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Patriot Battery Metals Inc
Symbol PMET
Shares Issued 87,197,217
Close 2022-08-09 C$ 3.94
Recent Sedar Documents

Patriot Battery samples up to 3.73% Li2O at Corvette

2022-08-10 11:07 ET - News Release

Mr. Blair Way reports

PATRIOT DISCOVERS NEW LITHIUM PEGMATITE CLUSTER ON-TREND WITH THE CV5 PEGMATITE AND SAMPLES 3.73% LI2O, CORVETTE PROPERTY, QUEBEC

Patriot Battery Metals Inc. has provided an update on the 2022 surface exploration program at the Corvette property highlighted by the discovery of a new and significant lithium pegmatite cluster (CV13) situated less than 4.5 kilometres from, and on geological trend with, the CV5-1 pegmatite corridor where drilling is currently focused. The new discovery is located central to the property and approximately 15 km south of the Trans-Taiga all-weather road and power line infrastructure corridor.

Darren L. Smith, the company's vice-president of exploration, comments: "The Corvette property continues to impress with an abundance of lithium pegmatite and potential for further discovery as evidenced by the CV13 pegmatites. The CV13 pegmatites are situated directly on trend between the CV5-1 pegmatite corridor being actively drilled and the CV8 pegmatite, which remains to be drill tested. We are very excited to explore this area in further detail given the extent of the mineralization discovered to date, and its proximity to a regional structural flexure creating a very attractive geological setting for lithium pegmatite emplacement. The discovery of CV13 pegmatite cluster is an excellent example of grassroots exploration and geological targeting bearing fruit through the work ethic of a dedicated and focused exploration team."

The CV13 lithium pegmatite cluster is defined by two contiguous trends, totalling approximately 2.3 km in combined strike length. To date, the cluster is characterized by a total of 31 spodumene-bearing (field identified as spodumene) outcrops, including 20 outcrops with greater than 5 per cent visually estimated modal spodumene content. The two largest outcrops are approximately 70 metres long by 12 m wide and 100 m long by 15 m wide, situated approximately 300 m apart.

Assay results have been returned for the first series of grab/chip sampling and include a total of 32 pegmatite samples collected along the trend grading an average of 0.98 per cent Li2O (lithium oxide) to a maximum of 3.73 per cent Li2O. Grades of tantalum average 113 parts per million Ta2O5 (tantalum pentoxide) with a maximum of 948 ppm Ta2O5. Assays from additional grab/chip samples remain pending, as well as assays for a total of 121.1 m of channel sampling completed to provide a more robust estimate of grade potential and zonation across the outcrops.

The location of this new lithium pegmatite discovery is very significant and is situated within the central portions of the prospective CV lithium trend, which extends across the property. Specifically, the CV13 pegmatites are situated only approximately 4.3 km along trend of the CV5-1 lithium pegmatite corridor and approximately 1.9 km along trend of the CV8 pegmatites. The areas between have very poor outcrop exposure due to glacial till cover and therefore it is possible that additional lithium pegmatite may be present under the shallow cover. Additionally, the CV13 pegmatites are situated within the apex of a regional geological flexure as is evidenced in the regional mapping and magnetic surveys. This local geological setting is a prime area of interest along the CV lithium trend as it hosts a highly favourable environment for lithium pegmatite emplacement (along strike and to depth), with a strong potential for dilational zones which may increase widths of mineralization.

In addition to the discovery of the CV13 lithium pegmatite cluster, the company is also pleased to report that surface geological mapping of the CV8 and CV9 lithium pegmatites has resulted in the discovery of additional lithium pegmatite proximal to the previously discovered outcrops. The CV9 lithium pegmatite trend has been extended and now includes at least 16 spodumene-bearing outcrops over a strike length of approximately 400 m. The CV8 lithium pegmatite trend has also been extended and now includes at least five spodumene-bearing outcrops over a strike length of approximately 240 m. Neither the CV8 nor CV9 lithium pegmatites have been drill tested, with assays for grab and channels samples from the 2022 surface program pending. Geological mapping and channel sampling of the other known CV lithium prospects are continuing.

Through Aug. 4, 2022, prospecting and geological mapping have identified at least 71 individual spodumene pegmatite outcrops (defined as over 5 per cent estimated modal spodumene content) forming up to six distinct clusters across the property -- CV5-1 pegmatite corridor (focus of current drilling), CV4, CV8-12, CV9, CV10 and the newly 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. Approximately 20 km of prospective CV lithium trend/corridor across the property remains to be prospected for lithium pegmatite, including the majority of the Felix, Deca-Goose and Corvette East claim blocks.

The 2022 surface exploration program is being completed concurrently with the 2022 summer/fall drilling phase, which began in early June. Currently, there are three diamond drill rigs operating along the CV5-1 pegmatite corridor. Due to the CV13 pegmatite discovery, the surface program has been extended until mid-October/first snowfall, and will continue with mapping, channel sampling and prospecting across the property. Additionally, the company is actively permitting drill holes for initial drill testing along the CV13 pegmatite trend.

Quality assurance/quality control (QA/QC)

All rock samples collected were shipped to SGS Canada's laboratory in Lakefield, Ont., for standard sample preparation (code PRP89) which includes drying at 105 degrees C, crushing to 75 per cent passing two millimetres, riffle splitting 250 grams and pulverizing to 85 per cent passing 75 microns. The pulps were shipped by air to SGS Canada's laboratory in Burnaby, B.C., where the samples were homogenized and subsequently analyzed for multielement (including Li and Ta) using sodium peroxide fusion with inductively coupled plasma atomic emission spectroscopy/mass spectrometry finish (code GE_ICM91A50). The company has relied on the internal lab QA/QC for the surface sample analysis.

Management cautions that prospecting surface rock samples and associated assays, as discussed herein, are selective by nature and represent a point location, and therefore may not necessarily be fully representative of the mineralized horizon sampled.

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 two km long corridor hosting numerous spodumene pegmatites, highlighted by the large CV1 and CV5 pegmatite outcrops, and has returned drill intercepts of 1.22 per cent Li2O and 138 ppm Ta2O5 over 152.8 m (CV22-030), 1.45 per cent Li2O and 177 ppm Ta2O5 over 84 m (CV22-028), and 2.22 per cent Li2O and 147 ppm Ta2O5 over 70.1 m, including 3.01 per cent Li2O and 160 ppm Ta2O5 over 40.7 m (CV22-017). Drilling to date indicates a principal spodumene-bearing pegmatite body of significant size and has been traced by drilling over a distance of at least 1.9 km, and therefore, is considerably larger than that observed in outcrop. The high number of well-mineralized pegmatites in this core area of the trend indicates a strong potential for a series of relatively closely spaced/stacked, subparallel and sizable spodumene-bearing pegmatite bodies, with significant lateral and depth extent, to be present.

Qualified person

Mr. Smith, MSc, PGeo, vice-president of exploration of the company, a registered permit holder with the Ordre des Geologues du Quebec and qualified person as defined by National Instrument 43-101, has reviewed the technical information in this news release.

About Patriot Battery Metals Inc.

Patriot Battery Metals 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-per-cent-owned Corvette property, located proximal to the Trans-Taiga Road and power line infrastructural corridor in the James Bay region of Quebec. The land package hosts significant lithium potential highlighted by the CV5-1 spodumene pegmatite corridor with drill intercepts of 1.22 per cent Li2O and 138 ppm Ta2O5 over 152.8 m (CV22-030) and 2.22 per cent Li2O and 147 ppm Ta2O5 over 70.1 m, including 3.01 per cent Li2O and 160 ppm Ta2O5 over 40.7 m (CV22-017). Additionally, the property hosts the Golden Gap trend with grab samples of 3.1 to 108.9 grams per tonne gold from outcrop and 10.5 g/t Au over seven m in drill hole, and the Maven trend with 8.15 per cent copper, 1.33 g/t Au and 171 g/t silver in outcrop.

The company also holds 100-per-cent ownership of the Freeman Creek gold property in Idaho, United States, which hosts two prospective gold prospects -- the Gold Dyke prospect, with a 2020 drill hole intersection of 4.11 g/t Au and 33 g/t Ag over 12 m, and the Carmen Creek prospect with surface sample results, including 25.5 g/t Au, 159 g/t Ag, and 9.75 per cent Cu.

The company's other assets include the Pontax lithium-gold property, Quebec; and the Hidden Lake lithium property, Northwest Territories, where the company maintains a 40-per-cent interest, as well as several other assets in Canada.

We seek Safe Harbor.

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