Guess which ASX lithium share is rocketing 13% on new finds

The company's topped off its 2022 drill campaign with exciting assay results.

| More on:
asx share price increase represented by golden dollar sign rocketing out from white domes of lithium

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • The Patriot Battery Metals share price is leaping 13% right now to trade at $1.565
  • Its gains come on the back of the company's latest assay results 
  • The finds have further extended the known mineralisation at the CV5 Pegmatite

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.

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.

Motley Fool contributor Brooke Cooper 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.

More on Resources Shares

Miner looking at a tablet.
Resources Shares

Here's a fund manager's bull case for Mineral Resources shares

It’s a rough time for this stock. Let’s dig into whether it’s an opportunity.

Read more »

Australian notes and coins symbolising dividends.
Resources Shares

The BHP dividend doesn't attract me – Here's why

I’m steering clear of BHP as a passive income stock for a few reasons.

Read more »

Miner and company person analysing results of a mining company.
Resources Shares

The Mineral Resources share price just slumped another 7%. Here's why

Investors are bidding down Mineral Resources shares on Wednesday. But why?

Read more »

Female miner smiling in front of mining vehicle.
Resources Shares

Guess which ASX lithium share is racing 8% higher on record production

Investors are sending the ASX lithium share racing higher on Wednesday.

Read more »

a sad looking engineer or miner wearing a high visibility jacket and a hard hat stands alone with his head bowed and hand to his forehead as he speaks on a mobile telephone out front of what appears to be an on site work shed.
Resources Shares

Why is the Fortescue share price tanking 7% this week?

There are several factors weighing on the iron ore giant this week.

Read more »

Miner looking at a tablet.
Resources Shares

Up 7% in a month, are Pilbara Minerals shares in the buy zone?

Lithium continues to be a sore spot for many ASX stocks.

Read more »

Miner looking at a tablet.
Resources Shares

South32 shares sink amid $33 million copper investment

Copper continues to be in hot demand.

Read more »

two men in hard hats and high visibility jackets look together at a laptop screen that one of the men in holding at a mine site.
Resources Shares

Why are ASX 200 mining stocks diving hard on Monday?

Investors are not impressed by developments in China.

Read more »