Patriot Battery Metals Receives Drill Permits, Secures Contractors, and Finalizes Plans for Mobilization of Drill Rigs to the CV5-6 Pegmatites at the Corvette Property, James Bay, QC

Rhea-AI Summary

Patriot Battery Metals Inc. (CSE: PMET, OTCQB: PMETF) has secured drill permits and engaged a contractor for a two-rig exploration program at the Corvette Property in Quebec, set to begin this month. The winter phase will analyze the high-potential CV5-6 pegmatites where previous drilling showed promising lithium-tantalum results, including 0.94% Li₂O and 117 ppm Ta₂O₅. The company is investing $13 million into this 20,000 m drill campaign, with plans for a summer program targeting additional pegmatite areas.

Positive

• Secured drill permits and engaged a contractor for a significant exploration program.
• Previous drilling results show strong lithium-tantalum mineralization in pegmatites.
• The company is deploying $13 million for the exploration, indicating confidence in project potential.

Negative

• None.

VANCOUVER, British Columbia, Feb. 09, 2022 (GLOBE NEWSWIRE) -- Patriot Battery Metals Inc. (the “Company” or “Patriot”) (CSE: PMET) (OTCQB: PMETF) (FSE: R9GA) is pleased to announce it has received its drill permits and has formally engaged a drill contractor for a two (2) drill rig exploration program to commence later this month at the Corvette¹ Property (the “Property”) located in the James Bay Region of Quebec. The winter phase of the 2022 drill exploration campaign will focus on further delineation of the CV5-6 spodumene pegmatites where the initial four (4) drill holes to test the prospect returned strong lithium-tantalum mineralization, highlighted by drill hole CF21-002 with 0.94% Li₂O and 117 ppm Ta₂O₅ over 155.1 m, and drill hole CF21-003 with 58.1 m at 1.25% Li₂O and 194 ppm Ta₂O₅ (see news release dated February 3^rd, 2022).

Blair Way, Company President and Director, comments: “It is very exciting to be kicking off our second drill program on the Property and expectations are high for this 20,000 m program. The winter drilling will be focused over the shallow frozen lake between the CV5 and CV1 outcrops and will provide invaluable information on the continuity between these well-mineralized pegmatites. The summer program will immediately follow and be focused on ground-based delineation of the pegmatites in the CV5-6 and CV1-2 area, as well as drill test several other high-priority pegmatite targets on the Property where strong surface lithium mineralization has been sampled. It is very rewarding to be deploying our $13M war chest in such a meaningful way.”

Forage Fusion Drilling Ltd. of Hawkesbury, ON, has been engaged to carry-out the Company’s aggressive 15,000 to 20,000 m drill campaign at the Property. Two (2) drill rigs and crew, as well as the geological team are expected to be mobilized to site at the end of the month and a first hole collar expected in early March. Both drill rigs will focus on the area along strike between the CV5-6 and CV1-2 pegmatites to determine the dimensions, depth extent, and potential for pegmatite at this location.

In addition, the Company is pleased to report that it is has received its drill permits from the relevant Ministries to drill on ice as well as areas adjacent on the Property. Further, the Company has presented its COVID-19 Management Plan to the Cree Nation Government (Eeyou Istchee) and is pleased to report of its acceptance. In 2021, the Company notes that it carried out its field programs while adhering to all federal, provincial, and regional restrictions in place due to the COVID-19 pandemic and that no cases of COVID-19 were documented relating to its mineral exploration programs conducted in 2021. Mineral exploration has been recognized as an essential service in Canada and the Province of Quebec.

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, and therefore considerably larger than that observed in outcrop. The high number of well-mineralized pegmatites in this core area of the trend indicates 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.

1. The Company notes that it is simplifying the “Corvette-FCI” Property name to the “Corvette” Property. The Property extent remains unchanged and includes the FCI West, FCI East, and Corvette claim blocks.
   

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 projects containing battery, base, and precious metals.

The Company’s flagship asset is the Corvette-FCI Property which includes the wholly owned Corvette claim block, and the FCI East and West claim blocks held under Option from O3 Mining Inc., located in the James Bay Region of Québec. The claim blocks are contiguous, and host significant lithium potential highlighted by the assay results of the first drill hole (CF21-001) completed by the Company on the Property, which returned a 146.8 m interval of near continuous pegmatite, assaying 0.93% Li2O and 114 ppm Ta2O5, including 1.09% Li2O and 108 ppm Ta2O5 over 73.0 m, and 1.04% Li2O and 145 ppm Ta2O5 over 54.6 m. 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 the Freeman Creek Property in Idaho, 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; the Golden Silica Property, BC; 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 focus of Patriot Battery Metals' drilling program at the Corvette Property?

The drilling program will focus on further delineating the CV5-6 spodumene pegmatites, which have shown strong lithium-tantalum mineralization.

When is the drilling program expected to commence for PMETF?

The drilling program is expected to commence later this month, with initial drill holes anticipated in early March.

What are the results of previous drilling at the Corvette Property?

Previous drilling returned significant results, including 0.94% Li₂O and 117 ppm Ta₂O₅ over 155.1 m.

How much is Patriot Battery Metals investing in its drilling program?

Patriot Battery Metals is investing $13 million into its 20,000 m drilling program at the Corvette Property.

What kind of mineralization is targeted in the Corvette Property drilling?

The targeted mineralization includes lithium and tantalum within spodumene pegmatites.