2024 inclusive of a maiden CV13 resource.
Patriot Battery Metals Inc.
Suite 700 - 838 W. Hastings Street, Vancouver, BC, Canada, V6C 0A6
www.patriotbatterymetals.com TSX: PMET / ASX: PMT / OTC: PMETF / FSE: R9GA
122.5 m at 1.42% Li2O and 71.4 m at 1.57% Li2O at CV5
May 15, 2024 – Vancouver, BC, Canada May 16, 2024 – Sydney, Australia
Highlights
• Continued strong lithium mineralization over wide intervals from infill drilling at CV5.
o 122.5 m at 1.42% Li2O, including 35.8 m at 2.15% Li2O (CV24-405).
o 71.4 m at 1.57% Li2O, including 14.2 m at 3.15% Li2O (CV24-435).
o 68.7 m at 1.56% Li2O and 22.5 m at 1.04% Li2O (CV24-414).
o 74.9 m at 1.28% Li2O, including 28.1 m at 2.28% Li2O (CV24-423A).
o 53.0 m at 1.22% Li2O, including 25.0 m at 1.65% Li2O (CV24-450).
• The focus of the 2024 winter drilling at CV5 was to support an upgrade in mineral resource
confidence, from the inferred category to the indicated category , targeting release in Q3
2024 inclusive of a maiden CV13 resource.
• Multiple holes remain to be reported targeting the newly discovered high-grade zone at
CV13, with the Company to report the assay results as soon as they are received in the
coming weeks.
• 38,887 m (111 holes) remain to be reported from the 2024 winter drill program – 27,611
m (67 holes) at CV5, and 11,276 m (44 holes) at CV13.
Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX: PMET) (ASX: PMT)
(OTCQX: PMETF) (FSE: R9GA) is pleased to announce the next batch of core assay results
for drill holes completed in 2024 at the CV5 Spodumene Pegmatite. The Corvette Property (the
“Property” or “Project”), wholly owned by the Company, is located in the Eeyou Istchee James
Bay region of Quebec. The CV5 Spodumene Pegmatite, with a maiden mineral resource estimate
(“MRE”) of 109.2 Mt at 1.42% Li 2O inferred 1, is situated approximately 13.5 km south of the
regional and all‑weather Trans-Taiga Road and powerline infrastructure.
Darren L. Smith, Vice President of Exploration for the Company comments, “Another round of CV5
core assays from our infill program and it continues to deliver to expectations. Coupled with the new high-
grade discovery at CV13, the 2024 winter program’s results continue to demonstrate the quality and scale
on show at Corvette.”
“It’s been a huge effort from the team to progress what was a very large-scale drill program over the last
6-8 months. Through their efforts, all drilling up until our recent seasonal break, including the previously
highlighted CV13 high-grade discovery, will make it into the upcoming resource update”, added Mr. Smith.
Figure 1: Drill holes completed at the CV5 Spodumene Pegmatite through April 2024.
Core assay results for 20 drill holes, completed during the recently completed 2024 winter drill
program at the CV5 Spodumene Pegmatite, are reported herein (Figure 1). Highlights include:
• 122.5 m at 1.42% Li2O, including 35.8 m at 2.15% Li2O (CV24-405).
• 71.4 m at 1.57% Li2O, including 14.2 m at 3.15% Li2O (CV24-435).
• 68.7 m at 1.56% Li2O and 22.5 m at 1.04% Li2O (CV24-414).
• 74.9 m at 1.28% Li2O, including 28.1 m at 2.28% Li2O (CV24-423A).
• 53.0 m at 1.22% Li2O, including 25.0 m at 1.65% Li2O (CV24-450).
The results of the drill holes reported herein cover a significant strike length of the CV5
Spodumene Pegmatite . The holes were completed at varying orientations targeting specific
sections of the pegmatite body at depth over a significant strike length . The results continue to
demonstrate robust thicknesses and lithium grade of the spodumene pegmatite body(s) that define
CV5 (Figure 2 and Figure 3).
The 2024 winter drill program at CV5 focused on resource infill and covered ~3.9 km of the total
4.6 km pegmatite strike length defined to date . The primary objective of the infill drilling is to
improve the confidence of the geological model at CV5 to support an upgrade of mineral resources
from the inferred category to the indicated category. This includes the delineation of a coherent
body of indicated mineral resources to support advanced development and pending economic
studies at CV5.
The 2024 winter drill program (now complete), totaled 62,518 m (166 holes) , including
50,961 m (121 holes) at CV5, and 11,557 m (45 holes) at CV13, of which 38,886.6 m (111 holes)
remain to be reported – 27,611 m (67 holes) at CV5, and 11,276 m (44 holes) at CV13. This
includes multiple holes that remain to be reported targeting the newly discovered high-grade zone
at CV13.
An updated MRE for the Corvette Project, incorporating drilling through April 2024, is scheduled
for Q3 2024. This MRE update will include both the CV5 and CV13 spodumene pegmatites and a
total anticipated metreage of 134,129 m (369 holes) and 29,121 m (133 holes), respectively.
Core sample assays for drill hole s reported herein from the CV 5 Spodumene Pegmatite are
presented in Table 1 for all pegmatite intersections >2 m. Drill hole locations and attributes are
presented in Table 2.
Figure 2: High-grade spodumene pegmatite intercept in drill hole CV24-435 at CV5. Core grades ~2.9%
Li2O over interval presented (271.0 m to 284.5 m) including 4.77% Li2O from 281.0 m to 282.0 m.
Figure 3: Large spodumene crystal(s) in quartz pegmatite, drill hole CV24-435 at ~311.5 m depth.
Table 1: Core assay summary for drill holes reported herein at the CV5 Spodumene Pegmatite.
Hole ID From
(m)
To
(m)
Interval
(m)
Li2O
(%)
Ta2O5
(ppm) Comments Hole ID From
(m)
To
(m)
Interval
(m)
Li2O
(%)
Ta2O5
(ppm) Comments
CV24-380 173.5 182.4 8.9 0.23 200 CV24-435 256.2 327.6 71.4 (3)
1.57 171
CV24-405 39.5 46.7 7.2 0.53 92 incl. 267.9 282.0 14.2 3.15 151
148.7 271.2 122.5 1.42 138 CV24-442 75.1 112.8 37.8 0.06 170
incl. 183.0 211.0 28.0 2.38 119 195.4 210.3 14.9 0.01 146
and 233.0 268.8 35.8 2.15 170 235.1 237.1 2.0 0.02 64
CV24-413 No >2 m pegmatite intersections 278.5 282.0 3.5 1.00 117
CV24-414 79.6 88.6 8.9 1.42 172 CV24-445 152.2 158.4 6.2 0.70 66
109.4 178.1 68.7 1.56 163 CV24-448 52.4 58.9 6.4 0.40 159
incl. 123.5 150.6 27.1 2.32 155 167.7 178.3 10.6 0.02 119
198.2 203.7 5.5 1.59 195 CV24-449 46.1 48.9 2.8 0.03 578
328.3 350.8 22.5 1.04 315 CV24-450 6.1 59.1 53.0 1.22 229
CV24-416 77.5 102.2 24.7 0.87 224 incl. 22.5 47.5 25.0 1.65 202
119.5 131.8 12.3 1.12 85 122.1 130.7 8.6 0.83 143
169.5 172.6 3.1 0.81 93 214.1 224.3 10.2 0.14 81
179.6 195.0 15.4 0.83 93 256.4 259.3 2.9 0.01 68
CV24-423 45.4 110.1 64.7 Not sampled Hole lost; re-collared CV24-459 No >2 m pegmatite intersections
CV24-423A 45.2 120.1 74.9 1.28 132 CV24-463 124.7 126.8 2.2 0.00 3
incl. 56.9 85.0 28.1 2.28 124 CV24-465 136.9 143.1 6.2 2.46 137
CV24-426 91.5 169.1 77.6 0.75 130 CV24-466 145.6 187.2 41.6 0.66 136
incl. 92.9 118.4 25.6 1.22 176 incl. 180.5 186.0 5.6 2.90 257
422.3 429.8 7.5 1.04 106 202.1 221.8 19.7 1.04 101
486.8 492.8 6.0 1.01 85
CV24-428 64.4 112.2 47.8 0.66 91
incl. 65.2 91.1 25.9 1.01 100
CV24-434 175.2 187.6 12.4 0.94 136
402.3 406.4 4.1 0.02 81
(1) All intervals are core length and presented for all pegmatite intervals >2 m.
Geological modelling is ongoing; (2) Collared in pegmatite; (3) Includes minor
intervals of non-pegmatite units (typically <3 m).
Table 2: Attributes for drill holes reported herein at the CV5 Spodumene Pegmatite.
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. Largest lithium pegmatite resource in the
Americas based on contained LCE.
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 at a rate of approximately 5%. Addit ionally, analysis of pulp -split
sample duplicates was completed to assess analytical precision, and external (secondary)
laboratory pulp-split duplicates were prepared at the primary lab for subsequent check analysis
and validation.
All core samples collected were shipped to SGS Canada’s laboratory in Radisson, QC, for sample
preparation (code PRP90 special) which includes drying at 105°C, crush to 90% passing 2 mm, riffle
split 250 g, and pulverize 85% passing 75 microns. The pulps were shipped by air to SGS Canada’s
laboratory in Burnaby, BC, where the samples were homogenized and subsequently anal yzed for
multi-element (including Li and Ta) using sodium peroxide fusion with ICP -AES/MS finish (codes
GE_ICP91A50 and GE_IMS91A50).
Hole ID Substrate Total Depth
(m)
Azimuth
(°)
Dip
(°) Easting Northing Elevation (m) Core Size Cluster Comments
CV24-380 Land 559.9 158 -60 570219 5930863 374.9 NQ CV5
CV24-405 Land 439.9 158 -60 571659 5931300 378.4 NQ CV5
CV24-413 Ice 431.0 158 -62 570941 5931080 372.1 NQ CV5
CV24-414 Land 425.0 158 -45 569516 5930473 383.8 NQ CV5
CV24-416 Land 334.8 158 -45 569359 5930330 389.7 NQ CV5
CV24-423 Land 110.1 158 -75 569359 5930331 389.7 NQ CV5
CV24-423A Land 329.0 158 -75 569359 5930330 389.6 NQ CV5
CV24-426 Ice 587.0 158 -45 571005 5931059 371.9 NQ CV5
CV24-428 Ice 543.1 158 -45 570728 5930940 372.1 NQ CV5
CV24-434 Ice 467.8 158 -60 570507 5930955 372.0 NQ CV5
CV24-435 Land 502.9 158 -60 572118 5931510 372.8 NQ CV5
CV24-442 Land 299.1 158 -87 569802 5930430 379.4 NQ CV5
CV24-445 Ice 295.3 158 -45 571969 5931339 371.9 NQ CV5
CV24-448 Land 341.9 158 -75 569802 5930430 379.4 NQ CV5
CV24-449 Ice 291.8 158 -62 570882 5931098 372.0 NQ CV5
CV24-450 Land 299.0 160 -45 569865 5930545 373.3 NQ CV5
CV24-459 Land 314.1 296 -60 571509 5930922 374.6 NQ CV5 Geomechanical hole
CV24-463 Land 337.9 158 -45 570613 5930686 378.8 NQ CV5
CV24-465 Ice 325.0 158 -48 571878 5931300 372.1 NQ CV5
CV24-466 Ice 530.3 338 -45 571841 5931124 372.0 NQ CV5
(1) Coordinate system NAD83 / UTM zone 18N; (2) All drill holes are diamond drill; (3) Azimuths and dips presented are those 'planned' and may
vary off collar/downhole.
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 4.6 km long CV5 Spodumene Pegmatite, which hosts a maiden
mineral resource estimate of 109.2 Mt at 1.42% Li2O inferred1.
To date, eight (8) distinct clusters of lithium pegmatite have been discovered across the Corvette
Property – CV4, CV5, CV8, CV9, CV10, CV12, CV13, and the recently discovered CV14. Given
the proximity of some pegmatite outcrops to each other, as well as t he 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.
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 – Standards of Disclosure for
Mineral Projects, 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 Explo ration 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 infrast ructure. The Corvette
Property hosts the CV5 Spodumene Pegmatite with a maiden mineral resource estimate of
109.2 Mt at 1.42% Li 2O inferred 1 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 remains 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. Largest lithium pegmatite resource in the
Americas based on contained LCE.
For further information, please contact us at [email protected] 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.
“KEN BRINSDEN”
Kenneth Brinsden, President, CEO, & Managing Director
Brad Seward
Vice President, Investor Relations
T: +61 400 199 471
Olivier Caza-Lapointe
Head, Investor Relations – North America
T: +1 (514) 913-5264
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 abo ut 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, technical assessments, 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.
Forward-looking statements in this release include, but are not limited to, statements concerning:
the completion of an updated MRE on the Property, the processing and receipt of all remaining
core samples and statements relating to the continuity of spodumene pegmatite at CV5.
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 achievement s 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 that proposed exploration and mineral resource estimate work on
the Property will continue as expected, and that exploration and development results continue to
support management’s current plans for Property development.
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 materia l 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 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 for ward-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 announcement and that
all material assumptions and technical parameters underpinning the estimates in the announcement
continue to apply and have not materially changed. The Company confirms that the form and
context in which the competent person’s findings are presented have not been materially modified
from the original market announcement.
Appendix 1 – JORC Code 2012 Table 1 (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
• 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