In a strategic move, Patriot Lithium has exercised its options to acquire additional claims in the “Electric Avenue” area of North-West Ontario, solidifying its position as a major player in one of the most promising lithium regions in the world. The Aussie junior now owns the largest claim in the region, with a total package spanning over 890 square kilometers.
Nicholas Vickery, the managing director of Patriot Lithium, expressed excitement about the acquisition, stating that the Berens and Borland areas offer immense potential for lithium exploration. These regions have seen limited prior work for lithium extraction due to their extensive vegetation and soil cover.
The market responded positively to the news, as Patriot Lithium’s shares rose by 24% on Tuesday, reaching A$0.21 each. With this surge, the company’s market capitalization stands at A$13.06 million ($8.3 million).
Patriot’s newly acquired claims are strategically positioned, as they partially surround Frontier Lithium’s claims in the southeast. Frontier Lithium’s claims host the world-class PAK-Spark project, which is one of the largest and highest-grade lithium deposits in North America. Notably, recent drilling at the PAK-Spark project has yielded impressive results, with intersections of 398 meters at 1.88% lithium.
Ontario’s battery metal sector has experienced an influx of investments since the launch of its first-ever Critical Minerals Strategy in 2021. The province’s commitment to developing a sustainable supply chain for critical minerals has attracted attention and investments from various industry players.
Patriot Lithium aims to commence detailed exploration activities on its newly acquired properties as soon as possible. The company’s strengthened position in the “Electric Avenue” region presents an exciting opportunity for growth and advancement in the lithium sector.