By:Miningweekly

Battery metals explorer, Patriot Lithium Limited (“Patriot”, “PAT” or the “Company”), is pleased to announce that the Company has entered into a binding option agreement (Option Agreement) with Array Metals and Natural Resources Limited (a company incorporated in Zambia) (Array Metals) pursuant to which it has the option to acquire an 80% interest in the Katwaro Copper Project, located in Zambia.

The Company is a battery metals company. The Company’s principal assets include the high grade Gorman lithium project in Canada and the Tinton and Keystone lithium projects within the historic lithium producing area of the Black Hills, USA.

 The Company has been exploring for lithium in North America for more than 2 years, culminating in the discovery at the Gorman lithium project of a:

• 5.2km-long, spodumene-bearing LCT pegmatite trend made up of 4 key pegmatite outcrops; 

• Including:

1.   rock chip samples from each of the main pegmatite outcrops in excess of 3% Li2O, including a result 3.71% Li2O; and

2. continuous high-grade mineralisation from sawn channel sampling, including 5.0 metres @ 1.7% Li2O (G0 pegmatite), 12.8 metres @ 1.3% Li2O (G1 pegmatite) and 5.0 metres @ 2.0% Li2O (G2 pegmatite).

As previously announced, the Company was forced to cancel its maiden drilling program at the Gorman lithium project due to a last minute decision from a First Nation Band to refuse land access. The Company continues to negotiate land access. The Gorman lithium project is along strike from Frontier Lithium’s (“Frontier”) (TSXV:FL) PAK-Spark lithium project, which is one of North America’s largest and highest-grade lithium deposits with announced intercepts of up to 398m @ 1.88% Li2O2 and a resource of 58.5mt3.

As we have previously announced, the prospectivity of the region hosting the Gorman lithium project is now starting to be recognised by major industry players, with Frontier announcing a joint venture over its PAK-Spark lithium project with Mitsubishi Corporation (“Mitsubishi”) (Tokyo Stock Exchange: 8058:JP) to advance the first fully integrated lithium operation in Ontario, Canada.

Patriot sees the initial investment by Mitsubishi of C$25m for 7.5% of the PAK / Spark lithium development project (valuing the project at some C$330m) as third-party validation by a significant industry player that the region has the potential to become one of the leading lithium exploration and production districts in North America.

 Whilst negotiations to drill at the Gorman lithium project continue, the board has decided to expand its project portfolio into other jurisdictions, commencing with the acquisition of the option to acquire an 80% interest in the Katwaro Copper Project. Copper, like lithium, is an essential ingredient in the battery metals complex and for many other industrial uses.

Zambia is host to a significant share of the global copper resource. It is an established mining jurisdiction, with a history of supporting mineral exploration, mining and product export.

Subject to completion of further due diligence during the option period, the Company believes that the Katwaro Copper Project will complement our lithium assets and provide jurisdictional diversity, with respect to native title/sovereign risk and alternative weather windows for exploration.