Patriot Extends Strike Length to 4.35 km at the CV5 Spodumene Pegmatite, Corvette Property, Quebec, Canada

Highlights

-          Extension of the CV5 Spodumene Pegmatite by 650 m to the west.

• Multiple drill holes have returned continuous core-length spodumene pegmatite intersections exceeding 30 m, and up to 56.8 m (drill hole CV23-231).
• Multiple drill holes have returned composited core-length pegmatite intersections (i.e., sum of all pegmatite intervals within the hole) of over 90 m, to a peak of approximately 144 m (CV23-223).

-          The CV5 Spodumene Pegmatite has now been traced continuously by drilling over a lateral distance of at least 4.35 km and remains open.

-          Fifty-three (53) drill holes, totalling approximately 15,614 m, have been completed through September 18, 2023, at the Corvette Project.

• Thirty (30) holes (~10,757 m) completed at the CV5 Spodumene Pegmatite.
• Twenty (20) holes (~4,707 m) completed at the CV13 Spodumene Pegmatite.
• Three (3) holes (~150 m) completed at KM-270 camp site (for hydrogeology).

-          Initial drill testing of the CV9 Spodumene Pegmatite cluster has recently commenced.

-          Assays are currently pending, however with core sample shipments on a weekly basis it is anticipated that assay results will start to be received later in October.  With such a high volume of samples from across multiple drill targets, the results will be collected and released by area for clarity.

-          A total of seven (7) drill rigs are currently active at site – four (4) at CV5, two (2) at CV13, and one (1) at CV9. Drilling is anticipated to continue into December and will recommence after the holidays with ten (10) drill rigs targeted by mid January 2024.

Figure 1: Drill holes completed at the CV5 Spodumene Pegmatite through September 18, 2023.

September 24, 2023 – Vancouver, BC, Canada, September 25, 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 ongoing 2023 summer-fall drill program being completed at its wholly owned Corvette Property (the “Property” or “Project”), located in the Eeyou Istchee James Bay region of Quebec. The Property hosts the CV5 Spodumene Pegmatite, with 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.

Since the completion of the winter drill program in April 2023 (through drill hole CV23-190), and the release of a maiden mineral resource estimate for the CV5 Spodumene Pegmatite (see news release dated July 30, 2023), drilling at the Property has focused on westerly step-outs and further delineation at CV5 (30 holes totalling ~10,757 m), as well as continued delineation at the CV13 Spodumene Pegmatite (20 holes totalling ~4,707 m).

The Company is pleased to report that through September 18, 2023, the summer drill program at CV5 has extended the spodumene pegmatite an additional 0.65 km along strike to the west. The CV5 Spodumene Pegmatite has now been traced continuously by drilling (at approximately 50 to 150 m spacing) over a lateral distance of at least 4.35 km and remains open along strike at both ends and to depth along most of its length (Figure 1, Figure 2, and Figure 3). Over this extension, multiple drill holes have returned continuous core-length spodumene pegmatite intersections exceeding 30 m, and up to 56.8 m (drill hole CV23-231) (see Table 1 and Table 2). Further, multiple drill holes over this westerly extension have returned composited core-length pegmatite intersections (i.e., sum of all pegmatite intervals within the hole) of over 90 m, to a peak of approximately 144 m (CV23‑223), including an unexpected and sizable (50.2 m) continuous mineralized pegmatite intersection at depth in drill hole CV23-223. This intersection, coupled with those from other drill holes completed over the western extension of CV5, indicates that the principal pegmatite is bifurcating into two significantly thick spodumene pegmatites lenses.

The CV5 Spodumene Pegmatite has now been traced by drilling to within 3.15 km of the CV13 Spodumene Pegmatite (Figure 4). Further, mineralogy and textures in drill core, coupled with geophysics and geomorphology of the area as inferred from LiDAR and orthophoto data, suggests that that the CV5 and CV13 spodumene pegmatites form one continuous pegmatite body subsurface. However, a significant amount of drill testing remains to be completed along this corridor to confirm this interpretation.

An infill drill hole at CV5, completed primarily for hydrogeological purposes (CV23-199), returned the thickest interval of pegmatite (dominantly spodumene pegmatite) to date at the Project (Figure 2). This hole returned a near-continuous pegmatite interval of 178.2 m (core length), including only 4.3 m of non-pegmatite internal dilution spread over four (4) discreet intervals. This hole was completed as a vertical hole and therefore more oblique to the dip of the CV5 Spodumene Pegmatite than is typical. True width of the pegmatite in this area of drill hole CV23-199 is estimated to approximate 125 m at a depth of 125 m. Assays are currently pending.

At the CV13 Spodumene Pegmatite, the summer-fall drilling has successfully delineated a continuous pegmatite dyke that has now been traced between three (3) of the four (4) areas initially drill tested in 2022 (Figure 5). The CV13 Spodumene Pegmatite trend extends for approximately 2.3 km as defined by outcrop and drilling in 2022. The drill holes completed in 2023 along this trend at CV13 have now confirmed a continuous, variably mineralized spodumene pegmatite extending along at least 1.1 km of this trend and remains open.

This principal dyke at CV13 (the “upper” dyke) is geologically modelled to be shallowly dipping to the north and remains open at depth and along strike. Core length pegmatite intersections of the upper dyke range up to 21.9 m over the twenty (20) drill holes (~4,707 m) completed in 2023 through September 18 (Table 1). A “lower”, more variably mineralized shallow and northerly dipping pegmatite dyke present at CV13 has been tested in multiple drill holes in 2023; however, remains of secondary focus at this time.

With the unprecedented season of wildfires expected to be behind us, the Company has continued to ramp up its operations at the Project. A total of seven (7) drill rigs are currently active at site – four (4) at CV5, two (2) at CV13, and one (1) at CV9. In support of continued exploration ramp up, the KM-270 exploration camp is actively under construction with the primary accommodation modules now on site and installation underway. Additionally, the conversion of the winter road route to an all-season exploration road is continuing to advance. Both the camp and road are anticipated to be operational mid fall with the Company planning on continuing drilling operations into December. Following a much-deserved break for the holidays, activities will recommence in mid January 2024, where the Company intends to ramp up to at least ten (10) drill rigs at site.

Due to the road closures in western parts of the Eeyou Istchee James Bay extending significantly past the date in which the Company was able to re-commence drill operations at the Property, the delivery of drill core samples to the laboratory was significantly delayed. However, core samples for a large number of drill holes have now arrived at the laboratory with processing underway. Results will be reported as received.

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.

Figure 2: Drill holes completed at the CV5 Spodumene Pegmatite through September 18, 2023 – western area.

Figure 3: Drill holes completed at the CV5 Spodumene Pegmatite through September 18, 2023 – east-central, and eastern areas.

Figure 4: Proximity of the CV5 Spodumene Pegmatite to the CV13 Spodumene Pegmatite.

Figure 5: Drill holes completed at the CV13 Spodumene Pegmatite through September 18, 2023 – east-central, and eastern areas.

Table 1: All pegmatite intersections >2 m for drill holes reported herein (assays pending).

Table 2: Attributes for drill holes reported herein.

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 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 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 remain 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

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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 summer-fall drilling program and the completion and publication of Company’s technical report comprising the maiden mineral resource estimate in respect of the Corvette Property.  

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 (the “Corvette Project”), including the drilling program.

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.

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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.