Patriot Battery Metals Provides Further Update on 2022 Drill Campaign at the Corvette Lithium Property, James Bay, Quebec

Rhea-AI Summary

Patriot Battery Metals Inc. provided an update on its 2022 winter/spring drill campaign at the Corvette Property in Quebec. The campaign, commenced in February, has completed 15 drill holes totaling approximately 3,136 meters. Geological modeling indicates a continuation of mineralized pegmatite across a 1,400-meter strike. Spodumene has been identified in multiple drill holes, though assay results are pending. The campaign will continue until April 20, with summer/fall drilling scheduled to start on June 1, focusing on both infill and new target areas.

Positive

• Successful completion of 15 drill holes totaling approximately 3,136 meters.
• 3D geological modeling shows pegmatite continues across a strike length of at least 1,400 meters.
• Spodumene identified in multiple drill holes indicates strong mineralization potential.

Negative

• Assay results for core samples are still pending, leaving uncertainty around drill hole findings.

VANCOUVER, British Columbia, April 07, 2022 (GLOBE NEWSWIRE) -- Patriot Battery Metals Inc. (the “Company” or “Patriot”) (CSE: PMET) (OTCQB: PMETF) (FSE: R9GA) is pleased to provide a further update on the winter/spring component of its 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 winter/spring phase of the 2022 drill campaign began in late February with two diamond drill rigs currently operating on site. To date, fifteen (15) NQ size drill holes have been completed for a total of approximately 3,136 m. All drill holes completed to date have collared on lake ice with the primary objective to test for mineralized pegmatite along strike from surface outcrops, potentially connecting CV5-6 pegmatites with the CV1-2 pegmatites, as well as testing the mineralization at depth. Orientation of drill holes along with logged pegmatite intercepts are presented in Table 1. The location of drill holes completed to date are presented in Figure 1.

Table 1: Pegmatite intercepts logged in 2022 drill holes at the Corvette Property
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The Company is pleased to report that, based on drill holes completed to date, the geological 3D modelling indicates that pegmatite continues across the lake from CV5 towards CV1 – a strike length of at least 1,400 m. The mineral spodumene has been field identified in multiple drill holes completed over the winter program; however, core sample assays have not yet been received. In addition, the working geological model indicates that the pegmatite body is thickening at depth, as is evidenced by drill holes CV22-016 and 019, which tested the down-dip extension of drill holes CV22-015 and 018, respectively, and returned significantly wider intercepts (Figure 2). This is further supported by drill hole CV22-028, which tested the down-dip extension of drill hole CV22-027, also returning a wider intercept; however, the pegmatite intersections for these two holes are based on preliminary observations at the drill rig with formal logging not yet completed. The drill core is actively being logged and sampled on site with core samples shipped weekly to the analytical laboratory. The Company is using SGS Canada (Lakefield, ON, and Burnaby, BC facilities) as their primary analytical lab.

The winter/spring phase of the 2022 drill campaign is expected to continue until April 20^th followed by a break to allow for spring ice break-up. The summer/fall phase of the drill campaign will then immediately follow, scheduled to begin June 1^st, and will focus on continued land-based infill and step-out drilling around CV5-6 and CV1-2, as well as testing new regional targets (see news release dated March 8^th, 2022).

The aggressive 2022 drill campaign is being completed as a direct follow-up to the strong lithium-tantalum mineralization encountered in the first four (4) drill holes to test the CV5-6 pegmatite this past fall. Drill intercept highlights include 155.1 m at 0.94% Li₂O and 117 ppm Ta₂O₅ (CF21-002), and 58.1 m at 1.25% Li₂O and 194 ppm Ta₂O₅ (CF21-003) (see news releases dated January 27^th and February 3^rd, 2022).

The Company has engaged Forage Fusion Drilling Ltd. of Hawkesbury, Ont. to carry out the diamond drilling, with the program being managed by Dahrouge Geological Consulting Ltd. of Edmonton, AB.

The Company notes that it has developed a COVID Management Plan for the program and will carry out its field programs while adhering to all federal, provincial, and regional restrictions in place due to the COVID-19 pandemic. Mineral exploration has been recognized as an essential service in Canada and the Province of Quebec.

Figure 1: 2022 drill hole collar locations
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Figure 2: Cross-sections of CV5 Pegmatite extending under lake
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About the CV Lithium Trend

The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company in 2017 and spans the FCI West, FCI East, and Corvette claim blocks. The core area includes an approximate 2 km long corridor, which is part of the more than 25-km long and Property-wide CV Lithium Trend. It consists of numerous spodumene pegmatite occurrences, which include the CV1, CV2, CV3, CV5, CV6, and CV7 pegmatites, highlighted by the CV5 Pegmatite – a large (~220 m long and 20-40 m wide), well-mineralized outcrop with drill intercepts of 155.1 m at 0.94% Li₂O and 117 ppm Ta₂O₅ (CF21-002), and 58.1 m at 1.25% Li₂O and 194 ppm Ta₂O₅ (CF21-003). Drilling indicates a pegmatite body approximating 60 m in true width (at CF21-001 and 003), and therefore 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 Corvette Property, which includes the wholly owned Corvette, FCI East, FCI West, Deca-Goose, Felix, and Corvette East claim blocks, located in the James Bay Region of Québec. The land package hosts significant lithium potential highlighted by the CV5-6 spodumene pegmatite with drill intercepts of 0.94% Li₂O and 117 ppm Ta₂O₅ over 155.1 m (CF21-002), and 1.25% Li₂O and 194 ppm Ta₂O₅ over 58.1 m at (CF21-003). 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 (778) 945-2950 , or visit www.patriotbatterymetals.com.

On Behalf of the Board of Directors,

“BLAIR WAY”	“ADRIAN LAMOUREUX”
Blair Way, President & Director	Adrian Lamoureux, CEO & Director

Disclaimer for Forward-Looking Information

Statements included in this announcement, including statements concerning our plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.

FAQ

What is the latest update from Patriot Battery Metals regarding its drill campaign at Corvette Property?

Patriot Battery Metals has completed 15 drill holes in the winter/spring 2022 campaign, totaling approximately 3,136 meters, with positive indications of continued pegmatite.

What did the drill results show at the CV Lithium Trend for PMETF?

The geological modeling indicates a pegmatite strike of at least 1,400 meters, with spodumene identified in multiple drill holes, although assay results are pending.

When will the summer drilling campaign for Patriot Battery Metals commence?

The summer drilling campaign is scheduled to begin on June 1, following a break after the current winter/spring phase.

What is the significance of the pegmatite findings in the recent drill campaign for PMETF?

The findings suggest a significant mineralization potential with a thickening pegmatite body at depth, promising for future lithium extraction.