Patriot Extends Strike Length of the CV5 Pegmatite to 3.15 km, Corvette Property, Quebec, Canada

Highlights

-          Extension of the CV5 spodumene pegmatite eastwardly by a further 550 m since February.

-          The CV5 spodumene pegmatite has been traced continuously by drilling (at ~50 - 150 m spacing) over a lateral distance of at least 3.15 km and remains open along strike at both ends and to depth.

-          Drilling step-outs westward from CV5 towards CV13 has commenced.

-          Core samples for thirty-seven (37) drill holes have arrived at the analytical lab (SGS) with assays for the first group of holes expected to be reported shortly.

-          Six (6) core drilling rigs currently active at the CV5 Pegmatite.

-          As of March 20, 2023, a total of fifty-two (52) drill holes (~20,644 m) have been completed this year, with seven (7) holes (~1,136 m) actively coring.

• The Company has surpassed the minimum 20,000 m initially targeted to be completed over the winter drill program.

Darren L. Smith, Company Vice President of Exploration, comments: “the CV5 Pegmatite continues to grow, having been now traced continuously over a strike length of 3.15 km, drill hole to drill hole, and remains open at both ends along strike, and at depth along most of its length. Although hindered by an uncharacteristically warm winter period, limiting amenability of ice-based drilling, we have been able to meet and already exceed our winter program objectives in terms of meterage drilled and new spodumene pegmatite discovered. We are now within approximately 1.5 km of the CV4 Pegmatite cluster to the east and have just begun to step-out westwardly towards the CV13 Pegmatite cluster.

Blair Way, Company President and CEO, comments: “The Company is well funded through the recently completed $50M flow through financing combined with our existing cash-on-hand and over $15M in outstanding warrants supporting the Company’s continuing drill programs. There remains more than 20 km of geologically favourable trend to be explored for new pegmatite targets and three known spodumene pegmatite clusters yet to be drill tested. The ongoing advancement of the CV5 Pegmatite to an initial mineral resource estimate and subsequent Pre-Feasibility underway is expected to continue to de-risk the CV5 project area. The exploration and development team continues to execute, and the drill bit continues to deliver. We are off to a fantastic start in 2023 and look very forward to another transformative year for the Company.”

March 23, 2023 – Vancouver, BC, Canada / March 24, 2023 – Sydney, Australia. Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to provide an update on the 2023 drill campaign currently underway at its wholly owned Corvette Property (the “Property”), located in the James Bay Region of Quebec. The winter phase of the drill campaign is focused on the CV5 Pegmatite, located approximately 13.5 km south of the regional and all‑weather Trans-Taiga Road and powerline infrastructure and is currently accessible by winter road.

Since the last drill program update (see news release dated February 5th, 2023), the Company is pleased to report a further extension of the CV5 Pegmatite eastwardly by 550 m – to 3.15 km combined strike length – through dominantly spodumene-bearing pegmatite in drill holes moving eastwardly from CV23-108 through 125. Each hole over this 550 m corridor has intersected various widths of continuous pegmatite, dominantly spodumene-bearing, ranging in width from approximately 5 m to 50 m (core length).

As of March 20, 2023, the Company has completed fifty-two (52) drill holes with another seven (7) actively coring, for a collective total of fifty-nine (59) holes and 21,780 m (CV23-105 to 163). Six (6) of these rigs are active at the CV5 Pegmatite with one (1) rig active at a different area of the Property testing a potential infrastructure location in support of advancing the Pre-Feasibility Study. An update on the status of the Pre-Feasibility programs will be detailed in a forthcoming news release.

The CV5 Pegmatite has been traced as a principally continuous spodumene-mineralized body to now within approximately 1.5 km of the CV4 Pegmatite cluster to the east (Figure 2), and within approximately 4.3 km of the CV13 Pegmatite cluster to the west. The Company will continue to test the CV5 Pegmatite along strike at both ends. Favourable indicators that the trend continues include the regional magnetic data suggesting a continuation of the structural/geological trend hosting CV5, as well as the location of spodumene-pegmatite boulders suggesting the presence of hidden spodumene-pegmatite undercover along this trend.

The estimated true thickness of the principal body at CV5 is highly variable, both along strike and at depth, as is typically the nature of pegmatite intrusive bodies. However, the true thickness, as indicated by ongoing geological modelling, typically varies between 25 to 120 m – thickest under the CV5 outcrop – with significant length at 80+ m at moderate depths. Additionally, spodumene pegmatite has been intersected as deep as 425 m vertical depth (581 m core length in drill hole CV23-124) and remains open. The location of this intersection suggests the presence of additional spodumene-pegmatite lenses proximal to the south of the main body. These areas are expected to be further drill tested over the summer-fall program.

Due to lake ice conditions from the uncharacteristically warm weather over the course of the program to date, many drill hole collars have been from land-based set-ups on the north side of the pegmatite, which are also accessible by winter road. Fortunately, the Company has been able to effectively target the eastward extension of the CV5 Pegmatite with considerable success as outlined herein. Ice-based drilling has recently commenced and is continuing to delineate the eastern extension of CV5 as has been identified over the program to date. These drill holes will target pegmatite pierce points at approximately100 m spacing and trace the pegmatite encountered at depth to surface.

Additionally, step-out drilling westwardly from the CV5 Corridor, along strike of CV22-074 (16.9 m at 2.00% Li2O – see news release dated January 18, 2023), has recently commenced. The spodumene pegmatite is interpreted to continue for at least another 125 m in this direction based on a mineralized outcrop present along strike, whereafter outcrop becomes covered by a continuous till cover (Figure 1). As of March 20, 2023, the first two holes targeting this extension were actively coring (CV23‑160 and 161).

The primary objectives of the 2023 drill campaign are to further delineate the extent of the CV5 Pegmatite culminating and in initial mineral resource estimate scheduled for Q2 2023, as well as infill drill to refine the geological model to achieve indicated mineral resource confidence to support a Pre-Feasibility Study. Based on drill holes completed through March 20, 2023, the CV5 Pegmatite has now been traced continuously by drilling (at ~50-150 m spacing) over a lateral distance of at least 3.15 km (CV22-074 to CV23‑125), remaining open along strike at both ends and to depth along most of its length.

Core samples for thirty-seven (37) drill holes have arrived at the analytical lab (SGS) with core processing ongoing at site. Logged pegmatite intersections of >2 m are presented in Table 1 and drill hole attributes in Table 2.

Table 1: Geologically logged pegmatite intersections >2 m for drill holes completed in 2023

Figure 1: Drill hole locations completed through March 20, 2023, at the CV5 Pegmatite

Figure 2: CV5 Corridor (i.e., CV5 through CV4 pegmatite clusters)

Figure 3: Lake-ice pad preparation for drilling completed over newly defined 550 m strike length at CV5

Table 2: Drill hole attributes

About the CV Lithium Trend

The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company in 2017 and spans more than 25-km across the Corvette Property. The core area includes an approximate 3.15 km long spodumene pegmatite (the ‘CV5 Pegmatite’) and multiple proximal secondary spodumene pegmatite lenses. This corridor has returned drill intercepts of 156.9 m at 2.12% Li2O, including 25.0 m at 5.04% Li2O or 5.0 m at 6.36% Li2O (CV22‑083), 159.7 m at 1.65% Li2O (CV22-042), 131.2 m at 1.96% Li2O (CV22-100), and 52.2 m at 3.34% Li2O, including 15.0 m at 5.10% Li2O (CV22-093).

To date, six (6) distinct clusters of lithium pegmatite have been discovered across the Property – CV5 Pegmatite and associated lenses, CV4, CV8-12, CV9, CV10, and the recently discovered 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 indicate 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, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 1968), 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 a Senior Geologist and Project Manager with Dahrouge Geological Consulting Ltd. Mr. Smith 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 JORC Code, 2012. 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 mineral exploration company focused on the acquisition and development of mineral properties containing battery, base, and precious metals.

The Company’s flagship asset is the 100% owned Corvette Property, located proximal to the Trans-Taiga Road and powerline infrastructural corridor in the James Bay Region of Québec. The land package hosts significant lithium potential highlighted by the 3.15 km long CV5 spodumene pegmatite with drill intercepts of 156.9 m at 2.12% Li2O, including 25.0 m at 5.04% Li2O or 5.0 m at 6.36% Li2O (CV22‑083), 159.7 m at 1.65% Li2O (CV22-042), 131.2 m at 1.96% Li2O (CV22-100), and 52.2 m at 3.34% Li2O, including 15.0 m at 5.10% Li2O (CV22-093). Additionally, the Property hosts the Golden Gap Trend with grab samples of 3.1 to 108.9 g/t Au from outcrop and 7 m at 10.5 g/t Au in drill hole, and the Maven Trend with 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag in outcrop.

The Company also holds 100% ownership of the Freeman Creek Gold Property in Idaho, USA which hosts two prospective gold prospects - the Gold Dyke Prospect with a 2020 drill hole intersection of 12 m at 4.11 g/t Au and 33.0 g/t Ag, and the Carmen Creek Prospect with surface sample results including 25.5 g/t Au, 159 g/t Ag, and 9.75% Cu.

The Company’s other assets include the Pontax Lithium-Gold Property, QC; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.

For further information, please contact us at [email protected] Tel: +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, 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 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 the potential exercise of the Company’s outstanding warrants, as well as mineral resource estimate and pre-feasibility report 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. 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.

Link to the complete English press release: https://patriotbatterymetals.com/patriot-extends-strike-length-of-the-cv5-pegmatite-to-3-15-km-corvette-property-quebec-canada/