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Patriot Battery Metals Inc. is a hard-rock lithium exploration company focusing on advancing its Corvette Property in Quebec, Canada. The company recently announced core assay results for drill holes completed in 2024 and an acquisition to expand its land position. With a maiden mineral resource estimate of 109.2 Mt at 1.42% Li2O inferred, the CV5 Spodumene Pegmatite is central to their operations. The company's winter drill programs unearthed a new high-grade zone at the CV13 Spodumene Pegmatite, known as the Vega Zone, and core assay results indicate impressive lithium grades and continuity in the area. Patriot Battery Metals remains committed to further exploration and resource expansion throughout the Corvette Project.
Patriot Battery Metals Inc. (TSX: PMET, ASX: PMT, OTCQX: PMETF) has announced a live investor webinar to present findings from the Preliminary Economic Assessment (PEA) of its Shaakichiuwaanaan Project. The webinar, hosted by CEO Ken Brinsden, will take place on August 22, 2024, at 8:30 PM EDT. It aims to highlight the project's potential as a North American lithium raw materials supply base.
The 45-minute session will include a Q&A segment for investors, analysts, and shareholders. Questions can be submitted during the webinar or in advance via email. The event will be recorded and made available on Patriot's website and social media platforms for those unable to attend live.
Patriot Battery Metals has released a Preliminary Economic Assessment (PEA) for its Shaakichiuwaanaan Project, highlighting its potential as a significant North American lithium raw materials supply base. The PEA outlines the project's capacity to produce up to 800,000 tonnes per annum of spodumene concentrate, positioning it as a competitive and globally significant high-grade lithium project.
The PEA, which has an accuracy of ±25-30%, is based on 75% Indicated Mineral Resources and 25% Inferred Mineral Resources. The total funding required is estimated at $1,373.5 million, with $869.7 million for Stage 1 and $503.8 million for Stage 2. While the company believes it has a reasonable basis for providing forward-looking statements, it cautions that the PEA is conceptual and further studies are needed to determine economic viability.
Patriot Battery Metals (TSX: PMET) has appointed Alex Eastwood as Executive Vice President – Commercial, effective immediately. Eastwood, a highly experienced lithium commercial executive with over 28 years in mining and corporate transactions, will be based primarily in Australia. His role will contribute to Patriot's ongoing engagement with the downstream industry as the company positions itself for the future of the Shaakichiuwaanaan Project (formerly known as the Corvette Project).
Eastwood's background includes being a founding senior executive at Pilbara Minerals, where he served as General Counsel, Chief Commercial and Legal Officer, and Company Secretary. Ken Brinsden, Patriot's Managing Director, highlighted Eastwood's extensive experience in lithium raw materials and sees his appointment as an important endorsement of the Shaakichiuwaanaan Project's significance in the lithium industry.
Patriot Battery Metals has announced an updated Mineral Resource Estimate (MRE) for the Shaakichiuwaanaan Lithium Project, consolidating CV5 and CV13 spodumene pegmatites. The updated MRE includes 80.1 Mt at 1.44% Li2O and 163 ppm Ta2O5 indicated, and 62.5 Mt at 1.31% Li2O and 147 ppm Ta2O5 inferred, making it the largest lithium pegmatite resource in the Americas and the 8th largest globally.
The project shows significant growth potential as both CV5 and CV13 remain open along strike and at depth. The company plans to provide a Preliminary Economic Assessment (PEA) by the end of Q3 2024 and aims for a Feasibility Study by Q3 2025.
The MRE highlights a substantial portion of the resources now classified as indicated, enhancing the project's credibility. The site is accessible year-round and strategically located near key infrastructure. Ongoing infill drilling and exploration are set to further upgrade resources and support future development.
Patriot Battery Metals (TSX: PMET) announced a significant Exploration Target for its Shaakichiuwaanaan Lithium Project in Quebec, Canada. The target outlines 146 to 231 Mt at 1.0 to 1.5% Li2O, highlighting the project's potential for additional tonnage. This is in addition to the recently announced Mineral Resource Estimate.
Key points:
- Exploration Target considers only the CV Lithium Trend and proximal areas
- Completed by independent consultant BBA Engineering
- Based on extensive data including surface samples, outcrop mapping, drill holes, and geophysical surveys
- Potential quantity and grade are conceptual; further exploration required to define a Mineral Resource
The company plans to test the Exploration Target through future drilling programs starting in 2025.
Patriot Battery Metals Inc. (TSX: PMET) has renamed its Corvette Project to the Shaakichiuwaanaan Project, reflecting its commitment to the Cree Nation of Chisasibi. The name, meaning 'climbing a hill or mountain', was proposed by Chisasibi elders. A new logo incorporating Cree symbols has been developed. Over 200 communication activities have occurred with the Chisasibi community since 2022. The project has employed more than 105 First Nations workers in 2024, contributing to various site activities. Environmental data collection is conducted by a Cree enterprise. Patriot will open an office in Chisasibi in August 2024 and remains on schedule for a Mineral Resource Estimate update in August 2024.
Patriot Battery Metals Inc. (TSX: PMET, ASX: PMT, OTCQX: PMETF) has filed a final short form base shelf prospectus with Canadian securities regulators. This filing, effective for 25 months, allows the company to offer up to C$250 million in various securities, including common shares, preferred shares, debt securities, warrants, subscription receipts, and units. The move aims to provide Patriot with greater financial flexibility and align share issuance processes between TSX and ASX.
Key points:
- No immediate plans to issue securities under this prospectus
- Any future offerings will be detailed in a shelf prospectus supplement
- Specific terms and use of proceeds will be set forth in future filings
- Shareholder approval may be required depending on offer structure and size
On July 11, 2024, Patriot Battery Metals announced the filing of a preliminary base shelf prospectus with Canadian regulatory authorities. This filing aims to streamline the share issuance process across the TSX and ASX. The company has a solid financial position, bolstered by a C$75 million financing completed in May, supporting its exploration and development plans. Despite having no immediate plans to issue securities, the shelf prospectus allows the company to offer up to C$250 million in various securities over a 25-month period. This move provides financial flexibility for future projects.
Patriot Battery Metals Inc. has announced significant expansion in the Vega Zone at the CV13 Spodumene Pegmatite on its Corvette Property. The winter drill program revealed multiple high-grade lithium intercepts, including 9.7 m at 5.16% Li2O and 35.3 m at 2.40% Li2O. Key highlights include:
- 51.7 m at 1.77% Li2O (CV24-525).
- 35.3 m at 2.40% Li2O (CV24-520).
- 34.8 m at 1.87% Li2O (CV24-524).
- 41.5 m at 2.00% Li2O (CV24-510).
The Vega Zone remains open in several directions and is part of a broader mineralized pegmatite system spanning 380 m by 220 m. A follow-up summer-fall drill program is planned to further delineate the zone. An updated Mineral Resource Estimate for the Corvette Project is expected in August 2024. The project aims to support a Feasibility Study by 2025, targeting lithium production from the high-grade zones.
Patriot Battery Metals has announced the retirement of Blair Way from his position as Chief Operating Officer, effective June 30, 2024. He will remain on the board as a Non-Executive Director and provide advisory services during the transition period. Patriot's President and CEO, Ken Brinsden, acknowledged Way's pivotal role in the company's growth, particularly highlighting the Corvette lithium discovery and expansion of the company's market cap from under $10 million in late 2020 to a significant player in the lithium industry. The company also announced new appointments: John Drapack as Director of Studies and Cathryn Moffett as Director of Environment. Drapack will focus on the upcoming PEA/Scoping Study and Feasibility Study, while Moffett will oversee the Environmental and Social Impact Assessments.
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