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Patriot Lithium Complete Acquisition of Beyond Claims

23 January 2024 07:30
ASX: PAT

Patriot Lithium (ASX: PAT) has completed its acquisition of 61 mining claims from Beyond Lithium Inc (CSE: BY), encompassing 1,187ha of highly prospective ground contiguous with its expanded Gorman Project.

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Figure 1: Gorman Project and Gorman expansion areas (mining claims held or optioned by Patriot) with LCT pegmatite occurrences shown as crosses. Also shown are Patriot’s outcropping, high-grade G0-G3 lithium pegmatites and Frontier Lithium’s mining claims and PAK, Spark and Bolt lithium deposits.

Strategic Acquisition

The acquisition was announced earlier this month, and demonstrates the Company’s aggressive consolidation of mining claims in Northern Ontario.

The 61 mining claims lie within two claim blocks, these blocks form key inliers in the Patriot controlled claims at Gorman.

Of significance, both claim blocks are on trend with mapped LCT pegmatite outcrops, and are strategically located 60 kilometres Northwest of Frontier Lithium’s (TSXV:FL) PAK-Spark lithium development Project, and over and along the Bearhead Lake Fault.

Beyond Lithium has already identified several several target areas with probable LCT pegmatite outcrops through orthophotos, LiDAR data, and helicopter flyovers.

Patriot plans to carry out field verification and reconnaissance of these targets throughout this year.

Gorman’s Prospectivity

Patriot announced in October 2023 it had discovered a 5.2 kilometre-long, spodumene-bearing LCT pegmatite trend at the Gorman Project, and later confirmed high grade lithium mineralisation through rock chip sampling across the G0-G3 pegmatites.

The Company reported a continuous 1.5 kilometre-long lithium in soil anomaly, including rock chip samples up to 3.71% Li2O and sawn channel samples of 12.8 metres @ 1.3% Li2O and 5.0 metres @ 2.0% Li2O.

The identification of the mineralised LCT pegmatites at Gorman marked a promising milestone for Patriot, as this trend lies a mere 68 kilometres from one of the largest and highest grade lithium deposits in North America, Frontier Lithium’s PAK Project, which recently yielded intercepts including 398 metres @ 1.88% Li2O.

The acquisition of these contiguous claims increase Patriot’s total land package to 800 square kilometres, putting the Company in good stride to continue its lithium exploration in Northern Ontario.

Company Commentary

Patriot Lithium’s CEO and Managing Director Nicholas Vickery commented on the acquisition.

“The closing of the acquisition of the Beyond Claims adds to Patriot’s growing suite of highly prospective properties along strike from one of Canada’s largest and highest grade hardrock lithium deposits,” he said.

“The closing of this transaction, being the third Patriot transaction announced near its Gorman project in recent months, evidences Patriot’s true belief in the prospectivity of the region and is consistent with Patriot’s strategy of moving quickly to amalgamate district scale claim holdings, in known high grade lithium districts, to maximise the possibility of an economic discovery.”

PAT’s Australian Securities Exchange-listed share price is currently trading at $0.140 (7.30am UTC+ 8 hours).

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