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Fri Jun 16, 2023 KW Excerpt: Kaiser Watch June 16, 2023: Patriot Battery Metals Corp (PMET-V) Publisher: Kaiser Research Online Author: Copyright 2023 John A. Kaiser
(0:00:00): What is the status of fire restrictions in the James Bay region of Quebec?
Although forest access restrictions remain in effect in southern Quebec they have been lifted in the James Bay region thanks to rain during the past week which has helped get fires in southern Quebec under control. Patriot Battery Metals, which announced more CV5 drill results earlier this week, is remobilizing all its crew and operations at the Corvette project. This week Dusan Berka who has been a director and CFO for more than a decade retired and was replaced by Pierre Boivin, a lawyer with McCarthy Tetreault. The company expects to have a maiden resource estimate out by the end of July which will include all results from the winter drill program that stopped in late April for spring thaw and the annual month long goose hunt. These holes encompass 3.7 km of strike for what is now called the CV5 zone. There remains another 1.5 km in the northeast direction to the CV4 pegmatite outcrop at the edge of the lake though the grade-thickness diminishes at the northeastern drill limit. The northeastern third called the Nova zone is a high grade 1,100 m segment assaying above 1.5% LiO. Assays for 12 holes are still pending but these are not going to make much difference about the size of the CV5 system. The company has 30,000 m of drilling planned for the summer season, much of it infill drilling to support a PFS for next summer, but also extending the CV5 in both a northeast and southwest direction.
The lifting of the forest access ban helped PMET make a new high today at $17.80, surpassing the $17.69 high made on February 6. At Friday's closing price of $17.53 the 100% owned Corvette project at 135.3 million shares fully diluted has an implied value of CAD $2.4 billion. Why is the stock making new highs? I doubt very much it has anything to do with the pending assays for CV5, nor is the market speculating that the resumption of drilling will make CV5 more valuable by making it bigger. The stock is making new highs because on June 14 Rio Tinto tipped its hand as a potential bidder for PMET by securing a deal that will allow it to earn 70% of Midland's remaining 100% owned James Bay projects by spending $64.5 million over 10 years. All the juniors who still have 100% were applauding Midland for allowing Rio Tinto to take Midland offline as a target for Lithium Mania 2.0 speculators.
Drilled and Undrilled Targets on Corvette Property
