ASX-listed mineral exploration company Patriot Lithium (ASX:PAT) reports it has expanded its North American exploration portfolio with the acquisition of 3 ‘extensive’ lithium prospective land packages in north-western Ontario, Canada.
The company says a 100% interest in the 3 land packages was acquired following staking of the ‘extensive’ 909km-square land package within emerging lithium districts in northwest Ontario. It reports they complement the company’s active exploration programs in South Dakota and Arizona.
Patriot adds that by staking the projects also aligns with its strategy of building a high-quality portfolio of hard rock lithium exploration assets in North America.
The acquired projects include the 506km-square Gorman Project located in an emerging lithium district; the 339km-square Forester Project located southeast of the Musselwhite gold mine; and the 64km-square Birkett Project, which is considered to be an important new exploration target for rare earth element (REE) mineralisation by the Ontario Geological Survey.
With transactions now complete, Patriot Battery Metals will move forward with plans to undertake a systematic evaluative approach to exploration of these new project areas.
A compilation and assessment of the available geological, geochemical, geophysical data and historic exploration programs is expected to commence later this month as soon as possible following the end of the northern hemisphere winter.
Speaking on the acquisitions, Patriot Lithium Managing Director Matt Gauci says: “In line with Patriot’s strategy of building, exploring and developing a high-quality portfolio of lithium assets in North America, the acquisition of the Gorman, Forester, and Birkett projects provides growth to complement our active exploration programs in ‘high-grade’ hard rock districts in South Dakota and Arizona.
“It is exciting that the company has been successful in staking such a large and highly prospective land package in Ontario”
It is exciting that the company has been successful in staking such a large and highly prospective land package in Ontario, including underexplored ground along strike from one of North America’s largest and highest grade spodumene resources. As a part of our ongoing project generation plans, we continue to evaluate a range of additional acquisition opportunities, whilst maintaining a major focus on our key asset base.”
The company also notes that the Gorman project in particular is located along strike from Frontier Lithium’s (TSXV:FL) Tier 1 PAK Lithium Project, which represents one of North America’s largest and highest grade spodumene resources with 41.9 million tonnes @ 1.54% lithium (Li2O).
In addition, Patriot’s Ontario projects are proximate to the ‘high-growth’ lithium markets in north-eastern US, which is demonstrated by recent investments in lithium-ion battery and electric vehicle (EV) capacity by LG, GM, Honda, SK Innovation, and IM3, collectively worth US$12 billion.
As of 1pm AWST Patriot Lithium’s share price has increased by 10.52%.
Patriot Lithium is a mineral exploration company that is focused on the exploration of ‘high-grade’, hard rock lithium projects located in the prolific Black Hills lithium district of South Dakota and Wyoming, as well as the Pegmatite Belt of Arizona in the US. The company is actively working to build the size and scale of these properties by staking additional lithium prospective ground and through pragmatic assessment of potential acquisition opportunities.
Images: Patriot Lithium
