Patriot Drills 1.25% Li2O over 96.9 m in First Drill Hole of Summer Program, and Extends Strike Length of Pegmatite to 1.9 km, Corvette, Quebec

Rhea-AI Summary

Patriot Battery Metals announced promising results from its summer drill campaign on the Corvette Property, revealing strong lithium grades in the first two holes drilled. Drill hole CV22-035 reported 1.25% Li₂O over 96.9 m, including a peak of 2.53% Li₂O over 27.0 m, while hole CV22-036 returned 1.38% Li₂O over 27.0 m. The summer program has traced a significant spodumene pegmatite body over approximately 1,900 m, enhancing the potential for lithium resources. A third drill rig has been mobilized to expedite drilling activities.

Positive

• Strong lithium grades reported: 1.25% Li₂O over 96.9 m (CV22-035), 2.53% Li₂O over 27.0 m.
• Drill hole CV22-036 showed 1.38% Li₂O over 27.0 m.
• Significant pegmatite body traced over approximately 1,900 m.
• Third drill rig mobilized to accelerate drilling.

Negative

• None.

VANCOUVER, British Columbia, July 28, 2022 (GLOBE NEWSWIRE) --

Highlights

• Strong lithium grades over wide intervals returned from first two drill holes completed during the summer phase of the 2022 drill campaign
  • 1.25% Li₂O and 118 ppm Ta₂O₅ over 96.9 m, including 2.53% Li₂O and 130 ppm Ta₂O₅ over 27.0 m (CV22-035)
  • 1.38% Li₂O and 99 ppm Ta₂O₅ over 27.0 m, and 2.00% Li₂O and 167 ppm Ta₂O₅ over 7.3 m (CV22-036)
• Under the summer program, the main spodumene pegmatite has now been traced in drill hole an additional 500 m westwardly, from the CV5 Pegmatite outcrop to the CV6 Pegmatite outcrop
  • The main pegmatite body has now been traced through drilling over a strike length of approximately 1,900 m and remains open in all directions
• A third drill rig and barge have now been mobilized to the drill area and is expected to collar shortly
• A total of 10,355 m over thirty-six (36) holes have now been completed over the 2022 drill campaign – 4,345 m over 20 holes in the winter program, and 6,010 m over sixteen (16) holes in the summer program.
  

Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (OTCQB: PMETF) (FSE: R9GA) is pleased to provide core assay results from the first two drill holes completed as part of the summer phase 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.

Blair Way, Company President, CEO and Director, comments: “the summer drill program has had an excellent start with some very strong drill intersections in our first two holes completed. We have also now confirmed the that the principal pegmatite extends from the CV5 outcrop to the CV6 outcrop, which brings the total mineralized strike length tested by drilling to approximately 1.9 km and continues to remain open. This discovery continues to grow as we drill and with a third drill rig and accompanying barge now being mobilized, the pace of delineation will increase.”

To date, a total of 10,355 m (36 holes) have now been completed over the 2022 drill campaign, including 6,010 m (16 holes) as part of the summer program – drill holes CV22-035 through 050. Core assay results are announced herein for the first two (2) drill holes of the summer program (CV22-035 and 036). Results include well-mineralized intercepts of 1.25% Li₂O and 118 ppm Ta₂O₅ over 96.9 m, including 2.53% Li₂O and 130 ppm Ta₂O₅ over 27.0 m (CV22-035), and 1.38% Li₂O and 99 ppm Ta₂O₅ over 27.0 m, and 2.00% Li₂O and 167 ppm Ta₂O₅ over 7.3 m (CV22-036).

The Company is also pleased to report that the summer drilling has now traced the principal spodumene-bearing pegmatite body from the CV5 outcrop to the CV6 outcrop, a distance of approximately 500 m. The main pegmatite body has now been traced through drilling over a strike length of approximately 1,900 m, extending from the CV6 outcrop to south of the CV1 outcrop, and remains open in all directions.

A summary of the summer program’s lithium (and tantalum) intercepts for the two (2) drill holes reported herein is presented in Table 1 and drill hole locations in Figure 1. Select drill core photos are presented in Figure 2. 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/9794736c-c4d1-4530-92dd-5eb152bf8e57

Drill hole CV22-035 was collared approximately 200 m along strike to the west-southwest of drill hole CV22-017 (2.22% Li₂O over 70.1 m – see news released dated May 24^th, 2022) and targeted the main pegmatite body at depth (Figure 1). The hole returned a wide intercept of mineralized pegmatite assaying 1.25% Li₂O and 118 ppm Ta₂O₅ over 96.9 m, including 2.53% Li₂O and 130 ppm Ta₂O₅ over 27.0 m. The interval included three (3) individual 1-m samples over 4% Li₂O including a peak of 5.38% Li₂O. The drill hole also collared in mineralized pegmatite (CV2 outcrop) assaying 0.62% Li₂O and 155 Ta₂O₅ over 2.5 m. The CV2 Pegmatite is interpreted to be a relatively narrow (<5 m wide), mineralized pegmatite dyke trending sub-parallel to the main body (Figure 1). The CV2 Pegmatite has not been significantly drill tested and is interpreted to continue eastwardly towards the CV7 outcrop, potentially forming a single continuous body sub-surface.

Drill hole CV22-036 was collared 100 m along strike to the west-southwest of CV22-034 with the objective of extending the main spodumene pegmatite along strike from the CV5 outcrop to the CV6 outcrop (Figures 1). The hole was successful and encountered multiple and distinct pegmatite intersections ranging from <1.5 m to 27.0 m, returning 1.38% Li₂O and 99 ppm Ta₂O₅ over 27.0 m, and 2.00% Li₂O and 167 ppm Ta₂O₅ over 7.3 m.

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 have now arrived at site with both to be positioned on the shallow lake, overlying portions of the mineralized pegmatite, for lake-based definition drilling throughout the summer and into the fall period.

Figure 1: Drill hole collar locations for holes completed to date as part of the 2021-2022 drill campaigns
https://www.globenewswire.com/NewsRoom/AttachmentNg/396f408e-e03b-44a1-9f84-9436f7bb74b7

Figure 2: Coarse grained spodumene mineralization in drill holes CV22-035 and 036
https://www.globenewswire.com/NewsRoom/AttachmentNg/51e87579-8ac4-4d18-ba39-d4b17e4ba518

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. Due to capacity issues, SGS forwarded several sample batches to alternate preparation labs in Sudbury, ON, and Burnaby, BC. The pulps were shipped by air to SGS Canada’s laboratory in Burnaby, BC, where the samples were homogenized (if preparation was not at Burnaby) 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 1.22% 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 (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

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 are the key results from the July 2022 drill campaign for PMETF?

Patriot Battery Metals reported drill results showing 1.25% Li₂O and 118 ppm Ta₂O over 96.9 m from hole CV22-035, and 1.38% Li₂O over 27.0 m from hole CV22-036.

How long has the spodumene pegmatite been traced in the Corvette Property?

The principal spodumene pegmatite body has been traced over a strike length of approximately 1,900 m.

What is the current drilling status for PMETF on the Corvette Property?

The company has completed a total of 10,355 m over 36 holes, with a third drill rig now mobilized to enhance drilling efforts.

What are the future plans for PMETF's drilling activities?

Patriot Battery Metals plans to continue its drilling campaign throughout the summer and into the fall with increased activity due to the addition of a third drill rig.