Patriot Discovers New Lithium Pegmatite Cluster On-Trend with the CV5 Pegmatite and Samples 3.73% Li2O, Corvette Property, Quebec

Rhea-AI Summary

Patriot Battery Metals announced a major discovery at the CV13 lithium pegmatite cluster, located 4.3 km from the CV5-1 corridor. The company identified 31 spodumene-bearing pegmatite outcrops, with 20 exhibiting over 5% spodumene content. The outcrops span approximately 2.3 km and feature an average lithium grade of 0.98% Li2O, with a peak of 3.73% Li2O. This discovery, alongside the ongoing exploration of the CV8 and CV9 pegmatite trends, highlights the potential for significant lithium resources in the region. The surface exploration program has been extended until mid-October due to this discovery.

Positive

• Discovery of a new significant lithium pegmatite cluster (CV13) with 31 spodumene-bearing outcrops.
• Average lithium grade of 0.98% Li2O and a maximum of 3.73% Li2O from pegmatite samples.
• Extended exploration program until mid-October due to new discoveries, indicating strong exploration potential.

Negative

• None.

Highlights

• Significant discovery of spodumene pegmatite outcrop cluster (CV13) located approximately 4.3 km along trend to the southwest of the CV5-1 pegmatite corridor and current drill area
  • A total of thirty-one (31) spodumene-bearing pegmatite outcrops identified, including twenty (20) outcrops with estimated >5% modal spodumene content
  • Pegmatite outcrops extend over two (2) contiguous trends, totalling approximately 2.3 km in combined strike length and are situated on geological trend between the CV5-1 pegmatite corridor and the CV8-12 pegmatite cluster
  • Pegmatite outcrops are situated within the apex of a regional structural flexure, indicating a highly favourable geological setting for lithium pegmatite emplacement
  • Average lithium grade of 0.98% Li₂O over thirty-two (32) pegmatite grab/chip samples analyzed to date, to maximum of 3.73% Li₂O
    • Tantalum values ranging from <10 ppm to 948 ppm Ta₂O₅ (3.11% Li₂O), and averaging 113 ppm Ta₂O₅
  • A total of 121.1 m of channel samples collected for more detailed assessment of lithium-tantalum mineralization over ten (10) outcrops
• Additional spodumene pegmatite outcrops discovered along strike at the CV8 and CV9 pegmatite clusters
  • CV9 Pegmatite trend has been extended and now includes at least sixteen (16) spodumene-bearing outcrops over a strike length of approximately 400 m, which has not been drill tested
  • CV8 Pegmatite trend has been extended and now includes at least five (5) spodumene-bearing outcrops over a strike length of approximately 240 m, which has not been drill tested
• Approximately 20 km of prospective CV Lithium Trend/Corridor remains to be prospected for lithium pegmatite, including the majority of the Felix, Deca-Goose, and Corvette East claim blocks.
• Through August 4^th, 2022, prospecting and geological mapping has identified at least seventy-one (71) individual spodumene pegmatite outcrops (defined as >5% visually estimated modal spodumene content) forming up to six (6) distinct clusters across the Property – CV5-1 Pegmatite Corridor (focus of current drilling), CV4, CV8-12, CV9, CV10, and the newly discovered CV13
• Due to the CV13 Pegmatite discovery, the surface program has been extended until mid-October / first snowfall and will continue with mapping, channel sampling, and prospecting across the Property
  

VANCOUVER, British Columbia, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (OTCQB: PMETF) (FSE: R9GA) is pleased to provide an update on the 2022 surface exploration program at the Corvette Property (the ‘Property’) highlighted by the discovery of a new and significant lithium pegmatite cluster (CV13) situated less than 4.5 km from, and on geological trend with, the CV5-1 pegmatite corridor where drilling is currently focused. The new discovery is located central to the Property and approximately 15 km south of the Trans-Taiga all-weather road and powerline infrastructure corridor.

Darren L. Smith, the Company’s Vice President of Exploration, comments: “The Corvette Property continues to impress with an abundance of lithium pegmatite and potential for further discovery as evidenced by the CV13 pegmatites. The CV13 pegmatites are situated directly on trend between the CV5-1 pegmatite corridor being actively drilled and the CV8 pegmatite, which remains to be drill tested. We are very excited to explore this area in further detail given the extent of the mineralization discovered to date, and its proximity to a regional structural flexure creating a very attractive geological setting for lithium pegmatite emplacement. The discovery of CV13 Pegmatite cluster is an excellent example of grassroots exploration and geological targeting bearing fruit through the work ethic of a dedicated and focused exploration team.”

The CV13 lithium pegmatite cluster is defined by two (2) contiguous trends, totalling approximately 2.3 km in combined strike length (Figure 1). To date, the cluster is characterized by a total of thirty-one (31) spodumene-bearing (field identified as spodumene) outcrops, including twenty (20) outcrops with >5% visually estimated modal spodumene content. The two largest outcrops (Figure 2 and 3) are approximately 70 m long by 12 m wide and 100 m long by 15 m wide, situated approximately 300 m apart.

Assay results have been returned for the first series of grab/chip sampling and include a total of thirty-two (32) pegmatite samples collected along the trend grading an average of 0.98% Li₂O to maximum of 3.73% Li₂O (Table 1). Grades of tantalum average 113 ppm Ta₂O₅ with a maximum of 948 ppm Ta₂O₅. Assays from additional grab/chip samples remain pending, as well as assays for a total of 121.1 m of channel sampling completed to provide a more robust estimate of grade potential and zonation across the outcrops.

Table 1: Assays for the ten (10) most mineralized grab samples from the CV13 pegmatites as reported herein
https://www.globenewswire.com/NewsRoom/AttachmentNg/cdb7433d-c021-4a68-b8cf-f8a21f70ccf4

The location of this new lithium pegmatite discovery is very significant and is situated within the central portions of the prospective CV Lithium Trend, which extends across the Property. Specifically, the CV13 pegmatites are situated only ~4.3 km along trend of the CV5-1 lithium pegmatite corridor and ~1.9 km along trend of the CV8 pegmatites. The areas between have very poor outcrop exposure due to glacial till cover and therefore it is possible that additional lithium pegmatite may be present under the shallow cover. Additionally, the CV13 pegmatites are situated within the apex of a regional geological flexure as is evidenced in the regional mapping and magnetic surveys. This local geological setting is a prime area of interest along the CV Lithium Trend as it hosts a highly favourable environment for lithium pegmatite emplacement (along strike and to depth), with a strong potential for dilational zones which may increase widths of mineralization.

In addition to the discovery of the CV13 lithium pegmatite cluster, the Company is also pleased to report that surface geological mapping of the CV8 and CV9 lithium pegmatites has resulted in the discovery of additional lithium pegmatite proximal to the previously discovered outcrops. The CV9 lithium pegmatite trend has been extended and now includes at least sixteen (16) spodumene-bearing outcrops over a strike length of approximately 400 m. The CV8 lithium pegmatite trend has also been extended and now includes at least five (5) spodumene-bearing outcrops over a strike length of approximately 240 m. Neither the CV8 nor CV9 lithium pegmatites have been drill tested, with assays for grab and channels samples from the 2022 surface program pending. Geological mapping and channel sampling of the other known CV lithium prospects is ongoing.

Through August 4^th, 2022, prospecting and geological mapping has identified at least seventy-one (71) individual spodumene pegmatite outcrops (defined as >5% estimated modal spodumene content) forming up to six (6) distinct clusters across the Property – CV5-1 Pegmatite Corridor (focus of current drilling), CV4, CV8-12, CV9, CV10, and the newly discovered CV13. Given the proximity of some pegmatite outcrops to each other, as well as the shallow till cover in the area, it is probable that some of the outcrops may reflect a discontinuous surface exposure of a single, larger pegmatite ‘outcrop’ subsurface. Approximately 20 km of prospective CV Lithium Trend/Corridor across the Property remains to be prospected for lithium pegmatite, including the majority of the Felix, Deca-Goose, and Corvette East claim blocks.

The 2022 surface exploration program is being completed concurrently with the 2022 summer/fall drilling phase, which began in early June. Currently, there are three diamond drill rigs operating along the CV5-1 pegmatite corridor. Due to the CV13 Pegmatite discovery, the surface program has been extended until mid-October / first snowfall, and will continue with mapping, channel sampling, and prospecting across the Property. Additionally, the Company is actively permitting drill holes for initial drill testing along the CV13 pegmatite trend.

Figure 1: Location of the CV13 lithium pegmatite cluster, along trend of the CV5-1 lithium pegmatite corridor and the CV8-12 lithium pegmatite cluster
https://www.globenewswire.com/NewsRoom/AttachmentNg/235b4b3e-2453-4685-b588-7c174b70f7cc

Figure 2: Two of the larger lithium pegmatite outcrops in the CV13 cluster, located at the apex of a regional structural flexure
https://www.globenewswire.com/NewsRoom/AttachmentNg/31804284-50d1-4728-be48-451332bcabe8

Figure 3: Large (~100 x 15 m) lithium pegmatite outcrop within the CV13 cluster. Six grab samples collected averaging 1.96% Li₂O to a peak of 3.11% Li₂O
https://www.globenewswire.com/NewsRoom/AttachmentNg/8ddb598f-3d7e-4b7f-b93a-520c059b36b0

Figure 4: Saw cut grab sample of spodumene pegmatite from northeastern portion of CV13 trend. Assay pending.
https://www.globenewswire.com/NewsRoom/AttachmentNg/15ddecae-a643-4f74-91be-a52545a9a614

Quality Assurance / Quality Control (QAQC)

All rock 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). The Company has relied on the internal lab QAQC for the surface sample analysis.

Management cautions that prospecting surface rock samples and associated assays, as discussed herein, are selective by nature and represent a point location, and therefore may not necessarily be fully representative of the mineralized horizon sampled.

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 1.22% Li₂O and 138 ppm Ta₂O₅ over 152.8 m (CV22-030), 1.45% Li₂O and 177 ppm Ta₂O₅ over 84.0 m (CV22-028), 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 1.9 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 1.22% Li₂O and 138 ppm Ta₂O₅ over 152.8 m (CV22-030), 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 the CV13 pegmatite cluster discovered by PMETF?

The CV13 pegmatite cluster contains 31 spodumene-bearing outcrops, indicating a significant lithium resource close to the CV5-1 corridor.

What lithium grades have been reported from the CV13 pegmatite samples by PMETF?

The average lithium grade from the CV13 pegmatite samples is 0.98% Li2O, with a maximum of 3.73% Li2O reported.

How far is the CV13 pegmatite cluster from the CV5-1 corridor?

The CV13 pegmatite cluster is located approximately 4.3 km southwest of the CV5-1 pegmatite corridor.

What plans does PMETF have for further exploration after the CV13 discovery?

Patriot Battery Metals plans to extend its surface exploration program until mid-October due to the CV13 discovery, along with ongoing assessments of the CV8 and CV9 pegmatite trends.