Patriot Makes New Discovery at the Corvette Property as it Intercepts 100 m of Spodumene-Bearing Pegmatite at CV9, Quebec, Canada
Highlights
- Drill hole CV23-345 hits approximately 100 m of near-continuous spodumene-bearing pegmatite at CV9.
- Three (3) drill holes have returned continuous pegmatite intersections of 60+ m.
- Patriot has defined a pegmatite strike length of approximately 450 m by drilling and outcrop at CV9, which remains open.
- CV9 is located approximately 14 km west of the CV5 mineral resource.
- Preliminary geological modelling indicates the CV9 Pegmatite significantly thickens to at least 80 m width at one location and remains open in multiple directions.
- The magnitude of this variably mineralized pegmatite blow-out is significant, sharing similarities to those present at the CV5 Pegmatite in terms of depth and scale.
- Eighteen (18) core holes (~4,000 m) have been completed in the inaugural drill program at the CV9 Pegmatite – sample assays are pending.
- While it is early stage, the work done to date has resulted in an improvement in the understanding of the CV9 Pegmatite as the program went on, with a number of high priority targets now identified.
Darren L. Smith, Company Vice President of Exploration, comments: “This is a very strong start to the drill exploration at the CV9 Pegmatite. Although no core assays have been received yet, the presence of spodumene and the length of pegmatite encountered in multiple holes, highlighted by an approximate 100 m near-continuous spodumene-bearing hit in the final hole of the program, are very positive in terms of potential of this pegmatite to hold significant scale.”
November 21, 2023 - Vancouver, BC, Canada. November 22, 2023 - Sydney, Australia. Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce preliminary results of its inaugural drill program at the CV9 Spodumene Pegmatite at its wholly owned Corvette Property (the “Property” or “Project”), located in the Eeyou Istchee James Bay region of Quebec. The CV9 Spodumene Pegmatite is located approximately 14 km west of the CV5 Spodumene Pegmatite (109.2 Mt at 1.42% Li2O inferred1), 9.5 km west-northwest of the CV13 Spodumene Pegmatite, and 11 km south of the Trans-Taiga Road and powerline infrastructure.
A total of eighteen (18) holes, for approximately 4,000 m of NQ coring, were completed this summer-fall in the inaugural drill program at the CV9 Spodumene Pegmatite (Figure 1 and Figure 2). The Company is pleased to report that wide intervals of pegmatite, dominantly spodumene-bearing, have been returned from multiple drill holes at CV9, including:
- 100 m in drill hole CV23-345 (includes ~1 m of non-pegmatite dilution),
- 76 m in drill hole CV23-315,
- 70 m and 27 m in drill hole CV23-333,
- 37 m in drill hole CV23-326, and
- 23 m in drill hole CV23-304
Figure 1: Drill holes completed at the CV9 Spodumene Pegmatite.
Preliminary logs for all pegmatite drill intercepts >2 m are presented in Table 1, and drill hole attributes in Table 2. Drill core from holes completed at the CV9 Pegmatite is currently being processed at site and no core sample assays have been received yet.
Table 1: Preliminary pegmatite logs for drill holes completed at the CV9 Spodumene Pegmatite
A primary objective of the inaugural drill program at CV9 was to determine the geometry and orientation of the pegmatite system. Therefore, drill holes were completed at a variety of orientations from multiple collar locations (Figure 1) with results consistently improving over the course of the program as understanding of the pegmatite geometry improved. The last eight (8) holes all returned continuous core-length pegmatite intercepts >10 m, including three (3) intersections of 60+ m (see Figure 1 and Table 1).
The CV9 Pegmatite is currently interpreted to be a single principal dyke, which outcrops at surface, has a steep northerly dip, and is moderately plunging to the east-southeast. A strike length of approximately 450 m has been defined to date by drilling and outcrop, which remains open (Figure 1). The width of the dyke is variable; however, preliminary geological modelling indicates the CV9 Pegmatite significantly thickens to at least 80 m width at one location and remains open in multiple directions. The thickening is delineated by three (3), wide, variably mineralized spodumene-bearing pegmatite intersections at different orientations – 70 m (CV23-333), 76 m (CV23-315), and 100 m (CV23‑345), all core length. The magnitude of this variably mineralized pegmatite blow-out is significant, sharing similarities to those present at the CV5 Pegmatite in terms of depth and scale. This is a very positive observation for this early phase of drill exploration at the CV9 Pegmatite and suggests a strong potential for significant scale to be present.
The Company will refine the geological model for CV9 upon the receipt of assays and a follow-up drill program will be developed to expand upon the success discussed herein.
Figure 2: Location of the CV9 Spodumene Pegmatite on the Corvette Property.
Figure 3: Spodumene mineralized outcrop at the CV9 Pegmatite (looking west-northwest).
Figure 4: Drill hole CV23-247 at the CV9 Pegmatite (looking northerly).
The 2023 summer-fall program included the inaugural drill testing of the CV9 Spodumene Pegmatite, in addition to the continued drill delineation of the CV5 and CV13 spodumene pegmatites. Core sample assays remain to be announced for more than 140 drill holes completed over the program, including all 18 holes completed at CV9. Assays for CV9 drill core samples are not expected to be received (and reported) until Q1 2024.
Core processing is continuing at site with drilling temporarily paused for the onset of winter; drilling will resume in early January with a ramp up to ten (10) drill rigs. Core samples from a large number of drill holes have now arrived at the laboratory with processing underway, and shipments are now back to their regular weekly schedule. Results are anticipated to be reported in batches per pegmatite (CV5, CV13, and CV9) as received.
Table 2: Attributes for drill holes reported herein at the CV9 Spodumene Pegmatite
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.
Although the Company does not comment on the grade of the pegmatite intervals reported, several are noted as spodumene-bearing based on preliminary geological logging. Spodumene-bearing pegmatite refers to the visually identified presence of the mineral spodumene, within the respective interval, as discrete mineral crystals of varying size and orientation hosted within a quartz-feldspar pegmatite. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
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
Suite 700 - 838 W. Hastings Street
Vancouver, BC, Canada, V6C 0A6
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.
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 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.
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