Patriot Battery Metals Achieves 50% Earn-In from O3 Mining for the FCI Property, James Bay, QC

Rhea-AI Summary

Patriot Battery Metals has increased its stake in the FCI Property to 50% under an Option Agreement with O3 Mining, aiming for a total of 75% after a $2M investment. The FCI Property consists of 111 claims (5,688 ha) adjacent to the Corvette claim block, totaling 367 claims over 18,795 ha. Recent drilling returned significant lithium assays, including a 146.8 m interval with 0.93% Li₂O. The company has completed a $11M financing to accelerate development of the new lithium discovery.

Positive

• Increased ownership of FCI Property to 50% with a potential rise to 75%.
• Significant drilling results including 0.93% Li₂O over a 146.8 m interval.
• Completed $11M financing to support accelerated project development.

Negative

• Pending assay results from multiple drill holes, causing uncertainty in project timeline.
• Laboratory constraints impacting turn-around times for assay results.

VANCOUVER, British Columbia, Jan. 13, 2022 (GLOBE NEWSWIRE) -- Patriot Battery Metals Inc. (the “Company” or “Patriot”) (CSE: PMET) (OTCQB: RGDCF) (FSE: R9GA) is pleased to announce it has earned its second 25% interest in the FCI Property, taking the Company to a 50% ownership as part of an Option Agreement (the “Agreement”) with O3 Mining Inc. (“O3 Mining”) to earn up to a 75% interest (see news release dated April 24, 2019). The FCI Property is comprised of two neighboring claim blocks (FCI East and FCI West), for a combined total of 111 claims (5,688 ha), which are situated contiguous to the Company’s wholly owned Corvette claim block, located in the James Bay Region of Quebec, proximal to regional hydro-electric and road infrastructure. Collectively, the Corvette-FCI Property (the “Property”) is comprised of 367 contiguous claims totalling 18,795 ha.

Company President and Director Blair Way comments: “We have now earned a 50% interest in FCI, which we will quickly be advancing to 75% interest upon a further $2M spend on the claim group. Having recently completed a $11M financing, Patriot Battery Metals is well positioned to aggressively advance this new lithium discovery at our Corvette-FCI Property.”

The Corvette-FCI Property is situated within the Guyer Group (wacke, iron formation, komatiite, tuffs, amphibolite) of the greater La Grande Greenstone Belt, which trends east-west through the region, approximately 6 to 18 km south of the Trans-Taiga Road and power line corridor. The Property hosts a highly prospective CV Lithium Trend (spodumene pegmatite), spanning a distance of over 25 km, as well as the Golden Gap Trend (gold), and the Maven Trend (copper-gold-silver).

In fall 2021, the Company completed its inaugural drill program on the Property targeting the CV and Maven trends, with the first drill hole (CV21-001) – targeting the CV5-6 pegmatites – returning 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 (see news release dated November 29^th, 2021). This interval returned numerous samples over 2.0% Li₂O, including a peak assay of 4.16% Li₂O and 233 ppm Ta₂O₅ over 1.01 m.

Assays remain to be received for the remaining drill holes from the program (CV21-002 through CV21-014). The Company is in close contact with the lab in order to expedite final results as soon as possible; however, the laboratories in the industry continue to be constrained, which has dramatically impacted turn-around times.

Drill holes CF21-002, 003, and 004 each intersected wide intervals of pegmatite containing varying amounts of spodumene mineralization (assays pending), ranging from 59.1 m to 126.5 m core length. Collectively, the grades returned to date at surface and from CF21-001, coupled with the wide widths of spodumene pegmatite observed in core over several drill holes along strike, emphasize the size of the mineralizing system and indicate the Company has tapped into a mineralized body of potentially considerable significance.

Qualified Person

Darren L. Smith, M.Sc., P. Geo., Vice President of Exploration for the Company and Qualified Person as defined by National Instrument 43-101, supervised the preparation of 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 (CV21-001) 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 recent development occurred with Patriot Battery Metals on January 13, 2022?

Patriot Battery Metals increased its ownership in the FCI Property to 50% and plans to reach 75% with an additional investment.

What are the key assay results from the Corvette-FCI Property?

The key finding includes a 146.8 m interval with an assay of 0.93% Li₂O returned from the first drill hole.

What is the stock symbol for Patriot Battery Metals?

The stock symbol for Patriot Battery Metals is RGDCF.

What financing did Patriot Battery Metals complete recently?

The company completed a $11M financing to advance its lithium exploration efforts.

What challenges is Patriot Battery Metals facing regarding drill results?

The company faces delays in assay results due to laboratory constraints, impacting project timelines.