Patriot Battery Metals (ASX:PMT) has signed a deal to increase its land position at the Corvette property in the James Bay region of Quebec, Canada.
The increase in land position at Corvette is through the acquisition from Azimut Exploration (TSX-V:AZM) of a 100% interest in an adjacent claim block, JBN-57, encompassing 1,995 hectares on trend with the Corvette property.
Patriot, which has a market capitalisation of $500.7 million, will pay $500,000 cash and issue 150,000 shares to Azimut for the block, subject to approval from the Toronto Stock Exchange.
Patriot will also grant Azimut a 2% net smelter return royalty.
“The claim block overlies a prospective structural corridor and regional contact along geological trend of the CV5 spodumene pegmatite. We look forward to including this new ground in our 2024 summer field work program,” Vice President of Exploration Darren Smith says.
The claim block covers a local structural corridor and regionally mapped northern contact of the greenstone belt that hosts the CV5 spodumene pegmatite.
Patriot believes there is a strong lithium-caesium-tantalum pegmatite exploration potential over the new claim block.
The CV lithium trend is an emerging spodumene pegmatite district discovered by Patriot in 2017. It is interpreted to span more than 50km across the Corvette property.
Patriot Battery Metals is a hard-rock lithium explorer focused on advancing its wholly owned Corvette property that hosts the CV5 spodumene pegmatite.
Write to Aaliyah Rogan at Mining.com.au
Images: Patriot Battery Metals
