Patriot Battery Metals (ASX:PMT) has increased the mineral resource estimate (MRE) for the CV5 and CV13 spodumene pegmatites, within the Shaakichiuwaanaan Lithium Project in Québec, Canada, by 30%.
The total resource for both pegmatites contains 108 million tonnes @ 1.4% lithium oxide, 166 parts per million (ppm) tantalum pentoxide and 66ppm gallium in the indicated category, as well as 33.3 million tonnes @ 1.33% lithium oxide, 156ppm tantalum pentoxide and 65ppm gallium in the inferred category.
CV5 and CV13’s updated resource represents a 306% increase in the indicated category compared to the August 2024 MRE, with overall contained lithium carbonate equivalent of 3.75 million tonnes indicated and 1.09 million tonnes inferred.
Patriot Battery, which has a market capitalisation of $397.56 million, says the mineral resource now ranks as the “largest lithium pegmatite indicated mineral resource in the Americas”.
Vice President of Exploration Darren Smith says the results have exceeded the company’s expectations, with the vast majority of the resource residing within only a single pegmatite dyke and includes the “high-grade” Nova Zone.
“Collectively, this updated MRE represents a significant increase in resource confidence and an important derisking event for the project as it advances towards feasibility on the path to production,” Smith says.
CEO Ken Brinsden says this is a key milestone as the company approaches the completion of its Feasibility Study on CV5, which is on schedule for Q3 2025.
“It further cements the position of the Shaakichiuwaanaan Project as one of the most important hard-rock lithium assets in development globally,” Brinsden says.
“As we advance towards a Feasibility Study, the company is firmly positioned to be able to provide long-term future spodumene supply and other critical metals to the North American and European markets.
“The combination of scale, management quality, balance sheet strength, and our high-quality strategic partnerships allows us to remain confident in the success of our strategy.”
Patriot Battery is refining the geological models for the Vega and Rigel zones, with respect to the caesium potential and with the overlimit analysis now received.
An MRE update is expected to follow, which will include caesium, potentially later this year.
The company plans to continue exploration drilling at CV13, focusing on further delineation of the Vega and Rigel zones.
Patriot Battery Metals is a hard-rock lithium explorer focused on advancing its Shaakichiuwaanaan Project located in the Eeyou Istchee James Bay region of Québec, Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: Patriot Battery Metals
