STOCK TITAN

Patriot Makes New Discovery at the Corvette Property as it Intercepts 100 m of Spodumene-Bearing Pegmatite at CV9, Quebec, Canada

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Patriot Battery Metals Inc. (PMET) announces preliminary results of its inaugural drill program at the CV9 Spodumene Pegmatite, indicating wide intervals of pegmatite, dominantly spodumene-bearing, have been returned from multiple drill holes at CV9. The company has defined a pegmatite strike length of approximately 450 m by drilling and outcrop at CV9, which remains open. The CV9 Pegmatite is currently interpreted to be a single principal dyke, which outcrops at the surface, has a steep northerly dip, and is moderately plunging to the east-southeast. The magnitude of this variably mineralized pegmatite blow-out is significant, sharing similarities to those present at the CV5 Pegmatite in terms of depth and scale. The company plans to refine the geological model for CV9 upon the receipt of assays and develop a follow-up drill program to expand upon the success discussed herein. Core sample assays remain to be announced for more than 140 drill holes completed over the program, including all 18 holes completed at CV9.
Positive
  • Wide intervals of pegmatite, dominantly spodumene-bearing, have been returned from multiple drill holes at CV9
  • The company has defined a pegmatite strike length of approximately 450 m by drilling and outcrop at CV9, which remains open
  • The CV9 Pegmatite is currently interpreted to be a single principal dyke, which outcrops at the surface, has a steep northerly dip, and is moderately plunging to the east-southeast
  • The magnitude of this variably mineralized pegmatite blow-out is significant, sharing similarities to those present at the CV5 Pegmatite in terms of depth and scale
  • The company plans to refine the geological model for CV9 upon the receipt of assays and develop a follow-up drill program to expand upon the success discussed herein
Negative
  • Core sample assays remain to be announced for more than 140 drill holes completed over the program, including all 18 holes completed at CV9

VANCOUVER, BC, Nov. 21, 2023 /PRNewswire/ - November 22, 2023 – SYDNEY, Australia

Highlights
  • Drill hole CV23-345 hits approximately 100 m of near-continuous spodumene-bearing pegmatite at CV9.
  • Three (3) drill holes have returned continuous pegmatite intersections of 60+ m.
  • Patriot has defined a pegmatite strike length of approximately 450 m by drilling and outcrop at CV9, which remains open.
  • CV9 is located approximately 14 km west of the CV5 mineral resource.
  • Preliminary geological modelling indicates the CV9 Pegmatite significantly thickens to at least 80 m width at one location and remains open in multiple directions.
  • The magnitude of this variably mineralized pegmatite blow-out is significant, sharing similarities to those present at the CV5 Pegmatite in terms of depth and scale.
  • Eighteen (18) core holes (~4,000 m) have been completed in the inaugural drill program at the CV9 Pegmatite – sample assays are pending.
  • While it is early stage, the work done to date has resulted in an improvement in the understanding of the CV9 Pegmatite as the program went on, with a number of high priority targets now identified.

Darren L. Smith, Company Vice President of Exploration, comments: "This is a very strong start to the drill exploration at the CV9 Pegmatite. Although no core assays have been received yet, the presence of spodumene and the length of pegmatite encountered in multiple holes, highlighted by an approximate 100 m near-continuous spodumene-bearing hit in the final hole of the program, are very positive in terms of potential of this pegmatite to hold significant scale."  

Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSXV: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce preliminary results of its inaugural drill program at the CV9 Spodumene Pegmatite at its wholly owned Corvette Property (the "Property" or "Project"), located in the Eeyou Istchee James Bay region of Quebec. The CV9 Spodumene Pegmatite is located approximately 14 km west of the CV5 Spodumene Pegmatite (109.2 Mt at 1.42% Li2O inferred1), 9.5 km west-northwest of the CV13 Spodumene Pegmatite, and 11 km south of the Trans-Taiga Road and powerline infrastructure.

A total of eighteen (18) holes, for approximately 4,000 m of NQ coring, were completed this summer-fall in the inaugural drill program at the CV9 Spodumene Pegmatite (Figure 1 and Figure 2). The Company is pleased to report that wide intervals of pegmatite, dominantly spodumene-bearing, have been returned from multiple drill holes at CV9, including:

  • 100 m in drill hole CV23-345 (includes ~1 m of non-pegmatite dilution),
  • 76 m in drill hole CV23-315,
  • 70 m and 27 m in drill hole CV23-333,
  • 37 m in drill hole CV23-326, and
  • 23 m in drill hole CV23-304

Figure 1: Drill holes completed at the CV9 Spodumene Pegmatite. (CNW Group/Patriot Battery Metals Inc)

Preliminary logs for all pegmatite drill intercepts >2 m are presented in Table 1, and drill hole attributes in Table 2. Drill core from holes completed at the CV9 Pegmatite is currently being processed at site and no core sample assays have been received yet.

Table 1: Preliminary pegmatite logs for drill holes completed at the CV9 Spodumene Pegmatite (CNW Group/Patriot Battery Metals Inc)

A primary objective of the inaugural drill program at CV9 was to determine the geometry and orientation of the pegmatite system. Therefore, drill holes were completed at a variety of orientations from multiple collar locations (Figure 1) with results consistently improving over the course of the program as understanding of the pegmatite geometry improved. The last eight (8) holes all returned continuous core-length pegmatite intercepts >10 m, including three (3) intersections of 60+ m (see Figure 1 and Table 1).

The CV9 Pegmatite is currently interpreted to be a single principal dyke, which outcrops at surface, has a steep northerly dip, and is moderately plunging to the east-southeast. A strike length of approximately 450 m has been defined to date by drilling and outcrop, which remains open (Figure 1). The width of the dyke is variable; however, preliminary geological modelling indicates the CV9 Pegmatite significantly thickens to at least 80 m width at one location and remains open in multiple directions. The thickening is delineated by three (3), wide, variably mineralized spodumene-bearing pegmatite intersections at different orientations – 70 m (CV23-333), 76 m (CV23-315), and 100 m (CV23–345), all core length. The magnitude of this variably mineralized pegmatite blow-out is significant, sharing similarities to those present at the CV5 Pegmatite in terms of depth and scale. This is a very positive observation for this early phase of drill exploration at the CV9 Pegmatite and suggests a strong potential for significant scale to be present.

The Company will refine the geological model for CV9 upon the receipt of assays and a follow-up drill program will be developed to expand upon the success discussed herein.

Figure 2: Location of the CV9 Spodumene Pegmatite on the Corvette Property. (CNW Group/Patriot Battery Metals Inc)

Figure 3: Spodumene mineralized outcrop at the CV9 Pegmatite (looking west-northwest). (CNW Group/Patriot Battery Metals Inc)

Figure 4: Drill hole CV23-247 at the CV9 Pegmatite (looking northerly). (CNW Group/Patriot Battery Metals Inc)

The 2023 summer-fall program included the inaugural drill testing of the CV9 Spodumene Pegmatite, in addition to the continued drill delineation of the CV5 and CV13 spodumene pegmatites. Core sample assays remain to be announced for more than 140 drill holes completed over the program, including all 18 holes completed at CV9. Assays for CV9 drill core samples are not expected to be received (and reported) until Q1 2024.

Core processing is continuing at site with drilling temporarily paused for the onset of winter; drilling will resume in early January with a ramp up to ten (10) drill rigs. Core samples from a large number of drill holes have now arrived at the laboratory with processing underway, and shipments are now back to their regular weekly schedule. Results are anticipated to be reported in batches per pegmatite (CV5, CV13, and CV9) as received.

Table 2: Attributes for drill holes reported herein at the CV9 Spodumene Pegmatite (CNW Group/Patriot Battery Metals Inc)

1 The CV5 mineral resource estimate (109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred) is reported at a cut-off grade of 0.40% Li2O with effective date of June 25, 2023 (through drill hole CV23-190). Mineral resources are not mineral reserves as they do not have demonstrated economic viability.

Although the Company does not comment on the grade of the pegmatite intervals reported, several are noted as spodumene-bearing based on preliminary geological logging. Spodumene-bearing pegmatite refers to the visually identified presence of the mineral spodumene, within the respective interval, as discrete mineral crystals of varying size and orientation hosted within a quartz-feldspar pegmatite. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

About the CV Lithium Trend

The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company in 2017 and is interpreted to span more than 50 kilometres across the Corvette Property. The core area includes the approximate 4.35 km long CV5 Spodumene Pegmatite, which hosts a maiden mineral resource estimate of 109.2 Mt at 1.42% Li2O inferred1.

To date, seven (7) distinct clusters of lithium pegmatite have been discovered across the Corvette Property – CV4, CV5, CV8, CV9, CV10, CV12, and CV13. Given the proximity of some pegmatite outcrops to each other, as well as the shallow till cover in the area, it is probable that some of the outcrops may reflect a discontinuous surface exposure of a single, larger pegmatite "outcrop" subsurface. Further, the high number of well-mineralized pegmatites along 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/Competent Person

The information in this news release that relates to exploration results for the Corvette Property is based on, and fairly represents, information compiled by Mr. Darren L. Smith, M.Sc., P.Geo., who is a Qualified Person as defined by National Instrument 43-101, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 01968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 87868). Mr. Smith has reviewed and approved the technical information in this news release.

Mr. Smith is Vice President of Exploration for Patriot Battery Metals Inc. and holds common shares and options in the Company.

Mr. Smith has sufficient experience, which is relevant to the style of mineralization, type of deposit under consideration, and to the activities being undertaken to qualify as a Competent Person as described by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr. Smith consents to the inclusion in this news release of the matters based on his information in the form and context in which it appears.

About Patriot Battery Metals Inc.

Patriot Battery Metals Inc. is a hard-rock lithium exploration company focused on advancing its district-scale 100% owned Corvette Property located in the Eeyou Istchee James Bay region of Quebec, Canada, and proximal to regional road and powerline infrastructure. The Corvette Property hosts the CV5 Spodumene Pegmatite with a maiden mineral resource estimate of 109.2 Mt at 1.42% Li2O inferred1 and ranks as the largest lithium pegmatite resource in the Americas based on contained lithium carbonate equivalent (LCE), and one of the top 10 largest lithium pegmatite resources in the world. Additionally, the Corvette Property hosts multiple other spodumene pegmatite clusters that remain to be drill tested, as well as more than 20 km of prospective trend that remain to be assessed.

1 The CV5 mineral resource estimate (109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred) is reported at a cut-off grade of 0.40% Li2O with effective date of June 25, 2023 (through drill hole CV23-190). Mineral resources are not mineral reserves as they do not have demonstrated economic viability.

 

For further information, please contact us at info@patriotbatterymetals.com or by calling +1 (604) 279-8709, or visit www.patriotbatterymetals.com. Please also refer to the Company's continuous disclosure filings, available under its profile at www.sedarplus.ca and www.asx.com.au, for available exploration data.

This news release has been approved by the Board of Directors.

"BLAIR WAY"                                    

Blair Way, President, CEO, & Director

Disclaimer for Forward-looking Information

This news release contains "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations and plans that allows investors and others to have a better understanding of the Company's business plans and financial performance and condition.

All statements, other than statements of historical fact included in this news release, regarding the Company's strategy, future operations, financial position, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Forward-looking statements are typically identified by words such as "plan", "expect", "estimate", "intend", "anticipate", "believe", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. In particular and without limitation, this news release contains forward-looking statements pertaining to the summer-fall drilling program and the completion and publication of Company's technical report comprising the maiden mineral resource estimate in respect of the Corvette Property.  

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company's forward-looking information is based include the total funding required to complete the development of the Company's lithium mineral project at the Corvette Property (the "Corvette Project"), including the drilling program.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company's business, any of which could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others, the ability to execute on plans relating to the Company's Corvette Project, including the timing thereof. In addition, readers are directed to carefully review the detailed risk discussion in the Company's most recent Annual Information Form filed on SEDAR+, which discussion is incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations.

Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements.

Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Company's business plans, financial performance and condition and may not be appropriate for other purposes.

The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements.

Competent Person Statement (ASX Listing Rule 5.22)

The mineral resource estimate in this release was reported by the Company in accordance with ASX Listing Rule 5.8 on July 31, 2023. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcements and that all material assumptions and technical parameters underpinning the estimates in the previous announcements continue to apply and have not materially changed. 

Appendix 1 – JORC Code 2012 Table 1 information required by ASX Listing Rule 5.7.1

Section 1 – Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling
techniques

  • Nature and quality of sampling (eg cut
    channels, random chips, or specific
    specialized industry standard
    measurement tools appropriate to the
    minerals under investigation, such as
    down hole gamma sondes, or handheld
    XRF instruments, etc). These examples
    should not be taken as limiting the
    broad meaning of sampling.
  • Include reference to measures taken to
    ensure sample representivity and the
    appropriate calibration of any
    measurement tools or systems used.
  • Aspects of the determination of
    mineralization that are Material to the
    Public Report.
  • In cases where 'industry standard' work
    has been done this would be relatively
    simple (eg 'reverse circulation drilling
    was used to obtain 1 m samples from
    which 3 kg was pulverized to produce a
    30 g charge for fire assay'). In other
    cases more explanation may be
    required, such as where there is coarse
    gold that has inherent sampling
    problems. Unusual commodities or
    mineralization types (eg submarine
    nodules) may warrant disclosure of
    detailed information.

 

  • Core sampling protocols meet industry standard
    practices.
  • Core sampling is guided by lithology as determined
    during geological logging (i.e., by a geologist). All
    pegmatite intervals are sampled in their entirety (half-
    core), regardless if spodumene mineralization is noted
    or not (in order to ensure an unbiased sampling
    approach) in addition to ~1 to 3 m of sampling into the
    adjacent host rock (dependent on pegmatite interval
    length) to "bookend" the sampled pegmatite.
  • The minimum individual sample length is typically 0.3-
    0.5 m and the maximum sample length is typically
    2.0 m. Targeted individual pegmatite sample lengths
    are 1.0 m.
  • All drill core is oriented to maximum foliation prior to
    logging and sampling and is cut with a core saw into
    half-core pieces, with one half-core collected for assay,
    and the other half-core remaining in the box for
    reference. 
  • Core samples collected from drill holes were shipped to 
    SGS Canada's laboratory in
    Val-d'Or, QC, for sample
    preparation (code PRP89 special) which included
    drying at 105°C, crush to 90% passing 2 mm, riffle split
    250 g, and pulverize 85% passing 75 microns. Core
    sample pulps were shipped by air to SGS Canada's
    laboratory in Burnaby, BC, where the samples were
    homogenized and subsequently analyzed for multi-
    element (including Li and Ta) using sodium peroxide
    fusion with ICP-AES/MS finish (codes GE_ICP91A50
    and GE_IMS91A50).

 

Drilling techniques

  • Drill type (eg core, reverse circulation,
    open-hole hammer, rotary air blast,
    auger, Bangka, sonic, etc) and details
    (eg core diameter, triple or standard
    tube, depth of diamond tails, face-
    sampling bit or other type, whether core
    is oriented and if so, by what method,
    etc).

 

  • NQ size core diamond drilling was completed for all holes. Core was not oriented.

 

Drill sample recovery

  • Method of recording and assessing core
    and chip sample recoveries and results
    assessed.
  • Measures taken to maximize sample
    recovery and ensure representative
    nature of the samples.
  • Whether a relationship exists between
    sample recovery and grade and whether
    sample bias may have occurred due to
    preferential loss/gain of fine/coarse
    material.

 

  • All drill core was geotechnically logged following
    industry standard practices, and includes TCR, RQD,
    ISRM, and Q-Method. Core recovery is very good and
    typically exceeds 90%.

 

Logging

  • Whether core and chip samples have been
    geologically and geotechnically
    logged to a level of detail to support
    appropriate Mineral Resource
    estimation, mining studies
    and metallurgical studies.
  • Whether logging is qualitative or
    quantitative in nature. Core (or costean,
    channel, etc) photography.
  • The total length and percentage of the
    relevant intersections logged.

 

  • Upon receipt at the core shack, all drill core is pieced
    together, oriented to maximum foliation, metre marked,
    geotechnically logged (including structure), alteration
    logged, geologically logged, and sample logged on an
    individual sample basis. Core box photos are also
    collected of all core drilled, regardless of perceived
    mineralization. Specific gravity measurements of
    pegmatite are also collected at systematic intervals for
    all pegmatite drill core using the water immersion
    method, as well as select host rock drill core.
  • The logging is qualitative by nature, and includes
    estimates of spodumene grain size, inclusions, and
    model mineral estimates.
  • These logging practices meet or exceed current industry
    standard practices.

 

Sub-sampling
techniques and
sample preparation

  • If core, whether cut or sawn and
    whether quarter, half or all core taken.
  • If non-core, whether riffled, tube
    sampled, rotary split, etc and whether
    sampled wet or dry.
  • For all sample types, the nature, quality
    and appropriateness of the sample
    preparation technique.
  • Quality control procedures adopted for
    all sub-sampling stages to maximize 
    representivity of samples.
  • Measures taken to ensure that the
    sampling is representative of the in situ
    material collected, including for
    instance results for field
    duplicate/second-half sampling.
  • Whether sample sizes are appropriate to
    the grain size of the material being
    sampled.

 

·  N/A, no assay data presented.

Quality of assay
data and laboratory
tests

  • The nature, quality and appropriateness
    of the assaying and laboratory
    procedures used and whether the
    technique is considered partial or total.
  • For geophysical tools, spectrometers,
    handheld XRF instruments, etc, the
    parameters used in determining the
    analysis including instrument make and
    model, reading times, calibrations
    factors applied and their derivation, etc.
  • Nature of quality control procedures
    adopted (eg standards, blanks,
    duplicates, external laboratory checks)
    and whether acceptable levels of
    accuracy (ie lack of bias) and precision
    have been established.

 

  • N/A, no assay data presented.

 

Verification of
sampling and
assaying

  • The verification of significant
    intersections by either independent or
    alternative company personnel.
  • The use of twinned holes.
  • Documentation of primary data,
    data entry procedures, data verification, data
    storage (physical and electronic)
    protocols.
  • Discuss any adjustment to assay data.

 

  • Intervals are reviewed and compiled by the VP
    Exploration and Project Managers prior to disclosure,
    including a review of the Company's internal QAQC
    sample analytical data.
  • Data capture utilizes MX Deposit software whereby
    core logging data is entered directly into the software
    for storage, including direct import of laboratory
    analytical certificates as they are received. The
    Company employs various on-site and post QAQC
    protocols to ensure data integrity and accuracy.

 

Location of data
points

  • Accuracy and quality of surveys used to
    locate drill holes (collar and down-hole
    surveys), trenches, mine workings and
    other locations used in Mineral 
    Resource estimation.
  • Specification of the grid system used.
  • Quality and adequacy of topographic
    control.

 

  • Each drill hole's collar has been surveyed with a RTK
    Trimble Zephyr 3 (or temporarily using a handheld
    GPS).
  • The coordinate system used is UTM NAD83 Zone 18.
  • The Company completed a property-wide LiDAR and
    orthophoto survey in August 2022, which provides
    high-quality topographic control.
  • The quality and accuracy of the topographic controls
    are considered adequate for advanced stage exploration
    and development, including mineral resource
    estimation.

 

Data spacing and
distribution

  • Data spacing for reporting of
    Exploration Results.
  • Whether the data spacing and
    distribution is sufficient to establish the
    degree of geological and grade
    continuity appropriate for the Mineral
    Resource and Ore Reserve estimation
    procedure(s) and classifications
    applied.
  • Whether sample compositing has been
    applied.

 

  • Drill hole collar spacing is irregular with varied hole
    orientations and multiple collars on the same pad.
  • It is interpreted that some of the drill hole spacing may
    be sufficient to support a mineral resource estimate.
  • Core sample lengths typically range from 0.5 to 1.5 m
    and average ~1 m. Sampling is continuous within all
    pegmatite encountered in the drill hole.

 

Orientation of data
in relation to
geological structure

  • Whether the orientation of sampling
    achieves unbiased sampling of possible
    structures and the extent to which this
    is known, considering the deposit type.
  • If the relationship between the drilling
    orientation and the orientation of key
    mineralized structures is considered to
    have introduced a sampling bias, this
    should be assessed and reported if
    material.

 

  • No sampling bias is anticipated based on structure
    within the mineralized body.
  • At CV9, the orientation and geometry of the pegmatite
    is still being delineated. The pegmatite is currently
    interpreted to be comprised of a single principal dyke,
    which outcrops at surface, has a steep northerly dip, and
    is moderately plunging to the east-southeast True width
    of drill intersections is not known. 

 

Sample security

  • The measures taken to ensure sample
    security.

 

  • N/A, no assay data presented.

 

Audits or reviews

  • The results of any audits or reviews of
    sampling techniques and data.

 

  • A review of the sample procedures for the Company's
    2021 fall drill program (CF21-001 to 004) and 2022
    winter drill program (CV22-015 to 034) was completed
    by an Independent Competent Person and deemed
    adequate and acceptable to industry best practices
    (discussed in a technical report titled "NI 43-101
    Technical Report on the Corvette Property, Quebec,
    Canada", by Alex Knox, M.Sc., P.Geol., Issue Date of
    June 27th, 2022.)
  • A review of the sample procedures through the
    Company's 2023 winter drill program was completed
    by an independent Competent Person with respect to the
    CV5 Pegmatite's maiden mineral resource estimate and
    deemed adequate and acceptable to industry best
    practices (discussed in a technical report titled " NI
    43–101 Technical Report, Mineral Resource Estimate
    for the CV5 Pegmatite, Corvette Property" by Todd 
    McCracken, P.Geo., of BBA Engineering Ltd., and
    Ryan Cunningham, M.Eng., P.Eng., of Primero Group
    Americas Inc., Effective Date of June 25, 2023, and
    Issue Date of September 8, 2023.
  • Additionally, the Company continually reviews and
    evaluates its procedures in order to optimize and ensure
    compliance at all levels of sample data collection and
    handling.

 

 

Section 2 – Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral tenement
and land tenure
status

  • Type, reference name/number, location
    and ownership including agreements or
    material issues with third parties such as
    joint ventures, partnerships, overriding
    royalties, native title interests, historical
    sites, wilderness or national park and
    environmental settings.
  • The security of the tenure held at the time
    of reporting along with any known
    impediments to obtaining a licence to
    operate in the area.

 

  • The Corvette Property is comprised of 424 CDC claims
    located in the James Bay Region of Quebec, with
    Patriot Battery Metals Inc. the registered title holder for all
    of the claims. The northern border of the Property's
    primary claim block is located within approximately 6
    km to the south of the Trans-Taiga Road and powerline
    infrastructure corridor. At the Property, The CV9
    Spodumene Pegmatite is located approximately 14
    km west of the CV5 Spodumene Pegmatite, 9.5 km west-
    northwest of the CV13 Spodumene Pegmatite, and
    11 km south of the Trans-Taiga Road and powerline
    infrastructure.
  • The Company holds 100% interest in the Property
    subject to various royalty obligations depending on
    original acquisition agreements. DG Resources
    Management holds a 2% NSR (no buyback) on 76
    claims, D.B.A. Canadian Mining House holds a 2%
    NSR on 50 claims (half buyback for $2M) and Osisko
    Gold Royalties holds a sliding scale NSR of 1.5-3.5%
    on precious metals, and 2% on all other products, over
    111 claims. The vast majority of the CV13 Spodumene
    Pegmatite, as is currently delineated, is not subject to a
    royalty.
  • The Property does not overlap any atypically sensitive
    environmental areas or parks, or historical sites to the
    knowledge of the Company. There are no known 
    hinderances to operating at the Property, apart from the
    goose harvesting season (typically mid-April to mid-
    May) where the communities request helicopter flying
    not be completed, and potentially wildfires depending
    on the season, scale, and location.
  • Claim expiry dates range from September 2024 to
    September 2026. 

 

Exploration done
by other parties

  • Acknowledgment and appraisal of
    exploration by other parties.

 

  • No core assay results from other parties are disclosed
    herein.
  • The most recent independent Property review was a
    technical report titled "NI 43-101 Technical Report,
    Mineral Resource Estimate for the CV5 Pegmatite,
    Corvette Property, James Bay Region, Québec,
    Canada", by Todd McCracken, P.Geo., of BBA
    Engineering Ltd., and Ryan Cunningham, M.Eng.,
    P.Eng., of Primero Group Americas Inc., Effective Date
    of June 25, 2023, and Issue Date of September 8, 2023.

 

Geology

  • Deposit type, geological setting and
    style of mineralization.

 

  • The Property overlies a large portion of the Lac Guyer
    Greenstone Belt, considered part of the larger La
    Grande River Greenstone Belt and is dominated by
    volcanic rocks metamorphosed to amphibolite facies.
    The claim block is dominantly host to rocks of the
    Guyer Group (amphibolite, iron formation,
    intermediate to mafic volcanics, peridotite, pyroxenite,
    komatiite, as well as felsic volcanics). The amphibolite
    rocks that trend east-west (generally steeply south
    dipping) through this region are bordered to the north
    by the Magin Formation (conglomerate and wacke) and
    to the south by an assemblage of tonalite, granodiorite,
    and diorite, in addition to metasediments of the Marbot
    Group (conglomerate, wacke). Several regional-scale
    Proterozoic gabbroic dykes also cut through portions of
    the Property (Lac Spirt Dykes, Senneterre Dykes).
  • The geological setting is prospective for gold, silver,
    base metals, platinum group elements, and lithium over
    several different deposit styles including orogenic gold
    (Au), volcanogenic massive sulfide (Cu, Au, Ag),
    komatiite-ultramafic (Au, Ag, PGE, Ni, Cu, Co), and
    pegmatite (Li, Ta).
  • Exploration of the Property has outlined three primary
    mineral exploration trends crossing dominantly east-
    west over large portions of the Property – Golden Trend
    (gold), Maven Trend (copper, gold, silver), and CV
    Trend (lithium, tantalum). The CV5 and CV13
    spodumene pegmatites are situated within the CV
    Trend. Lithium mineralization at the Property,
    including at CV5, CV13, and CV9, is observed to occur
    within quartz-feldspar pegmatite, which may be
    exposed at surface as high relief 'whale-back'
    landforms. The pegmatite is often very coarse-grained
    and off-white in appearance, with darker sections
    commonly composed of mica and smoky quartz, and
    occasional tourmaline.
  • The lithium pegmatites at Corvette are categorized as
    LCT Pegmatites. Core assays and ongoing
    mineralogical studies, coupled with field mineral
    identification and assays, indicate spodumene as the
    dominant lithium-bearing mineral on the Property, with
    no significant petalite, lepidolite, lithium-phosphate
    minerals, or apatite present. The pegmatites also carry
    significant tantalum values with tantalite indicated to be
    the mineral phase.

 

Drill hole
Information

  • A summary of all information material
    to the understanding of the exploration
    results including a tabulation of the
    following information for all Material
    drill holes:
    • easting and northing of the drill hole
      collar
    • elevation or RL (Reduced Level –
      elevation above sea level in metres) of
      the drill hole collar
    • dip and azimuth of the hole
    • down hole length and interception
      depth
    • hole length.
  • If the exclusion of this information is
    justified on the basis that the
    information is not Material and this
    exclusion does not detract from the
    understanding of the report, the
    Competent Person should clearly
    explain why this is the case.

 

  • Drill hole attribute information is included in a table
    herein.  
  • Pegmatite intersections of <2 m are not typically
    presented as they are considered insignificant.

 

Data aggregation
methods

  • In reporting Exploration Results,
    weighting averaging techniques,
    maximum and/or minimum grade
    truncations (eg cutting of high grades)
    and cut-off grades are usually Material
    and should be stated.
  • Where aggregate intercepts incorporate
    short lengths of high grade results and
    longer lengths of low grade results, the
    procedure used for such aggregation
    should be stated and some typical
    examples of such aggregations should
    be shown in detail.
  • The assumptions used for any reporting
    of metal equivalent values should be
    clearly stated.

 

  • N/A, no assay data presented.

 

Relationship
between
mineralization
widths and intercept
lengths

  • These relationships are particularly
    important in the reporting of
    Exploration Results.
  • If the geometry of the mineralization
    with respect to the drill hole angle is
    known, its nature should be reported.
  • If it is not known and only the down
    hole lengths are reported, there should
    be a clear statement to this effect (eg '
    down hole length, true width not
    known').

 

  • Geological modelling is ongoing on a hole-by-hole
    basis and as assays are received. However, current
    interpretation indicates CV9 is comprised of a single
    principal dyke, which outcrops at surface, has a steep
    northerly dip, and is moderately plunging to the east-
    southeast. A strike length of 450 m has been delineated
    through drilling and outcrop.
  • All reported widths are core length. True widths are not
    calculated for each hole due to the relatively wide drill
    spacing at this stage of delineation and the typical
    irregular nature of pegmatite, as well as the varied drill
    hole orientations. As such, true widths may vary widely
    from hole to hole. 

 

Diagrams

  • Appropriate maps and sections (with
    scales) and tabulations of intercepts
    should be included for any significant
    discovery being reported These should
    include, but not be limited to a plan
    view of drill hole collar locations and
    appropriate sectional views.

 

  • Please refer to the figures included herein as well as
    those posted on the Company's website.

 

Balanced reporting

  • Where comprehensive reporting of all
    Exploration Results is not practicable,
    representative reporting of both low and
    high grades and/or widths should be
    practiced to avoid misleading reporting
    of Exploration Results.

 

  • Please refer to the table(s) included herein as well as
    those posted on the Company's website.
  • Results for pegmatite intervals <2 m are not reported.

 

Other substantive
exploration data

  • Other exploration data, if meaningful
    and material, should be reported
    including (but not limited to):
    geological observations; geophysical
    survey results; geochemical survey
    results; bulk samples – size and method
    of treatment; metallurgical test results;
    bulk density, groundwater, 
    geotechnical and rock characteristics;
    potential deleterious or contaminating
    substances.

 

  • The Company is currently completing baseline
    environmental work over the CV5 and CV13 pegmatite
    area. No endangered flora or fauna have been
    documented over the Property to date, and several sites
    have been identified as potentially suitable for mine
    infrastructure. 
  • The Company has completed a bathymetric survey over
    the shallow glacial lake which overlies a portion of the
    CV5 Spodumene Pegmatite. The lake depth ranges
    from <2 m to approximately 18 m, although the
    majority of the CV5 Spodumene Pegmatite, as
    delineated to date, is overlain by typically <2 to 10 m of
    water.
  • The Company has completed preliminary metallurgical
    testing comprised of HLS and magnetic testing, which
    has produced 6+% Li2O spodumene concentrates at
    >70% recovery on both CV5 and CV13 pegmatite
    material, indicating DMS as a viable primary process
    approach, and that both CV5 and CV13 could
    potentially feed the same process plant. A DMS test on
    CV5 Spodumene Pegmatite material returned a
    spodumene concentrate grading 5.8% Li2O at 79%
    recovery, strongly indicating potential for a DMS only
    operation to be applicable.
  • Various mandates required for advancing the Project
    towards economic studies have been initiated, including
    but not limited to, environmental baseline, metallurgy,
     geomechanics, hydrogeology, hydrology, stakeholder
    engagement, geochemical characterization, as well as
    transportation and logistical studies.

 

Further work

  • The nature and scale of planned further
    work (eg tests for lateral extensions or
    depth extensions or large-scale step-out
    drilling).
  • Diagrams clearly highligh

    FAQ

    What are the preliminary results of the inaugural drill program at the CV9 Spodumene Pegmatite by Patriot Battery Metals Inc. (PMET)?

    The company has defined a pegmatite strike length of approximately 450 m by drilling and outcrop at CV9, which remains open.

    What is the current interpretation of the CV9 Pegmatite?

    The CV9 Pegmatite is currently interpreted to be a single principal dyke, which outcrops at the surface, has a steep northerly dip, and is moderately plunging to the east-southeast.

    What are the future plans of Patriot Battery Metals Inc. (PMET) regarding the CV9 Pegmatite?

    The company plans to refine the geological model for CV9 upon the receipt of assays and develop a follow-up drill program to expand upon the success discussed herein.

    What is the pending aspect of the PR?

    Core sample assays remain to be announced for more than 140 drill holes completed over the program, including all 18 holes completed at CV9.

    Patriot Battery Metals Inc.

    OTC:PMETF

    PMETF Rankings

    PMETF Latest News

    PMETF Stock Data

    539.31M
    129.91M
    2.52%
    3.43%
    Crushed and Broken Limestone Mining and Quarrying
    Mining, Quarrying, and Oil and Gas Extraction
    Link
    United States of America
    Vancouver