The share price of ASX newbie Patriot Battery Metals Inc (ASX: PMT) is taking off again, this time on the company's latest lithium finds.
It announced assay results for the final 10 drill holes completed at its CV5 Pegmatite system last year – which has significantly expanded the known lithium mineralisation at the target.
Right now, the Patriot Battery Metals share price is up 13.41%, trading at $1.565.
That's also 161% more than the company offered its shares for under its initial public offering (IPO) late last year.
Let's take a closer look at the find driving the ASX lithium share sky-high on Monday.
Image source: Getty Images
ASX lithium share soars on assay results
The Patriot Battery Metals share price is roaring on the final assays from the 2022 drill campaign conducted at the company's Corvette Property
The latest finds have further delineated the high-grade zone – now named the Nova Zone. Additionally, the easternmost drill hole conducted at CV5 Pegmatite returned assays of:
- 52.2 metres at 3.34% lithium oxide (219.1 metres to 271.2 metres), including 15 metres at 5.1% lithium oxide
That drill hole has extended mineralisation eastwardly and appears to have intersected part of the Nova Zone, which has so far been found to boast a strike length of at least 350 metres.
Commenting on the news driving the ASX lithium share higher today, Patriot Battery Metals president, CEO, and director Blair Way said the company "could not be more thrilled with the results" from the drill campaign, continuing:
We have exceeded all of our program objectives, expanding the known mineralised system from a few hundred metres along-strike in 2021, to at least 2.2 kilometres in 2022, remaining open and demonstrating high-grades at both ends.
We have just recently commenced our 2023 drill campaign and will continue to aggressively delineate what we believe will be a top tier lithium asset globally when fully defined.
The company kicked off the 2023 campaign in early January. Way previously tipped this year to be "transformative" for Patriot Battery Metals.
No doubt, plenty of eyes will be watching its share price in the coming weeks and months.
