Patriot Acquires the Pontois West Lithium Property, Expanding its Land Position in the La Grande Greenstone Belt, James Bay, Quebec

Rhea-AI Summary

Patriot Battery Metals has expanded its land holdings in the La Grande Greenstone Belt by acquiring a 100% interest in the Pontois West Property, consisting of 31 contiguous claims totaling 1,587.2 hectares in Quebec. This acquisition brings an additional 8.3 km of lithium pegmatite trend, enhancing the company's exploration potential near its Corvette Property. The purchase involves a cash payment of $100,000 CAD and the issuance of 220,000 common shares, subject to TSX Venture Exchange approval.

Positive

• Acquisition of Pontois West Property enhances lithium pegmatite exploration potential.
• Strategic expansion of land holdings increases market competitiveness.

Negative

• Acquisition involves a cash payment of $100,000 CAD, impacting short-term liquidity.
• Potential dilution of shares with issuance of 220,000 common shares.

VANCOUVER, British Columbia, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (OTCQB: PMETF) (FSE: R9GA) is pleased to announce that it has increased its land position in the La Grande Greenstone Belt through the acquisition of a 100% interest in the Pontois West Property (the “Property”), a block of thirty-one (31) contiguous claims (1,587.2 ha) located in the James Bay Region of Quebec. The Property is located approximately 10.5 km directly west of the Company’s Corvette Property and adds an additional 8.3 km of highly prospective lithium pegmatite trend, which is host to the same regional rock suite as the CV Lithium Trend on the Corvette Property.

Company CEO, President and Director, Blair Way, comments: “this was a great opportunity to add another 8 k’s of the trend on the west end of our Corvette Property.”

The Company shall acquire a 100% interest in the Property by way of a Purchase Agreement whereby the Company shall pay $100,000 cash (CAD) and issue 220,000 common shares in the capital of the Company, upon receipt of TSX Venture Exchange approval. The Vendor will also retain a 2% Net Smelter Royalty (NSR) which has a 50% buyback option by the Company for $1,000,000 CAD. The Property has been acquired for its lithium pegmatite potential; however, is considered to also be prospective for orogenic gold and volcanogenic massive sulphide.

The Agreement remains subject to the approval of the TSX Venture Exchange. The shares issuable shall be subject to a statutory hold period of four months and one day from issuance. No finder’s fees or commissions are being paid in connect ion with the acquisition.

Qualified Person

Darren L. Smith, M.Sc., P. Geo., Vice President of Exploration of the Company, a registered permit holder with the Ordre des Géologues du Québec, 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 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 CV5-1 spodumene pegmatite corridor with drill intercepts of 1.65% Li₂O and 193 ppm Ta₂O₅ over 159.7 m (CV22-042), and 2.22% Li₂O and 147 ppm Ta₂O₅ over 70.1 m, including 3.01% 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 g/t Au from outcrop and 10.5 g/t Au over 7 m 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 4.11 g/t Au and 33.0 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% 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 info@patriotbatterymetals.com Tel: +1 (604) 279-8709, or visit www.patriotbatterymetals.com.

On Behalf of 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..

FAQ

What is the significance of Patriot Battery Metals' acquisition of the Pontois West Property?

The acquisition expands Patriot's land position and enhances its exploration potential for lithium pegmatites.

How much did Patriot Battery Metals pay for the Pontois West Property?

Patriot Battery Metals is paying $100,000 CAD and issuing 220,000 common shares for the property.

What are the expected benefits of acquiring the Pontois West Property?

The acquisition should increase the company's exploration capabilities and potential for discovering valuable lithium resources.

How will the acquisition affect PMETF shareholders?

The acquisition may lead to potential dilution due to the issuance of additional shares but could also enhance long-term value through increased resource potential.

Is the acquisition of the Pontois West Property subject to any approvals?

Yes, the acquisition is subject to approval from the TSX Venture Exchange.