Patriot Announces Best Drill Intercept to Date – 1.65% Li2O over 159.7 m, including 4.12% Li2O over 9.0 m – at the Corvette Property, Quebec

Rhea-AI Summary

Patriot Battery Metals (TSX-V: PMET, OTCQB: PMETF) announced significant lithium intercepts from its ongoing drilling campaign at the Corvette Property in Quebec. Noteworthy findings include drill hole CV22-042, which recorded 1.65% Li₂O over 159.7 m, featuring a peak of 4.12% Li₂O over 9 m. The principal pegmatite body has now been extended to at least 2,000 m. The summer program has totaled 15,497 m across 53 drill holes, with high-grade tantalum grades also featuring in recent assays. The company continues to explore potential along the CV Lithium Trend.

Positive

• Drill hole CV22-042 returned a continuous interval of 159.7 m grading 1.65% Li₂O with a peak of 4.12% Li₂O over 9 m.
• Drill hole CV22-044 recorded 2.13% Li₂O over 86.2 m.
• Strike length of the principal lithium pegmatite extended to at least 2,000 m.
• Drilling campaign totalled 15,497 m over 53 holes, indicating robust exploration progress.
• High tantalum grades reported alongside lithium, enhancing the overall mineral potential.

Negative

• None.

VANCOUVER, British Columbia, Aug. 31, 2022 (GLOBE NEWSWIRE) --

Highlights

Significant Intercepts:

• Best lithium intercept returned to date in drilling at Corvette, located at the east-end of the current drill area
  • 1.65% Li₂O and 193 ppm Ta₂O₅ over 159.7 m (from 131.8 m downhole), including 4.12% Li₂O and 162 ppm Ta₂O₅ over 9.0 m (CV22-042)
  • 2.13% Li₂O and 163 ppm Ta₂O₅ over 86.2 m (from 244.4 m downhole), including 3.07% Li₂O and 265 ppm Ta₂O₅ over 18.0 m (CV22-044)
• Continued strong lithium grades over wide intervals returned over western portion of drill area, between the CV5 and CV6 spodumene pegmatite outcrops
  • 1.42% Li₂O and 106 ppm Ta₂O₅ over 59.3 m (from 214.0 m downhole), including 2.06% Li₂O and 141 ppm Ta₂O₅ over 7.2 m (CV22-038)
  • 1.68% Li₂O and 91 ppm Ta₂O₅ over 22.7 m (from 319.4 m downhole), including 3.13% Li₂O and 75 ppm Ta₂O₅ over 7.0 m (CV22-043)

Drill Program Update:

• Drill holes CV22-063 and 066, with 39.9 m and 113.4 m core length intercepts of spodumene-bearing pegmatite, respectively, have extended the strike length of the principal lithium pegmatite to at least 2,000 m, as tested by drilling, spanning laterally from drill hole CF21-004 through CV22-063/066
• As of August 24^th, 2022, a total of 15,497 m over fifty-three (53) holes have now been completed over the 2022 drill campaign – 4,345 m over 20 holes in the winter program, and 11,152 m over thirty-three (33) holes in the summer program.
  • Nineteen (19) drill holes currently en route to or in process at the analytical lab
    

Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (OTCQB: PMETF) (FSE: R9GA) is pleased to announce core assay results for an additional six (6) drill holes (CV22-037, 038, 039, 042, 043, and 044) completed as part of the summer phase of the 2022 drill campaign at its wholly owned Corvette Property (the “Property”), located in the James Bay Region of Quebec. The target drill area – at the CV Lithium Trend – is located approximately 13.5 km south of the regional and all-weather Trans-Taiga Road and powerline infrastructure.

The Company is pleased to announce some of the strongest lithium mineralized intervals of the drill campaign to date at Corvette, including the strongest based on a lithium grade-times-width metric – CV22-042. This drill hole returned a continuous pegmatite interval (core length) of 159.7 m grading 1.65% Li₂O, including 9.0 m of 4.12% Li₂O, and was completed as follow-up along strike eastwardly of the 2.22% Li₂O over 70.1 m intercept in drill hole CV22-017 (see news release dated May 24, 2022) (Figures 1 and 2). Additionally, drill hole CV22-044 was completed as a step-back to CV22-017 to test the high-grade zone at depth and returned 86.2 m grading 2.13% Li₂O, including 18.0 m of 3.07% Li₂O (Figure 3). Collectively, both drill holes (CV22-042 and 044) have extended the high-grade lithium zone – first intersected in CV22-017 – along strike and to depth, respectively.

Ken Brinsden, Non-Executive Chairman and Director, comments: “The scope of lithium mineralization at Corvette is incredible, with further strong intercepts from the summer program continuing to demonstrate the scale and grade of the mineralized envelope. Remaining open to the east, west, and to depth, in addition to the numerous other lithium pegmatite targets on the Property, the Corvette Project remains highly prospective beyond what we have found to date. Corvette is one of the world’s great lithium raw materials discoveries with full credit to the team as we continue to realize its potential.”

Drill holes CV22-042 and 044 highlight the high-grade nature of the lithium pegmatite located at the eastern end of the drill area, proximal to the CV1 Pegmatite outcrop. Over the 159.7 m (1.65% Li₂O) pegmatite intercept in drill hole CV22-042, a total of twenty-eight (28) samples, with intervals ranging from 1.0 m to 1.15 m, assayed greater than 3.0% Li₂O, seven (7) over 4.0% Li₂O, and four (4) over 5.0% Li₂O, to a peak of 6.74% Li₂O over 1.15 m. With respect to drill hole CV22-044, over its 86.2 m (2.13% Li₂O) pegmatite intercept, a total of twenty-seven (27) samples assayed greater than 3.0% Li₂O, eight (8) over 4.0% Li₂O, to a peak of 5.83% Li₂O, over individual sample intervals of 0.9 m to 1.23 m.

Additionally, drill holes CV22-063 and 066, targeting the principal pegmatite approximately 100 m along strike of the high-grade intersection in CV22-042, have returned spodumene-bearing pegmatite intercepts (core length) of 39.9 m and 113.4 m, respectively, and are currently being processed at site. These drill holes (CV22-063 and 066) have extended the strike length of the principal spodumene-bearing pegmatite body to at least 2,000 m, as tested by drilling, spanning laterally from drill hole CF21-004 through CV22-063/066 (Figure 1). The principal spodumene-bearing pegmatite body remains open at both ends along strike, and at depth.

Drill holes CV22-038 and 043 were completed as step-outs westwardly from the CV5 Pegmatite outcrop towards the CV6 Pegmatite outcrop (Figure 1). Both drill holes returned strong lithium mineralization over a wide and continuous pegmatite interval, assaying 1.42% Li₂O over 59.3 m, including 2.06% Li₂O over 7.2 m (CV22-038), and 1.68% Li₂O over 22.7 m, including 3.13% Li₂O over 7.0 m (CV22-043). A total of four (4) samples assayed greater than 4% Li₂O in drill hole CV22-043, to a peak of 5.49% Li₂O over 1.0 m. Lithium mineralization is characterized by large spodumene crystals hosted within a typical quartz-feldspar pegmatite with accessory muscovite and is typical of the primary mineralization style observed in drill core from the central and eastern portions of the overall pegmatite body(s) (Figures 4 and 5).

Drill holes CV22-038 and 043 are the westernmost drill holes completed to date from 2022 in which core assays have been received and are situated approximately 1.7 km along strike of the eastern most drill holes with assays received to date, highlighted by CV22-042 (1.65% Li₂O over 159.7 m). The strong lithium grades encountered in CV22-038 (1.42% Li₂O over 59.3 m) and 043 (1.68% Li₂O over 22.7 m), coupled with similar mineralogy and textures in distal drill holes located along strike (e.g., CV22-017, 028, 030, 042, and 043), confirm that the high-grade nature of the lithium mineralization is present at significant lateral distance along the principal pegmatite body and collectively emphasize the considerable size of the system.

As of August 24^th, 2022, a total of 15,497 m (53 holes) have been completed over the 2022 drill campaign, including 11,152 m (33 holes) as part of the summer program – drill holes CV22-035 through 067. Core assay results are announced herein for drill holes CV22-037, 038, 039, 042, 043, and 044. A summary of the summer program’s lithium (and tantalum) intercepts for which core analysis has been reported, including the six (6) drill holes reported herein, is presented in Table 1 and drill hole locations in Figure 1. Select core photos are presented in Figures 2, 3, 4, and 5. A summary of the 2021 and 2022 winter drill results may be found on the Company’s website.

Table 1: Mineralized drill intercept summary for drill holes completed as part of the 2022 summer program - 
https://www.globenewswire.com/NewsRoom/AttachmentNg/d5f0f8dc-82b6-4459-88d6-b4e4d382c0c8

Drill holes CV22-037 and 039 were completed at a tighter spacing – 50 m compared to the typical 100 m – at the eastern portion of the current drill area, targeting pegmatite at shallow depths. The objectives of these two (2) drill holes were to further the understanding of the CV1 Pegmatite outcrop and local geology near-surface at this location and to ascertain its relationship with the principal pegmatite body at depth. The drill holes returned relatively wide pegmatite intercepts with variable levels of mineralization; 0.41% Li₂O and 129 ppm Ta₂O₅ over 52.0 m, including 1.49% Li₂O and 169 ppm Ta₂O₅ over 5.2 m (CV22-037), and 0.56% Li₂O and 158 ppm Ta₂O₅ over 40.5 m, including 1.55% Li₂O and 179 ppm Ta₂O₅ over 10.8 m (CV22-039). Lithium pegmatites are commonly zoned, and although less mineralized than adjacent holes where assays have been received, both drill holes demonstrate high-grade potential with 3.95% Li₂O over 0.5 m (CV22-037) and 3.34% Li₂O over 1 m (CV22-039). Both CV22-037 and 039 overlie the high-grade lithium zone intersected in drill holes CV22-017 and 044, which is interpreted to extend east-west and begin at moderate depth (~100 m vertical depth).

Additionally, the drill data received from CV22-037 and 039 provide a strong indication that the CV1 Pegmatite outcrop represents the surface expression of separate pegmatite body trending sub-parallel and in close proximity to the principal pegmatite body (Figure 1).

Strong grades of tantalum continue to be present in the drilled pegmatite at Corvette, and also continue to be more prevalent over the eastern areas. In addition to the high-grade lithium in drill holes CV22-042 and 044, grades of tantalum include 193 ppm Ta₂O₅ (1.65% Li₂O) over 159.7 m (CV22-042), and 163 ppm Ta₂O₅ (2.13% Li₂O) over 86.2 m (CV22-044). Additionally, the grades of tantalum appear to increase along with the grades of lithium in these two drill holes – 209 ppm Ta₂O₅ (3.04% Li₂O) over 37.0 m (CV22-042), and 265 ppm Ta₂O₅ (3.07% Li₂O) over 18.0 m (CV22-044). Additionally, drill hole CV22-042 returned 2,570 Ta₂O₅ (1.29% Li₂O) over 1 m, which is the highest grade of tantalum returned to date at the CV5-1 pegmatite corridor. Tantalum continues to be a secondary commodity of strong interest at Corvette and recovery into a marketable concentrate will continue to be explored as flowsheet development advances.

The summer phase of the 2022 drill campaign began in early June with two diamond drill rigs operating along the CV5-1 pegmatite corridor. A barge and third drill rig began operating at the site in August and is targeting the mineralized pegmatite(s) from the overlying shallow lake. In early September, one of the drill rigs is planned to move to the recently discovered CV13 pegmatite cluster, located approximately 4.3 km on strike to the southwest of the current drill area, for initial drill testing of that local trend, which extends for more than two (2) km (see news release dated August 10, 2022).

Figure 1: Drill hole collar locations for holes completed through August 24, 2022, as part of the 2021-2022 drill campaigns – CF21-001 through 004, and CV22-015 through 067 - 
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Figure 2: High-grade lithium drill core from hole CV22-042 - 
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Figure 3: High-grade lithium drill core from hole CV22-044 - 
https://www.globenewswire.com/NewsRoom/AttachmentNg/60802079-972d-4638-a24a-7bf716e6f341

Figure 4: Abundant spodumene mineralization in quartz-feldspar pegmatite in drill hole CV22-038 - 
https://www.globenewswire.com/NewsRoom/AttachmentNg/6061dc5f-2146-42aa-b503-26fb7e4233ea

Figure 5: Spodumene mineralization @ 256.5 m in drill hole CV22-038 - 
https://www.globenewswire.com/NewsRoom/AttachmentNg/53559ff1-400e-490a-a381-7bc2ba766bc6

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, as well as collection of quarter-core duplicates, at a rate of approximately 5%. Additionally, analysis of pulp-split and course-split sample duplicates were completed to assess analytical precision at different stages of the laboratory preparation process, 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 Lakefield, ON, for standard sample preparation (code PRP89) which includes drying at 105°C, crush to 75% 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 (code GE_ICM91A50).

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 2 km long corridor hosting numerous spodumene pegmatites, highlighted by the large CV1 and CV5 pegmatite outcrops, and has returned drill intercepts of 1.65% Li₂O and 193 ppm Ta₂O₅ over 159.7 m (CV22-042), 1.22% Li₂O and 138 ppm Ta₂O₅ over 152.8 m (CV22-030), 2.13% Li₂O and 163 ppm Ta₂O₅ over 86.2 m (CV22-044), 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). 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 2.0 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 indicate a strong potential for a series of relatively closely spaced/stacked, sub-parallel, and sizable spodumene-bearing pegmatite bodies, with significant lateral and depth extent, to be present.

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 were the key findings from Patriot Battery Metals' August 2022 drilling campaign at the Corvette Property?

The key findings included significant lithium intercepts, with drill hole CV22-042 returning 1.65% Li₂O over 159.7 m and drill hole CV22-044 returning 2.13% Li₂O over 86.2 m.

How much drilling has been completed in the 2022 campaign by Patriot Battery Metals?

As of August 24, 2022, a total of 15,497 m has been completed across 53 drill holes in the 2022 campaign.

What is the significance of the lithium grades reported from the drill holes?

The lithium grades reported indicate strong mineralization, with some intervals exceeding 4% Li₂O, showcasing the potential of the Corvette Property.

Which drill holes had the highest lithium grades reported?

Drill holes CV22-042 and CV22-044 had the highest lithium grades, with CV22-042 showing a peak of 4.12% Li₂O and CV22-044 showing 3.07% Li₂O.

Is there any mention of tantalum grades in the drilling results?

Yes, the drilling results also reported significant tantalum grades, with CV22-042 and CV22-044 returning 193 ppm and 163 ppm Ta₂O₅, respectively.