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Patriot Drills 56.6 m at 1.37% Li2O in Step-Out Hole and Completes Final Hole of 2023 Program at the CV5 Pegmatite, Quebec, Canada

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Patriot Battery Metals Inc. (Patriot) (TSXV: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) releases drill results for its 2023 drill campaign at the Corvette Property, Quebec. The summer-fall program completed 177 holes for approximately 45,700 m, with significant lithium pegmatite intersections at CV5, CV13, and CV9 pegmatites. The Company's CEO, Blair Way, expressed confidence in the program's success and the potential for resource expansion.
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VANCOUVER, BC, Dec. 17, 2023 /PRNewswire/ - December 18, 2023 – SYDNEY, Australia

Highlights

  • Patriot continues to intersect well-mineralised zones in step-out drilling at the CV5 Pegmatite, with highlights:
    • 56.6 m at 1.37% Li2O and 9.9 m at 3.58% Li2O (CV23-231).
    • 50.1 m at 1.17% Li2O, 38.0 m at 1.44% Li2O, and 17.2 m at 2.20% Li2O (CV23-223).
    • 48.4 m at 1.21% Li2O, including 11.0 m at 3.42% Li2O (CV23-211).
    • 29.2 m at 1.35% Li2O, including 8.4 m at 3.50% Li2O (CV23-240).
    • 25.6 m at 1.98% Li2O and 33.4 m at 0.80% Li2O (CV23-222).
  • Patriot continues to intersect well-mineralised zones in step-out drilling at the CV13 Pegmatite, with highlights:
    • 19.2 m at 1.74% Li2O (CV23-215).
    • 14.8 m at 1.36% Li2O (CV23-210).
  • A total of 177 holes, for approximately 45,700 m, has been completed over the summer-fall program. Assay results for 27 holes are reported herein. Assays remain to be reported for more than 125 drill holes, including ~1.5 km of prospective pegmatite trend across the CV5 and CV13 pegmatites.
    • The Company is currently working to process a backlog of core, due to wildfires and prioritization of drilling staff in accommodation. Core processing is continuing at site and is expected to continue through to the holidays to clear the remaining backlog.
    • Going forward the Company will only report pegmatite drill intercepts at the same time as the respective core assays are announced, in compliance with applicable ASX and TSX-V rules. The change is intended to allow for reporting of results in the most appropriate manner available between the ASX and TSX regulatory regimes.
  • The CV5 Spodumene Pegmatite has been traced to a 4.35 km strike length, which remains open along strike and at depth (see news release dated September 24, 2023) – drill results for an additional 0.25 km of prospective strike length remain to be reported.
  • The CV13 Spodumene Pegmatite has been traced to a ~1.1 km strike length, which remains open along strike and at depth (see news release dated October 18, 2023) – drill results for an additional ~1.2 km of prospective strike length remain to be reported.
  • The CV9 Spodumene Pegmatite has been traced to a 0.45 km strike length following initial drill testing, which remains open along strike and at depth (see news released dated November 22, 2023).
  • Multiple spodumene pegmatite outcrop clusters remaining to be drill tested – CV4, CV8, CV10, and CV12 (only 1 shallow hole completed to date).

Blair Way, Company President, CEO, and Director, comments: "It is hard to understate the success of the 2023 drill campaign, including our recently completed summer-fall program. In addition to underpinning a maiden mineral resource estimate mid year, which established CV5 as a world class deposit and one of the largest lithium pegmatites globally, we have extended the strike length of CV5 to 4.35 km with drill results over additional prospective strike remaining to be reported. Further, drilling this summer-fall at CV13 has confirmed continuous pegmatite of at least 1.1 km in strike length with drill results for an additional 1.2 km of prospective strike remaining to be reported, and initial drill testing at CV9 has outlined a potentially large and fertile pegmatite over at least 450 m of strike length. The 2023 program has firmly demonstrated the world class scale of the system at Corvette, and is poised for continued growth over the next few months as additional assays from the program are reported."

Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSXV: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce further drill results, as well as completion of the final hole of its 2023 drill campaign at the Corvette Property with core processing continuing at site. The Corvette Property (the "Property" or "Project"), wholly owned by the Company, is located in the Eeyou Istchee James Bay region of Quebec. The 2023 drill campaign included holes completed at the CV5, CV13, and CV9 pegmatites. The CV5 Spodumene Pegmatite, with a maiden mineral resource estimate of 109.2 Mt at 1.42% Li2O inferred1, is situated approximately 13.5 km south of the regional and all–weather Trans-Taiga Road and powerline infrastructure. The CV13 and CV9 spodumene pegmatites are located approximately 3 km west-southwest and 14 km west of CV5, respectively (Figure 1).   

A total of 266 holes, for approximately 78,100 m of coring, have been completed over the 2023 drill campaign. Of this, 177 holes, totalling approximately 45,700 m, have been completed during the summer-fall program – 82 holes (~26,600 m) at CV5, 74 holes (~14,900 m) at CV13, 18 holes (~4,050 m) at CV9, and 3 holes (~150 m) at the KM-270 camp. Collectively, to date, the Company has now completed over 350 drill holes, totalling approximately 105,500 m, targeting lithium pegmatite across the Property.

The Company continues to process drill core from the 2023 program on site and is expected to have core samples from the final holes into the lab early in the new year. Going forward the Company will only report pegmatite drill intercepts at the same time as the respective core assays are announced, in compliance with applicable ASX and TSX-V rules. The change is intended to allow for reporting of results in the most appropriate manner available between the ASX and TSX regulatory regimes.

Drill core sample assay results for 27 holes are reported herein. Core sample assays for more than 125 holes completed over the 2023 summer fall drill program remain to be announced.

Figure 1: Spodumene pegmatite occurrences at the Property. (CNW Group/Patriot Battery Metals Inc)

CV5 Pegmatite

New drill results reported herein continue to demonstrate that the CV5 Spodumene Pegmatite remains well mineralized over its previously announced western extension (see news release dated September 24, 2023), and outside of the June 2023 mineral resource estimate block model (see news released dated July 30, 2023). Results are presented in Table 1 and include:

  • 56.6 m at 1.37% Li2O and 9.9 m at 3.58% Li2O (CV23-231).
  • 50.1 m at 1.17% Li2O, 38.0 m at 1.44% Li2O, and 17.2 m at 2.20% Li2O (CV23-223).
  • 48.4 m at 1.21% Li2O, including 11.0 m at 3.42% Li2O (CV23-211).
  • 29.2 m at 1.35% Li2O, including 8.4 m at 3.50% Li2O (CV23-240).
  • 25.6 m at 1.98% Li2O and 33.4 m at 0.80% Li2O (CV23-222).

Figure 2: Simplified geological cross-sections over the recently defined western extension at CV5. (CNW Group/Patriot Battery Metals Inc)

Figure 2: Simplified geological cross-sections over the recently defined western extension at CV5. (CNW Group/Patriot Battery Metals Inc)

Very strong grades over material widths are present over the western extension at CV5, including at least four (4) intervals of 5+ m at 3.4+% Li2O (drill holes CV23-208, 211, 231, and 240) in assays reported to date. Further drill delineation of the area is a high priority for the Company. Geological cross-section interpretations for two fences of drill holes completed over the western extension are presented in Figure 2.

Additionally, infill drilling at CV5 continues to return wide and well-mineralized spodumene pegmatite intercepts. Results announced herein include 67.1 m at 1.56% Li2O, including 13.0 m at 3.44% Li2O (CV23-241), and 63.0 m at 1.13% Li2O (CV23-230).

With the 2023 summer-fall drill program now completed, the Company has extended the CV5 Pegmatite to approximately 4.35 km total strike length and remains open (see news release dated September 24, 2023) with drill results for an additional 0.25 km of prospective strike length remaining to be reported (Figure 3). The CV5 maiden mineral resource estimate (109.2 Mt at 1.42% Li2O, inferred1) includes only ~3.4 km of the current 4.35 km strike length, thereby outlining significant and tangible potential for resource expansion. Already, the maiden mineral resource estimate for CV5 denotes it as the largest lithium pegmatite deposit in the Americas1 and is well positioned to become an important source of spodumene for the growing battery-supply chain of North America. 

Collectively, the 2023 summer-fall program has drill tested an additional 900 m of strike length over the CV5 area with results reported for only 650 m of this. This drilling was completed in the west as step-outs towards CV13, closing the gap remaining to be drill tested between the two pegmatites to 2.9 km (Figure 4).

Figure 3: Drill holes completed through 2023 at CV5 Spodumene Pegmatite. (CNW Group/Patriot Battery Metals Inc)

Table 1: Core assay summary for drill holes reported herein at the CV5 Spodumene Pegmatite. (CNW Group/Patriot Battery Metals Inc)

Figure 4: Remain to be drill tested corridor between the CV5 & CV13 spodumene pegmatites. (CNW Group/Patriot Battery Metals Inc)

CV13 Pegmatite

At the CV13 Pegmatite, drill results continue to demonstrate a well-mineralized upper pegmatite dyke of comparable widths to those reported in drill hole in 2022. Drill results announced herein are presented in Table 2 and include:

  • 19.2 m at 1.74% Li2O (CV23-215)
  • 14.8 m at 1.36% Li2O (CV23-210)
  • 11.2 m at 1.02% Li2O (CV23-235)
  • 9.7 m at 1.07% Li2O (CV23-213)

The lower pegmatite dyke remains more variably mineralized compared to the upper dyke with results including 10.0 m at 0.83% Li2O (CV23-218). The Company will continue to strategically test the lower pegmatite dyke for abrupt thickening (i.e., a blow-out) coincident with the presence of spodumene mineralization.

At CV13, the 2023 summer-fall drilling has extended the pegmatite to approximately 1.1 km in strike length and remains open (see news released dated October 18, 2023) with drill results for an additional ~1.2 km of prospective strike length remaining to be reported (Figure 5). The CV13 Pegmatite is currently interpreted to be characterized by a principal "upper" dyke and a secondary "lower" dyke, as well as several subordinate sub-parallel dykes, and are collectively geologically modelled to be shallowly dipping northerly. The principal dyke (the "upper" dyke) dips typically between 20-25° and has been traced at depth to at least 300 m down-dip (vertical depth from surface of ~140 m) and remains open.

Figure 5: Drill holes completed through 2023 at CV13 Spodumene Pegmatite. (CNW Group/Patriot Battery Metals Inc)

Table 2: Core assay summary for drill holes reported herein at the CV13 Spodumene Pegmatite (CNW Group/Patriot Battery Metals Inc)

CV9 Pegmatite

Further west at the Property, approximately 9.5 km west-northwest of CV13, initial drill testing of the CV9 Pegmatite has delineated a current strike length of at least 0.45 km and remains open, with three (3) holes returning continuous pegmatite intersections of 60+ m (see news released dated November 22, 2023) (Figure 6). The CV9 Pegmatite is currently interpreted to consist of a single principal dyke, which outcrops at surface, has a steep northerly dip, and is moderately plunging to the east-southeast. Assays remain to be reported for all drill holes completed at CV9 and are anticipated to be received in late January / early February 2024.

Figure 6: Drill holes completed at the CV9 Spodumene Pegmatite (see news release dated November 22, 2023) (CNW Group/Patriot Battery Metals Inc)

2023 Drill Program Wrap-up and 2024 Winter Drill Program Plans

The 2023 summer-fall drill program, although hindered by regional forest fires for multiple months, was highly successful with a collective pegmatite strike length of at least 5.9 km now defined – 4.35 km and open (CV5), 1.1 km and open (CV13), and 0.45 km and open (CV9) – as well as results pending over an additional 1.5 km of prospective strike length and more than 125 drill holes. The pegmatite remains open along strike at both ends at each of the CV5, CV13, and CV9 pegmatites, with multiple spodumene pegmatite outcrop clusters remaining to be drill tested – CV4, CV8, CV10, and CV12 (only 1 shallow hole completed to date).

Core processing is continuing at site and is expected to continue through to the holidays to clear the remaining backlog. Core sample assays for the 2023 summer-fall program are anticipated to be received and reported over the next 3 to 4 months and are highly dependent on laboratory turn-around times. Results remain to be reported for more than 125 drill holes completed over the 2023 summer-fall program, including approximately 1.5 km of potentially new pegmatite strike length.

Drilling at the Property is scheduled to resume in early January 2024 with a ramp up to ten (10) drill rigs as well as an expansion to the core shack and processing area to handle the larger volumes of core expected and minimize future backlog. The objectives of the 2024 winter drill program will be multi-pronged and focus on 1.) infill drilling of the CV5 Pegmatite to support an upgrade in resource confidence from the inferred category to the indicated category, 2.) continued delineation of the CV13 Pegmatite, and 3.) potential continued drill exploration at the CV9 Pegmatite and the approximate 80 m wide blowout of the dyke at shallow depth.  

Core sample assays for drill holes reported herein are presented in Table 1 and Table 2 for all pegmatite intersections >2 m. Locations and attributes for all holes completed over the 2023 summer-fall drill program are presented in Table 3.

Hole ID

Substrate

Total Depth

(m)

Azimuth

(°)

Dip

(°)

Easting

Northing

Elevation

 (m)

Core

Size

Cluster

Comments

CV23-191

Land

308.2

170

-45

565125.9

5928034.9

432.4

NQ

CV13


CV23-192

Land

354.0

0

-90

570330.5

5930613.3

383.4

NQ

CV5

Hydrogeology hole

CV23-193

Land

250.9

0

-90

569597.2

5930276.2

381.2

NQ

CV5


CV23-194

Land

282.0

0

-90

570802.4

5930731.5

382.1

NQ

CV5

Hydrogeology hole

CV23-195

Land

308.0

0

-90

565125.7

5928035.6

432.3

NQ

CV13


CV23-196

Land

263.0

158

-45

569599.0

5930272.7

381.3

NQ

CV5


CV23-197

Land

254.0

158

-45

570803.1

5930728.3

382.0

NQ

CV5

Hydrogeology hole

CV23-198

Land

98.0

140

-80

565126.2

5928036.0

432.4

NQ

CV13


CV23-199

Land

261.1

0

-90

570473.2

5930744.8

376.9

NQ

CV5

Hydrogeology hole

CV23-200

Land

250.9

100

-45

565128.0

5928036.2

432.4

NQ

CV13


CV23-201

Land

385.8

158

-45

569015.1

5930242.6

390.3

NQ

CV5


CV23-202

Land

302.0

220

-45

565054.8

5927953.3

419.4

NQ

CV13


CV23-203

Land

374.0

158

-45

569121.0

5930244.3

396.1

NQ

CV5


CV23-204

Land

262.9

130

-80

565057.6

5927954.3

419.2

NQ

CV13


CV23-205

Land

353.0

158

-60

569015.0

5930242.8

390.2

NQ

CV5


CV23-206

Land

322.8

158

-60

569120.8

5930244.6

396.1

NQ

CV5


CV23-207

Land

278.0

140

-45

565058.1

5927953.0

419.0

NQ

CV13


CV23-208

Land

368.0

158

-45

568937.2

5930165.2

391.0

NQ

CV5


CV23-209

Land

434.0

158

-45

569043.4

5930314.1

384.9

NQ

CV5


CV23-210

Land

272.0

210

-55

564875.9

5927914.8

409.7

NQ

CV13


CV23-211

Land

425.0

158

-60

568937.1

5930165.5

391.0

NQ

CV5


CV23-212

Water

296.0

158

-45

571736.6

5931251.3

372.7

NQ

CV5


CV23-213

Land

209.0

200

-85

564876.6

5927915.3

409.7

NQ

CV13


CV23-214

Land

502.1

158

-55

569043.3

5930314.3

384.7

NQ

CV5


CV23-215

Land

215.0

150

-45

564878.4

5927914.4

409.5

NQ

CV13


CV23-216

Land

209.1

200

-75

564841.1

5927978.0

415.4

NQ

CV13


CV23-217

Land

329.0

158

-45

568751.3

5930093.9

390.0

NQ

CV5


CV23-218

Land

254.1

200

-45

564841.3

5927978.6

415.4

NQ

CV13


CV23-219

Land

380.1

158

-45

568848.3

5930136.9

394.8

NQ

CV5


CV23-220

Water

275.0

158

-45

571824.6

5931284.7

372.2

NQ

CV5


CV23-221

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FAQ

What is the company name and ticker symbol for the press release?

Patriot Battery Metals Inc. (Patriot) is the company mentioned in the press release. The ticker symbols are TSXV: PMET, ASX: PMT, OTCQX: PMETF, and FSE: R9GA.

Where is the Corvette Property located?

The Corvette Property is located in the Eeyou Istchee James Bay region of Quebec.

What are the highlights of the 2023 drill campaign?

The 2023 drill campaign included 177 holes for approximately 45,700 m, with significant lithium pegmatite intersections at CV5, CV13, and CV9 pegmatites.

Who is the CEO of Patriot?

Blair Way is the President, CEO, and Director of Patriot Battery Metals Inc.

What are the goals of the 2024 winter drill program?

The objectives of the 2024 winter drill program will be to support an upgrade in resource confidence from the inferred category to the indicated category for the CV5 Pegmatite, continued delineation of the CV13 Pegmatite, and potential continued drill exploration at the CV9 Pegmatite and the approximate 80 m wide blowout of the dyke at shallow depth.

Patriot Battery Metals Inc.

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