Patriot Announces the Largest Lithium Pegmatite Resource in the Americas at CV5, Corvette Property, Quebec, Canada

July 30, 2023 – Vancouver, BC, Canada, July 31, 2023 – Sydney, Australia – Patriot Battery Metals Inc.

Highlights

-          CV5 Spodumene Pegmatite is firmly established as the largest lithium pegmatite mineral resource in the Americas and the 8th largest globally.

-          109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred, (0.40% Li2O cut-off grade).

• Based on 163 core holes totalling 56,385 m.

-          Geological model interprets a single, continuous, principal pegmatite body ranging in true thickness from ~8 m to upwards of ~130 m, extending over a strike length of 3.7 km (drill hole to drill hole), and which is flanked by multiple subordinate lenses.

-          Significant growth potential – the CV5 Spodumene Pegmatite remains open along strike at both ends, and to depth along a significant portion of its length.

-          Maiden (first) mineral resource estimate includes only the CV5 Spodumene Pegmatite and does not include any of the other known spodumene pegmatite clusters on the Property – CV4, CV8, CV9, CV10, CV12, and CV13.

-          Cut-off grade sensitivity analysis defines very high-grade and significant tonnage at high cut-off grade, and excellent grade with significant tonnage at low cut-off grade.

-          Company is well-positioned to aggressively advance infill and step-out drilling, and development studies at CV5, as well as drill testing of other known spodumene pegmatite clusters. More than 20 km of prospective trend remains to be explored for lithium pegmatite at Corvette.

Darren L. Smith, Company Vice President of Exploration, comments: “This maiden mineral resource estimate at CV5 is the culmination of an aggressive 20-month drill campaign that kicked off with our discovery hole in fall 2021, and is nothing less than a team effort to get us here. This first resource has firmly established CV5 as a Tier 1 spodumene pegmatite asset, already ranking as the largest lithium pegmatite resource in the Americas, as well as in the top 10 resources globally.”

“There remains significant potential for growth, with the resource open at both ends and to depth along a large portion of its length providing a clear path forward for further resource expansion. Further, there are multiple known spodumene pegmatite clusters yet to be drill tested at the Property and more than 20 km of prospective trend yet to be explored. In the case of CV13, the 2022 and 2023 drill programs are anticipated to underpin a maiden mineral resource estimate in 2024 at that spodumene pegmatite cluster. We believe we have only just begun to demonstrate the scale of the lithium mineralized pegmatite system at the Corvette Property,” Mr. Smith added.

Blair Way, Company President and CEO, comments: “We could not be happier with the result of this maiden mineral resource estimate at CV5, which will be the first of multiple resource estimates for the Corvette Property over the coming years. This Property is now officially host to at least one deposit that is definitely a world class asset with respect to the size, grade, and metallurgy when compared to its peers."

Emphasising Corvette’s development potential, Mr. Way explains: “It firmly positions the Company as a leading candidate to provide long-term spodumene supply to the North American and European markets. This is a key milestone for the Company and will underpin future economic and development studies as we look to aggressively advance this asset on the path to production. I would like to thank our shareholders for their support, and moreover, thank the exploration team for their focus and determination in delivering one of the largest spodumene pegmatite resources in the world.”

Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the maiden (i.e., first) mineral resource estimate for the CV5 Spodumene Pegmatite at its wholly owned Corvette Property (the “Property”), located in the Eeyou Istchee James Bay region of Quebec. The CV5 Spodumene Pegmatite is located approximately 13.5 km south of the regional and all‑weather Trans-Taiga Road and powerline infrastructure corridor, and within 50 km of the La-Grande 4 (LG4) hydroelectric dam complex.

The mineral resource estimate (“MRE”) at CV5 has firmly established it as the largest lithium pegmatite mineral resource in the Americas and 8th largest globally, returning 109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred, at a cut-off grade of 0.40% Li2O, for a total of 3,835,000 t contained lithium carbonate equivalent (“LCE”) (Table 1, Figure 1, and Figure 2). The geological model underpinning the MRE interprets a single, continuous, principal spodumene pegmatite body ranging in true thickness from ~8 m to upwards of ~130 m, extending over a strike length of approximately 3.7 km (drill hole to drill hole), and which is flanked by multiple subordinate lenses. Additionally, the resource and geological modelling has outlined significant potential for growth at CV5, which remains open at both ends along strike, and to depth along a significant portion of its length.

This maiden MRE includes only the CV5 Spodumene Pegmatite (previously also termed the “CV5 Pegmatite cluster”), and therefore does not include any of the other known spodumene pegmatite clusters on the Property – CV4, CV8, CV9, CV10, CV12, and CV13 (Figure 3). At CV5, the MRE is supported by 163 diamond drill holes completed over the 2021, 2022, and 2023 (through the end of April – drill hole CV23-190) programs, for a collective total of 56,385 m, as well as eleven (11) outcrop channels totalling 63 m.

The mineral resource statement and relevant disclosure, sensitivity analysis, peer comparison, geological and block model views, and cross-sections are presented in the following figures and tables. A detailed overview of the Project is presented in the following sections in accordance with ASX Listing Rule 5.8.

You can find the entire press release in English here: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02691696-6A1160720?access_token=83ff96335c2d45a094df02a206a39ff4

Based on publicly available defined mineral resource estimates completed in accordance with NI 43-101, JORC, or equivalent regulatory body, the maiden MRE for the CV5 Spodumene Pegmatite firmly establishes it as the largest lithium pegmatite resource in the Americas, (Figure 1). Further, using the same source information and metrics (see Appendix 2, and 3), CV5 ranks as a top 10 lithium pegmatite resource in the world, capturing the 8th position (Figure 2). These metrics and context firmly establish CV5 as a Tier 1, world class lithium pegmatite with only its first mineral resource estimate.

Figure 1: MRE tonnage vs grade chart, highlighting the CV5 Spodumene Pegmatite as the largest lithium pegmatite mineral resource in the Americas.

Figure 2: MRE tonnage vs grade chart, highlighting the CV5 Spodumene Pegmatite as the 8th largest lithium pegmatite mineral resource in the world.

You can find the entire press release in English here: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02691696-6A1160720?access_token=83ff96335c2d45a094df02a206a39ff4

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 inferred mineral resource estimate of 109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 (at a cut-off of 0.40% Li2O), and ranks as the largest lithium pegmatite resource in the Americas, and is the 8th largest lithium pegmatite resource 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 remain to be assessed.  

Mineral resources are not minerals reserves as they do not have demonstrated economic viability. The Effective Date of the mineral resource estimate is June 25, 2023 (through drill hole CV23-190).

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.sedar.com and www.asx.com.au, for available exploration data.

This news release has been approved by the Board of Directors,

“BLAIR WAY”

Blair Way, President, CEO, Director

DISCLAIMER FOR FORWARD-LOOKING INFORMATION

This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties, including without limitation statements with respect to potential continuity of pegmatite bodies, and mineral resource estimate preparation. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the results of further exploration and testing, and other risks detailed from time to time in the filings made by the Company with securities regulators, available at www.sedar.com and www.asx.com.au.  The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

No securities regulatory authority or stock exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release.