Patriot drills 52.2 m of 3.34% Li2O, including 15.0 m of 5.10% Li2O, in Easternmost Drill Hole from the 2022 Drill Campaign at the CV5 Pegmatite, Quebec, Canada

January 29, 2023 – Vancouver, BC, Canada

January 30, 2023 – Sydney, Australia

Highlights

Significant Drill Intercepts

-          High-grade lithium mineralization returned from the 2022 drill campaign’s easternmost drill hole at the CV5 Pegmatite – drill hole CV22-093.

• 52.2 m at 3.34% Li2O (219.1 m to 271.2 m), including 15.0 m at 5.10% Li2O (CV22-093).

-          Strongly mineralized drill intersection further delineating the high-grade zone (herein termed the “Nova Zone”), previously identified in drill holes CV22-017, 042, 066, and 083.

• 131.2 m at 1.96% Li2O (250.8 m to 382.0 m), including 57.0 m at 2.97% Li2O (CV22-100).

-          Drill hole CV22-093 continues to extend mineralization eastwardly at the CV5 Pegmatite and is interpreted to have intersected part of the large, high-grade Nova Zone within the overall pegmatite system that has now been defined by several drill holes, including CV22-017, 042, 066, 083, 093, and 100 over a strike length of at least 350 metres.

• Extension of the CV5 Pegmatite eastwardly, and thus the high-grade Nova Zone, is currently being tested with the first series of drill holes as part of the 2023 winter drill program.

-          The spodumene mineralization at the greater CV5 Pegmatite has been traced over a strike length of at least 2,200 m through the 2021 & 2022 drill campaign. The mineralization remains open along strike at both ends and to depth along most of the pegmatite’s length.

• Final step-out hole to the west of the 2022 drill campaign returned 16.9 m at 2.00% Li2O (CV22‑074) and to the east returned 52.2 m at 3.34% Li2O (CV22-093), demonstrating high-grades at both ends of the currently defined 2.2 km spodumene pegmatite strike length, which remains open.

-          All 2022 drill core assays for the CV5 Pegmatite have now been reported, with core assay results for all fourteen (14) drill holes completed at the CV13 Pegmatite cluster remaining to be reported.

Blair Way, Company President, CEO and Director, comments: “The results herein conclude the release of core assays from the 2022 drill campaign at the CV5 Pegmatite and we could not be more thrilled with the results. We have exceeded all of our program objectives, expanding the known mineralized system from a few hundred metres along-strike in 2021, to at least 2.2 km in 2022, remaining open and demonstrating high-grades at both ends.”

“We have just recently commenced our 2023 drill campaign and will continue to aggressively delineate what we believe will be a top tier lithium asset globally when fully defined.”

Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (ASX: PMT) (OTCQB: PMETF) (FSE: R9GA) is pleased to announce core assay results for the final ten (10) drill holes completed at the CV5 Pegmatite from its 2022 drill campaign at its wholly owned Corvette Property (the “Property”), located in the James Bay Region of Quebec. The CV5 Pegmatite is 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.

The ten (10) drill holes (NQ core size – 47.6 mm inside diameter) reported herein targeted mineralization at the eastern extent of the currently defined CV5 Pegmatite as well as at depth over the central and eastern areas (Figure 1). Highlights include drill hole CV22-093, the most easterly drill hole competed at the CV5 Pegmatite in 2022, which returned 52.2 m at 3.34% Li2O, including 15.0 m at 5.10% Li2O or 2.0 m at 6.17% Li2O (Figures 1 and 2), and was completed as a 100 m step-out along strike of drill hole CV22-083, which intersected 25.0 m of 5.04% Li2O (see news release dated January 18th, 2022).

The results of drill hole CV22-093 (15.0 m at 5.10% Li2O) confirm the extension of the high-grade Nova Zone eastward – by at least 100 m – as previously intersected in drill holes CV22-017 (40.7 m at 3.01% Li2O), CV22-042 (37.0 m at 3.04% Li2O), CV22-066 (38.0 m at 2.17% Li2O, including 2.0 m at 6.41% Li2O), and CV22-083 (25.0 m at 5.04% Li2O, including 5.0 m at 6.36% Li2O) – see news releases dated May 24th, August 31st, and December 13th, 2022, and January 18th, 2023, respectively. Collectively, core assays from these drill holes – CV22-017 to 093 – define a strike length for this high-grade zone of approximately 350 m and remains open to the east. Drill hole CV22-100, as announced herein, also tested the Nova Zone between drillholes CV22-042 and 063, at a similar depth, and returned a strongly mineralized interval of 131.2 m at 1.96% Li2O, including 57.0 m at 2.97% Li2O (Figures 3 and 4).

Drill holes CV22-087, 094, 098, and 102 tested two areas of the system at depth and returned nil to minor pegmatite intervals. This contrasts with drill holes situated further west along strike, which have tested the same depth intervals and returned strong intervals of mineralized pegmatite. These drill holes highlight the inherent pinch and swell nature of pegmatite systems.

The 2022 drill campaign at Corvette has significantly expanded lithium mineralization at the CV5 Pegmatite. The drilling to date has largely been completed at approximately 100 m spacing (down to ~50 m in some places) with the principal spodumene pegmatite body (CV5), flanked by several secondary lenses, currently traced by drilling over a distance of at least 2,200 m (CV22-074 to CV22-093), remaining open along strike at both ends and to depth along most of its length. The final step-out hole to the west of the 2022 drill campaign returned 16.9 m at 2.00% Li2O (CV22-074) and to the east returned 52.2 m at 3.34% Li2O (CV22-093), demonstrating high-grades at both ends of the currently defined 2.2 km spodumene pegmatite strike length, and remains open.

For the drill holes reported herein, core assays for pegmatite intervals greater than two (2) m are presented in Table 1 and drill hole locations in Figure 1. Drill hole coordinates and other attributes are also available in Table 1 and the Company’s website, which has a downloadable excel spreadsheet listing assay results from prior drill holes. All core assays from the 2022 drill campaign at the CV5 Pegmatite have now been reported, with core assays for all fourteen (14) drill holes completed at the CV13 Pegmatite cluster remaining to be reported.

Through 2022, the Company has completed ninety-five (95) NQ core size drill holes, totalling 27,470 m, at targets along the CV Lithium Trend – eighty (80) drill holes totalling 24,709 m at the CV5 Pegmatite and proximal lenses, fourteen (14) drill holes totalling 2,647 m at the CV13 Pegmatite cluster, and one (1) drill hole totalling 114 m at the CV12 Pegmatite cluster.

Figure 1: Drill hole collar locations at the CV5 Pegmatite for holes completed through 2022

Table 1: Mineralized drill intercept summary for drill holes reported herein as part of the 2022 summer-fall program  

Figure 2: High-grade Nova Zone drill core intersection (15.0 m at 5.10% Li2O) in CV22-093 (red box), including 2.0 m at 6.17% Li2O (dashed blue box)

Figure 3: Spodumene mineralization in drill hole CV22-100. Red box is approximately 1.4 m spodumene crystal.  Gangue minerals include a mix of mica and tourmaline (black flecks) and quartz (smokey-brown)

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, as well as collection of quarter-core duplicates, 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 Lakefield, ON, for standard sample preparation (code PRP89) which includes drying at 105°C, crush to 75% 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 spans more than 25-km across the Corvette Property. The core area includes an approximate 2.2 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 and 193 ppm Ta2O5 (CV22-042), 152.8 m at 1.22% Li2O and 138 ppm Ta2O5 (CV22-030), and 40.7 m at 3.01% Li2O and 160 ppm Ta2O5 (CV22-017).

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 Nevada Lithium Resources Inc., Vice President of Exploration and Director for Ophir Gold Corp, 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 2.2 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 and 193 ppm Ta2O5 (CV22-042), 152.8 m at 1.22% Li2O and 138 ppm Ta2O5 (CV22-030), and 40.7 m at 3.01% Li2O and 160 ppm Ta2O5 (CV22-017). 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   

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. 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.