Patriot Battery Metals Inc. (TSXV: PMET) (ASX: PMT) (OTCQB: PMETF) (FSE: R9GA) started Quebec’s largest lithium drilling campaign at its Corvette property in the James Bay Region.
The company announced on Tuesday that it has a target of 45,000 meters between January to April. It plans to use at least ten drill rigs to complete the winter program, positioning it as one of the largest lithium drill programs currently underway in Quebec.
It has completed and are currently using the winter access road to reduce their reliance on helicopters for the drilling campaign. This move is expected to significantly reduce the per meter drilling cost.
The program’s primary objective is to conduct infill drilling that will enhance the confidence in the geological model of the CV5 Pegmatite. This will enable an upgrade in the maiden mineral resource estimate from the inferred category to the indicated category.
Patriot Battery Metals still needs to report core assay results for more than 125 drill holes, which include approximately 1.5 km of the prospective pegmatite trend spanning across the CV5 and CV13 pegmatites.
In the third quarter of 2024, the company intends to provide an updated mineral resource estimate to the market.
“We have another huge year ahead of us with this aggressive drill campaign to upgrade the resource and continue to de-risk the project,” Blair Way, company president and CEO, said. “It is an exciting time for the company.”
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Global lithium spread out over four key jurisdictions
According to a report from The Business Research Company, the global lithium market is expected to exhibit strong growth in the coming years, projecting a size of USD$10.44 billion by 2028. This growth reflects a compound annual growth rate (CAGR) of 10.8 per cent.
The four most dominant jurisdictions for lithium production are the lithium triangle, which includes Bolivia, Argentina and Chile. Lithium South Development Corporation (TSXV: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ) operates in the Hombre Muerto North Project (HMN) in Argentina. It filed its updated mineral resource estimate and technical report in November.
Australia comes in a close second. It’s one of the largest lithium producers globally. It possesses significant lithium resources and mining operations, particularly in Western Australia and Greenbushes.
China is also a major player in the lithium market, both as a consumer and a producer. It has substantial lithium resources and is home to several lithium mining and processing facilities.
Additionally, Canada has been emerging as a significant lithium jurisdiction, with deposits found in regions like Quebec and Ontario. Companies have been exploring and developing lithium projects in these areas to meet the growing demand for lithium-ion batteries in electric vehicles and energy storage.
Midland Exploration Inc. (TSXV: MD) announced new assay results and outline upcoming work, identifying a series of spodumene-bearing pegmatite dykes on the Galinée project. The project is located 8 kilometres east of the Adina lithium deposit held by Winsome Resources (ASX: WR1). Midland currently owns the Galinée project outright and signed an option agreement with Rio Tinto Exploration Canada Inc. (RTEC) in June 2023.
Lithium South Development Corporation is a sponsor of Mugglehead news coverage
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