Daily Newsletter

10 January 2024

Daily Newsletter

10 January 2024

Patriot Lithium acquires 61 mining claims in Northern Ontario

The acquisition is part of Patriot Lithium's aggressive strategy to consolidate mining claims in the region.

Umesh Ellichipuram January 10 2024

Patriot Lithium has announced the strategic acquisition of 61 mining claims from Beyond Lithium, significantly expanding its footprint in Northern Ontario.

The Beyond East and Beyond North claim blocks are situated near Frontier Lithium’s PAK project and extend Patriot's land package by more than 11km² along the Bearhead Lake Fault.

Covering 1,187 hectares, the new claims are contiguous with Patriot's Gorman project and considered highly prospective for lithium-caesium-tantalum (LCT) pegmatite deposits.

The acquisition is part of Patriot Lithium's aggressive strategy to consolidate mining claims in the region.

These claims are key inliers within the Gorman project, which also includes the Berens claims recently optioned from Midex.

Patriot noted that the geology of the new claims is dominated by two-mica granite, which is associated with fertile magmas essential for the formation of LCT pegmatites.

This granite occurs along a major fault structure, forming the northern margin of the Favorable Lake supracrustal greenstone sequence, similar to the geological setting of Patriot’s high-grade LCT pegmatites at the G0-G3 trend.

The Bearhead Lake Fault, believed to be linked to the newly acquired claims, is an important structural control for mineralised pegmatite in the district. The same geological formation hosts Frontier Lithium’s Pak and Spark Deposits, located approximately 60km to the south-east.

Patriot Lithium added that the deal includes several target areas with probable LCT pegmatite outcrops, identified through orthophotos, LiDAR data and helicopter surveys.

It plans to conduct field verification and reconnaissance of these targets within the year.

Patriot managing director and CEO Nicholas Vickery said: “Patriot is extremely pleased to have been able to acquire further claims in Ontario, which form key inliers within the Gorman region.

"The results so far at Patriot’s Gorman project, as well as the significant resource already discovered at Frontier Lithium’s world-class PAK-Spark lithium development project, have already shown this to be an extremely prospective lithium district.

“We hold high hopes for the region and look forward to continuing our successful exploration campaign into 2024, including drilling at Gorman, which is currently planned for Q2 this year.”

Underground Mining Equipment Market Analysis

The total number of underground mining trucks and loaders/LHDs in underground mines at the end of 2023 was estimated at 22,927, of which 19,718 were at active mines. GlobalData predicts that the highest growth in machine counts is expected in Oceania and Africa and the Middle East, supported by both new purchases from new mines entering production and replacements.

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