07:26 AM EDT, 08/06/2024 (MT Newswires) -- Patriot Battery Metals ( PMETF ) said overnight Monday that an updated resource estimate for the Shaakichiuwaanaan lithium project in Quebec confirmed that the property has the largest lithium pegmatite resource in the Americas and the eighth largest globally.

The company said the property hosts indicated resources of 80.1 million tonnes at 1.44% lithium oxide and inferred resources of 62.5 million tonnes at 1.31% lithium oxide, for a total of 4.88 million tonnes of contained lithium carbonate equivalent.

"The delivery of a substantial maiden Indicated Resource of over 80 million tonnes is a major milestone which will underpin development studies, while the continued growth of the overall resource - in conjunction with the exploration target announced separately today - highlights the Tier-1 scale of the mineral system and the enormous potential for further growth," President, CEO and Managing Director Ken Brinsden said.

The company expects to release a preliminary economic assessment by the end of the September quarter and plans to complete a feasibility study in the third quarter of 2025.

Patriot's share price dropped 3.5% on Friday to $4.12.