Exploration Target for the Shaakichiuwaanaan Lithium Project Outlines District Scale Opportunity, Quebec, Canada
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
Exploration Target for the Shaakichiuwaanaan Lithium Project
Outlines District Scale Opportunity, Quebec, Canada
August 5, 2024 – Vancouver, BC, Canada August 6, 2024 – Sydney, Australia
HIGHLIGHTS
• Significant Exploration Target outlines the potential for additional tonnage at the
Shaakichiuwaanaan Property (formerly known as Corvette).
o Approximately 146 to 231 Mt at 1.0 to 1.5% Li2O.
The potential quantity and grade of the Exploration Target are conceptual in nature. There
has been insufficient exploration to define a Mineral Resource and it is uncertain if further
exploration will result in the Exploration Target being delineated as a Mineral Resource.
The Exploration Target has been determined based on the interpretation of a consolidated
dataset of surface rock sample descriptions and assays, outcrop mapping and descriptions,
drill hole logs and core sample assays, geophysical surveys, and remote sensing data.
• Exploration Target is in addition to (i.e., does not include) the Shaakichiuwaanaan
Mineral Resource Estimate announced concurrently.
• Exploration Target only considers the CV Lithium Trend and immediately proximal areas.
• Completed by BBA Engineering Ltd., a consultant independent of the Company.
Darren L. Smith, Vice President of Exploration, comments: “This Exploration Target highlights the
scale of potential remaining to be assessed by the drill bit at the Shaakichiuwaanaan Project. The Project
hosts eight distinct lithium pegmatite clusters along the CV Lithium Trend , of which only three have had
meaningful drill testing (CV5, CV13, and CV9) with each remaining open at depth and along strike . The
potential for additional lithium pegmatite Mineral Resource the Project continues to hold, as captured by
the Exploration Target, is truly remarkable on the global stage.”
Ken Brinsden, President, CEO, and Managing Director , comments: “As expected, th is Exploration
Target gives clear guidance to the market with respect to the untested potential present at the
Shaakichiuwaanaan Project. A significant amount of drilling will be required in order to confirm the presence
of mineralized pegmatite and further advance the level of confidence towards a Mineral Resource Estimate.
However, the potential for further discovery of significance is clear and present.
Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX: PMET) (ASX: PMT)
(OTCQX: PMETF) (FSE: R9GA) is pleased to announce a maiden Exploration Target for its
100%-owned Shaakichiuwaanaan Property (the “Property” or “Project” ) – formerly known as
Corvette – located in the Eeyou Istchee James Bay region of Quebec , which is accessible year-
round by all-season road and is proximal to major regional powerline infrastructure.
The Exploration Target (also known as a “Target for Further Exploration”) for the
Shaakichiuwaanaan Project is approximately:
146 to 231 Mt at 1.0 to 1.5% Li2O
The Exploration Target has been completed in accordance with National Instrument 43 -101 –
Standards of Disclosure for Mineral Projects (“NI 43 -101”) and the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition (“JORC”).
BBA Engineering Ltd., a consultant who is independent of the Company, completed the Exploration
Target.
The Exploration Target for the Project is exclusive of (i.e., does not include) the
Shaakichiuwaanaan MRE, announced concurrently by the Company (see news release dated
August 5, 2024), and only considers the CV Lithium Trend and immediately proximal areas (Figure
1). The Exploration Target has been presented as an approach to assess the potential endowment
of the Project or the potential to host additional Mineral Resources of lithium pegmatite, subject
to the success of future mineral exploration at the Property, and outside of that already defined.
In its second MRE1 (80.1 Mt at 1.44% Li2O Indicated and 62.5 Mt at 1.31% Li2O Inferred, see news
release dated August 5, 2024), the Shaakichiuwaanaan Project is already firmly established – by a
wide margin – as the largest lithium pegmatite MRE in the Americas and 8th largest globally. With
the determination of this accompanying Exploration Target, which is exclusive of (i.e., does not
include) the MRE, the Project has been further distinguished on the global stage with respect to
its district scale lithium pegmatite potential to drive exploration in future years.
The Company intends to test the validity of the Exploration Target in future exploration programs
at the Project , beginning in 2025 and extending over a several year period. Systematic diamond
drilling (NQ core size) of the known spodumene pegmatite clusters and corridors between and
proximal (Figure 1), which collectively form the basis of the Exploration Target, will be the primary
method of exploration.
The potential quantity and grade of the Exploration Target are conceptual in nature. There has
been insufficient exploration to define a Mineral Resource and it is uncertain if further
exploration will result in the target being delineated as a Mineral Res ource. The Exploration
Target has been determined based on the interpretation of a consolidated dataset of surface
rock sample descriptions and assays, outcrop mapping and descriptions, drill hole logs and core
sample assays, geophysical surveys, and remot e sensing data (refer to “Methodology of
Determination for the Exploration Target” below for more information about the base on which
the disclosed potential quantity and grade has been determined).
Figure 1: Spodumene Pegmatite clusters discovered along the CV Lithium Pegmatite Trend.
METHODOLOGY OF DETERMINATION FOR THE EXPLORATION TARGET
The Exploration Target has been completed by BBA Engineering Ltd. (“BBA”), a consultant
independent of the Company. The basis on which the quantity and grade of the Exploration Target
has been determined includes a review and interpretation of an extensive Property-scale dataset
of surface rock sample descriptions and assays (>1,500 grab, chip, and channel samples), pegmatite
outcrop mapping and descriptions (>1,000 outcrops/observations), drill hole logs and core sample
assays, geophysical surveys (magnetics, IP-resistivity), and remote sensing data (LiDAR and
orthophoto).
BBA’s method of determination included a detailed review of the consolidated dataset followed
by 3D modelling to create a conceptual volume for all implied LCT pegmatite bodies within, and
proximal to, the CV Lithium Trend . To estimate a tonnage the pegmatite specific gravity (“SG”)
used was approximately 2.626 based on the same linear regression formula as the latest MRE (SG
= 0.0688x Li 2O% + 2.625) . An associated grade was then applied . The implied tonnage o f each
volume was then reduced by a factor to ac count for the likelihood of being mineralized at a
reasonable grade, which was then further discounted to arrive at a final range of tonnage and
lithium grade. The estimated tonnage was then rounded to the nearest million tonnes and the
grade rounded to the nearest 0.1% Li2O.
The 3D modelling of the implied pegmatite volumes was also constrained by the known
spodumene pegmatite clusters at the Property , including their interpreted corridors of potential
along strike. The volumes were further capped at a vertical depth from surface of 200 m. The
areas of the CV Lithium Trend with defined Mineral Resources (i.e., the CV5 and CV13 pegmatites,
a collective 6.9 km of trend) were not included in the determination of the Exploration Target.
Therefore, the Exploration Target for the Shaakichiuwaanaan Project is exclusive of (i.e., does not
include) the Mineral Resources presently defined at the Project.
QUALIFIED/COMPETENT PERSON
The information in this news release that relates to the Exploration Target for the
Shaakichiuwaanaan Project is based on, and fairly represents, information compiled by Mr. Todd
McCracken, P.Geo., who is a Qualified Person as defined by NI 43 -101, and member in good
standing with the Ordre des Géologues du Québec and with the Professional Geoscientists of
Ontario. Mr. McCracken has reviewed and approved the technical information in this news release.
Mr. McCracken is Director – Mining & Geology – Central Canada, of BBA Engineering Ltd. and is
independent of the Company. Mr. McCracken does not hold any securities in the Company.
Mr. McCracken 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 JORC Code, 2012. Mr. McCracken conse nts 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 Shaakichiuwaanaan Property (formerly known as Corvette) located in
the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year -round by all -
season road and is proximal to regional powerline infrastructure. The Shaakichiuwaanaan Mineral
Resource1, which includes the CV5 & CV13 spodumene pegmatites, totals 80.1 Mt at 1.44% Li2O
Indicated, and 62.5 Mt at 1.31% Li2O Inferred, and ranks as the largest lithium pegmatite resource
in the Americas, and the 8 th largest lithium pegmatite resource in the world. Additionally, the
Shaakichiuwaanaan Property hosts multiple other spodumene pegmatite clusters that remain to
be drill tested, as well as significant areas of prospective trend that remain to be assessed.
1 Shaakichiuwaanaan (CV5 & CV13) Mineral Resource Estimate (80.1 Mt at 1.4 4% Li2O and 163 ppm Ta 2O5
Indicated, and 62.5 Mt at 1.31% Li2O and 147 ppm Ta2O5 ppm Inferred) is reported at a cut-off grade of 0.40%
Li2O (open-pit), 0.60% Li 2O (underground CV5), and 0. 80% Li2O (underground CV13) with an Effective Date of
June 27, 2024 (through drill hole CV24 -526). Mineral Resources are not Mineral Reserves as they do not have
demonstrated economic viability.
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 Exploration Target, including the scale of potential remaining to be assessed by the drill bit at
the Project.
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 ac curate. Key assumptions upon which the Company’s forward -looking
information is based include, without limitation, that proposed exploration and mineral resource
estimate work on the Property will continue as expected, the accuracy of reserve and resource
estimates, the classification of resources between inferred and the assumptions on which the
reserve and resource estimates are based, long -term demand for spodumene supply, and that
exploration and development results continue to support management’s curr ent plans for
Property development and expectations for the Project.
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 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 5.23)
The mineral resource estimate in this release was reported by the Company in accordance with
ASX Listing Rule 5.8 on August 5 , 202 4. The Company confirms that, as of the date of this
announcement, it is not aware of any new information or data verified by the competent person
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 Compa ny confirms that, as at the date of this
announcement, the form and context in which the competent person’s findings are presented have
not been materially modified from the original market announcement.