VANCOUVER, BC, May 1, 2024 /PRNewswire/ - May 1, 2024 – Sydney, Australia
Highlights
- Strong lithium mineralization over wide intervals from infill drilling at CV5.
- 126.3 m at 1.66% Li2O, including 54.9 m at 2.50% Li2O (CV24-374).
- 100.8 m at 1.97% Li2O, including 69.8 m at 2.52% Li2O (CV24-392).
- 90.2 m at 1.29% Li2O and 48.5 m at 1.25% Li2O (CV24-377).
- 94.9 m at 1.10% Li2O, including 26.1 m at 2.16% Li2O (CV24-378).
- 70.1 m at 2.44% Li2O, including 46.9 m at 3.53% Li2O or 16.1 m at 5.02% Li2O (CV24-401A).
- Focus of 2024 winter drilling at CV5 was to support an upgrade in mineral resource confidence, from the inferred category to the indicated category.
- Core assay results are reported herein for 34 drill holes completed at CV5 in 2024.
- The 2024 winter drill program (now complete), totaled 62,518 m (166 holes), including 50,961 m (121 holes) at CV5, and 11,557 m (45 holes) at CV13, of which 46,933 m (132 holes) remain to be reported.
- An updated mineral resource estimate scheduled for Q3 2024 will focus on upgrading the resource category at CV5 and include a maiden resource at CV13, incorporating all drilling completed through to April 2024.
Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce core assay results for drill holes completed in 2024 at the CV5 Spodumene Pegmatite. The Corvette Property (the "Property" or "Project"), wholly owned by the Company, is located in the Eeyou Istchee James Bay region of Quebec. The CV5 Spodumene Pegmatite, with a maiden mineral resource estimate ("MRE") of 109.2 Mt at 1.42% Li2O inferred1, is situated approximately 13.5 km south of the regional and all–weather Trans-Taiga Road and powerline infrastructure.
Darren L. Smith, Vice President of Exploration for the Company, comments: "The 2024 resource infill drilling at CV5 advanced very well over the recently completed winter program, with the first batch of assays producing some stellar results. The team has done a phenomenal job, and all remaining core samples are now at the lab for processing. We are now focused on refining the pegmatite geological model and domaining through integration of the core assay data as it comes in.
"The Company remains on schedule for a Q3 2024 update to the June 2023 maiden mineral resource estimate, which will include both the CV5 and CV13 spodumene pegmatites," added Mr. Smith.
Drill results for 34 drill holes, completed during the recently completed 2024 winter drill program at the CV5 Spodumene Pegmatite, are reported herein (Figure 1). Highlights include:
- 126.3 m at 1.66% Li2O, including 54.9 m at 2.50% Li2O (CV24-374).
- 100.8 m at 1.97% Li2O, including 69.8 m at 2.52% Li2O (CV24-392).
- 90.2 m at 1.29% Li2O and 48.5 m at 1.25% Li2O (CV24-377).
- 94.9 m at 1.10% Li2O, including 26.1 m at 2.16% Li2O (CV24-378).
- 70.1 m at 2.44% Li2O, including 46.9 m at 3.53% Li2O or 16.1 m at 5.02% Li2O (CV24-401A).
The 2024 winter drill program at CV5 focused on resource infill and covered ~3.9 km of the total 4.6 km pegmatite strike length defined to date. The primary objective of the infill drilling is to improve the confidence of the geological model at CV5 to support an upgrade of mineral resources from the inferred category to the indicated category. This includes the delineation of a coherent body of indicated mineral resources to support advanced development and pending economic studies at CV5.
The drill hole results announced herein continue to demonstrate strong grades and continuity of spodumene pegmatite at CV5. In particular, drill hole CV24-374 returned a significantly wider interval of pegmatite than initially modelled based on the June 2023 MRE – 126.3 m (at 1.66% Li2O) intercept versus an expected 86 m intercept, as predicted by the June 2023 MRE's geological model. This additional metreage was also returned from outside of the conceptual pit constraint used in the June 2023 MRE and indicates an area of potential resource growth along strike at this depth in this area (Figure 2).
Additionally, at the far east end of the high-grade Nova Zone, situated between and at a similar depth to drill holes CV23-107 (37.1 m at 2.09% Li2O, including 3.0 m at 5.43% Li2O) and CV23–108 (26.6 m at 2.44% Li2O, including 5.0 m at 4.30% Li2O), hole CV24-401A returned a significantly wider, higher-grade intercept than expected – 46.9 m at 3.53% Li2O including 16.1 m at 5.02% Li2O within a wider high-grade zone of 70.1 m at 2.44% Li2O (Figure 3 and Figure 4).
The 2024 winter drill program, which concluded in mid-April at the Property, totalled 62,518 m (166 holes) – 50,961 m (121 holes) at CV5, and 11,557 m (45 holes) at CV13, of which 46,933 m (132 holes) remain to be reported. Core samples for all drill holes completed during the program have now arrived at the laboratory with analytical processing underway. The infill drill program at CV5 is scheduled to resume early summer and continue into the fall of this year.
An updated MRE for the Corvette Project, incorporating drilling through April 2024, is scheduled for Q3 2024. This MRE update will include both the CV5 and CV13 spodumene pegmatites and a total anticipated metreage of 134,129 m (369 holes) and 29,121 m (133 holes), respectively.
Collectively, through April 2024, drilling has traced the CV5 Spodumene Pegmatite over a strike length of 4.6 km, which remains open along strike at both ends and to depth over a significant portion of its length.
Core sample assays for drill holes reported herein from the CV5 Spodumene Pegmatite are presented in Table 1 for all pegmatite intersections >2 m. Drill hole locations and attributes are presented in Table 2.
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. Largest lithium pegmatite resource in the Americas based on contained LCE.
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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 at a rate of approximately 5%. Additionally, analysis of pulp-split sample duplicates was completed to assess analytical precision, 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 Val-d'Or, QC, for sample preparation (code PRP89 special) which includes drying at 105°C, crush to 90% 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 is interpreted to span more than 50 kilometres across the Corvette Property. The core area includes the approximate 4.6 km long CV5 Spodumene Pegmatite, which hosts a maiden mineral resource estimate of 109.2 Mt at 1.42% Li2O inferred1.
To date, eight (8) distinct clusters of lithium pegmatite have been discovered across the Corvette Property – CV4, CV5, CV8, CV9, CV10, CV12, CV13, and the recently discovered CV14. 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.
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 – Standards of Disclosure for Mineral Projects, 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 remains 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. Largest lithium pegmatite resource in the Americas based on contained LCE.
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For further information, please contact us at info@patriotbatterymetals.com 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.
"KEN BRINSDEN"
Kenneth Brinsden, President, CEO, & Managing Director
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, technical assessments, 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. Forward-looking statements in this release include, but are not limited to, statements concerning: an upgrade in mineral resource confidence, from the inferred category to the indicated category on the Property, the completion of an updated MRE on the Property, the processing and receipt of all remaining core samples and statements relating to the continuity of spodumene pegmatite at CV5.
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 that proposed exploration and mineral resource estimate work on the Property will continue as expected, and that exploration and development results continue to support management's current plans for Property development.
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 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 announcement and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the competent person's findings are presented have not been materially modified from the original market announcement.
Appendix 1 – JORC Code 2012 Table 1 (ASX Listing Rule 5.7.1)
Section 1 – Sampling Techniques and Data
Criteria
| JORC Code explanation
| Commentary
|
Sampling techniques
| Nature and quality of sampling (eg cut
channels, random chips, or specific
specialized industry standard
measurement tools appropriate to the
minerals under investigation, such as
down hole gammasondes, or handheld
XRF instruments, etc). These examples
should not be taken as limiting the
broad meaning of sampling.
Include reference to measures taken to
ensure sample representivity and the
appropriate calibration of any
measurement tools or systems used.
Aspects of the determination of
mineralization that are Material to the
Public Report.
In cases where 'industry standard'
work has been done this would be
relatively simple (eg 'reverse
circulation drilling was used to obtain 1
m samples from which 3 kg was
pulverized to produce a 30 g charge for
fire assay'). In other cases more
explanation may be required, such as
where there is coarse gold that has
inherent sampling problems. Unusual
commodities or mineralization types
(eg submarine nodules) may warrant
disclosure of detailed information.
| - Core sampling protocols meet industry standard
practices. - Core sampling is guided by lithology as determined
during geological logging (i.e., by a geologist). All
pegmatite intervals are sampled in their entirety (half
-core), regardless if spodumene mineralization is noted
or not (in order to ensure an unbiased sampling
approach) in addition to ~1 to 3 m of sampling into the
adjacent host rock (dependent on pegmatite interval
length) to "bookend" the sampled pegmatite. - The minimum individual sample length is typically 0.5 m
and the maximum sample length is typically 2.0 m.
Targeted individual pegmatite sample lengths are 1.0 to
1.5 m. - All drill core is oriented to maximum foliation prior to
logging and sampling and is cut with a core saw into
half-core pieces, with one half-core collected for assay,
and the other half-core remaining in the box for
reference. - Core samples collected from drill holes were shipped
to SGS Canada's laboratory in Val-d'Or, QC, for
sample preparation (code PRP89 special) which
included drying at 105°C, crush to 90% passing 2 mm,
riffle split 250 g, and pulverize 85% passing 75 microns.
Core sample 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).
|
Drilling techniques
|
- Drill type (eg core, reverse circulation,
open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc) and details
(eg core diameter, triple or standard
tube, depth of diamond tails, face-
sampling bit or other type, whether
core is oriented and if so, by what
method, etc).
|
- NQ size core diamond drilling was completed for all
holes. Core was not oriented.
|
Drill sample recovery
| Method of recording and assessing
core and chip sample recoveries and
results assessed.
Measures taken to maximize sample
recovery and ensure representative
nature of the samples.
Whether a relationship exists between
sample recovery and grade and
whether sample bias may have
occurred due to preferential loss/gain
of fine/coarse material.
|
- All drill core was geotechnically logged following
industry standard practices, and include TCR, RQD,
ISRM, and Q-Method. Core recovery is very good and
typically exceeds 90%.
|
Logging
| Whether core and chip samples have
been geologically and geotechnically
logged to a level of detail to support
appropriate Mineral Resource
estimation, mining studies and
metallurgical studies.
Whether logging is qualitative or
quantitative in nature. Core (or
costean, channel, etc) photography.
The total length and percentage of the
relevant intersections logged.
| - Upon receipt at the core shack, all drill core is pieced
together, oriented to maximum foliation, metre
marked, geotechnically logged (including structure),
alteration logged, geologically logged, and sample
logged on an individual sample basis. Core box photos
are also collected of all core drilled, regardless of
perceived mineralization. Specific gravity
measurements of pegmatite are also collected at
systematic intervals for all pegmatite drill core using the
water immersion method, as well as select host rock
drill core. - The logging is qualitative by nature, and includes
estimates of spodumene grain size, inclusions, and
model mineral estimates. - These logging practices meet or exceed current
industry standard practices.
|
Sub-sampling
techniques and
sample preparation
| If core, whether cut or sawn and
whether quarter, half or all core taken.
If non-core, whether riffled, tube
sampled, rotary split, etc and whether
sampled wet or dry.
For all sample types, the nature, quality
and appropriateness of the sample
preparation technique.
Quality control procedures adopted
for all sub-sampling stages to maximize
representivity of samples.
Measures taken to ensure that the
sampling is representative of the in situ
material collected, including for
instance results for field
duplicate/second-half sampling.
Whether sample sizes are appropriate
to the grain size of the material being sampled.
| Drill core sampling follows industry best practices.
Drill core was saw-cut with half-core sent for
geochemical analysis and half-core remaining in the box
for reference. The same side of the core was sampled
to maintain representativeness.
Sample sizes are appropriate for the material being
assayed.
A Quality Assurance / Quality Control (QAQC)
protocol following industry best practices was
incorporated into the program and included systematic
insertion of quartz blanks and certified reference
materials (CRMs) into sample batches at a rate of
approximately 5% each. Additionally, analysis of pulp
-split duplicates was completed to assess analytical
precision, and external (secondary) laboratory pulp
-split duplicates were prepared at the primary lab for
subsequent check analysis and validation at a secondary
lab.
All protocols employed are considered appropriate for
the sample type and nature of mineralization and are
considered the optimal approach for maintaining
representativeness in sampling.
|
Quality of assay
data and laboratory
tests
| The nature, quality and
appropriateness of the assaying and
laboratory procedures used and
whether the technique is considered
partial or total.
For geophysical tools, spectrometers,
handheld XRF instruments, etc, the
parameters used in determining the
analysis including instrument make and
model, reading times, calibrations
factors applied and their derivation,
etc.
Nature of quality control procedures
adopted (eg standards, blanks,
duplicates, external laboratory checks)
and whether acceptable levels of
accuracy (ie lack of bias) and precision
have been established.
| Core samples collected from drill holes were shipped
to SGS Canada's laboratory in Val-d'Or, QC, for
standard sample preparation (code PRP89 special)
which included drying at 105°C, crush to 90% passing
2 mm, riffle split 250 g, and pulverize 85% passing 75
microns. Core sample 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).
The Company relies on both its internal QAQC
protocols (systematic use of blanks, certified reference
materials, and external checks), as well as the
laboratory's internal QAQC.
All protocols employed are considered appropriate for
the sample type and nature of mineralization and are
considered the optimal approach for maintaining
representativeness in sampling.
|
Verification of
sampling and
assaying
| - The verification of significant
intersections by either independent
or alternative company personnel. - The use of twinned holes.
- Documentation of primary data, data
entry procedures, data verification,
data storage (physical and electronic)
protocols. - Discuss any adjustment to assay data.
| - Intervals are reviewed and compiled by the VP
Exploration and Project Managers prior to disclosure,
including a review of the Company's internal QAQC
sample analytical data. - Data capture utilizes MX Deposit software whereby
core logging data is entered directly into the software
for storage, including direct import of laboratory
analytical certificates as they are received. The
Company employs various on-site and post QAQC
protocols to ensure data integrity and accuracy. - Adjustments to data include reporting lithium and
tantalum in their oxide forms, as it is reported in
elemental form in the assay certificates. Formulas used
are Li2O = Li x 2.153, and Ta2O5 = Ta x 1.221.
|
Location of data
points
| - Accuracy and quality of surveys used to
locate drill holes (collar and down-hole
surveys), trenches, mine workings and
other locations used in Mineral
Resource estimation. - Specification of the grid system used.
- Quality and adequacy of topographic
control.
| Each drill hole's collar has been surveyed with a RTK
Trimble Zephyr 3.
The coordinate system used is UTM NAD83 Zone 18.
The Company completed a property-wide LiDAR and
orthophoto survey in August 2022, which provides
high-quality topographic control.
The quality and accuracy of the topographic controls
are considered adequate for advanced stage
exploration and development, including mineral
resource estimation.
|
Data spacing and
distribution
| - Data spacing for reporting of
Exploration Results. - Whether the data spacing and
distribution is sufficient to establish the
degree of geological and grade
continuity appropriate for the Mineral
Resource and Ore Reserve estimation
procedure(s) and classifications applied. - Whether sample compositing has been
applied.
| At CV5, drill hole collar spacing is dominantly grid
based. Several collars are typically completed from the
same pad at varied orientations targeting pegmatite
pierce points of ~50 to 100 m spacing.
At CV13, drill hole spacing is dominantly grid based at
~100 m; however, collar locations and hole
orientations may vary widely, which reflect the varied
orientation of the pegmatite body along strike.
At CV9, drill hole collar spacing is irregular with varied
hole orientations and multiple collars on the same pad.
It is interpreted that the large majority of the drill hole
spacing at each pegmatite is sufficient to support a
mineral resource estimate.
Core sample lengths typically range from 0.5 to 2.0 m
and average ~1.0 to 1.5 m. Sampling is continuous
within all pegmatite encountered in the drill hole.
|
Orientation of data
in relation to
geological structure
| - Whether the orientation of sampling
achieves unbiased sampling of possible
structures and the extent to which this
is known, considering the deposit type. - If the relationship between the drilling
orientation and the orientation of key
mineralized structures is considered to
have introduced a sampling bias, this
should be assessed and reported if
material.
| No sampling bias is anticipated based on structure
within the mineralized body.
The principal mineralized bodies are relatively
undeformed and very competent, although have some
meaningful structural control.
At CV5, the principal mineralized body and adjacent
lenses are steeply dipping resulting in oblique angles of
intersection with true widths varying based on drill
hole angle and orientation of pegmatite at that
particular intersection point. i.e., the dip of the
mineralized pegmatite body has variations in a vertical
sense and along strike, so the true widths are not
always apparent until several holes have been drilled (at
the appropriate spacing) in any particular drill-fence.
At CV13, the principal pegmatite body has a shallow
varied strike and northerly dip.
At CV9, the orientation and geometry of the pegmatite
is not well understood. The pegmatite is currently
interpreted to be comprised of a single principal dyke,
which outcrops at surface, has a steep northerly dip,
and is moderately plunging to the east-southeast.
|
Sample security
|
- The measures taken to ensure sample
security.
| Samples were collected by Company staff or its
consultants following specific protocols governing
sample collection and handling. Core samples were
bagged, placed in large supersacs for added security,
palleted, and shipped directly to Val-d'Or, QC, being
tracked during shipment along with Chain of Custody.
Upon arrival at the laboratory, the samples were cross-
referenced with the shipping manifest to confirm all
samples were accounted for. At the laboratory, sample
bags are evaluated for tampering.
|
Audits or reviews
|
- The results of any audits or reviews of
sampling techniques and data
| - A review of the sample procedures for the Company's
2021 fall drill program (CF21-001 to 004) and 2022
winter drill program (CV22-015 to 034) was
completed by an Independent Competent Person and
deemed adequate and acceptable to industry best
practices (discussed in a technical report titled "NI 43-
101 Technical Report on the Corvette Property,
Quebec, Canada", by Alex Knox, M.Sc., P.Geol., Issue
Date of June 27th, 2022.) - A review of the sample procedures through the
Company's 2023 winter drill program (through CV23-
190) was completed by an independent Competent
Person with respect to the CV5 Pegmatite's maiden
mineral resource estimate and deemed adequate and
acceptable to industry best practices (discussed in a
technical report titled " NI 43–101 Technical Report,
Mineral Resource Estimate for the CV5 Pegmatite,
Corvette Property" by Todd McCracken, P.Geo.,of
BBA Engineering Ltd., and Ryan Cunningham, M.Eng.,
P.Eng., of Primero Group Americas Inc., Effective Date
of June 25, 2023, and Issue Date of September 8, 2023 - Additionally, the Company continually reviews and
evaluates its procedures in order to optimize and
ensure compliance at all levels of sample data collection
and handling
|
Section 2 – Reporting of Exploration Results
Criteria
| JORC Code explanation
| Commentary
|
Mineral tenement
and land tenure
status
| - Type, reference name/number,
location and ownership including
agreements or material issues with
third parties such as joint ventures,
partnerships, overriding royalties,
native title interests, historical sites,
wilderness or national park and
environmental settings. - The security of the tenure held at the
time of reporting along with any known
impediments to obtaining a licence to
operate in the area.
| - The Corvette Property is comprised of 424 CDC
claims located in the James Bay Region of Quebec, with
Patriot Battery Metals Inc. being the registered title
holder for all of the claims. The northern border of the
Property's primary claim block is located within
approximately 6 km to the south of the Trans-Taiga
Road and powerline infrastructure corridor. The CV5
Spodumene Pegmatite is situated approximately 13.5
km south of the regional and all–weather Trans-Taiga
Road and powerline infrastructure. The CV13 and CV9
spodumenepegmatites are located approximately 3 km
west-southwest and 14 km west of CV5, respectively. - The Company holds 100% interest in the Property
subject to various royalty obligations depending on
original acquisition agreements. DG Resources
Management holds a 2% NSR (no buyback) on 76
claims,D.B.A. Canadian Mining House holds a 2%NSR
on 50 claims (half buyback for $2M) and Osisko Gold
Royalties holds a sliding scale NSR of 1.5-3.5% on
precious metals, and 2% on all other products, over
111 claims. The vast majority of the CV13Spodumene
Pegmatite, as is currently delineated, is not subject to a
royalty. - The Property does not overlap any atypically sensitive
environmental areas or parks, or historical sites to the
knowledge of the Company. There are no known
hinderances to operating at the Property, apart from
the goose harvesting season (typically mid-April to mid-
May) where the communities request helicopter flying
not be completed, and potentially wildfires depending
on the season, scale, and location. - Claim expiry dates range from February 2025 to
November 2026.
|
Exploration done
by other parties
|
- Acknowledgment and appraisal of
exploration by other parties
| No core assay results from other parties are disclosed
herein
The most recent independent Property review was a
technical report titled "NI 43-101 Technical Report,
Mineral Resource Estimate for the CV5 Pegmatite,
Corvette Property, James Bay Region, Québec,
Canada", by Todd McCracken, P.Geo., of BBA
Engineering Ltd., and Ryan Cunningham, M.Eng., P.Eng.,
of Primero Group Americas Inc., Effective Date of June
25, 2023, and Issue Date of September 8, 2023
|
Geology
|
- Deposit type, geological setting and
style of mineralization.
| The Property overlies a large portion of the Lac Guyer
Greenstone Belt, considered part of the larger La
Grande River Greenstone Belt and is dominated by
volcanic rocks metamorphosed to amphibolite facies.
The claim block is dominantly host to rocks of the
Guyer Group (amphibolite, iron formation,
intermediate to mafic volcanics, peridotite, pyroxenite,
komatiite, as well as felsic volcanics). The amphibolite
rocks that trend east-west (generally steeply south
dipping) through this region are bordered to the north
by the Magin Formation (conglomerate and wacke) and
to the south by an assemblage of tonalite, granodiorite,
and diorite, in addition to metasediments of the Marbot
Group (conglomerate, wacke). Several regional-scale
Proterozoic gabbroic dykes also cut through portions
of the Property (Lac Spirt Dykes, Senneterre Dykes).
The geological setting is prospective for gold, silver,
base metals, platinum group elements, and lithium over
several different deposit styles including orogenic gold
(Au), volcanogenic massive sulfide (Cu, Au, Ag),
komatiite-ultramafic (Au, Ag, PGE, Ni, Cu, Co), and
pegmatite (Li, Ta).
Exploration of the Property has outlined three primary
mineral exploration trends crossing dominantly east-
west over large portions of the Property – Golden
Trend (gold), Maven Trend (copper, gold, silver), and
CV Trend (lithium, tantalum). The CV5 and CV13
spodumene pegmatites are situated within the CV
Trend. Lithium mineralization at the Property,
including at CV5, CV13, and CV9, is observed to occur
within quartz-feldspar pegmatite, which may be
exposed at surface as high relief 'whale-back'
landforms. The pegmatite is often very coarse-grained
and off-white in appearance, with darker sections
commonly composed of mica and smoky quartz, and
occasional tourmaline.
The lithium pegmatites at Corvette are categorized as
LCT Pegmatites. Core assays and ongoing
mineralogical studies, coupled with field mineral
identification and assays, indicate spodumene as the
dominant lithium-bearing mineral on the Property, with
no significant petalite, lepidolite, lithium-phosphate
minerals, or apatite present. The pegmatites also carry
significant tantalum values with tantalite indicated to be
the mineral phase
|
Drill hole
Information
|
- A summary of all information material
to the understanding of the exploration
results including a tabulation of the
following information for all Material
drill holes:
- easting and northing of the drill hole
collar. - elevation or RL (Reduced Level
– elevation above sea level in metres) of
the drill hole collar. - dip and azimuth of the hole.
- down hole length and interception
depth. - hole length.
- If the exclusion of this information is
justified on the basis that the
information is not Material and this
exclusion does not detract from the
understanding of the report, the
Competent Person should clearly
explain why this is the case.
| - Drill hole attribute information is included in a table
herein. - Pegmatite intersections of <2 m are not typically
presented as they are considered insignificant.
|
Data aggregation
methods
| In reporting Exploration Results,
weighting averaging techniques,
maximum and/or minimum grade
truncations (eg cutting of high grades)
and cut-off grades are usually Material
and should be stated.
Where aggregate intercepts
incorporate short lengths of high grade
results and longer lengths of low grade
results, the procedure used for such
aggregation should be stated and some
typical examples of such aggregations
should be shown in detail.
The assumptions used for any
reporting of metal equivalent values
should be clearly stated.
| - Length weighted averages were used to calculate grade
over width. - No specific grade cap or cut-off was used during grade
width calculations. The lithium and tantalum length
weighted average grade of the entire pegmatite interval
is calculated for all pegmatite intervals over 2 m core
length, as well as higher grade zones at the discretion
of the geologist. Pegmatites have inconsistent
mineralization by nature, resulting in some intervals
having a small number of poorly mineralized samples
included in the calculation. Non-pegmatite internal
dilution is limited to typically <3 m where relevant and
intervals indicated when assays are reported. - No metal equivalents have been reported.
|
Relationship
between
mineralization
widths and
intercept lengths
| These relationships are particularly
important in the reporting of
Exploration Results.
If the geometry of the mineralization
with respect to the drill hole angle is
known, its nature should be reported.
If it is not known and only the down
hole lengths are reported, there should
be a clear statement to this effect (eg '
down hole length, true width not known').
| At CV5, geological modelling is ongoing on a hole-by-
hole basis and as assays are received. However, current
interpretation supports a principal, large pegmatite
body of near vertical to steeply dipping orientation,
flanked by several subordinate pegmatite lenses
(collectively, the 'CV5 Spodumene Pegmatite').
At CV13, geological modelling is ongoing on a hole-by-
hole basis and as assays are received. However, current
interpretation supports an upper and lower pegmatite
body, each trending sub-parallel to each other with a
shallow northerly dip (collectively, the 'CV13
Spodumene Pegmatite').
At CV9, geological modelling is ongoing on a hole-by-
hole basis and as assays are received. However, current
interpretation indicates CV9 is comprised of 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 450 m has been delineated
through drilling and outcrop.
All reported widths are core length. True widths are not
calculated for each hole due to the relatively wide drill
spacing at this stage of delineation and the typical
irregular nature of pegmatite, as well as the varied drill
hole orientations. As such, true widths may vary widely
from hole to hole.
|
Diagrams
|
- Appropriate maps and sections (with
scales) and tabulations of intercepts
should be included for any significant
discovery being reported These should
include, but not be limited to a plan
view of drill hole collar locations and
appropriate sectional views.
|
- Please refer to the figures included herein as well as
those posted on the Company's website.
|
Balanced reporting
|
- Where comprehensive reporting of all
Exploration Results is not practicable,
representative reporting of both low
and high grades and/or widths should
be practiced to avoid misleading
reporting of Exploration Results.
|
|
Other substantive
exploration data
|
- Other exploration data, if meaningful
and material, should be reported
including (but not limited to): geological
observations; geophysical survey
results; geochemical survey results;
bulk samples – size and method of
treatment; metallurgical test results;
bulk density, groundwater,
geotechnical and rock characteristics;
potential deleterious or contaminating
substances.
|
- The Company is currently completing site
environmental work over the CV5 and CV13
pegmatite area. No endangered flora or fauna have
been documented over the Property to date, and
several sites have been identified as potentially suitable
for mine infrastructure. - The Company has completed a bathymetric survey
over the shallow glacial lake which overlies a portion
of the CV5 Spodumene Pegmatite. The lake depth
ranges from <2 m to approximately 18 m, although the
majority of the CV5 Spodumene Pegmatite, as
delineated to date, is overlain by typically <2 to 10 m
of water. - The Company has completed preliminary metallurgical
testing comprised of HLS and magnetic testing, which
has produced 6+% Li2O spodumene concentrates at
>70% recovery on both CV5 and CV13 pegmatite
material, indicating DMS as a viable primary process
approach, and that both CV5 and CV13 could
potentially feed the same process plant. A DMS test on
CV5 Spodumene Pegmatite material returned a
spodumene concentrate grading 5.8% Li2O at 79%
recovery, strongly indicating potential for a DMS only
operation to be applicable. - Various mandates required for advancing the Project
towards economic studies have been initiated,
including but not limited to, environmental baseline,
metallurgy, geomechanics, hydrogeology, hydrology,
stakeholder engagement, geochemical characterization,
as well as transportation and logistical studies.
|
Further work
| - The nature and scale of planned further
work (eg tests for lateral extensions or
depth extensions or large-scale step-
out drilling). - Diagrams clearly highlighting the areas
of possible extensions, including the
main geological interpretations and
future drilling areas, provided this
information is not commercially
sensitive.
|
- The Company intends to continue drilling the
pegmatites of the Corvette Property, focused on the
CV5 Pegmatite and adjacent subordinate lenses, as well
as the CV13 Pegmatite. A follow-up drill program at
the CV9 Spodumene Pegmatite is also anticipated
|
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SOURCE Patriot Battery Metals Inc
