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Patriot Lithium Completes Acquisition of Borland Project

15 November 2023 09:51
ASX: PAT

Patriot Lithium Limited (ASX: PAT) has reported the successful completion of the Borland Project acquisition, solidified by the issuance of 4,629,630 fully paid ordinary shares and the establishment of a 2% Net Smelter Returns (NSR) royalty.

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Figure 1: Gorman Project expansion areas (including Borland Acquisition) with lithium occurrence zones. Also shown are Frontier Lithium areas.

Borland Project Overview

Situated approximately one kilometre southeast of Patriot’s Gorman Project, the Borland Project spans approximately 50 square kilometres of contiguous claims covering about 13 kilometres along the Bearhead Lake fault zone.

Historically explored for gold and base metals, recent aerial reconnaissance has uncovered four potential LCT pegmatite outcrops located 6km southeast and along strike from Patriot’s high-grade G0-G3 spodumene pegmatite trend.

Of these four pegmatite outcrops, three exhibit apparent widths ranging from 5-15 metres. The geological composition of the Borland Project is particularly promising, with the southern margin of the claim block comprised of potentially lithium-fertile two-mica granite, intruding along the Bearhead Lake fault zone. This geological feature is crucial, as mineralised pegmatites along the ‘Electric Avenue‘ Lithium district are known to be associated with such granites.

The northern part of the claim block, dominated by greenstone sequences, offers ideal host rocks for pegmatites. Visual similarities to the LCT pegmatites identified and sampled on the Gorman Project to the northwest further enhance the potential significance of the Borland Project.

The recently concluded Phase 3 geochemistry program at the Gorman Project yielded highly promising results, showcasing continuous high-grade mineralisation along the G0, G1, and G2 lithium-caesium-tantalum (LCT) pegmatite trend through channel sampling, with notable findings including 5.0 metres @ 1.7% Li2O for G0, 12.8 metres @ 1.3% Li2O for G1, and 5.0 metres @ 2.0% Li2O for G2, complemented by rock chip results from July revealing consistently elevated lithium oxide content, including samples reaching up to 3.7% Li2O.

Exploration Potential and Future Steps

While the visual similarities of the pegmatite outcrops on the Borland Project to those identified and sampled on the Gorman Project are promising, further investigation is required to determine their composition accurately.

Patriot Lithium Limited is committed to conducting thorough exploration activities to unlock the full potential of the Borland Project.

The completion of this acquisition aligns with Patriot’s overarching strategy to establish a strong presence in lithium exploration.

The Company’s dedication to expanding its portfolio in strategic locations underscores its commitment to meeting the growing global demand for lithium, a key component in the production of batteries for electric vehicles and renewable energy storage.

PAT’s Australian Stock Exchange-listed share price is currently trading at $0.22 (9.45am UTC+ 8 hours).

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