Patriot Announces the Largest Lithium Pegmatite Resource in the Americas at CV5, 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
Patriot Announces the Largest Lithium Pegmatite Resource in the
Americas at CV5, Corvette Property, Quebec, Canada
July 30, 2023 – Vancouver, BC, Canada July 31, 2023 – Sydney, Australia
Highlights
• CV5 Spodumene Pegmatite is firmly established as the largest lithium pegmatite mineral
resource in the Americas and the 8th largest globally.
o 109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred,
(0.40% Li2O cut-off grade).
o Based on 163 core holes totalling 56,385 m.
• Geological model interprets a single, continuous, principal pegmatite body ranging in true
thickness from ~8 m to upwards of ~130 m, extending over a strike length of 3.7 km (drill hole
to drill hole), and which is flanked by multiple subordinate lenses.
• Significant growth potential – the CV5 Spodumene Pegmatite remains open along strike at both
ends, and to depth along a significant portion of its length.
• Maiden (first) mineral resource estimate includes only the CV5 Spodumene Pegmatite and does
not include any of the other known spodumene pegmatite clusters on the Property – CV4, CV8,
CV9, CV10, CV12, and CV13.
• Cut-off grade sensitivity analysis defines very high-grade and significant tonnage at high cut-off
grade, and excellent grade with significant tonnage at low cut-off grade.
• Company is well-positioned to aggressively advance infill and step-out drilling, and development
studies at CV5, as well as drill testing of other known spodumene pegmatite clusters. More than
20 km of prospective trend remains to be explored for lithium pegmatite at Corvette.
Darren L. Smith , Company Vice President of Exploration , comments: “This maiden mineral
resource estimate at CV5 is the culmination of an aggressive 20-month drill campaign that kicked
off with our discovery hole in fall 2021, and is nothing less than a team effort to get us here. This
first resource has firmly established CV5 as a Tier 1 spodumene pegmatite asset, already ranking
as the largest lithium pegmat ite resource in the Americas , as well as in the top 10 resources
globally.”
“There remains significant potential for growth, with the resource open at both ends and to depth
along a large portion of its length providing a clear path forward for further resource expansion.
Further, there are multiple known spodumene pegmatite clusters yet to be drill tested at the
Property and more than 20 km of prospective trend yet to be explored . In the case of CV13, the
2022 and 2023 drill programs are anticipated to underpin a maiden mineral resource estimate in
2024 at that spodumene pegmatite cluster. We believe we have only just begun to demonstrate the
scale of the lithium mineralized pegmatite system at the Corvette Property,” Mr. Smith added.
Blair Way, Company President and CEO, comments: “We could not be happier with the result of
this maiden mineral resource estimate at CV5, which will be the first of multiple resource estimates
for the Corvette Property over the coming years . This Property is now officially host to at least
one deposit that is definitely a world class asset with respect to the size, grade, and metallurgy
when compared to its peers."
Emphasising Corvette’s development potential, Mr . Way explains: “It firmly positions the
Company as a leading candidate to provide long -term spodumene supply to the North American
and European markets. This is a key milestone for the Company and will underpin future economic
and development studies as we look to aggressively advance this asset on the path to production.
I would like to thank our shareholders for their support, and moreover, thank the exploration team
for their focus and determination in delivering one of the largest spodumene pegmatite resources
in the world.”
Patriot Battery Metals Inc. (the “Company” or “Patriot”) ( TSX-V: PMET) (ASX: PMT)
(OTCQX: PMETF) (FSE: R9GA) is pleased to announce the maiden (i.e., first) mineral resource
estimate for the CV5 Spodumene Pegmatite at its wholly owned Corvette Property (the
“Property”), located in the Eeyou Istchee James Bay region of Quebec . The CV5 Spodumene
Pegmatite is located approximately 13.5 km south of the regional and all -weather Trans-Taiga
Road and powerline infrastructure corridor, and within 50 km of the La -Grande 4 (LG4)
hydroelectric dam complex.
The mineral resource estimate (“MRE”) at CV5 has firmly established it as the largest lithium
pegmatite mineral resource in the Americas and 8 th largest globally, returning 109.2 Mt at
1.42% Li2O and 160 ppm Ta 2O5 inferred, at a cut -off grade of 0.40% Li 2O, for a total of
3,835,000 t contained lithium carbonate equivalent (“LCE”) (Table 1, Figure 1, and Figure 2). The
geological model underpinning the MRE interprets a single, continuous , principal spodumene
pegmatite body ranging in true thickness from ~8 m to upwards of ~130 m, extending over a strike
length of approximately 3.7 km (drill hole to drill hole) , and which is flanked by multiple
subordinate lenses. Additionally, the resource and geological modelling has outlined significant
potential for growth at CV5, which remains open at both ends along strike, and to depth
along a significant portion of its length.
This maiden MRE includes only the CV5 Spodumene Pegmatite (previously also termed the
“CV5 Pegmatite cluster ”), and therefore does not include any of the other known spodumene
pegmatite clusters on the Property – CV4, CV8, CV9, CV10, CV12, and CV13 (Figure 3). At
CV5, the MRE is supported by 163 diamond drill holes completed over the 2021, 2022, and 2023
(through the end of April – drill hole CV23-190) programs, for a collective total of 56,385 m, as
well as eleven (11) outcrop channels totalling 63 m.
The mineral resource statement and relevant disclosure , sensitivity analysis, peer comparison,
geological and block model views, and cross-sections are presented in the following figures and
tables. A detailed overview of the Project is presented in the following sections in accordance with
ASX Listing Rule 5.8.
MINERAL RESOURCE STATEMENT (NI 43-101)
Table 1: NI 43-101 Mineral Resource Statement for the CV5 Spodumene Pegmatite
Cut-off
Grade
Li2O (%)
Classification Tonnes Li2O
(%)
Ta2O5
(ppm)
Contained Li2O
(Mt)
Contained LCE
(Mt)
0.40 Inferred 109,242,000 1.42 160 1,551,000 3,835,000
• Mineral resources were prepared in accordance with N ational Instrument 43-101 – Standards for Disclosure of
Mineral Projects (“NI 43-101”) and the CIM Definition Standards (2014). Mineral resources that are not mineral
reserves do not have demonstrated economic viability. This estimate of m ineral resources may be materially
affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, economic, or other relevant
issues.
• The independent Competent Person (CP), as defined under JORC, and Qualified Person (QP) , as defined by
NI 43-101 for this estimate is Todd McCracken, P.Geo., Director – Mining & Geology – Central Canada, BBA
Inc.
• The Effective Date of the estimate is June 25, 2023 (through drill hole CV23-190).
• Estimation was completed using a combination of ordinary kriging and inverse distance (ID2) in Leapfrog Edge
software with dynamic anisotropy search ellipse on specific domains.
• Drill hole composites average 1 m in length. Block size is 10 m x 5 m x 5 m with sub-blocking.
• Open-pit mineral resources statement is reported at a cut-off grade of 0.40% Li 2O and is based on a spodumene
concentrate price of US$1,500/tonne and an exchange rate of 0.76 USD/CAD.
• Rounding may result in apparent summation differences between tonnes, grade, and containe d metal content.
• Tonnage and grade measurements are in metric units.
• Conversion factors used: Li2O = Li x 2.153; LCE (i.e., Li2CO3) = Li2O x 2.473, Ta2O5 = Ta x 1.221.
• Densities for pegmatite blocks were estimated using a linear regression function (SG = 0.0709 x Li2O% + 2.6217)
derived from 1,408 SG field measurements and Li2O grade. Non-pegmatite blocks were assigned a fixed SG based
on the field measurement median value of their respective lithology.
Based on publicly available defined mineral resource estimates completed in accordance with
NI 43-101, JORC, or equivalent regulatory body, the maiden MRE for the CV5 Spodumene
Pegmatite firmly establishes it as the largest lithium pegmatite resource in the Americas ,
(Figure 1). Further, using the same source information and metrics (see Appendix 2, and 3), CV5
ranks as a top 10 lithium pegmatite resource in the world, capturing the 8th position (Figure 2).
These metrics and context firmly establish CV5 as a Tier 1, world class lithium pegmatite with
only its first mineral resource estimate.
Figure 1: MRE tonnage vs grade chart, highlighting the CV5 Spodumene Pegmatite as the largest
lithium pegmatite mineral resource in the Americas.
Figure 2: MRE tonnage vs grade chart, highlighting the CV5 Spodumene Pegmatite as the 8th largest
lithium pegmatite mineral resource in the world.
Several of these peer mineral resource estimates include multiple individual deposits located distal
to each other, although still in relative proximity to allow for joint infrastructure development (e.g.,
Grota do Cirilo consists of five (5) individual pegmatite deposits – Xuxa, Barreiro, Murial, Lavra
do Meio, and NDC. By comparison, the CV5 mineral resource consists of five (5) immediately
adjacent pegmatite dykes, of which a single, principal pegmatite dyke consists of approximately
93% (i.e., 101.8 Mt) of the total inferred resource tonnage reported herein. In other words, the CV5
MRE consists predominantly within a single, large, spodumene pegmatite body. Further, t his
maiden MRE includes only the CV5 Spodumene Pegmatite, and therefore does not include any of
the other known spodumene pegmatite clusters on the Property – CV4, CV8, CV9, CV10, CV12,
and CV13 (Figure 3). Several of these clusters – CV4, CV8, CV12, and CV13 – are located within
approximately 7 km of the CV5 Spodumene Pegmatite and are therefore expected to share
infrastructure in the event of development.
Figure 3: Extent of CV5 Spodumene Pegmatite’s mineral resource estimate, highlighting potential
along trend at proximal spodumene pegmatite clusters.
The sensitivity analysis for the CV5 MRE is presented in Table 2 and Figure 4. At a lower cut-off
grade of 0.10% Li2O, the deposit hosts 123.4 Mt at 1.28% Li2O inferred, and illustrates continued
strong grade at higher tonnages. Alternatively, at a high cut-off grade of 1.40% Li2O, the deposit
hosts 46.3 Mt at 2.03% Li2O inferred, and illustrates a considerable tonnage at very high-grade.
The majority of this high-grade component at CV5 is located within the previously recognized
Nova Zone, which has been traced over a strike length of approximately 1.1 km – from drill holes
CV23-132 to 108 – and includes multiple drill intersections of 2 to 25 m (core length) at >5%
Li2O. These end-members in cut-off grade effectively demonstrate , at the inferred level of
classification, an overall very large tonnage pegmatite at strong grade (at low cut -off), with a
significant tonnage component at very high-grade (at high cut-off). Both of these extremes
compare favourably to the current resource estimates of its global peers.
The following Table 2 and Figure 4 outlines the corresponding tonnage and lithium grade at
various cut-off grades for the CV5 MRE. In addition to evaluating sensitivities to cut -off grades,
this table can help relate the tonnage and grades at CV5 more directly to those calculated for peer
deposits, which may have applied different cut-off grades to their resources.
Table 2: Sensitivity Analysis for the CV5 Spodumene Pegmatite’s NI 43-101 MRE
Cut-off Grade
Li2O (%) Classification Tonnes ≥ Cut-off Li2O ≥ Cut-off
(%)
0.10 Inferred 123,357,000 1.28
0.20 Inferred 116,246,000 1.35
0.30 Inferred 112,215,000 1.39
0.40 Inferred 109,242,000 1.42
0.50 Inferred 106,285,000 1.45
0.60 Inferred 102,461,000 1.48
0.70 Inferred 97,962,600 1.52
0.80 Inferred 92,132,900 1.57
0.90 Inferred 85,223,900 1.63
1.00 Inferred 77,555,100 1.69
1.10 Inferred 69,312,500 1.77
1.20 Inferred 61,176,200 1.85
1.30 Inferred 53,299,900 1.94
1.40 Inferred 46,308,100 2.03
1.50 Inferred 39,970,900 2.13
1.60 Inferred 34,157,600 2.22
1.70 Inferred 29,230,300 2.32
1.80 Inferred 24,956,000 2.42
1.90 Inferred 21,173,700 2.52
2.00 Inferred 18,115,400 2.62
1. This table should not be interpreted as a mineral resource statement . The data is presented to demonstrate the
mineral resources sensitivity to various cut-off grades. The selected cut-off grade for the base case is 0.40% Li2O
with the revenue factor 1 pit shell constraint.
.
Figure 4: CV5 mineral resource sensitivity analysis – grade-tonnage curve.
The geological model of the CV5 Spodumene Pegmatite, which forms the basis of the maiden
mineral resource estimate, is presented in plan, inclined, and side view in Figure 5 to Figure 9, and
in simplified cross-section in Figure 10 to Figure 12. The geological model is supported by drill
holes through the end of the 2023 winter program (hole CV23-190). The resource block model of
the CV5 Spodumene Pegmatite, classified as inferred , is presented in Figure 13, Figure 14, and
Figure 15.
The CV5 Spodumene Pegmatite has been geological modelled, based on drill hole data, to extend
over a strike length of approximately 3.7 km. However, the CV5 Spodumene Pegmatite’s mineral
resource estimate block model only extends over a distance of approximately 3.4 km (Figure 13).
This is because the block model presented includes only those blocks which have satisfied specific
criteria to allow a lithium grade to be classified as inferred and constrained by a conceptual
open-pit. Collectively, the blocks within the pit, which have a lithium value assigned, constitute
the final block model of the mineral resource estimate. All blocks >0.4% Li2O (the adopted base
case cut -off grade for the MRE ) are presented in the block model views in Figure 13, blocks
>0.1% Li2O in Figure 14, and blocks >2% Li2O and >3% Li2O in Figure 15. Geologically modelled
pegmatite where blocks do not populate, have not reached the threshold confidence for the inferred
mineral resource category based on the classification criteria applied nor the open-pit constraint
applied. Therefore, in these areas (e.g., far east), there is sufficient geological confidence from the
drill data to conclude mineralized pegmatite is present; however, additional drilling is required to
elevate this confidence to the threshold allowing for an inferred classification of grade and tonnage
to be assigned, and for these blocks to fall within a benchmarked pit constraint.
Figure 5: Plan view of CV5 Spodumene Pegmatite geological model – all lenses.
Figure 6: Inclined view of CV5 Spodumene Pegmatite geological model looking down dip (70°) – all
lenses.