The lithium market has seen a surge of interest akin to a gold rush. With the price swinging drastically over the last few years, a throng of explorers has entered the fray in pursuit of this precious commodity. Quebec Canada, Western Australia, and Brazil have emerged as hotspots for lithium exploration, each drawing a swarm of hopeful companies. Amidst this fervor, only a handful of companies have struck remarkable lithium discoveries. Patriot Battery Metals (OTCQX:PMETF; TSXV:PMET:CA) is one such company that has unearthed one of the world’s largest lithium-bearing spodumene deposits.
An Astounding Lithium Resource
Patriot Battery Metals is the proprietor of the Corvette project, nestled in the James Bay Region of Quebec, Canada. The company has unearthed a substantial spodumene deposit, one of the world’s key sources of lithium. After three years of meticulous drilling, the firm announced a maiden resource in July 2023, tallying 109 Mt at 1.42% Li2O. This accolade positions the deposit as the largest hard rock lithium repository in North America. The current resource is derived from only one segment of the Corvette tenement, Corvette 5, earmarking it as a vast and high-grade reserve.
The Ken Brinsden Effect
In Aug 2022, Patriot appointed Ken Brinsden as Managing Director of the Corvette project, an influential move given Brinsden’s accomplished background. Brinsden, the former MD for the Pilgangoora lithium project at Pilbara Minerals (OTCPK:PILBF), steered the latter through a transformational phase, establishing it as a prominent player in the lithium mining arena. Brinsden’s decision to join Patriot underscores the quality of the Corvette project, bearing testimony to its potential.
The North American Lithium Play
The significance of this deposit is further underlined by its geographic location in Quebec, an integral part of the burgeoning North American battery supply chain. With North America propelling toward green energy and electric vehicles, the region’s fervor for battery minerals, including lithium, is palpable. The presence of the project in Quebec also makes it eligible for IRA credits, adding to its allure. Furthermore, Patriot has forged a partnership with lithium major Albemarle (ALB), a move that could position it as a major local supplier of lithium hydroxide, a key component in EV batteries.