Make Kitco Your Homepage

Patriot Battery raises C$20 million to continue drilling at its Corvette lithium project

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Patriot Battery Metals (TSX-V: PMET) said today it has entered into a subscription agreement with PearTree Securities for the issuance of 1,507,170 shares at a price of C$13.27 per share for aggregate gross proceeds of C$20 million.

According to the company’s press-release, the gross proceeds received by the company will be used to continue drilling at the Corvette lithium property, located in the James Bay Region of Québec.

Importantly, Patriot Battery Metals pointed out that these exploration expenses qualify for the federal 30% Critical Mineral Exploration Tax Credit announced in the federal budget on April 7, 2022.

Patriot Battery Metals is a mineral exploration company focused on the acquisition and development of mineral properties containing battery, base, and precious metals.

The company’s flagship asset is the 100% owned Corvette property, located proximal to the Trans-Taiga Road and powerline infrastructural corridor in the James Bay Region of Québec.

The land package hosts significant lithium potential highlighted by the CV5-1 spodumene pegmatite corridor with drill intercepts of 1.65% Li2O and 193 ppm Ta2O5 over 159.7 m (CV22-042), and 2.22% Li2O and 147 ppm Ta2O5 over 70.1 m, including 3.01% Li2O and 160 ppm Ta2O5 over 40.7 m (CV22-017).

The company also holds 100% ownership of the Freeman Creek gold property in Idaho, USA. The company’s other assets include the Pontax lithium-gold property, QC; and the Hidden Lake lithium property, NWT, where the company maintains a 40% interest, as well as several other assets in Canada.

Victoria Gold announces maiden 1.1Moz gold resources at Raven

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.