Patriot Battery Metals lifts resource confidence at Canadian lithium project ahead of feasibility study

Patriot Battery Metals (ASX: PMT) is preparing to ramp up its feasibility study activities at the Shaakichiuwaanaan lithium project in Canada after a new mineral resource estimate (MRE) reaffirmed its position as a Tier-1, world-class asset.

The new MRE upgrades contain an increase of approximately 30% and around 306% in indicated resources respectively at the CV5 and CV13 targets, with overall contained lithium carbonate equivalent of 3.75 million tonnes Indicated and 1.09Mt Inferred.

Vice president of exploration Darren Smith said that, with the updated MRE complete and a significant amount of indicated resource now estimated at CV5, the company would focus on completing the remaining deliverables for the feasibility study.

Feasibility study imminent

The feasibility study, which includes only the CV5 Pegmatite (hosting the high-grade Nova Zone), remains on schedule for release in the third quarter of 2025.

“The results of the updated MRE at CV5 have exceeded our expectations with over 100Mt of indicated resources now defined, of which the vast majority resides within only a single pegmatite dyke and includes the high-grade Nova Zone,” Mr Smith said.

“Collectively, this updated MRE represents a significant increase in resource confidence and an important de-risking event for the project as it advances towards feasibility on the path to production.”

Key milestone

Chief executive officer Ken Brinsden said the MRE update was a key milestone for the company as it neared the completion of its CV5 feasibility study.

“It further cements the position of the Shaakichiuwaanaan project as one of the most important hard rock lithium assets in development globally.”

“The continued de-risking of the overall resource while maintaining tonnage and grade, as well as the significant presence of other strategic and critical metals like tantalum, caesium, and now gallium, highlights the Tier-1 scale of the mineral system and the considerable potential for further growth and value creation for shareholders.”

Caesium potential

The new results have further confirmed the caesium potential, with new over-limit analysis data now received.

The company is currently refining the geological models for the Vega and Rigel zones, with an MRE update that would include caesium to follow later in 2025 or early in 2026.

“The company is firmly positioned to be able to provide long-term future spodumene supply and other critical metals to the North American and European markets,” Mr Brinsden said.