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Patriot successfully settles Tranche 1 of $2.5M Share Placement

9 May 2024 12:49
ASX: PAT

Patriot Lithium (ASX:PAT) has successfully concluded Tranche 1 of its recent $2.5 million Share Placement, gearing up for its inaugural drill campaign at the wholly owned Gorman Lithium Project in Ontario, Canada

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Figure 1: The company’s 100% owned Gorman Lithium Projects sits on the lithium-rich Bearhead Lake Fault, some 50kms from Frontier Lithium’s Pak and Spark Deposit4 which also sit on the Bearhead Lake Fault.

Tranche 1 completion

In preparation for its maiden drill program at the Gorman Lithium Project, Patriot has finalised all major drilling contracts.

With a strategic eye on environmental concerns, especially anticipating Ontario’s dry conditions and the potential for a high-risk bushfire season, the company has tailored its approach accordingly.

Acknowledging the necessity for flexibility amidst potential environmental hurdles, Patriot has devised a drill program primed for swift activation and execution early in the exploration season.

Key to this strategy is the utilisation of a Reverse Circulation (RC) rig, renowned for its efficiency and rapidity. Though limited to drilling depths of approximately 150 metres, this rig ensures a prompt initial assessment of the Project site.

Exploration targets

The company has secured approval for drilling at over 15 pad locations, with exploration set to cover a substantial area, including the 5.2-kilometre long spodumene-bearing LCT pegmatite trend and a 1.5-kilometre lithium in soil anomaly.

This initiative builds upon the promising results of previous results, including lithium-rich channel samples:

  • 5.0 metres @ 1.7% Li2O (G0 pegmatite)
  • 12.8 metres @ 1.3% Li2O (G1 pegmatite)
  • 5.0 metres @ 2.0% Li2O (G2 pegmatite)
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Figure 2: 2024 Gorman initial scout drilling plan showing planned collar locations (blue diamonds) and permitted drilling areas (blue outlines) in relation to 2023 soil and rock samples and mapped LCT pegmatite outcrops.

Next steps

After completing the initial drill program, Patriot intends to revisit the subject area for a future diamond drill program.

This subsequent phase will focus on testing for lithium mineralisation at greater depths.

PAT’s Australian Security Exchange-listed share price is currently trading at $0.075 (12:30 pm UTC+ 8 hours).

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