05:38:36 EDT Fri 29 Mar 2024
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Patriot Battery Metals Inc
Symbol PMET
Shares Issued 92,790,239
Close 2023-01-18 C$ 7.93
Market Cap C$ 735,826,595
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Patriot Battery drills 156.9m of 2.12% Li2O at Corvette

2023-01-18 16:29 ET - News Release

Mr. Darren Smith reports

PATRIOT DRILLS HIGHEST GRADE LITHIUM DRILL INTERCEPT TO DATE -- 156.9 M INTERVAL OF 2.12% LI2O, INCLUDING 25.0 M OF 5.04% LI2O -- AT THE CV5 PEGMATITE, QUEBEC, CANADA

Patriot Battery Metals Inc. has released core assay results for 14 additional drill holes from its 2022 drill campaign at its wholly owned Corvette property located in the James Bay region of Quebec. The primary drill area is focused at the CV5 pegmatite, located approximately 13.5 kilometres south of the regional and all-weather Trans-Taiga road and power line infrastructure.

Highlights

Significant drill intercepts:

  • The widest, highest-grade lithium drill intercept returned to date at the CV5 pegmatite -- drill hole CV22-083:
    • 156.9 metres at 2.12 per cent Li2O (lithium dioxide) (176.4 metres to 333.4 m), including 25 m at 5.04 per cent Li2O or five m at 6.36 per cent Li2O (CV22-083);
  • Drill hole CV22-083 continues to extend mineralization eastwardly at the CV5 pegmatite and is interpreted to have intersected part of a large, high-grade zone within the overall pegmatite that now has been defined by several drill holes, including CV22-017, -042, -066 and -083 over a strike length of at least 250 m:
    • Extension of the high-grade zone eastwardly to be tested with the first series of drill holes as part of the 2023 winter drill program;
  • Additional significant drill intercepts in the most recent results follow:
    • 45.3 m at 1.72 per cent Li2O (205.8 m to 251 m), including 31 m at 2.11 per cent Li2O (CV22-069);
    • 31.2 m at 1.95 per cent Li2O (163 m to 194.2 m), including nine m at 2.78 per cent Li2O (CV22-070);
    • 49.5 m at 1.33 per cent Li2O (80.6 m to 130.1 m) (CV22-080);
    • 41.3 m at 1.01 per cent Li2O (96.5 m to 137.7 m), including 12 m at 1.59 per cent Li2O (CV22-075);
  • The spodumene mineralization at the CV5 pegmatite has been traced over a strike length of at least 2,200 m through the 2021 and 2022 drill programs. The mineralization remains open along strike at both ends and to depth along most of the pegmatite's length
  • Core assay results for 24 drill holes from the 2022 drill campaign remain to be reported -- 10 at the CV5 pegmatite cluster and 14 at the CV13 pegmatite cluster.

Darren Smith, vice-president of exploration of the company, comments: "It is hard to find words to adequately describe the impressive nature of the lithium mineralization in drill hole CV22-083. Visual estimates of spodumene abundance may give you a sense, but assays are the true measure and have certainly astounded with this hole. As we move east, we are defining a significant high-grade zone at a coarse drill spacing of 50 to 100 m. The recently commenced winter drill program will continue to probe and delineate this area ahead of an initial mineral resource estimate planned for the first half of 2023. Drill hole CV22-083 has raised the bar ever higher with respect to the considerable potential at CV5 as we continue to delineate it, and by extension, the rest of the CV lithium district held by the company that has yet to be drill tested."

The 14 drill holes (NQ core size -- 47.6 millimetres inside diameter) reported herein targeted mineralization at the eastern and western areas of the currently defined CV5 pegmatite. Drill hole CV22-083 returned the strongest lithium mineralized interval to date at the CV5 pegmatite, with 156.9 m at 2.12 per cent Li2O, including 25 m at 5.04 per cent Li2O or five m at 6.36 per cent Li2O; it was completed as a 100-metre stepout along strike of drill hole CV22-066, which intersected 113.1 m of 1.61 per cent Li2O (see the news release dated Dec. 13, 2022).

The stepout drilling at the eastern end of the CV5 pegmatite, which remains open in both directions along strike, is targeting a near-surface, high-grade zone that has been intersected in CV22-017 (40.7 m at 3.01 per cent Li2O), CV22-042 (37 m at 3.04 per cent Li2O) and CV22-066 (38 m at 2.17 per cent Li2O, including two m at 6.41 per cent Li2O) -- see the news releases dated May 24, Aug. 31 and Dec. 13, 2022, respectively. Drill hole CV22-083, as announced herein (25 m at 5.04 per cent Li2O), has intersected the interpreted extension of this high-grade zone, returning the highest lithium grades to date from the CV5 pegmatite. This includes 45 individual core samples over 3 per cent Li2O, 25 over 4 per cent Li2O, 18 over 5 per cent Li2O and seven over 6 per cent to a peak of 6.87 per cent Li2O. To date, this high-grade zone, as confirmed by assay, has been traced over a strike length of approximately 250 m from drill hole CV22-017 to -083.

Drill hole CV22-093 was completed as a 100-metre stepout easterly along strike of drill hole CV22-083, targeting an extension of the high-grade zone (based on logged spodumene content). The assays for CV22-093 remain to be reported; however, the hole intersected spodumene pegmatite over 52.2 m (core length). Additionally, drill hole CV22-069 undercut drill hole CV22-066 (113.4 m at 1.61 per cent Li2O; see the news release dated Dec. 13, 2022) and returned 45.3 m of 1.72 per cent Li2O, including 31 m at 2.11 per cent Li2O, thereby extending the high-grade mineralized zone at depth at this location, which remains open. The first series of drill holes at the recently commenced winter drill program (see the news release dated Jan. 5, 2023) will continue to probe this high-grade zone moving eastward.

Drill hole CV22-074 is the most westerly drill hole completed to date at the CV5 pegmatite and returned a well-mineralized interval of 16.9 m at 2 per cent Li2O. The company intends to continue stepout drilling along strike westwardly as part of the current winter drill program to test for the extension of the spodumene pegmatite. The pegmatite is interpreted to continue for at least another 125 m in this direction based on a mineralized outcrop present along strike. It is possible that the CV5 pegmatite may extend under the relatively thin glacial till cover to the CV13 pegmatite cluster, situated approximately 4.3 kilometres to west-southwest, which is anticipated to be drill tested during the 2023 drill campaign. Further, strong intersections continue to be retuned over the western portions of the drill area at CV5, including 41.3 m at 1.01 per cent Li2O (CV22-075), 31.2 m at 1.95 per cent Li2O (CV22-070) and 49.5 m at 1.33 per cent Li2O (CV22-080). Visually, the spodumene pegmatite is very similar at both the eastern and western extent of the drill area, emphasizing the scale and robustness of the lithium mineralizing system at CV5.

For the drill holes reported herein, core assays for pegmatite intervals greater than two m are presented in the "Mineralized drill intercept summary for drill holes reported herein as part of the 2022 summer-fall program" table. Drill hole co-ordinates and other attributes are also available in the "Mineralized drill intercept summary for drill holes reported herein as part of the 2022 summer-fall program" and the company's website, which has a downloadable excel spreadsheet listing assay results from prior drill holes. Core assay results for 24 drill holes from the 2022 drill campaign remain to be reported 10 at the CV5 Pegmatite cluster and 14 at the CV13 pegmatite cluster.

The 2022 drill campaign at Corvette has significantly expanded lithium mineralization at the CV5 pegmatite. The drilling to date has largely been completed at approximately 100-metre spacing (down to approximately 50 m in some places) with the principal spodumene pegmatite body (CV5), flanked by several secondary lenses, currently traced by drilling over a distance of at least 2,200 m, remaining open along strike at both ends and to depth along most of its length.

Through 2022, the company has completed 95 NQ-core-size drill holes, totalling 27,470 m, at targets along the CV lithium trend -- 80 drill holes totalling 24,709 m at the CV5 pegmatite and proximal lenses, 14 drill holes totalling 2,647 m at the CV13 Pegmatite cluster and one drill hole totalling 114 m at the CV12 pegmatite cluster.

Quality assurance/quality control (QA/QC)

A quality assurance/quality control protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches, as well as collection of quarter-core duplicates, at a rate of approximately 5 per cent. Additionally, analysis of pulp-split and coarse-split sample duplicates were completed to assess analytical precision at different stages of the laboratory preparation process, and external (secondary) laboratory pulp-split duplicates were prepared at the primary lab for subsequent check analysis and validation.

All core samples collected were shipped to SGS Canada's laboratory in Lakefield, Ont., for standard sample preparation (code PRP89) which includes drying at 105 degrees centigrade, crushing to 75 per cent passing two millimetres, riffle splitting 250-gram and pulverizing 85 per cent passing 75 microns. The pulps were shipped by air to SGS Canada's laboratory in Burnaby, B.C., where the samples were homogenized and subsequently analyzed for multielement (including lithium and tantalum) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50).

About the CV lithium trend

The CV lithium trend is an emerging spodumene pegmatite district discovered by the company in 2017 and spans more than 25 kilometres across the Corvette property. The core area includes an approximately 2.2-kilometre-long spodumene pegmatite (the CV5 pegmatite) and multiple proximal secondary spodumene pegmatite lenses. This corridor has returned drill intercepts of 159.7 m at 1.65 per cent Li2O and 193 ppm (parts per million) Ta2O5 (ditantalum pentoxide) (CV22-042), 152.8 m at 1.22 per cent Li2O and 138 ppm Ta2O5 (CV22-030), 86.2 m at 2.13 per cent Li2O and 163 ppm Ta2O5 (CV22-044), and 70.1 m at 2.22 per cent Li2O and 147 ppm Ta2O5, including 40.7 m at 3.01 per cent Li2O and 160 ppm Ta2O5 (CV22-017).

To date, six distinct clusters of lithium pegmatite have been discovered across the property -- CV5 pegmatite and associated lenses, CV4, CV8-12, CV9 and CV10, and the recently discovered CV13. Given the proximity of some pegmatite outcrops to each other, as well as the shallow till cover in the area, it is probable that some of the outcrops may reflect a discontinuous surface exposure of a single, larger pegmatite outcrop subsurface. Further, the high number of well-mineralized pegmatites along the trend indicate a strong potential for a series of relatively closely spaced/stacked, subparallel and sizable spodumene-bearing pegmatite bodies, with significant lateral and depth extent, to be present.

Qualified/competent person

The information in this news release that relates to exploration results for the Corvette property is based on, and fairly represents, information compiled by Mr. Smith, MSc, PGeo; a qualified person, as defined by National Instrument 43-101. He is a member in good standing with the Ordre des Geologues du Quebec (geologist permit No. 1968) and the Association of Professional Engineers and Geoscientists of Alberta (member No. 87868). Mr. Smith has reviewed and approved the technical information in this news release.

Mr. Smith is vice-president of exploration for Patriot Battery Metals and Nevada Lithium Resources Inc., vice-president of exploration and director for Ophir Gold Corp., and a senior geologist and project manager with Dahrouge Geological Consulting Ltd. Mr. Smith holds common shares and options in the company.

Mr. Smith has sufficient experience, which is relevant to the style of mineralization, type of deposit under consideration, and to the activities being undertaken to qualify as a competent person as described by the JORC (Joint Ore Reserves Committee) Code, 2012. Mr. Smith consents to the inclusion in this news release of the matters based on his information in the form and context in which it appears.

About Patriot Battery Metals Inc.

Patriot Battery Metals is a mineral exploration company focused on the acquisition and development of mineral properties containing battery, base and precious metals.

The company's flagship asset is the 100-per-cent-owned Corvette property, located proximal to the Trans-Taiga road and power line infrastructural corridor in the James Bay region of Quebec. The land package hosts significant lithium potential highlighted by the 2.2-kilometre-long CV5 spodumene pegmatite with drill intercepts of 159.7 m at 1.65 per cent Li2O and 193 ppm Ta2O5 (CV22-042), and 70.1 m at 2.22 per cent Li2O and 147 ppm Ta2O5, including 40.7 m at 3.01 per cent Li2O and 160 ppm Ta2O5 (CV22-017). Additionally, the property hosts the Golden Gap trend with grab samples of 3.1 to 108.9 g/t (grams per tonne) Au from outcrop and seven m at 10.5 g/t Au in drill hole, and the Maven trend with 8.15 per cent Cu, 1.33 g/t gold and 171 g/t silver in outcrop.

The company also holds 100-per-cent ownership of the Freeman Creek gold property in Idaho, United States, which hosts two prospective gold prospects -- the Gold Dyke prospect with a 2020 drill hole intersection of 12 m at 4.11 g/t Au and 33 g/t Ag, and the Carmen Creek prospect with surface sample results including 25.5 g/t Au, 159 g/t Ag and 9.75 per cent copper.

The company's other assets include the Pontax lithium-gold property, Quebec; and the Hidden Lake lithium property, Northwest Territories, where the company maintains a 40 per cent interest, as well as several other assets in Canada.

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