Patriot Announces Final Core Assay Results from its 2023 Winter Drill Program, including 108.0 m at 2.44% Li2O, at the CV5 Pegmatite, Corvette Property, Quebec, Canada
Patriot Battery Metals Inc.
Suite 700 - 838 W. Hastings Street, Vancouver, BC, Canada, V6C 0A6
www.patriotbatterymetals.com TSX-V: PMET / ASX: PMT / OTC: PMETF / FSE: R9GA
LEGAL\63309512\1
Patriot Announces Final Core Assay Results from its 2023 Winter
Drill Program, including 108.0 m at 2.44% Li2O, at the CV5
Pegmatite, Corvette Property, Quebec, Canada
July 10, 2023 – Vancouver, BC, Canada July 10, 2023 – Sydney, Australia
Highlights
• Additional high-grade intersections at the Nova Zone, which has been defined over a
strike length of at least 1.1 km.
o 108.0 m at 2.44% Li2O (195.5 m to 303.5 m), including 37.5 m at 3.58% Li2O,
or 16.0 m at 4.08% Li2O (CV23-181).
o 115.3 m at 1.81% Li 2O (175.0 m to 290.3 m), including 89.6 m at 2.20% Li2O
(CV23-177).
• Wide widths and strong grades in most westwardly drill hole completed to date at the
CV5 Pegmatite – 78.9 m at 1.00% Li2O, including 34.8 m at 1.40% Li2O (CV23-184).
• Wide widths and strong grades in final drill hole completed during the 2023 winter drill
program – 139.2 m at 1.26% Li2O, including 36.2 m at 1.74% Li2O (CV23-190).
• Wide widths and strong grades returned in one of the most eastwardly drill holes
completed to date at the CV5 Pegmatite, highlighting the strong potential of area – 36.0 m
at 1.36% Li2O, including 17.0 m at 2.31% Li2O (CV23-165).
• All core sample assay results for drill holes completed during the 2023 drill winter program
have now been reported.
• The Company is anticipating an announcement in a few weeks time for the initial mineral
resource estimate at CV5, which will include all drill holes completed through April 17,
2023 (i.e., the recently completed winter drill program).
Darren L. Smith, Patriot Vice President of Exploration, comments: “These final core assay results
from the recently completed winter program continue to outpace the industry norm. The CV5
Pegmatite has grown considerably over this program – from 2.2 km to 3.7 km , drill hole to drill
hole – with some of the highest grades reported to date at CV 5, including numerous significant
intervals over 5% Li 2O. As we wait for the wild fire situation in Quebec to abate , the team is
steadfast focused on delivering an initial mineral resource estimate for CV5 in the coming weeks,
which will include all drill holes from the 2023 winter program.”
Blair Way, Company President and CEO, comments: “ We are very pleased to have received t he
last batch of assay results from the winter drill program which means our imminent release of the
resource remains on track. I am confident that the upcoming maiden resource will demonstrate
the significance of the Corvette discovery to the evolving North American and European lithium
raw materials markets.”
Patriot Battery Metals Inc. (the “Company” or “Patriot”) ( TSX-V: PMET) (ASX: PMT)
(OTCQX: PMETF) (FSE: R9GA) is pleased to announce core assays for the final set of drill
holes completed as part of the 2023 winter drill program at its wholly owned Corvette Property
(the “Property”), located in the Eeyou Istchee James Bay region of Quebec . The winter phase of
the 2023 drill campaign was focused on the CV5 Pegmatite, located approximately 13.5 km south
of the regional and all-weather Trans-Taiga Road and powerline infrastructure.
Core assays, for the drill holes reported herein (Figure 1), cover the CV5 Pegmatite’s recently
defined eastward extension (see news releases dated February 5 and March 23, 2023) (Figure 2),
the high-grade Nova Zone (see news release dated May 16, 2023 ) (Figure 2), and the recently
defined westward extension (see news release dated May 1, 2023) (Figure 3).
Drill hole CV23-181 and 177 targeted further delineation of the Nova Zone with both returning
wide and high- grade intercepts – 108.0 m at 2.44 % Li2O, including 37.5 m at 3.58% Li 2O or
16.0 m at 4.08% Li 2O (CV22-181), and 115.3 m at 1.81% Li 2O, including 89.6 m at 2.20%
Li2O (CV23-177). The high-grade Nova Zone has been traced over a strike length of at
least 1.1 km – from drill holes CV23- 132 to 108 (Figures 1 and 2) and includes multiple drill
intersections of 5+ m at >5% Li2O, demonstrating the high- grade tenure of this sub- set of the
Corvette discovery.
As the Company works towards extension of the Corvette discovery , core assay results for the
most westwardly drill hole completed to date at the CV5 Pegmatite – CV23-184 – demonstrates
high-grades and wide widths persist in this direction (78.9 m at 1.00% Li2O, including 34.8 m at
1.40% Li2O), with mineralization remaining open. The Company intends to continue step-out
drilling along strike of CV23- 184 during the summer-fall drill program (Figure 3). Additionally,
drill hole CV23-190, the final hole of the 2023 winter program , also completed over the western
areas of CV5, returned strong grades over wide widths – 139.2 m at 1.26% Li2O, including 18.1
m at 2.02% Li 2O and 36.2 m at 1.74% Li 2O. This drill hole was completed in the opposite
direction (northerly) to the normal drill hole orientation (southerly) at CV5 and demonstrates the
near-surface bulbous nature of the pegmatite in this area, where it is interpreted to exceed 100 m
true thickness.
Assay results to date over the far eastern portions of CV5 have returned variable grades and widths
of lithium mineralized pegmatite (see news release dated June 14, 2023). These include 51.2 m at
0.59% Li2O, including 10.1 m at 0.87% Li 2O and 9.3 m at 0.91% Li 2O (CV23-154), and 27.5 m
at 0.40% Li 2O, including 3.2 m at 2.22% Li 2O (CV23-156). However, results of drill hole
CV23-165, as reported herein (36.0 m at 1.36% Li2O, including 17.0 m at 2.31% Li2O), are very
significant and demonstrate the common nature of lithium pegmatites, where high grades may be
immediately proximal to low to moderate grades. Further, this drill hole (CV23-165) returned six
(6) samples greater than 4% Li 2O, and three (3) samples greater than 5% Li 2O, including
an interval of 2.2 m at 5.02% Li2O. These grades are on par with those typically confined to the
Nova Zone and outline the considerable potential in this eastward area.
Drill hole CV23-165 was completed at the very eastern margins of the CV5 Pegmatite drill ed to
date and highlight the potential for wide widths at strong grade to continue in this direction, where
the pegmatite remains open up-dip, down-dip, and along strike eastwardly (Figure 2).
Through the 2023 winter drill program , the CV5 Pegmatite has been traced continuously by
drilling (at approximately 50 to 150 m spacing) as a principally continuous spodumene -
mineralized pegmatite body over a lateral distance of at least 3.7 km and remains open along
strike at both ends and to depth along a large portion of its length. This marks a 1.5 km extension
of the known mineralized pegmatite along strike since the end of 2022 (2.2 km), and 2.9 km since
the end of 2021 (0.8 km). For added perspective, this growth in strike length since the initial drill
program in 2021 is presented in Figure 4.
As previously announced, the Company is advancing towards an initial mineral resource estimate
for the CV5 Pegmatite . All core sample assays have now been received from the lab with the
drilling dataset undergoing final validation and geological model on the final revision. The next
steps in the process include geostatistics on the validated database followed by creation of the
block model and interpolation of the lithium and tantalum grades, resource classification,
determination of an appropriate cut-off grade and pit parameters, and finally constraining the block
model with a pit to determine the official mineral resource estimate numbers. At this time , the
Company anticipates an announcement on the mineral resource estimate in a few weeks time.
Core sample assay results for drill holes reported herein are presented in Table 1 . Drill hole
locations are available from the Company’s website as well as the news release dated May 16,
2023. Select core photos are presented in Figures 5, 6, a nd 7.
Figure 1: Drill holes completed at the CV5 Pegmatite through the 2023 winter drill program.
Figure 2: Drill holes completed at the CV5 Pegmatite through the 2023 winter drill program –
east-central, and eastern areas.
Figure 3: Drill holes completed at the CV5 Pegmatite through the 2023 winter drill program –
western area.
Figure 4: Growth of the CV5 Pegmatite since discovery hole in late 2021.
Table 1: Mineralized intercept summary for drill holes reported herein from the 2023 winter program
Hole ID From
(m)
To
(m)
Interval
(m)
Li2O
(%)
Ta2O5
(ppm) Comments Hole ID From
(m)
To
(m)
Interval
(m)
Li2O
(%)
Ta2O5
(ppm) Comments
CV23-162 358.3 365.0 6.7 0.79 81 CV23-181 60.3 68.2 7.9 0.97 81
CV23-163 n/a Infrastructure hole 195.5 303.5 108.0 2.44 277
CV23-164 Previously reported Hydrogeology hole Incl. 255.8 293.3 37.5 3.58 337
CV23-165 414.5 450.5 36.0 1.36 224 or 259.5 275.5 16.0 4.08 206
Incl. 417.6 434.6 17.0 2.31 194 312.1 321.5 9.3 0.22 286
or 417.6 419.8 2.2 5.02 169 CV23-182 Previously reported
CV23-166 Previously reported Hydrogeology hole CV23-183 320.0 364.6 44.7 0.71 336
CV23-166A Previously reported Hydrogeology hole Incl. 325.5 333.5 8.0 2.64 667
CV23-167 Previously reported Hydrogeology hole CV23-184 126.9 228.3 101.5(3)
0.86 127
CV23-168 Previously reported Incl. 149.4 228.3 78.9(3)
1.00 134
CV23-168A Previously reported or 183.6 218.3 34.8 1.40 126
CV23-169 Previously reported Hydrogeology hole 341.8 349.7 7.9 0.17 679
CV23-170 310.8 319.6 8.8 0.15 75 CV23-185 96.8 106.8 9.9 2.32 101
CV23-171 Previously reported 338.0 340.7 2.7 0.15 109
CV23-172 Previously reported CV23-186 Previously reported Hydrogeology hole
CV23-173 378.5 415.9 37.4 0.34 186 CV23-187 Previously reported
Incl. 394.7 398.0 3.4 1.06 211 CV23-188 Previously reported
CV23-174 Previously reported Hydrogeology hole CV23-189 47.4 50.9 3.6 1.22 255
CV23-175 Previously reported 121.9 174.8 52.9 0.72 203
CV23-176 Previously reported Incl. 158.0 166.6 8.6 1.81 224
CV23-177 79.3 91.7 12.4 1.30 177 216.3 239.8 23.5 0.08 131
175.0 290.3 115.3 1.81 162 CV23-190 25.7 164.9 139.2 1.26 106
Incl. 198.4 288.0 89.6 2.20 184 Incl. 66.5 84.6 18.1 2.02 113
CV23-178 Previously reported Incl. 125.0 161.1 36.2 1.74 112
CV23-179 291.7 295.1 3.4 0.02 33
CV23-180 Previously reported
(1) All intervals are core length and presented for all pegmatite intervals >2 m. True width of
intervals is not confirmed. Geological modelling is ongoing; (2) Collared in pegmatite; (3)
Includes minor intervals of non-pegmatite units (typically <3 m); (4) 'Hydrogeology holes' and
'infrastructure holes' completed to support a hydrogeological model and proposed
infrastructure layout for Project, respectively.