A relatively new ASX lithium share is exploding on the market today.
The Patriot Battery Metals Inc (ASX: PMT) share price is soaring 22% today and is currently trading at $1.065. For perspective, the ASX 200 is climbing 0.25% today.
The Patriot share price has soared 78% since the company joined the ASX.
Let’s take a look at what this ASX lithium share reported to the market today.
Lithium results impress
Investors are buying up Patriot shares today after the company drilled the “highest grade lithium drill intercept” to date in Quebec, Canada.
Assay results at drill hole CV22-083 showed:
- 156.9 metres (m) at 2.12% lithium oxide including 250 metres at 5.04% lithium oxide or 5m at 6.36% lithium oxide
This drill hole is continuing to extend mineralisation eastwardly at the CV5 pegmatite. Patriot said it has intersected part of a “large, high grade zone” within the overall pegmatite.
Further significant drill intercept results included:
- 45.3m at 1.72% lithium oxide including 31m at 2.11% lithium oxide at drill hole CV22-069
- 31.2m at 1.95% lithium oxide including 9.0m at 2.78% lithium oxide
Commenting on the results, exploration vice president Darren Smith said:
It is hard to find words to adequately describe the impressive nature of the lithium mineralisation in drill hole CV22-083.
The recently commenced winter drill program will continue to probe and delineate this area ahead of an initial mineral resource estimate planned for the first half of 2023.
Patriot first started trading on the ASX in early December 2022. In early January, the company advised it had commenced its 2023 lithium drill program at the Corvette Property in Quebec.
Patriot share price snapshot
Patriot Battery Metals has surged 42% in the year to date.
For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned 1.21% in the last year.
This ASX lithium share has a market capitalisation of about $128 million based on the current share price.
The post ”Hard to find words’: Why this ASX lithium share is rocketing 22% appeared first on The Motley Fool Australia.
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Motley Fool contributor Monica O’Shea 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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