Patriot Battery Metals Drills 0.94% Li2O over 155.1 m, including 1.38% Li2O over 38.0 m, in Second Drill Hole at the Corvette-FCI Property, James Bay, QC

Rhea-AI Summary

Patriot Battery Metals has announced promising assay results from its second drill hole (CF21-002) at the Corvette-FCI Property in Quebec, revealing 0.94% Li2O and 117 ppm Ta2O5 over 155.1 m. This includes high-grade intervals of up to 3.91% Li2O. The drill program, which also encountered consistent results in the first hole, underlines the potential scale of the CV5 Pegmatite. The company plans to expand its drilling campaign significantly with a budget of $13M to explore more of the 25 km lithium trend.

Positive

• Drill hole CF21-002 returned strong results with 0.94% Li2O over 155.1 m, indicating significant lithium mineralization.
• High-grade intervals included 3.91% Li2O over 5.0 m and 1.38% Li2O over 38.0 m.
• Company has a $13M funding available for further exploration of the 25 km CV Lithium Trend.

Negative

• None.

VANCOUVER, British Columbia, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Patriot Battery Metals Inc. (the “Company” or “Patriot”) (CSE: PMET) (OTCQB: PMETF) (FSE: R9GA) is pleased to announce the assay results from the second hole of its inaugural drill program at the Company’s Corvette-FCI Property (the “Property” or "Project"), located in the James Bay Region of Quebec. The second drill hole (CF21-002) targeted the eastern portion of the CV5 Spodumene Pegmatite outcrop, which forms part of the more than 25 km long CV Lithium Trend that is host to multiple spodumene pegmatite occurrences. Figures 1, 2, and 3 shows the outcrop proximity and dimensions in the core area of the trend where initial drilling has been completed. Drill core sample assay highlights are outlined in Table 1 and include:

• 0.94% Li₂O and 117 ppm Ta₂O₅ over 155.1 m (from 77.9 m to 233.0 m), which includes the entire intersection of pegmatite, including higher grade intervals of:
  • 1.38% Li₂O and 160 ppm Ta₂O₅ over 38.0 m (from 124 m to 162 m), including,
    • 3.91% Li₂O and 308 ppm Ta₂O₅ over 5.0 m (from 157 m to 162 m)
  • 1.14% Li₂O and 104 ppm Ta₂O₅ over 44.0 m (from 189.0 m to 233.0 m)

Blair Way, Company President and Director, comments: “This second hole of our program is in line with our expectations and demonstrates high grades over wide widths, in two drill holes spaced over 100 m apart along-strike at the CV5 Pegmatite. The CV5 Pegmatite outcrop, which is over 220 m long and 35 m wide at surface, is demonstrating some excellent grades and potential scale. It is very satisfying to see our first two holes demonstrate just how significant this discovery at CV5-6 is, and moreover, how valuable the Corvette-FCI project is. We look forward to the assay results of the remaining two 2021 drill holes completed at CV5 and CV6. Further, with such tremendous results obtained from just a small portion of the 25 km trend, which is host to numerous lithium pegmatites on the Property, and coupled with a $13M war chest, we are very excited to continue with additional surface and drill exploration of the Project to start in the coming weeks, which will provide further insight into the true scale of the Corvette-FCI Lithium Pegmatites”

The second drill hole of the program (CF21-002) was collared approximately 107 m east of the first hole (CF21-001), and approximately 35 m back from the CV5 pegmatite outcrop (see Figures 1, 2, and 3), and returned a 155.1 m interval of near continuous pegmatite, assaying 0.94% Li₂O and 117 ppm Ta₂O₅, including 1.38% Li₂O and 160 ppm Ta₂O₅ over 38.0 m, and 1.14% Li₂O and 104 ppm Ta₂O₅ over 44.0 m. This 155.1 m interval returned twenty-five (25) individual 1-metre samples grading over 2.0% Li₂O, including a peak assay of 4.67% Li₂O and 186 ppm Ta₂O₅. Additional assay highlights are presented below in Table 1, as well as Figure 1.

Table 1: Core sample assay highlights from drill hole CF21-001 and 002 at the CV5 Pegmatite

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Preliminary geological modelling indicates that the pegmatite has a moderate to steep dip to the northwest, which is unconformable with the regional geological dip direction, although shares a similar east-northeast strike. Additional drilling, planned to commence this quarter (see news release dated January 20, 2022), is required to establish the true orientation of the pegmatite.

As in hole CF21-001, the lithium mineralization is also accompanied by moderate to strong tantalum mineralization and includes wide intervals over 100 ppm Ta₂O₅ (Table 1). Moreover, the grades of lithium and tantalum encountered in drill hole CF21-002 (0.94% Li₂O and 117 ppm Ta₂O₅ over 155.1 m) are very consistent with that returned from drill hole CF21-001 (0.93% Li₂O and 114 ppm Ta₂O₅ over 146.8 m – see news release dated November 29^th, 2021), located approximately 107 m along strike at the CV5 Pegmatite. Coupled with the surface sampling data, the analytical results indicate a pegmatite body with significant lateral and depth potential and collectively emphasize the size of the mineralizing system present.

The 2021 drill program, completed in September-October, included fifteen (15) holes totalling 2,048 m spread over two prospective trends – the CV Lithium Trend (872 m over 5 holes) and the Maven Copper-Gold-Silver Trend (1,177 m over 10 holes). Assays for the remaining drill holes have not yet been received, including for lithium focused drill holes CF21-003 (CV5 Pegmatite) and CF21-004 (CV6 Pegmatite).

The Company is currently planning a 15,000 to 20,000 m two-drill rig campaign, targeted to begin in late February, to aggressively follow-up on the success of the 2021 drill program (see news release dated January 20, 2022). The primary objective will be to test the mineralized pegmatite along strike of drill holes CF21-001 and 002, potentially connecting the CV5-6 pegmatites with the CV1-2 pegmatites, as well as testing the mineralization at depth (see Figures 1 and 3).

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 a drill intercept of 146.8 m at 0.93% Li₂O and 114 ppm Ta₂O₅ returned from the first drill hole to test the target. The high number of well-mineralized pegmatites in this core area of the trend indicates 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.

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%. The Company also intends to submit approximately 4-5% of the core samples for check analysis at a secondary lab. A total of 1,766 samples, including QAQC, have been submitted for geochemical analysis to the primary lab.

All pegmatite encountered in drill holes CF21-001, 002, 003, and 004 was sampled, including ‘book-end’ sampling of adjacent rock, for a total of 613 samples including QAQC, and were shipped to Activation Laboratories in Ancaster, ON for analysis. Core samples collected were submitted for multi-element analysis (including lithium) by four-acid digestion with ICP-OES finish (package 1F2) and tantalum by INAA (code 5B), with any samples returning >8,000 ppm lithium by 1F2 then reanalysed for lithium by code 8-4 Acid ICP-OES Assay. Industry standard drill core sample preparation was completed and was comprised of crushing to 80% passing 10 mesh, followed by a 250 g riffle split and pulverizing to 95% passing 105 µ (package RX1).

The Company notes that it carried out its field programs while adhering to all federal, provincial, and regional restrictions in place due to the COVID-19 pandemic, and successfully navigated the process to enter the James Bay Region to complete its planned field activities. Mineral exploration has been recognized as an essential service in Canada and the Province of Quebec. The Company is also pleased to report that no cases of COVID-19 were documented with respect to the 2021 exploration program.

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Figure 1: Drill hole locations – CV5-6 pegmatites

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Figure 2: Aerial view of the CV5-6 pegmatites, looking north-west

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Figure 3: Aerial view of the CV1-2 and CV5-6 pegmatites, looking south-west

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 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 (CF21-001) 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 are the assay results for drill hole CF21-002 from Patriot Battery Metals?

Drill hole CF21-002 revealed 0.94% Li2O and 117 ppm Ta2O5 over 155.1 m, with notable high-grade intervals.

What plans does Patriot Battery Metals have for future drilling at the Corvette-FCI Property?

The company plans a 15,000 to 20,000 m drilling campaign starting in late February 2022 to further explore the CV Lithium Trend.

How much funding does Patriot Battery Metals have for its exploration activities?

Patriot Battery Metals has a budget of $13M allocated for further exploration of its lithium projects.

What is the significance of the CV5 Pegmatite in the drill results?

The CV5 Pegmatite has shown high lithium grades and significant thickness, indicating a potentially large mineral resource.