Patriot Battery Metals Provides Exploration and Corporate Update
Patriot Battery Metals Inc.
Suite 700 - 838 W. Hastings Street, Vancouver, BC, Canada, V6C 0A6
www.patriotbatterymetals.com TSX-V: PMET / OTC: PMETF / FSE: R9GA
Patriot Battery Metals Provides Exploration and Corporate Update
November 2, 2022 – Vancouver, BC, Canada
Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX -V: PMET) (OTCQB: PMETF) (FSE: R9GA)
is pleased to provide a mineral exploration update on the Company’s wholly owned Corvette Property, as well as a
general corporate update.
1. The final hole of the 2022 drill program at the Corvette Property was completed on Oct ober 24th, for a total
of 26,598 metres over 90 holes (CV 22-015 through CV22- 104), including 4,345 m over 20 holes
(winter/spring), and 22,253 m over 70 holes (summer/fall). The three (3) drill rigs remain at site and will be
utilized for the upcoming winter/spring program planned to commence in early January, 2023. The drill crews
and most support personal have now been demobilized from site and the final shipment of drill core samples
dispatched to SGS laboratory in Lakefield, ON, for analysis.
2. A fully financed winter/spring drill program is planned to commence in early-January with the three (3) rigs
already at site, with an additional two (2) rigs scheduled to mobilize in early February. The five ( 5) rig drill
program is anticipated to continue through the winter into spring. Further details will be provided on the drill
program in due course.
3. The Company is in the final stages of submission of the ASX listing prospectus which will start the clock to
our final listing on the exchange. The listing process will include a relatively small financing in order to fulfill
our ASX 300 shareholder distribution requirements. The final ASX listing processes (inclusive of the
Prospectus exposure period) means exploration results (or any other material information) is unlikely to be
released without a supplementary Prospectus. It is anticipated that the ASX listing will be complete in
approximately 4-5 weeks time.
4. Board of Directors have approved the adoption of an Omnibus Equity Incentive Plan (“Omnibus Plan”)
whereby the Company may issue up to a maximum of an aggregate 18,282,343 performance share units,
deferred share units, restricted share units and stock options to directors, officers, employees and consultants
of the Company, which represent up to a maximum of 20% of the common shares of the Company issued at
the time the Omnibus Plan was approved The Omnibus Plan will replace the Company’s exi sting Stock
Option Plan. The Omnibus Plan was adopted by the Company to provide incentives to its executives to better
align interests with shareholders. At the next annual general meeting of shareholders on November 21, 2022,
the Company will ask shareholders to ratify and confirm the adoption of the Omnibus Plan.
About the CV Lithium Trend
The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company in 2017 and spans
more than 25 -km across the Corvette Property. The core area includes an approximate 2.2 km long spodumene
pegmatite (the ‘CV5 Pegmatite’) and multiple proximal secondary spodumene pegmatite lenses. This corridor has
returned drill intercepts of 1.65% Li2O and 193 ppm Ta2O5 over 159.7 m (CV22-042), 1.22% Li2O and 138 ppm Ta2O5
over 152.8 m (CV22-030), 2.13% Li2O and 163 ppm Ta 2O5 over 86.2 m (CV22-044), and 2.22% Li2O and 147 ppm
Ta2O5 over 70.1 m, including 3.01% Li2O and 160 ppm Ta2O5 over 40.7 m (CV22-017).
To date, six (6) distinct clusters of lithium pegmatite have been discovered across the Property – CV5 Pegmatite and
associated lenses , CV4, CV8 -12, CV9, CV10, and the recently discovered 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’ sub surface. 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 Person
Darren L. Smith, M.Sc., P. Geo., Vice President of Exploration of the Company, a registered permit holder with the
Ordre des Géologues du Québec, and Qualified Person as defined by National Instrument 43 -101, has reviewed the
technical information in this news release.
About Patriot Battery Metals Inc.
Patriot Battery Metals Inc. is a mineral exploration company focused on the acquisition and development of mineral
properties containing battery, base, and precious metals.
The Company’s flagship asset is the 100% owned Corvette Property, located proximal to the Trans- Taiga Road and
powerline infrastructural corridor in the James Bay Region of Québec. The land package hosts significant lithium
potential highlighted by the 2.2 km long CV5 spodumene pegmatite with drill intercepts of 1.65% Li2O and 193 ppm
Ta2O5 over 159.7 m (CV22-042), and 2.22% Li2O and 147 ppm Ta2O5 over 70.1 m, including 3.01% Li2O and 160
ppm Ta2O5 over 40.7 m (CV22- 017). Additionally, the Property hosts the Golden Gap Trend with grab samples of
3.1 to 108.9 g/t Au from outcrop and 10.5 g/t Au over 7 m in drill hole, and the Maven Trend with 8.15% Cu, 1.33 g/t
Au, and 171 g/t Ag in outcrop.
The Company also holds 100% ownership of the Freeman Creek Gold Property in Idaho, USA which hosts two
prospective gold prospects - the Gold Dyke Prospect with a 2020 drill hole intersection of 4.11 g/t Au and 33.0 g/t Ag
over 12 m, and the Carmen Creek Prospect with surface sample results including 25.5 g/t Au, 159 g/t Ag, and 9.75%
Cu.
The Company’s other assets include the Pontax Lithium-Gold Property, QC; and the Hidden Lake Lithium Property,
NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.
For further information, please contact us at [email protected]
Tel: +1 (604) 279-8709 , or visit www.patriotbatterymetals.com.
On Behalf of the Board of Directors,
“BLAIR WAY”
Blair Way, President, CEO, & Director
Disclaimer for Forward-Looking Information
This news release contains forward -looking statements and other statements that are not historical facts. Forward -looking statements are often
identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of
historical fact, included in this news release are forward -looking statements that involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and future events c ould differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from the Company’s expectations include the results of further exploration
and testing, and other risks detailed from time to time in the filings made by the Company with securities regulators, available at www.sedar.com.
The reader is cautioned that assumptions used in the preparation of any forward- looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties,
and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance o n any forward-
looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and
actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by
this cautionary statement. The forward -looking statements contained in this news release are made as of the date of this news release and the
Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
No securities regulatory authority or stock exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this
news release.