Patriot Battery Metals surges on best lithium drill intercept to date at CV5 pegmatite
The spodumene mineralization at the CV5 pegmatite has now been traced over a strike length of at least 2,200 metres.
The spodumene mineralization at the CV5 pegmatite has now been traced over a strike length of at least 2,200 metres.
“In the last year or so we’ve started to see things really start to move,” CEO Simon Clarke said.
The initial resource contains 741,000 tonnes of LCE grading 175 ml/L in the indicated category and 701,000 tonnes LCE grading 185 ml/L in inferred.
The spodumene operation is expected to produce an average of 5,480 tonnes of ore per day.
With suppliers unable to keep pace, a blistering price rally sent the total spot value of lithium consumption rocketing to about $35 billion in 2022.
The Rhyolite Ridge Lithium-Boron Project could potentially support the production of lithium for 370,000 EVs.
Investors in the small, fast growing market for lithium can be forgiven for feeling whiplash – the battery metal was also the worst performer – by a long shot – for two years since 2013.
Once completed, the Guben converter will be the first of its kind in Europe, with expected annual production capacity of 24,000 tonnes.
The explorer, which has so far focused on gold in Ireland, said drilling results show evidence of lithium bearing pegmatites.
India has identified one copper and two lithium mines in Argentina to either acquire or secure long-term leases, Reuters sources say.