Itâs a big day for lithium stocks, with many of the marketâs favourites leading the S&P/ASX 200 Index (ASX: XJO). But itâs not only the big battery metals shares making the most of Fridayâs session.
One ASX lithium and battery metals share you might never have heard of is launching 15% higher on exploration news.
Right now, the Patriot Battery Metals Inc (ASX: PMT) share price is up 14.6%, trading at 78.5 cents.
Letâs take a closer look at todayâs announcement from the ASX newbie.
What’s boosting this ASX battery metals share on Friday?
The Patriot Battery Metals share price is soaring after the Canada-based company announced its kicked off the winter phase of the 2023 drill campaign at its wholly-owned Corvette Property.
The campaign will involve at least five drill rigs. That makes it the largest drill program undertaken in Quebec in recent times. Itâs expected to cover a minimum of 20,000 metres.
The company is aiming to extend the projectâs CV5 pegmatite system and continue the delineation of the recently discovered CV13 pegmatite cluster.
Findings are expected to support a future pre-feasibility study, towards which the company says itâs âaggressivelyâ advancing.
Meanwhile, assay results from 38 previous drill holes are yet to be reported and a winter road allowing easier access to the drill area is nearly complete.
Patriot Battery Metals president, CEO, and director Blair Way commented on the âsignificant milestoneâ, saying:
The 2022 drilling has defined something very special at Corvette and this winter season will further expand on this significant discovery.
The year 2023 will be a transformative year for the company as we advance to an initial mineral resource at CV5.
2023 will also be the battery metals shareâs first full year on the ASX.
It floated in December following its ASX initial public offering (IPO). It issued new shares for 60 cents apiece under its prospectus, raising $4.2 million.
The stock rocketed to a record $1.88 the day after it listed before falling to a low of 66 cents yesterday.
The post This under-the-radar ASX battery metals share is leaping 15% on Friday. Hereâs why appeared first on The Motley Fool Australia.
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More reading
- ASX lithium newcomer Patriot Battery Metals dumps 28% on third day of trade
- Patriot Battery Metals share price rockets again, up 26% in 2 days
- Patriot Battery Metals share price rockets after IPO
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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