19:49:54 EDT Fri 03 May 2024
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Patriot Battery Metals Inc
Symbol PMET
Shares Issued 92,848,572
Close 2023-07-26 C$ 13.74
Market Cap C$ 1,275,739,379
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Patriot Battery's Corvette forest area entry ban lifted

2023-07-26 19:09 ET - News Release

Mr. Blair Way reports

PATRIOT PROVIDES OPERATIONAL UPDATE FOR THE CORVETTE PROPERTY, QUEBEC, CANADA

Patriot Battery Metals Inc. has provided this update on the company's operations at its Corvette property in Quebec, Canada. The ban on entry to the forest due to wildfires has been lifted for the area, including the property. Due to some continuing road closures, the company is remobiliing personnel with materials to site using fixed-wing aircrafts. It is anticipated that the road closures will be lifted as the fires continue to be extinguished. The company will have access to one helicopter, which will allow for the commencement of drilling and environmental baseline data collection at site by this weekend. The company continues to monitor the situation closely, and is working with regulators to ensure the health and safety of its employees and contractors. It hopes to have access to additional helicopters in August as the firefighters continue to make progress in the western reaches of the province.

"Our thoughts are with those communities, particularly the Cree Nation, that have experienced losses with these unprecedented wildfires," said Blair Way, Patriot Battery president and chief executive officer. "On behalf of Patriot, I would like to thank all those involved for their tireless efforts in containing and suppressing the wildfires throughout Quebec and Canada."

The mineral resource estimate (MRE) remains on track and is scheduled for release in late July.

The company is working on upgrading the winter snow road to an all-weather exploration road to enable the drill program to continue through the months of October, November and December, when typically, fog in the region limits transportation by helicopters. This initiative is of critical importance to the company to facilitate a longer drilling season to make up for lost time due to wildfires.

Patriot Battery will recommence advancing its 100-per-cent-owned exploration camp to further enable a more efficient drilling program for the latter part of the year. The new camp will decrease travel time significantly while reducing the dependency on helicopters when combined with the all-weather exploration road.

The 2023 summer-fall exploration program includes both drill and surface exploration, which commenced at the property in late May. The multirig drill program is targeting further delineation of the CV5 and CV13 pegmatites, and includes drill testing of other previously identified spodumene pegmatite clusters (that is, CV4, CV8-12, CV9 and CV10). The surface program comprises mapping of the known spodumene pegmatite clusters and local trends, as well as prospecting and rock sampling, across a large portion of the remaining 20-plus kilometres of prospective lithium pegmatite trend.

About Patriot Battery Metals Inc.

Patriot Battery is a hardrock lithium exploration company focused on advancing its district-scale 100-per-cent-owned Corvette property located in the Eeyou Istchee James Bay region of Quebec, Canada.

The Corvette property is one of the largest and highest-grade hardrock lithium projects being explored, with over 50 kilometres of strike length over a 214-square-kilometre land package and over 70 lithium-bearing pegmatite outcrops identified to date. The Corvette property is situated proximal to the all-weather Trans Taiga Road and Hydro-Quebec power line infrastructure in the Eeyou Istchee James Bay region of Quebec. The property hosts significant lithium potential highlighted by the CV5 pegmatite, which has been traced by drilling over a strike length of at least 3.7 kilometres with spodumene pegmatite encountered as deep as a 425-metre vertical depth.

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