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About Patriot Battery Metals Inc.
Patriot Battery Metals Inc. (OTCQX: PMETF) is a hard-rock lithium exploration company focused on advancing its district-scale, 100%-owned Shaakichiuwaanaan Property (formerly known as Corvette) located in the Eeyou Istchee James Bay region of Quebec, Canada. This property is strategically positioned with year-round accessibility via all-season roads and proximity to major hydroelectric powerline infrastructure, making it a prime location for lithium exploration and development.
Core Business and Operations
The company's flagship asset, the Shaakichiuwaanaan Property, hosts one of the largest lithium pegmatite resources in the Americas, with an Indicated Mineral Resource of 80.1 Mt at 1.44% Li2O and an Inferred Mineral Resource of 62.5 Mt at 1.31% Li2O. The property includes the CV5 and CV13 spodumene pegmatites, which are critical components of the consolidated resource base. Notably, the CV5 Spodumene Pegmatite is recognized as the 8th largest lithium pegmatite resource globally, underscoring its significance in the lithium supply chain.
Strategic Differentiation
Patriot Battery Metals Inc. stands out in the competitive landscape through its focus on high-grade spodumene deposits and its use of a simplified Dense Media Separation (DMS)-only process flowsheet for spodumene concentrate production. This approach minimizes operational complexity and enhances economic efficiency. The company has also demonstrated its ability to produce battery-grade lithium hydroxide from its spodumene concentrate, further validating the quality of its resources and its potential as a key supplier to the EV battery market.
Market Significance
With the global transition towards electric vehicles and renewable energy, lithium has become a critical mineral. Patriot Battery Metals is well-positioned to meet this growing demand. The company's recent strategic investment and offtake agreement with Volkswagen's PowerCo highlight its role as a future supplier of lithium raw materials for North American and European battery supply chains. This partnership not only validates the world-class nature of the Shaakichiuwaanaan Project but also secures a long-term market for its spodumene concentrate.
Exploration and Development
Patriot Battery Metals is actively advancing its Shaakichiuwaanaan Property through extensive drilling programs, geological modeling, and feasibility studies. The company has completed over 793 drill holes totaling nearly 234,000 meters, making significant progress in delineating its resource base. It also explores opportunities to extract other critical minerals, such as cesium, further enhancing the property's value proposition.
Commitment to Industry Standards
The company adheres to rigorous technical and regulatory standards, including compliance with National Instrument 43-101 and the Australasian JORC Code. Its operations are guided by Qualified Persons with extensive experience in lithium exploration and development, ensuring the reliability and accuracy of its resource estimates and project assessments.
Conclusion
Patriot Battery Metals Inc. is a cornerstone player in the lithium exploration sector, leveraging its high-grade resources, strategic partnerships, and efficient processing methods to meet the growing demand for lithium in the EV and renewable energy markets. Its Shaakichiuwaanaan Property is poised to become a significant contributor to the North American and European battery supply chains, solidifying its position as a key player in the global transition to sustainable energy.
Patriot Battery Metals Inc. is advancing its CV5 Pegmatite Project located in Quebec, with significant activities ongoing as of April 2023. Environmental baseline data collection is underway, including surveys for large mammals and winter birds. A hydrogeological program is also in progress, aimed at supporting the Project's Pre-Feasibility phase. The company has submitted a request for an all-season road, expected to be completed in H2 2023, enhancing logistics and reducing transportation costs. A camp for up to 80 personnel is being constructed, anticipated to be operational by early summer. CEO Blair Way highlighted that the pace of exploration has increased, with six drill rigs active and plans for further drilling and resource estimates throughout 2023, making it a crucial year for the company.
On April 6, 2023, Patriot Battery Metals announced the retention of Venture Liquidity Providers (VLP) for market-making services and Oakstrom Advisors for investor relations. VLP will conduct market-making through W.D. Latimer Co. Ltd., with a monthly fee of $5,000, while Oakstrom will provide communications services at $15,000 per month. Both agreements require regulatory approval from the TSX Venture Exchange. Notably, Patriot’s Corvette Property in Quebec boasts significant lithium potential, with over 70 identified lithium-bearing pegmatite outcrops. The CV5 pegmatite body has a strike length of at least 3.15 km, indicating strong exploration opportunities. The company emphasizes that both VLP and Oakstrom have no existing interests in Patriot's securities.
Patriot Battery Metals has extended the high-grade Nova Zone by 400 meters through drill holes CV23-105 to CV23-108, revealing significant lithium mineralization. Notably, CV23-105 showed 83.7 meters at 3.13% Li2O, including 19.8 meters at 5.28% Li2O. The total strike length of the Nova Zone is now 750 meters, featuring a band of over 5% Li2O extending 200 meters. With six active drilling rigs, the winter campaign focuses on the CV5 Pegmatite, aiming for an initial mineral resource estimate by Q2 2023. Ongoing core sample processing supports continued exploration, which will pause briefly for local goose harvesting.
Patriot Battery Metals has extended the CV5 spodumene pegmatite by 550 m, reaching a total trace length of 3.15 km as of March 20, 2023. This marks success in their winter drill campaign, with 52 completed holes totaling approximately 20,644 m. Six drilling rigs are operational at CV5, with assays from 37 core samples expected soon. The company is well-funded with a recent $50M financing and aims to progress towards a mineral resource estimate and Pre-Feasibility Study in Q2 2023. The CV5 project continues to show geological potential with further exploration planned.
Patriot Battery Metals (TSX-V: PMET) has successfully completed a Flow Through Raising of approximately 2.215 million shares at C$22.57 each, raising about C$50 million for its operations. The settlement is anticipated on March 23, 2023, with shares converting to around 22.15 million Chess Depositary Interests trading on the ASX. The raised funds are earmarked for exploration of the Corvette Property, which shows significant lithium potential with promising drill results, including intercepts of 156.9 m at 2.12% Li2O. The company will pay approximately A$1.22 million in commissions to joint-lead managers.
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