Guess which ASX lithium share is surging 10% on a ‘very significant’ find

The S&P/ASX 200 Materials (ASX: XMJ) index is climbing 1.65% today, but this ASX lithium share is soaring far higher.

The Patriot Battery Metals Inc (ASX: PMT) share price soared 10% this morning from $1.485 to $1.63. However, the company’s share price has since retreated and is now rising 5.56% to $1.568.

Let’s take a look at what this ASX lithium share reported to the market.

Patriot drilling results

Patriot is a lithium explorer that started trading on the ASX in December 2022.

Today, Patriot presented assay results for 16 drill holes at the company’s Corvette Property, in the James Bay region of Quebec.

The results reveal an extension of the high-grade Nova Zone to the east by 400 metres.

Highlights included:

• 83.7 metres at 3.13% lithium oxide (Li2O) including 19.8m at 5.28% Li2O and 5.1m at 5.17% Li2O in drill hole CV23-105
• 132.2m at 1.22% Li2O including 11.2m at 2.99% Li2O and 6.0m at 2.92% Li2O in drill hole CV23-106
• 65.4m at 1.30% Li2O including 37.1m at 2.09% Li2O or 3.0 m at 5.43% Li2O in drill hole CV23-107
• 54m at 1.55% Li2O including 26.6m at 2.44% Li2O or 5.0m at 4.30% at Li2O in drill hole CV23-108

Multiple assays showed more than 6% lithium oxide, including 1.3 metres at 6.53% lithium oxide.

Samples for a further 27 drill holes have now arrived at the analytical lab. Six drilling rigs are active at the CV5 pegmatite.

Commenting on the results, exploration vice president Darren Smith said:

The first core sample assays of our winter drill program have confirmed the extension of the high-grade Nova Zone to the east, including a 20m intersection at greater than 5% Li2O in CV23-105

The lithium grades found in this zone are very significant, and include a 3-25 metre
thick (core length) band of greater than 5% Li2O over a significant strike length of 200+ metres

The company is planning to provide a mineral resource estimate in the second quarter of 2023.

Patriot Battery share price snapshot

The Patriot Battery Metals share price has exploded 161% since the company joined the ASX and has risen 35% in the past week alone.

This ASX lithium share has a market capitalisation of about $387 million based on the latest share price.

The post Guess which ASX lithium share is surging 10% on a ‘very significant’ find 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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