11:29 AM EDT, 07/08/2024 (MT Newswires) -- Patriot Battery Metals ( PMETF ) over the weekend reported new drill results from the CV13 spodumene pegmatite at the Corvette property in Quebec, with the results extending the recently discovered Vega Zone.

Highlights of the results include 9.7 meters at 5.16% lithium oxide (Li2O) and 35.7 meters at 2.40% Li2O. The first is the highest-grade intercept to date from CV13.

Patriot has now reported all drill holes completed during the 2024 winter program. The Vega Zone is a key target for the ongoing summer-fall drill program and remains open in several directions.

The company said it remains on schedule for a mineral resource estimate update for the Corvette project in August, including both the CV5 and CV13 spodumene pegmatites.

"The final holes from our recently completed winter drill program at CV13 confirm a significant discovery of high-grade spodumene pegmatite at the Vega Zone, with high-grade mineralisation now defined over a significant area," said Darren Smith, vice president of exploration at Patriot.

The company received an outperform rating and $12.00 price target following the results, National Bank of Canada said in a Monday note.

Patriot shares were last seen down $0.27, or 5.4%, to $4.69 on the Toronto Stock Exchange.

Price: 4.69, Change: -0.27, Percent Change: -5.44