Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
The Toronto-quoted equity of Patriot Battery Metals (TSXV: PMET; OTCQB: PMETF) jumped to a fresh 12-month high on Aug. 31 following the release of the company’s best lithium drill intercept to date on its Quebec-based Corvette property.
The Vancouver-domiciled company released the results of six holes as part of the summer phase of the 2022 drill program on the prospective wholly owned property in the province’s James Bay Region.
Hole CV22-042 returned a continuous pegmatite interval of 159.7 metres grading 1.65% lithium oxide from 131.8 metres depth, including 9.0 metres of 4.12% from 249.5 metres. It was completed as a follow-up along strike eastwardly of the 2.22% lithium oxide over 70.1 metres intercept in drill hole CV22-017, which the company released on May 24.
Patriot also said hole CV22-044 was completed as a step-back to prior hole CV22‑017 to test the high-grade zone at depth and returned 86.2 metres grading 2.13% lithium oxide from 244.4 metres depth, including 18.0 metres of 3.07% from308.5 metres deep.
Holes CV22-042 and 044 have extended the high-grade lithium zone – first intersected in CV22-017 – along strike and to depth, respectively.
