PMET Resources (ASX:PMT, TSX:PMET,OTCQX:PMETF) has completed a lithium-only feasibility study on the CV5 deposit of its Shaakichiuwaanaan lithium project in Northern Québec.
The company said the feasibility study confirms the project is a large-scale and long-life operation, with CV5’s probable maiden mineral reserve estimated at 84.3 million metric tons at 1.26 percent lithium oxide.
That amounts to about 2.62 million metric tons of lithium carbonate equivalent.
Results also show that there is potential to upgrade and expand resources at CV5 and the nearby CV13 deposit.
CV13 currently holds a mineral resource, inclusive of reserves, of 108 million metric tons at 1.4 percent lithium oxide in the indicated category, and 33.4 million metric tons at 1.33 percent lithium oxide in the inferred category.
“Our large scale and long-life project is ideally suited to support the emerging American, European, and Asian lithium raw materials supply chains,” commented CEO and President Ken Brinsden.
“There are very few projects of this size & scale, quality, and low production cost that can assist in underwriting the expected capital investment supporting new supply chains and demand growth in western markets.”
Located in Québec’s Eeyou Istchee James Bay region, Shaakichiuwaanaan is recognized as the largest lithium pegmatite mineral resource in the Americas, as well as one of the top 10 globally.
PMET is targeting a final investment decision for Shaakichiuwaanaan for the second half of 2027, hoping that “the overall market supply-demand balance tightens over the coming years.”
It is expected to produce 800,000 metric tons per year of SC5.5 spodumene concentrate once at full capacity.
About 20 percent of the jobs created at Shaakichiuwaanaan will be allotted to workers at the Cree territory.
PMET was formerly Patriot Battery Metals. The company officially changed its name in September.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.