Patriot Announces Final 2023 Drill Hole Results for the CV13 and CV9 Pegmatites, Corvette, Quebec, Canada

Highlights

CV13 Pegmatite

-          Best drill hole of 2023 program at the CV13 Spodumene Pegmatite.

• 28.7 m at 1.49% Li2O, including 20.4 m at 2.03% Li2O (CV23-311).
• Represents new zone at shallow depth along the pegmatite’s eastern arm.
• Represents area of significant pegmatite stacking.

-          Continued strong assays from western arm at CV13.

• 20.2 m at 1.16% Li2O, including 15.4 m at 1.49% Li2O (CV23-324).

-          Through 2023, the CV13 Spodumene Pegmatite has been traced by drilling over an approximate 2.3 km strike length and remains open along strike at both ends and to depth.

-          Core assay results are reported herein for the remaining 20 drill holes completed in 2023 at CV13.

-          An updated mineral resource estimate (“MRE”) for the Corvette Project, including both the CV5 and CV13 spodumene pegmatites, is planned for Q3 2024. The MRE update will focus on an increase in confidence from the inferred to indicated categories for CV5, as well as a maiden estimate for CV13.

CV9 Pegmatite

-          Wide intervals of variably mineralized spodumene-bearing pegmatite intersected in maiden drill program at the CV9 Spodumene Pegmatite.

• 99.9 m at 0.39% Li2O, including 30.6 m at 0.80% Li2O (CV23-345).
• 15.7 m at 0.76% Li2O, including 10.8 m at 1.00% Li2O (CV23-267).
• 17.9 m at 0.69% Li2O, including 8.6 m at 1.03% Li2O (CV23-310).
• 7.7 m at 1.35% Li2O (CV23-333).

-          The CV9 Pegmatite remains open along strike and at depth, with true widths of 5 m to 80+ m interpreted through drilling, which suggests strong tonnage potential.

-          Core assay results are reported herein for all 18 drill holes completed in 2023 at the CV9 Spodumene Pegmatite.

-          A total of 42 drill holes completed in 2023 remain to be reported, all from the CV5 Spodumene Pegmatite.

-          At the Corvette Property in 2024, through April 4, approximately 57,000 m of drilling have been completed – 47,000 m at CV5 and 10,000 m at CV13 – with eleven (11) drill rigs active at site. The 2024 winter drill program is expected to wrap up by the end of April with drilling at the Property scheduled to resume in early June.

Darren L. Smith, Vice President of Exploration for the Company, comments: “The 2023 drill program at CV13 was very successful and confirmed spodumene pegmatite over an approximate 2.3 km strike length, as well as down dip more than 300 m. The pegmatite remains open along strike and to depth and has confirmed high-grade zones with multiple core samples over 5% Li2O (+60% spodumene). The discovery in CV23-311 is also very significant, returning our best reported intersection to date (28.7 m at 1.49% Li2O) at a depth not expected and with more cumulative width of pegmatite downhole than any other hole at CV13 through the 2023 program. This is a high-priority area for follow-up.”

Mr. Smith continued, “The results of our maiden drill program at CV9 are very encouraging and have demonstrated that the pegmatite can thicken dramatically up to 80 m interpreted true width, which is a strong indication of tonnage potential of the system. Although variably mineralized in spodumene (typically 5 to 15%), the drilling has demonstrated strong grades (>1% Li2O) over 7 to 10+ m intervals in addition to wider, more moderately mineralized zones (e.g., 30.6 m at 0.80% Li2O in CV23-345). Given the nature of lithium pegmatite systems, it is common for low to moderate grade zones to neighbour strongly mineralized zones. Therefore, the combination of thick pegmatite intercepts with spodumene common in the system is a key indicator of potential and we look forward to following up on these encouraging results. CV9 remains open along strike at both ends and to depth.”  

April 7, 2024 – Vancouver, BC, Canada , April 8, 2024 – Sydney, Australia - Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the remaining core assay results for drill holes completed in September to November 2023 at the CV13 and CV9 spodumene pegmatites. 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 and CV9 spodumene pegmatites are located approximately 3 km west-southwest and 14 km west of the CV5 Spodumene Pegmatite, respectively, which hosts a maiden mineral resource estimate 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.

CV13 Pegmatite, 2023 Drill Results

Drill results for the remaining 20 drill holes completed in 2023 at the CV13 Spodumene Pegmatite are reported herein (Figure 1). These holes primarily target the near-surface and downdip extension of the principal pegmatite body along its western and eastern limbs.

Results are highlighted by drill hole CV23-311 which returned 28.7 m at 1.49% Li2O, including 20.4 m at 2.03% Li2O, and represents a newly discovered zone at shallow depth (~135 m vertical depth from surface) (Figure 1 and Figure 2). This is the widest mineralized drill intercept reported to date from CV13. Additionally, the sum of all pegmatite intercepts in the hole totalled 71 m over 13 separate intervals, which is also the most pegmatite encountered in a single drill hole at CV13 reported to date. Although some of these additional intercepts have low to moderate spodumene contents, the presence of a marked increase in pegmatite intercepts downhole is significant and indicates a stacking of pegmatite dykes. Stacking of pegmatite dykes is an indicator of a potentially larger total volume of pegmatite which may have a reasonable potential to thicken and/or coalesce into a larger body down-dip, up-dip, or along strike. This area is of keen interest for follow-up.

The most eastern drill hole (CV23-365) completed in 2023 at CV13, also the final hole of the 2023 drill program, returned 19.7 m at 0.43% Li2O, including 6.3 m at 1.22% Li2O. This is significant as it builds upon the 30+m pegmatite intersections from the 2022 drill holes in the area that were only weakly mineralized. The mineralized interval in CV23-365 supports a thickening of the pegmatite in this area, which is also now confirmed to be accompanied by material levels of spodumene mineralization. This area of CV13 is also of keen interest for follow-up.

Moving northwest along the western arm at CV13, drill hole CV23-324 returned a strong intercept of 20.2 m at 1.16% Li2O, including 15.4 m at 1.49% Li2O (Figure 1). Geological cross-sections of this area interpret mineralized spodumene pegmatite traced down-dip at least 280 m (~130 m vertical depth from surface) (Figure 3 and Figure 4). Moving further northwest along the western arm, the principal pegmatite thins to 5 m at places, although remains open and often well mineralized. Results reported herein include 12.6 m at 0.80% Li2O, including 8.8 m at 1.07% Li2O (CV23-346), 7.8 m at 1.53% Li2O (CV23-336), and 6.3 m at 0.82% Li2O, including 2.5 m at 2.02% Li2O (CV23-360).

The CV13 Spodumene Pegmatite is currently interpreted to be characterized by a principal “upper” dyke and a secondary “lower” dyke, as well as several subordinate sub-parallel dykes, and are collectively geologically modelled to be shallowly dipping northerly. The principal dyke (the “upper” dyke), dips typically between 20-25° and has been traced at depth to at least 300 m down-dip (vertical depth from surface of 150 m). Through 2023, the CV13 Spodumene Pegmatite has been traced by drilling over an approximate 2.3 km strike length and remains open along strike at both ends and to depth (Figure 2, Figure 3, and Figure 4). Its most eastern drill hole is situated ~3 km along geological trend to the southwest of the CV5 Spodumene Pegmatite (Figure 5). This highly prospective corridor, also coincident with a local structural and magnetic trend, remains to be drill tested.

In 2024, through April 4, approximately 10,000 m in additional drilling has been completed at CV13 with core assays remaining to be reported for all of these holes. A maiden mineral resource estimate (“MRE”) for CV13 is planned to be announced in Q3 2024, which will form part of a larger MRE for the Corvette Project including both the CV5 and CV13 spodumene pegmatites.

Core sample assays for drill holes 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 3.

Figure 1: Drill holes completed at the CV13 Spodumene Pegmatite through 2023.

Figure 2: Geological model of the CV13 Spodumene Pegmatite (as of end 2023), including cross-section along the pegmatite’s eastern arm. Core assay results reported herein for CV23-311 and 322.

Figure 3: Geological model of the CV13 Spodumene Pegmatite (as of end 2023), including cross-section along the pegmatite’s western arm. Core assay results reported herein for CV23-324.

Figure 4: Geological model of the CV13 Spodumene Pegmatite (as of end 2023), including cross-section along the pegmatite’s western arm. Core assay results for drill holes are previously reported.

Figure 5: Highly prospective corridor for lithium pegmatite between CV5 and CV13, a distance of approximately 3 km. Drill hole collars presented for those completed through 2023 (CV23-365).

CV9 Spodumene Pegmatite, 2023 Drill Results

Drill results for all 18 drill holes completed in 2023 at the CV9 Spodumene Pegmatite are reported herein (Figure 6). These drill holes are the first to test the spodumene pegmatite outcrop in the area. Wide intervals of variably mineralized spodumene-bearing pegmatite were intersected in this maiden drill program at CV9. Results include:

-          99.9 m at 0.39% Li2O, including 30.6 m at 0.80% Li2O (CV23-345).

-          15.7 m at 0.76% Li2O, including 10.8 m at 1.00% Li2O (CV23-267).

-          17.9 m at 0.69% Li2O, including 8.6 m at 1.03% Li2O (CV23-310).

-          7.7 m at 1.35% Li2O (CV23-333).

The results are encouraging and confirm widespread spodumene mineralization is present at depth at CV9. The pegmatite intersected in drill hole at CV9 is variably mineralized (typically 5 to 15% spodumene content), with strong grades (>1% Li2O) demonstrated over 7 to 10+ m intervals in addition to wider and more moderately mineralized zones (e.g., 30.6 m at 0.80% Li2O in CV23-345). High grades of spodumene pegmatite were also intercepted with multiple holes returning individual sample grades over 2% Li2O, including a peak sample high of 4.28% Li2O (over 0.6 m) in CV23‑345 – the last drill hole of the program at CV9.

Of particular significance is the demonstrated thickening of pegmatite from 5 m to ~80 m interpreted true width at depth. This is a strong indication of overall tonnage potential in the system. Additionally, due to internal fractionation of pegmatitic melts, it is common to have strong variability in grades over short distances which may result in low to moderate grades being immediately proximal to high grades.  This, coupled with the common presence of spodumene in the system, is very encouraging and supports a considerable potential for wide and well mineralized intervals of spodumene pegmatite to be present at CV9 along strike and/or at depth.

Following the maiden 2023 drill program, the interpreted orientation of the CV9 Spodumene Pegmatite is steeply dipping northerly, with a possible plunge easterly (Figure 7), which is similar to the general orientation of the CV5 Spodumene Pegmatite. At CV9, variably mineralized spodumene pegmatite has now been traced by drilling and outcrop over a distance of ~450 m and remains open along strike at both ends and at depth. The spodumene is typically present as centimetre (up to decimetre) size crystals hosted within a smoky quartz – feldspar pegmatite, with accessory tourmaline and mica (Figure 8, Figure 9, Figure 10, and Figure 11).

Core sample assays for drill holes reported herein from the CV9 Spodumene Pegmatite are presented in Table 2 and Table 3.

Figure 6: Drill holes completed at the CV9 Spodumene Pegmatite through 2023.

Figure 7: Preliminary geological model of the CV9 Spodumene Pegmatite (as of end 2023).

Figure 8: Spodumene pegmatite from drill hole CV23-267. Approximately 1.0% Li2O over interval (70.0 m to 78.6 m)

Figure 9: Spodumene pegmatite from drill hole CV23-310. Approximately 1.0% Li2O over interval (82.5 m to 91.2 m)

Figure 10: Spodumene pegmatite from drill hole CV23-333, including 7.7 m at 1.35% Li2O (146.0 m to 153.7 m)

Figure 11: Coarse-grained spodumene crystals in matrix of smoky quartz and feldspar at 86 m depth from drill hole CV23-345.

A total of 42 drill holes completed in 2023 remain to be reported, all from the CV5 Spodumene Pegmatite. At the Corvette Property in 2024, through April 4, approximately 57,000 m of drilling have been completed – 47,000 m at CV5 and 10,000 m at CV13 – with eleven (11) drill rigs active at site. The 2024 winter drill program is expected to wrap up by the end of April with drilling at the Property scheduled to resume in early June.

An updated mineral resource estimate (“MRE”) for the Corvette Project, including both the CV5 and CV13 spodumene pegmatites, is planned for Q3 2024. The MRE update will focus on an increase in confidence from the inferred to indicated categories for CV5, as well as a maiden estimate for CV13.

Table 1: Core assay summary for drill holes reported herein at the CV13 Spodumene Pegmatite.

Table 2: Core assay summary for drill holes reported herein at the CV9 Spodumene Pegmatite.

Table 3: Attributes for drill holes reported herein at the CV13 and CV9 spodumene pegmatites.

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 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 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 Val-d’Or, QC, for sample preparation (code PRP89 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 4.4 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.

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

E: [email protected]

Olivier Caza-Lapointe

Head, Investor Relations – North America

T: +1 (514) 913-5264

E: [email protected]

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. In particular and without limitation, this news release contains forward-looking statements pertaining to the 2024 winter program currently underway at the Corvette Property and, predictions of a single, larger pegmatite “outcrop” subsurface. 

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 Corvette Property will continue as expected, and that exploration and development results continue to support management’s current plans for Corvette 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 Corvette 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. 

Link to original news in full length:

https://patriotbatterymetals.com/patriot-announces-final-2023-drill-hole-results-for-the-cv13-and-cv9-pegmatites-corvette-quebec-canada/