Patriot Drills 56.6 m at 1.37% Li2O in Step-Out Hole and Completes Final Hole of 2023 Program at the CV5 Pegmatite, Quebec, Canada

Highlights

-          Patriot continues to intersect well-mineralised zones in step-out drilling at the CV5 Pegmatite, with highlights:

• 56.6 m at 1.37% Li2O and 9.9 m at 3.58% Li2O (CV23-231).
• 50.1 m at 1.17% Li2O, 38.0 m at 1.44% Li2O, and 17.2 m at 2.20% Li2O (CV23-223).
• 48.4 m at 1.21% Li2O, including 11.0 m at 3.42% Li2O (CV23-211).
• 29.2 m at 1.35% Li2O, including 8.4 m at 3.50% Li2O (CV23-240).
• 25.6 m at 1.98% Li2O and 33.4 m at 0.80% Li2O (CV23-222).

-          Patriot continues to intersect well-mineralised zones in step-out drilling at the CV13 Pegmatite, with highlights:

• 19.2 m at 1.74% Li2O (CV23-215).
• 14.8 m at 1.36% Li2O (CV23-210).

-          A total of 177 holes, for approximately 45,700 m, has been completed over the summer-fall program. Assay results for 27 holes are reported herein. Assays remain to be reported for more than 125 drill holes, including ~1.5 km of prospective pegmatite trend across the CV5 and CV13 pegmatites.

• The Company is currently working to process a backlog of core, due to wildfires and prioritization of drilling staff in accommodation. Core processing is continuing at site and is expected to continue through to the holidays to clear the remaining backlog.
• Going forward the Company will only report pegmatite drill intercepts at the same time as the respective core assays are announced, in compliance with applicable ASX and TSX-V rules. The change is intended to allow for reporting of results in the most appropriate manner available between the ASX and TSX regulatory regimes.

-          The CV5 Spodumene Pegmatite has been traced to a 4.35 km strike length, which remains open along strike and at depth (see news release dated September 24, 2023) – drill results for an additional 0.25 km of prospective strike length remain to be reported.

-          The CV13 Spodumene Pegmatite has been traced to a ~1.1 km strike length, which remains open along strike and at depth (see news release dated October 18, 2023) – drill results for an additional ~1.2 km of prospective strike length remain to be reported.

-          The CV9 Spodumene Pegmatite has been traced to a 0.45 km strike length following initial drill testing, which remains open along strike and at depth (see news released dated November 22, 2023).

-          Multiple spodumene pegmatite outcrop clusters remaining to be drill tested – CV4, CV8, CV10, and CV12 (only 1 shallow hole completed to date).

Blair Way, Company President, CEO, and Director, comments: “It is hard to understate the success of the 2023 drill campaign, including our recently completed summer-fall program. In addition to underpinning a maiden mineral resource estimate mid year, which established CV5 as a world class deposit and one of the largest lithium pegmatites globally, we have extended the strike length of CV5 to 4.35 km with drill results over additional prospective strike remaining to be reported. Further, drilling this summer-fall at CV13 has confirmed continuous pegmatite of at least 1.1 km in strike length with drill results for an additional 1.2 km of prospective strike remaining to be reported, and initial drill testing at CV9 has outlined a potentially large and fertile pegmatite over at least 450 m of strike length. The 2023 program has firmly demonstrated the world class scale of the system at Corvette, and is poised for continued growth over the next few months as additional assays from the program are reported.”

December 17, 2023 - Vancouver, BC, Canada / December 18, 2023 - Sydney, Australia. Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce further drill results, as well as completion of the final hole of its 2023 drill campaign at the Corvette Property with core processing continuing at site. The Corvette Property (the “Property” or “Project”), wholly owned by the Company, is located in the Eeyou Istchee James Bay region of Quebec. The 2023 drill campaign included holes completed at the CV5, CV13, and CV9 pegmatites. The CV5 Spodumene Pegmatite, with a maiden mineral resource estimate of 109.2 Mt at 1.42% Li2O inferred1, is situated approximately 13.5 km south of the regional and all‑weather Trans-Taiga Road and powerline infrastructure. The CV13 and CV9 spodumene pegmatites are located approximately 3 km west-southwest and 14 km west of CV5, respectively (Figure 1).

A total of 266 holes, for approximately 78,100 m of coring, have been completed over the 2023 drill campaign. Of this, 177 holes, totalling approximately 45,700 m, have been completed during the summer-fall program – 82 holes (~26,600 m) at CV5, 74 holes (~14,900 m) at CV13, 18 holes (~4,050 m) at CV9, and 3 holes (~150 m) at the KM-270 camp. Collectively, to date, the Company has now completed over 350 drill holes, totalling approximately 105,500 m, targeting lithium pegmatite across the Property.

The Company continues to process drill core from the 2023 program on site and is expected to have core samples from the final holes into the lab early in the new year. Going forward the Company will only report pegmatite drill intercepts at the same time as the respective core assays are announced, in compliance with applicable ASX and TSX-V rules. The change is intended to allow for reporting of results in the most appropriate manner available between the ASX and TSX regulatory regimes.

Drill core sample assay results for 27 holes are reported herein. Core sample assays for more than 125 holes completed over the 2023 summer fall drill program remain to be announced.

Figure 1: Spodumene pegmatite occurrences at the Property.

CV5 Pegmatite

New drill results reported herein continue to demonstrate that the CV5 Spodumene Pegmatite remains well mineralized over its previously announced western extension (see news release dated September 24, 2023), and outside of the June 2023 mineral resource estimate block model (see news released dated July 30, 2023). Results are presented in Table 1 and include:

-          56.6 m at 1.37% Li2O and 9.9 m at 3.58% Li2O (CV23-231).

-          50.1 m at 1.17% Li2O, 38.0 m at 1.44% Li2O, and 17.2 m at 2.20% Li2O (CV23-223).

-          48.4 m at 1.21% Li2O, including 11.0 m at 3.42% Li2O (CV23-211).

-          29.2 m at 1.35% Li2O, including 8.4 m at 3.50% Li2O (CV23-240).

-          25.6 m at 1.98% Li2O and 33.4 m at 0.80% Li2O (CV23-222).

Figure 2: Simplified geological cross-sections over the recently defined western extension at CV5.

Very strong grades over material widths are present over the western extension at CV5, including at least four (4) intervals of 5+ m at 3.4+% Li2O (drill holes CV23-208, 211, 231, and 240) in assays reported to date. Further drill delineation of the area is a high priority for the Company. Geological cross-section interpretations for two fences of drill holes completed over the western extension are presented in Figure 2.

Additionally, infill drilling at CV5 continues to return wide and well-mineralized spodumene pegmatite intercepts. Results announced herein include 67.1 m at 1.56% Li2O, including 13.0 m at 3.44% Li2O (CV23-241), and 63.0 m at 1.13% Li2O (CV23-230).

With the 2023 summer-fall drill program now completed, the Company has extended the CV5 Pegmatite to approximately 4.35 km total strike length and remains open (see news release dated September 24, 2023) with drill results for an additional 0.25 km of prospective strike length remaining to be reported (Figure 3). The CV5 maiden mineral resource estimate (109.2 Mt at 1.42% Li2O, inferred1) includes only ~3.4 km of the current 4.35 km strike length, thereby outlining significant and tangible potential for resource expansion. Already, the maiden mineral resource estimate for CV5 denotes it as the largest lithium pegmatite deposit in the Americas1 and is well positioned to become an important source of spodumene for the growing battery-supply chain of North America.

Collectively, the 2023 summer-fall program has drill tested an additional 900 m of strike length over the CV5 area with results reported for only 650 m of this. This drilling was completed in the west as step-outs towards CV13, closing the gap remaining to be drill tested between the two pegmatites to 2.9 km (Figure 4).

Figure 3: Drill holes completed through 2023 at CV5 Spodumene Pegmatite.

Table 1: Core assay summary for drill holes reported herein at the CV5 Spodumene Pegmatite.

Figure 4: Remain to be drill tested corridor between the CV5 CV13 spodumene pegmatites.

CV13 Pegmatite

At the CV13 Pegmatite, drill results continue to demonstrate a well-mineralized upper pegmatite dyke of comparable widths to those reported in drill hole in 2022. Drill results announced herein are presented in Table 2 and include:

-          19.2 m at 1.74% Li2O (CV23-215)

-          14.8 m at 1.36% Li2O (CV23-210)

-          11.2 m at 1.02% Li2O (CV23-235)

-          9.7 m at 1.07% Li2O (CV23-213)

The lower pegmatite dyke remains more variably mineralized compared to the upper dyke with results including 10.0 m at 0.83% Li2O (CV23-218). The Company will continue to strategically test the lower pegmatite dyke for abrupt thickening (i.e., a blow-out) coincident with the presence of spodumene mineralization.

At CV13, the 2023 summer-fall drilling has extended the pegmatite to approximately 1.1 km in strike length and remains open (see news released dated October 18, 2023) with drill results for an additional ~1.2 km of prospective strike length remaining to be reported (Figure 5). The CV13 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 ~140 m) and remains open.

Figure 5: Drill holes completed through 2023 at CV13 Spodumene Pegmatite.

Table 2: Core assay summary for drill holes reported herein at the CV13 Spodumene Pegmatite

CV9 Pegmatite

Further west at the Property, approximately 9.5 km west-northwest of CV13, initial drill testing of the CV9 Pegmatite has delineated a current strike length of at least 0.45 km and remains open, with three (3) holes returning continuous pegmatite intersections of 60+ m (see news released dated November 22, 2023) (Figure 6). The CV9 Pegmatite is currently interpreted to consist of a single principal dyke, which outcrops at surface, has a steep northerly dip, and is moderately plunging to the east-southeast. Assays remain to be reported for all drill holes completed at CV9 and are anticipated to be received in late January / early February 2024.

Figure 6: Drill holes completed at the CV9 Spodumene Pegmatite (see news release dated November 22, 2023)

2023 Drill Program Wrap-up and 2024 Winter Drill Program Plans

The 2023 summer-fall drill program, although hindered by regional forest fires for multiple months, was highly successful with a collective pegmatite strike length of at least 5.9 km now defined – 4.35 km and open (CV5), 1.1 km and open (CV13), and 0.45 km and open (CV9) – as well as results pending over an additional 1.5 km of prospective strike length and more than 125 drill holes. The pegmatite remains open along strike at both ends at each of the CV5, CV13, and CV9 pegmatites, with multiple spodumene pegmatite outcrop clusters remaining to be drill tested – CV4, CV8, CV10, and CV12 (only 1 shallow hole completed to date).

Core processing is continuing at site and is expected to continue through to the holidays to clear the remaining backlog. Core sample assays for the 2023 summer-fall program are anticipated to be received and reported over the next 3 to 4 months and are highly dependent on laboratory turn-around times. Results remain to be reported for more than 125 drill holes completed over the 2023 summer-fall program, including approximately 1.5 km of potentially new pegmatite strike length.

Drilling at the Property is scheduled to resume in early January 2024 with a ramp up to ten (10) drill rigs as well as an expansion to the core shack and processing area to handle the larger volumes of core expected and minimize future backlog. The objectives of the 2024 winter drill program will be multi-pronged and focus on 1.) infill drilling of the CV5 Pegmatite to support an upgrade in resource confidence from the inferred category to the indicated category, 2.) continued delineation of the CV13 Pegmatite, and 3.) potential continued drill exploration at the CV9 Pegmatite and the approximate 80 m wide blowout of the dyke at shallow depth.

Core sample assays for drill holes reported herein are presented in Table 1 and Table 2 for all pegmatite intersections >2 m. Locations and attributes for all holes completed over the 2023 summer-fall drill program are presented in Table 3.

Table 3: Attributes for drill holes completed over the 2023 summer-fall program.

(1) Coordinate system NAD83 / UTM zone 18N; (2) All drill holes are diamond drill; (3) Azimuths and dips presented are those 'planned' and may vary off collar/downhole; (4) Total Depth data is preliminary for some holes.

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 4.35 km long CV5 Spodumene Pegmatite, which hosts a maiden mineral resource estimate of 109.2 Mt at 1.42% Li2O inferred1.

To date, seven (7) distinct clusters of lithium pegmatite have been discovered across the Corvette Property – CV4, CV5, CV8, CV9, CV10, CV12, and 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 indicates a strong potential for a series of relatively closely spaced/stacked, sub-parallel, 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. 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.

“BLAIR WAY”

Blair Way, President, CEO, Director

Patriot Battery Metals Inc.

Suite 700 - 838 W. Hastings Street

Vancouver, BC, Canada, V6C 0A6

www.patriotbatterymetals.com

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, financial position, 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 potential position of the Corvette Property as an important source of spodumene for the battery-supply chain of North America, the resumption of the drilling in January 2024, and the objectives of the 2024 winter drill program.

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 the total funding required to complete the development of the Company’s lithium mineral project at the Corvette Property.

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.

No securities regulatory authority or stock exchange, including the TSX Venture Exchange and its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release.

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 previous announcements and that all material assumptions and technical parameters underpinning the estimates in the previous announcements 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.

The complete English original news can be accessed here:

https://patriotbatterymetals.com/patriot-drills-56-6-m-at-1-37-li2o-in-step-out-hole-and-completes-final-hole-of-2023-program-at-the-cv5-pegmatite-quebec-canada/