A little-known ASX lithium stock is off to the races today.
While the All Ordinaries Index (ASX: XAO) is up a healthy 0.4% in morning trade on Tuesday, this lithium share surged 15% following a promising claims update. After some likely profit-taking, shares are up 6% at the time of writing.
Any guesses?
If you said Patriot Lithium Ltd (ASX: PAT), go to the head of the virtual class.
Here's what the ASX lithium stock reported this morning.
Patriot Lithium share price leaps on new prospective claims
The Patriot Lithium share price is soaring after the explorer announced it has acquired the right to 536 square kilometres of "highly prospective claims".
The land in question is situated in the so-called 'Electric Avenue' lithium district, in the Canadian province of Ontario.
This will see the ASX lithium stock become the largest claim holder in the district, with a semi-contiguous regional claim package spanning more than 890 square kilometres (upon execution of the options).
Patriot said it has previously confirmed high-grade lithium mineralisation at its Gorman Project, located within that district.
The new claims come via two separate transactions. One conducted with Midex Resources Ltd, the other with Gold Canyon Resources Inc and Guyana Frontier Mining Corp.
Commenting on the transactions sending the ASX lithium stock surging today, CEO Nicholas Vickery said, "These strategic transactions involving the Berens and Borland Projects are transformational for Patriot in the region…"
Vickery added:
Patriot has now acquired or secured rights over 70 kilometres of strike length along one of the most exciting lithium regions in the world. The world-class PAK-Spark lithium development project to south-east is a clear validation of the potential that exists in the region, with one of the largest and highest-grade lithium deposits in North America.
As for the confirmed lithium mineralisation at its Gorman prospect, Vickery said those results came from "within a 5.2km semi-continuous trend of outcropping pegmatites, showing real potential for scale and grade".
Potentially stirring investor interest in the ASX lithium stock, Vickery said Patriot believes "the outcropping pegmatites that have been identified to date may only be the tip of the iceberg".
The company aims to kick off detailed exploration of its newly acquired properties as soon as practicable.
How has this ASX lithium stock been tracking?
Patriot Lithium shares are a relative newcomer to the ASX, having commenced trading on 9 December. The ASX lithium stock had a strong run into mid-February but has since retreated, leaving shares down 31% in 2023.
