assets hold for our shareholders”
The Eastmain Project now comprises 4 blocks totalling 4,538 hectares and forms part of Patriot’s non-core lithium asset portfolio including the Pontax, Lac dy Beryl, and Hidden Lake properties.
To date, Patriot has confirmed the presence of lithium pegmatites at Hidden Lake and Pontax, with ‘significant’ lithium exploration potential present throughout its non-core property portfolio.
Patriot Battery Metals is a hard-rock lithium explorer focused on advancing its wholly owned Corvette Project in the Eeyou Istchee James Bay region of Quebec.
As of 30 June 2023, the company had $35.4 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Patriot Battery Metals
