'Difficult to ask for a better result': Why this ASX lithium share is rocketing 11% today

Having only listed on 7 December, this ASX lithium share looks to be going from strength to strength.

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Smoking hot ASX lithium share Patriot Battery Metals Inc (ASX: PMT) is off to the races again today.

The ASX lithium stock closed yesterday trading for $1.82 per share. In morning trade on Wednesday, shares are swapping hands for $2.02 apiece, up 11%.

That puts the stock up an eyepopping 194% over the past six months.

Here's what's piquing ASX investor interest today.

What did Patriot Battery Metals report?

The Patriot Battery Metals share price is charging higher today after the ASX lithium company announced positive results from its preliminary heavy liquid separation (HLS) test work on CV13 pegmatite core samples.

This corresponds to an area where the drilling has defined a large and continuous spodumene mineralised body.

Patriot Battery Metals discovered the CV lithium trend, located in the Canadian province of Quebec, in 2017. The emerging spodumene pegmatite district spans more than 25 kilometres across the miner's Corvette property.

According to the release, the HLS test work on five core sample composites indicates that a simple dense media separation (DMS) process flowsheet is applicable. This is the preferred method of spodumene pegmatite processing.

The ASX lithium share reported that its HLS test work, followed by magnetic separation, produced 6+% Li2O spodumene concentrates. Overall lithium recoveries exceeded 70%.

The explorer also noted strong recoveries at both low, moderate, and high feed grades.

On the back of these results, Patriot Battery Metals believes it will be able to process the material from CV13 and CV5 at the same plant.

Commenting on the results sending the ASX lithium share leaping higher today, mineral process consultant Brett Grosvenor said, "The results of this HLS test work at CV13 are very positive and indicate strongly that joint processing with CV5 Pegmatite material is practical and viable."

Grosvenor added:

From a project development, risk mitigation, and flowsheet perspective, it is difficult to ask for a better result.

How has this ASX lithium share been tracking?

Patriot Battery Metals is a relative newcomer on the ASX, starting trading on 7 December 2022.

As mentioned, the ASX lithium share has rocketed 194% over the last six months.

Shares are up 60% since the end of market close on 7 December.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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