New High-Grade Zone Discovered at CV13 – 34.4 m at 2.90% Li2O, including 21.9 m at 3.58% Li2O, Corvette
May 6, 2024 – Vancouver, BC, Canada
May 7, 2024 – Sydney, Australia
Highlights
- New high-grade spodumene pegmatite zone discovered at CV13.
- 34.4 m at 2.90% Li2O, including 21.9 m at 3.58% Li2O (CV24-470).
- Mineralization at shallow depth (starting at ~125 m vertical depth from surface) with a near-horizontal orientation, and open in multiple directions.
- Results pending for multiple follow-up holes.
- Focus of 2024 winter drilling at CV13 was step-out holes in support of a maiden mineral resource estimate for the pegmatite.
- The 2024 winter drill program (now complete), totaled 62,518 m (166 holes), including 50,961 m (121 holes) at CV5, and 11,557 m (45 holes) at CV13, of which 46,651 m (131 holes) remain to be reported – 35,375 m (87 holes) at CV5, and 11,276 (44 holes) at CV13.
- Updated mineral resource estimate, scheduled for Q3 2024, will focus on upgrading the resource category at CV5 and include a maiden resource at CV13.
Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the discovery of a new high-grade zone at the CV13 Spodumene Pegmatite following its recently completed winter drill program at Corvette. The Corvette Property (the “Property” or “Project”), wholly owned by the Company, is located in the Eeyou Istchee James Bay region of Quebec. The CV13 Spodumene Pegmatite is located approximately 3 km west-southwest of the CV5 Spodumene Pegmatite, which hosts a maiden mineral resource estimate (“MRE”) of 109.2 Mt at 1.42% Li2O inferred1 and is situated approximately 13.5 km south of the regional and all‑weather Trans-Taiga Road and powerline infrastructure.
Darren L. Smith, Vice President of Exploration for the Company, comments: “To put it mildly, the team is very excited about this new high-grade discovery at CV13, which is open in multiple directions and broadens our view on potential in the area significantly. This hole (CV24-470) is the widest, most well-mineralized drill hole to date from CV13 and includes multiple samples over 5% Li2O. This discovery was made at the tail end of the program; however, we were able to follow-up with multiple additional holes prior to break-up. We are eagerly awaiting the assay results from these follow-up drill holes as we work to refine the geological model ahead of a maiden MRE at CV13, on track for Q3 2024.”
This discovery supports our belief that we continue to only scratch the surface of what Corvette has to offer.” added Mr. Smith.
Figure 1: Preliminary cross-section of the CV13 geological model at the end of the April 2024 program. Results announced herein for drill hole CV24-470.
The focus of the recently completed 2024 winter drilling at the CV13 Spodumene Pegmatite (11,557 m over 45 holes) was step-out holes in support of a maiden MRE, scheduled for Q3, 2024. These holes predominantly targeted the downdip extension of the principal pegmatite body over the eastern and western arms, as well as further delineation of the eastern arm where the pegmatite has demonstrated a relatively stronger tendency for stacking and thickening.
Results for one (1) drill hole, completed during the 2024 winter drill program at the CV13 Spodumene Pegmatite, are reported herein – 34.4 m at 2.90% Li2O, including 21.9 m at 3.58% Li2O (CV24-470) – and is located in the northeastern area of CV13 (Figure 1 and Figure 2). The interval demonstrates very high grades over individual samples with 15 samples assaying >3% Li2O, 8 samples >4% Li2O, and 5 sample >5% Li2O, to a peak sample assay of 6.33% Li2O over 0.9 m. Mineralization typically occurs as centimetre to decimetre scale (up to ~1 m), light grey spodumene crystals in a dominantly smoky quartz-felspar pegmatite, with minor tourmaline and mica (Figure 3 and Figure 4).
The discovery, which is open in multiple directions, was made in follow-up to the wide and moderately mineralized intercept in drill hole CV23-365 (19.7 m at 0.43% Li2O, including 6.3 m at 1.22% Li2O). The pegmatite body is observed to thicken near-surface in this area and, with results of hole CV24-470 now received, has been confirmed to be accompanied by significant grade.
The intercept in CV23-470 starts at approximately 125 m vertical depth from surface, with geological modelling indicating a relatively flat to near-horizontal orientation of the pegmatite body at this location (Figure 1). Although the discovery was made at the tail end of the winter program, multiple follow-up holes were able to be completed prior to a pause in activities over spring-breakup. Each of these follow-up holes intersected pegmatite rock types ranging from 23 to 47 m (core length), confirming significant thickening of the pegmatite in this area; however, assays remain pending for each hole. Note, the Company makes no assertion as to the presence of lithium-bearing minerals within rock types intercepted in drill hole where core assays have yet to be announced.
The drilling results to date in this area, coupled with further interpretation of the Property’s magnetic dataset, indicates a potentially wider prospective lithium pegmatite corridor at CV13 compared to prior interpretations. A follow-up drill program focused on further delineation of the new high-grade zone at CV13 will be developed following receipt of the final assay results from the 2024 winter program. This follow-up drilling is anticipated to target extensions of the CV13 principal pegmatite body and this new high-grade zone to the west, north, and east within this corridor. To date, the CV13 Spodumene Pegmatite, through outcrop and drill hole data, is confirmed to extend over a strike length of at least 2.3 km and remains open at both ends and to depth.
The 2024 winter drill program at Corvette totaled 62,518 m (166 holes), including 50,961 m (121 holes) at CV5, and 11,557 m (45 holes) at CV13, of which 46,651 m (131 holes) remain to be reported – 35,375 m (87 holes) at CV5, and 11,276 (44 holes) at CV13. An updated MRE for the Corvette Project, incorporating drilling through April 2024, is scheduled for Q3 2024. This MRE update will include both the CV5 and CV13 spodumene pegmatites and a total anticipated metreage of 134,129 m (369 holes) and 29,121 m (133 holes), respectively.
Core sample assays for drill hole CV24-470, as reported herein, from the CV13 Spodumene Pegmatite are presented in Table 1 for all pegmatite intersections >2 m. Drill hole locations and attributes are presented in Table 2.
Figure 2: Drill holes completed at the CV13 Spodumene Pegmatite through April 2024.
Figure 3: High-grade spodumene pegmatite intercept in drill hole CV24-470 at CV13. Core grades ~3.0% Li2O over interval presented (137.7 m to 150.5 m) and 6.33% Li2O from 147.5 m to 148.4 m.
Figure 4: Large spodumene crystal(s) in quartz pegmatite, drill hole CV24-470 at ~133 m depth.
Table 1: Core assay summary for drill holes reported herein at the CV13 Spodumene Pegmatite.
Table 2: Attributes for drill holes reported herein at the CV13 Spodumene Pegmatite.
1 The CV5 mineral resource estimate (109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred) is reported at a cut-off grade of 0.40% Li2O with effective date of June 25, 2023 (through drill hole CV23-190). Mineral resources are not mineral reserves as they do not have demonstrated economic viability. Largest lithium pegmatite resource in the Americas based on contained LCE.
Quality Assurance / Quality Control (QAQC)
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 at a rate of approximately 5%. Additionally, analysis of pulp-split sample duplicates was completed to assess analytical precision, 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 Radisson, QC, for sample preparation (code PRP90 special) which includes drying at 105°C, crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. The pulps were shipped by air to SGS Canada’s laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) 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 is interpreted to span more than 50 kilometres across the Corvette Property. The core area includes the approximate 4.6 km long CV5 Spodumene Pegmatite, which hosts a maiden mineral resource estimate of 109.2 Mt at 1.42% Li2O inferred1.
To date, eight (8) distinct clusters of lithium pegmatite have been discovered across the Corvette Property – CV4, CV5, CV8, CV9, CV10, CV12, CV13, and the recently discovered CV14. 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.
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. Darren L. Smith, M.Sc., P.Geo., who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 01968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 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 Inc. and 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 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). 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 Inc. is a hard-rock lithium exploration company focused on advancing its district-scale 100% owned Corvette Property located in the Eeyou Istchee James Bay region of Quebec, Canada, and proximal to regional road and powerline infrastructure. The Corvette Property hosts the CV5 Spodumene Pegmatite with a maiden mineral resource estimate of 109.2 Mt at 1.42% Li2O inferred1 and ranks as the largest lithium pegmatite resource in the Americas based on contained lithium carbonate equivalent (LCE), and one of the top 10 largest lithium pegmatite resources in the world. Additionally, the Corvette Property hosts multiple other spodumene pegmatite clusters that remain to be drill tested, as well as more than 20 km of prospective trend that remains to be assessed.
1 The CV5 mineral resource estimate (109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred) is reported at a cut-off grade of 0.40% Li2O with effective date of June 25, 2023 (through drill hole CV23-190). Mineral resources are not mineral reserves as they do not have demonstrated economic viability. Largest lithium pegmatite resource in the Americas based on contained LCE.
For further information, please contact us at [email protected] or by calling +1 (604) 279-8709, or visit www.patriotbatterymetals.com. Please also refer to the Company’s continuous disclosure filings, available under its profile at www.sedarplus.ca and www.asx.com.au, for available exploration data.
This news release has been approved by the Board of Directors.
“KEN BRINSDEN”
Kenneth Brinsden, President, CEO, Managing Director
Brad Seward
Vice President, Investor Relations
T: +61 400 199 471
Olivier Caza-Lapointe
Head, Investor Relations – North America
T: +1 (514) 913-5264
Disclaimer for Forward-looking Information
This news release contains “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management’s current expectations and plans that allows investors and others to have a better understanding of the Company’s business plans and financial performance and condition.
All statements, other than statements of historical fact included in this news release, regarding the Company’s strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Forward-looking statements are typically identified by words such as “plan”, “expect”, “estimate”, “intend”, “anticipate”, “believe”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements in this release include, but are not limited to, statements concerning: the completion of an updated MRE on the Property, the processing and receipt of all remaining core samples and statements relating to the continuity of spodumene pegmatite at CV5.
Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company’s forward-looking information is based include that proposed exploration and mineral resource estimate work on the Property will continue as expected, and that exploration and development results continue to support management’s current plans for Property development.
Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, any of which could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others, the ability to execute on plans relating to the Company’s Project, including the timing thereof. In addition, readers are directed to carefully review the detailed risk discussion in the Company’s most recent Annual Information Form filed on SEDAR+, which discussion is incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.
Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements.
Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Company’s business plans, financial performance and condition and may not be appropriate for other purposes.
The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements.
Competent Person Statement (ASX Listing Rule 5.22)
The mineral resource estimate in this release was reported by the Company in accordance with ASX Listing Rule 5.8 on July 31, 2023. The Company confirms it is not aware of any new information or data that materially affects the information included in the announcement and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the competent person’s findings are presented have not been materially modified from the original market announcement.
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