Patriot Battery Metals' (ASX:PMT) awaited further drill results and with metallurgical test work could add "significant" value in time, said Euroz Hartleys in a Thursday note.
The company confirmed on Thursday that drilling at its Shaakichiuwaanaan project in Canada resulted in the discovery of wide high-grade cesium pegmatite, with four samples greater than 20% cesium oxide.
Drill results yielded three meters at 9.4% cesium oxide, including one meter at 22.4% cesium oxide, and 5.9 meters at 11.2% cesium oxide, including one meter at 22.7% cesium oxide.
The research firm said it currently does not assume any value for cesium in its model for the company and awaits further results.
Euroz Hartleys kept Patriot Battery Minerals' speculative buy rating and maintained its AU$1.24 price target.
The company's shares rose 2% in Friday's close.
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