Vancouver-based explorer Patriot Battery Metals (ASX:PMT) has delineated the ‘largest’ lithium pegmatite mineral resource in the Americas through a maiden Mineral Resource Estimate (MRE) for its CV5 Spodumene Pegmatite within its Corvette Property in Quebec, Canada.
The $659 million market capitalisation company reports the mineral resource estimate (MRE) at CV5 has ‘firmly established’ it as the largest lithium pegmatite mineral resource in the Americas and the 8th largest globally.
The MRE has returned 109.2 million tonnes @ 1.42% lithium oxide and 160 parts per million (ppm) tantalum pentoxide at a cut-off grade of 0.40% lithium oxide for a total of 3.835 million tonnes of contained lithium carbonate equivalent (LCE).
Patriot reports the geological model underpinning the MRE interprets a single, continuous, principal spodumene pegmatite body ranging from about 8m to 130m in thickness over a strike length of about 3.7km and is flanked by multiple subordinate lenses.
The company says the resource and geological modelling has outlined the significant potential for growth at CV5, which remains open at both ends along strike, and to depth along a ‘significant’ portion of its length.
This maiden MRE includes only the CV5 spodumene pegmatite and therefore does not include any of the other known spodumene pegmatite clusters on the property such as CV4, CV8, CV9, CV10, CV12, and CV13.
At CV5, the MRE is supported by 163 diamond drillholes completed over 2021, 2022, and 2023, for a total of 56,385m, along with 11 outcrop channels totalling 63m.
With the maiden MRE announced, Patriot reports it is well-positioned to ‘aggressively’ advance infill and step-out drilling, and development studies, along with drill-tested other known spodumene pegmatite clusters. The company also notes more than 20km of prospective trend remains to be explored for lithium pegmatite at Corvette.
Commenting on the maiden MRE, Patriot Battery Metals Vice President of Exploration Darren L. Smith says: “This maiden mineral resource estimate at CV5 is the culmination of an aggressive 20-month drill campaign that kicked off with our discovery hole in fall 2021, and is nothing less than a team effort to get us here.
“This first resource has firmly established CV5 as a tier-one spodumene pegmatite asset, already ranking as the largest lithium pegmatite resource in the Americas”
This first resource has firmly established CV5 as a tier-one spodumene pegmatite asset, already ranking as the largest lithium pegmatite resource in the Americas, as well as in the top 10 resources globally.
There remains significant potential for growth, with the resource open at both ends and to depth along a large portion of its length, providing a clear path forward for further resource expansion. Further, there are multiple known spodumene pegmatite clusters yet to be drill tested at the property and more than 20km of prospective trend yet to be explored.
In the case of CV13, the 2022 and 2023 drill programs are anticipated to underpin a maiden mineral resource estimate in 2024 at that spodumene pegmatite cluster. We believe we have only just begun to demonstrate the scale of the lithium mineralised pegmatite system at the Corvette Property.”
Also commenting, Patriot Battery Metals President and Chief Executive Officer (CEO) Blair Way says: “This property is now officially host to at least 1 deposit that is definitely a world-class asset with respect to the size, grade, and metallurgy when compared to its peers.
It firmly positions the company as a leading candidate to provide long-term spodumene supply to the North American and European markets. This is a key milestone for the company and will underpin future economic and development studies as we look to aggressively advance this asset on the path to production.”
Patriot Battery Metals is focused on advancing its district-scale Corvette Property in the Eeyou Istchee James Bay region of Quebec. The company also holds the Pontax, Lac Du Beryl, and Eastmain projects in Quebec, as well as the Hidden Lake Project in the Northwest Territories.
The company had CAD$56.7 million cash at hand as of 31 March 2023, according to its latest presentation published today (31 July 2023).
Write to Harry Mulholland at Mining.com.au
Images: Patriot Battery Metals
