Patriot Provides Update on the Summer Drill and Surface Programs at the Corvette Property, Quebec

Rhea-AI Summary

Patriot Battery Metals has begun the summer/fall 2022 drill campaign at its Corvette Property in Quebec, utilizing two rigs and completing nine holes over 3,110 meters. All drill holes have intersected spodumene-bearing pegmatite, extending the main pegmatite body an additional 300 meters for a total strike length of approximately 1.7 km. A third drill rig is expected in July. Recent surface work has revealed new spodumene-bearing outcrops, indicating the potential for additional discoveries. The company anticipates lithium assay results in August.

Positive

• Successful completion of 9 drill holes over 3,110 meters.
• Each drill hole encountered spodumene-bearing pegmatite, indicating strong mineralization.
• Extension of the main pegmatite body by 300 meters, totaling approximately 1.7 km in length.
• New spodumene-bearing pegmatite outcrops discovered, suggesting further exploration potential.

Negative

• None.

VANCOUVER, British Columbia, June 29, 2022 (GLOBE NEWSWIRE) --

Highlights

• The summer/fall phase of the 2022 drill campaign is well underway with two (2) drill rigs currently operating on site at the CV5-1 pegmatite corridor, with nine (9) holes over approximately 3,110 metres completed to date, and a third rig scheduled to arrive in July
• Spodumene pegmatite has been encountered – over varying widths – in each drill hole completed as part of the summer/fall program
  • The main pegmatite body has now been traced through drilling for an additional 300 m along strike from the CV5 Pegmatite outcrop towards the CV6 Pegmatite outcrop – for a combined total strike length of approximately 1.7 km – remaining open in all directions
• Core samples for the first five (5) drill holes have been shipped to the analytical lab, with results expected in August
• Summary drill hole location, pegmatite intercept, and grade-width tables for the 2022 winter drill program have been posted to the Company’s website
• Surface work has resulted in the discovery of several new spodumene-bearing pegmatite outcrops situated southwest of the CV5 Pegmatite outcrop, as well as along strike of the CV3 Pegmatite outcrop
  • The new discoveries suggest another subparallel trending spodumene pegmatite may be situated proximal to the south of the main pegmatite body currently being drill tested
• Management and Board completed a site visit mid-June, visiting the drill area (CV5 and CV1 pegmatites) and regional pegmatite targets

Patriot Battery Metals Inc. (the “Company” or “Patriot”) (CSE: PMET) (OTCQB: PMETF) (FSE: R9GA) is pleased to provide this first update on the summer/fall 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 is going exceptionally well, and we could not be more pleased with the pegmatite intercepts we are seeing downhole. We won’t be providing tables of the preliminary pegmatite intercepts moving forward, to avoid confusion, so we will focus on providing the lithium assay results when they are received. The field crews are doing a great job and are having early and significant success in identifying new spodumene-pegmatite occurrences, as well as extending existing occurrences, thereby enabling us to prioritize the next steps in exploration.”

The summer phase of the 2022 drill campaign began in early June with two diamond drill rigs currently operating on site. To date (since the end of the winter drill program), nine (9) NQ size drill holes (CV22-035 through 043) have been completed for a total of approximately 3,111 m (Figure 1). Drill holes CV22-036, 038, 040, and 043 targeted the interpreted pegmatite extension between the CV5 and CV6 pegmatite outcrops. The Company is pleased to report that each of these holes has intersected spodumene-bearing pegmatite over varying intervals, thereby extending the main spodumene-bearing pegmatite body another 300 m along strike to the southwest. Collectively, the main spodumene-bearing pegmatite body has now been traced through drilling over a strike length of approximately 1.7 km and remains open in all directions.

Drill holes CV22-035, 037, 039, 041, and 042 targeted the eastern portion of the drill area, proximal to the CV1 Pegmatite outcrop and drill hole CV22-017 (2.22% Li₂O over 70.1 m – see news release dated May 24^th, 2022). These drill holes were typically more tightly spaced (50 m) compared to the regular 100 m spacing as they were designed to follow-up on the high-grade intercept in CV22-017 as well as better understand the local geology and structure in this area. Specifically, the primary objective is to further constrain the interpretation of the CV1 pegmatite outcrop and associated drill intercepts, which have been interpreted to be a splay off the main pegmatite body or as a result of faulting. Each of these drill holes has intercepted spodumene-bearing pegmatite over varying intervals; however, additional drilling is required to refine the interpretation moving eastwardly and improve the geological modelling in this area.

The next series of drill holes at Corvette will continue to test the extension of spodumene-bearing pegmatite further southwest towards the CV6 Pegmatite outcrop and drill hole CF21-004 (1.13% Li₂O over 30.0 m – see news release dated February 3^rd, 2022), as well as test the main spodumene pegmatite body at depth along its approximate 1.7 km strike length that has been delineated to date. A third drill and barge are set to arrive on site in July and will allow for continued drill testing below the shallow glacial lake that is overlying portions of the main spodumene-bearing pegmatite body.

Surface Program

The surface exploration program commenced last week with detailed mapping over the CV5-1 pegmatite corridor. To date, field crews have identified several new spodumene-bearing outcrops located approximately 150 m southwest of the CV5 Pegmatite outcrop, and approximately 200 m along strike of the CV3 Pegmatite outcrop. The outcrops have been mapped and samples collected for assay. The discovery highlights the continued blue-sky potential for new spodumene-bearing pegmatite discoveries on the Property. Specifically, the location of these newly discovered pegmatite outcrops suggests another subparallel trending spodumene-bearing pegmatite may be situated south of the main pegmatite body currently being drill tested. Additionally, the CV3 Pegmatite has not yet been drill tested and is now mapped to be more extensive than previously understood.

The systematic surface geological mapping is continuing along the CV5-1 pegmatite corridor and will culminate into a detailed geological map later this summer. The surface mapping will allow for more accurate geological modelling of the drill area, as well as enable refinement to drill hole targeting. Following completion of the geological mapping over the primary drill area, surface mapping over the other known lithium pegmatite outcrops areas – principally the CV8, 9, 10, and 12 pegmatites – will be completed and assist with target ranking. Additionally, the Company intends to carry out the first documented prospecting, geological mapping, and rock sampling over the more than 25 km of prospective trend extending across the Property which has never been evaluated for lithium pegmatite.

Corvette Property Site Visit

In mid June, several members of the Company’s Management and Board of Directors came to. The site visit included Blair Way (President, CEO, and Director), Darren L. Smith (Vice President of Exploration), Jon Christian Evensen (Director), and several senior geologists and managers (including the geological modeller). The Company used the opportunity to visit the active drill site for each rig (CV22-040 and 041), both of which began coring spodumene-bearing pegmatite within a day of arrival to site. The team also visited the large CV5 and CV1 pegmatite outcrops, which collectively give a sense of scope to the discovery. Additionally, CV4, CV8, CV9, CV10, and CV12 lithium pegmatite outcrops were visited which highlighted the scale and potential remaining of the lithium trend yet to be drill tested. With everyone together and in person, the Board and Management also took the opportunity to complete a deep dive into the geological model interpretation and refine the drill hole pattern over key areas of the corridor.

Jon Christian Evensen, Director, comments: “I was very impressed by the enthusiasm, professionalism and the commitment to best practice around exploration and safety from the team on site. I congratulate Darren on leading a world class exploration program as it continues to grow in size and scale. I look forward to seeing what the drill assays and regional surface work will show us about both the corridor between CV-1 and CV-6 and the several regional outcrops previously known and those announced today as discovered. As the Company focuses on maximizing value for all stakeholders, I am thrilled with the Company’s decision to publish the summary drill data on the Patriot website for all our investors to access.”

Some photos of the site visit are presented below.

Figure 1: Drill hole collar locations for holes completed to date as part of the 2021-2022 drill campaign 
https://www.globenewswire.com/NewsRoom/AttachmentNg/04f6189f-2e7e-4c1e-aa33-e2354a64b932

Photo 1: Spodumene-bearing pegmatite being actively cored in CV22-041 during site visit to drill rig 
https://www.globenewswire.com/NewsRoom/AttachmentNg/ff2daba8-ea72-498a-b34a-17533aa9b1e6

Photo 2: The team reviewing hole CV22-017 at the core shack during site visit 
https://www.globenewswire.com/NewsRoom/AttachmentNg/9b2c8b38-2fe7-4247-8b00-682eb4ab67ff

Photo 3: Board and management at pegmatite outcrop CV10 (left to right - JC Evensen, Patrik Schmidt, Blair Way, Darren Smith) 
https://www.globenewswire.com/NewsRoom/AttachmentNg/16dc0c3a-9b21-409e-81b8-96d6ffc7d5f8

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 1.7 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 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 progress has Patriot Battery Metals made in the summer/fall 2022 drill campaign?

Patriot Battery Metals has completed nine drill holes, totaling 3,110 meters, all of which intersected spodumene-bearing pegmatite.

What is the total strike length of the pegmatite body at the Corvette Property?

The total strike length of the main pegmatite body is approximately 1.7 km, following a recent 300-meter extension.

When can investors expect assay results from Patriot Battery Metals' drilling?

Lithium assay results are expected to be released in August 2022.

What new discoveries has Patriot Battery Metals reported from the drill campaign?

Recent surface work has led to the discovery of several new spodumene-bearing pegmatite outcrops, indicating additional exploration opportunities.

What drilling equipment is Patriot Battery Metals using for its current campaign?

Patriot is currently operating two drill rigs, with a third rig scheduled to arrive in July 2022.