Patriot Drills 1.17% Li2O over 33.8 m and 0.85% Li2O over 56.6 m, Extending Mineralization along Trend and Down-dip in First Reported Core Assays from 2022 Drilling at the Corvette Property, Quebec

Rhea-AI Summary

Patriot Battery Metals Inc. (CSE: PMET, OTCQB: PMETF) announced strong results from four drill holes at its Corvette Property in Quebec. The assays confirm significant lithium and tantalum mineralization, with notable grades including 1.17% Li₂O over 33.8 m and 0.91% Li₂O over 29.0 m. The mineralization extends 900 m along trend and down to at least 155 m depth, remaining open for further exploration. A total of 16 additional drill hole assays are pending, and a 15,000 m summer drilling program is set to commence, bolstered by the addition of a third drill rig.

Positive

• Strong lithium and tantalum mineralization confirmed with grades up to 1.17% Li₂O over 33.8 m.
• Mineralization extends approximately 900 m along trend and down to at least 155 m depth.
• Pending assays from an additional 16 drill holes could further enhance resource estimates.
• Company plans a 15,000 m summer drill program with an additional third drill rig.

Negative

• None.

Highlights

• Strong lithium and tantalum mineralization confirmed in first series of core sample assays received for drill holes CV22-015, 016, 018, and 019, including
  • 1.17% Li₂O and 111 ppm Ta₂O₅ over 33.8 m within a wider zone of 0.80% Li₂O and 118 ppm Ta₂O₅ over 95.8 m (CV22-019)
  • 0.91% Li₂O and 127 ppm Ta₂O₅ over 29.0 m within a wider zone of 0.85% Li₂O and 122 ppm Ta₂O₅ over 56.6 m; and a separate zone of 1.53% Li₂O and 137 ppm Ta₂O₅ over 13.1 m (CV22-016)
  • 1.01% Li₂O and 100 ppm Ta₂O₅ over 25.8 m (CV22-018)
  • 1.22% Li₂O and 113 ppm Ta₂O₅ over 6.8 m (CV22-015)
• Core assays confirm the lithium-tantalum mineralization extends approximately 250 m along trend to the northeast from drill hole CF21-002, and continues down-dip
  • Lithium mineralization has been traced through drilling over a strike length of approximately 900 metres within the 2.0+ km long core area of the pegmatite trend, to a vertical depth of approximately 155 m
  • Mineralization remains open along trend and down-dip
• Core assays for additional sixteen (16) drill holes from the winter program remain to be reported
  

VANCOUVER, British Columbia, May 17, 2022 (GLOBE NEWSWIRE) -- Patriot Battery Metals Inc. (the “Company” or “Patriot”) (CSE: PMET) (OTCQB: PMETF) (FSE: R9GA) is pleased to announce the first series of analytical results for drilling completed this winter/spring at the Company’s wholly owned Corvette Property (the “Property”). The Property is located proximal to the regional and all-weather Trans-Taiga Road and powerline infrastructure, within the James Bay Region of Quebec.

Assays are announced herein for drill holes CV22-015, 016, 018, and 019, which were designed to test the northeastern and down-dip extension of the lithium-tantalum mineralized zone at the CV5 Pegmatite. All four holes were collared over lake ice at an orientation of 158°/45°, with end-of-hole depths ranging from 149.9 m to 252.1 m, and each returning strong grades of lithium and tantalum. A summary of lithium (and tantalum) intercepts for the four (4) drill holes (CV22-15, 016, 018, and 019) are presented in Table 1 and Figure 2, and core photos of mineralized intercepts in Figures 3, 4, and 5. Drill hole locations for holes completed as part of the winter program are in Figure 1.

President, CEO, and Director Blair Way comments, “We are very excited to announce assays for the first series of holes of our twenty-hole winter/spring drill program and look forward to announcing further assay results as they are received from the lab in the coming weeks. These independent assays, confirming lithium and tantalum mineralization within the CV5-1 Corridor, validate the Company’s decision to add a third rig to our summer drill program, which was made after geologists in the field identified spodumene crystals in the pegmatite intercepts as part of initial core logging. After drilling only 5,100 metres, Patriot has established lithium and tantalum mineralization across an approximate 900 m strike length, which remains open at both ends and down-dip. The Patriot team is excited to commence the 15,000 metre summer/fall drill program in June and further delineate this discovery. Additionally, Patriot has identified multiple other spodumene pegmatites across the Property and we look forward to exploring these further, as well as the remainder of the more than 50 km long CV Lithium Trend the Company controls, as part of our summer 2022 program.”

Table 1: Mineralized drill intercept summary for holes completed in 2022 at the CV5-1 Pegmatite corridor
https://www.globenewswire.com/NewsRoom/AttachmentNg/0c4d04ce-2035-444b-b049-95733b9bcad6

Drill hole CV22-015 was the first drill hole completed in 2022 and collared as a step-out, approximately 140 m along trend, of drill hole CF21-002 completed in 2021 at the CV5 Pegmatite. The hole (CV22-015) encountered pegmatite at a shallow depth of 27.1 m to 75.1 m, with mineralization interfingering throughout the interval, including 1.22% Li₂O over 6.8 m, 1.14% Li₂O over 4.9 m, and 0.99% Li₂O over 4.5 m. The intercepts were also accompanied by consistently strong tantalum grades of 113 ppm, 96 ppm, and 105 ppm Ta₂O₅, respectively.

Drill hole CV22-018 was collared 100 m along trend of CV22-015 and returned a mineralized pegmatite intercept of 1.01% Li₂O and 100 ppm Ta₂O over 25.8 m starting at 55.0 m depth. The intersections in drill holes CV22-015 and 018 confirms that lithium-tantalum mineralization continues within the CV5 Pegmatite body to the northeast under the shallow lake.

Drill holes CV22-016 and 019 were completed as step-backs to CV22-015 and 018, respectively, and were designed to test the mineralized zone at depth. Both holes returned strong lithium grades over broad intervals including 0.91% Li₂O over 29.0 m within a wider zone of 0.85% Li₂O over 56.6 m (CV22-016), and 1.17% Li₂O over 33.8 m within a wider zone of 0.80% Li₂O over 95.8 m (CV22-019). The intercepts confirm that mineralization continues down dip to at least 155 m vertical depth and, further, indicates that the mineralized zone is widening at depth, as is the pegmatite width, at this location along the trend. Strong tantalum mineralization is also present in both CV22-016 and 019, with each having multiple samples over 500 ppm Ta₂O₅, to a peak of 735 ppm and 758 ppm Ta₂O₅, respectively.

As outlined in news release dated April 21^st, 2022, geological 3D modeling of the drill holes completed to date indicates that pegmatite continues across the lake from CV5 towards CV1 – a strike length of at least 1,400 m – and that the pegmatite body is widening at depth. The pegmatite body remains open to the southwest, the northeast, and at depth, with a significant portion of the overall corridor of focus – containing the CV6, CV5, CV11, CV2, CV1, CV4, and CV7 pegmatite outcrops – remaining to be drill tested (Figure 1). To date, the main pegmatite body has been traced to a vertical depth of a least 180 m (CV22-030) and additional pegmatite encountered down to a vertical depth of approximately 265 m – ending in spodumene pegmatite, to be further tested in the drill program scheduled to commence in June 2022 (CV22-034).

As reported herein, lithium mineralization has been traced by drilling over at least a 900 m strike length and down dip to at least 155 m vertical depth. To date, drill core sample analytical results have been reported for four (4) drill holes (CV22-015, 016, 018, and 019) with results pending for an additional sixteen (16) drill holes completed over the winter/spring program (4,345 m over 20 drill holes). The Company is using SGS Canada (Lakefield, ON, and Burnaby, BC, facilities) as their primary analytical lab with all samples from the program having arrived at the lab.

The Company is poised to continue its fully funded 2022 drill campaign June 1^st, with an additional 15,000 m of NQ coring planned over the summer/fall period. This drilling will focus on continued land-based infill and step-out holes around CV5-6 and CV1-2, as well as testing new regional targets (see news release dated March 8^th, 2022). The Company has secured a third drill rig for June/July, as well as a barge to allow for continued delineation of the mineralized pegmatite beneath the shallow lake between the CV5 and CV1 pegmatites. The addition of the third rig will also enable increased coring production and drill exploration of spodumene pegmatite elsewhere at the Property.

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.

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).

Figure 1: 2022 drill hole collar locations
https://www.globenewswire.com/NewsRoom/AttachmentNg/e5fc2753-5dcf-46ab-8cce-add549042a08

Figure 2: Core sample assay highlights for drill holes CV22-015, 016, 018, and 019
https://www.globenewswire.com/NewsRoom/AttachmentNg/c2c44ed9-2fd9-402c-9ac2-68c532ec88e7

Figure 3: Mineralized drill core from hole CV22-019
https://www.globenewswire.com/NewsRoom/AttachmentNg/08ff2fb8-4e7a-4449-90e8-e132b0e85b54

Figure 4: Mineralized drill core from hole CV22-016
https://www.globenewswire.com/NewsRoom/AttachmentNg/e4e86634-ca0a-49be-8639-c6af37976efe

Figure 5: Mineralized drill core from hole CV22-018
https://www.globenewswire.com/NewsRoom/AttachmentNg/52855e04-831e-4d9c-9367-3ac29b7251d3

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”

Blair Way, President, 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 are the recent drilling results for PMETF?

Recent assays show significant lithium and tantalum mineralization at the Corvette Property, with grades such as 1.17% Li₂O over 33.8 m.

How far does the mineralization extend at the Corvette Property?

The mineralization has been traced over approximately 900 m along trend and down to a vertical depth of at least 155 m.

What is the plan for future drilling at PMETF?

Patriot Battery Metals plans to commence a 15,000 m summer drilling program, with an additional third drill rig secured.

When will additional assay results be available for PMETF?

The assays for an additional 16 drill holes from the winter program are still pending and expected in the coming weeks.