Ann: Patriot Drills 156.9m of 2.12% Li2O at the CV5 Pegmatite, page-246

Wake up market. We may have a giant. AFR article

Macquarie bullish on Patriot Battery Metals after lithium find

Tom Richardson

Share post

Macquarie is bullish on new Canadian lithium play Patriot Battery Metals after the latest drilling results at its Corvette tenement, comparing it to the Greenbushes mine in Western Australia.

The broker claimed the results at the Corvette tenement included an “extraordinary ultra-high-grade zone” of 25 million tonnes at 5.04 per cent lithium oxide (Li2O). The other major find was of 156.9 million tonnes at 2.12 per cent Li2O.

“These intersections underpin our view that Corvette is likely to become one of the largest spodumene projects globally, with grades of this nature only in evidence at the world-class Greenbushes mine in Western Australia,” Macquarie said.

“The establishment of drilling positions over the winter should enable PMT to better drill test these impressive zones of higher-grade mineralisation.”

Macquarie lifted its price target on Patriot by 30 per cent to $1.60 per share.

Patriot Battery Metals is chaired by former Pilbara Minerals chief executive Ken Brinsden.