Patriot Drills 124.9 m at 1.72% Li2O and 35.6 m at 3.78% Li2O in Final Batch of CV5 Assays Ahead of Q3 Resource Update
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
Patriot Drills 124.9 m at 1.72% Li2O and 35.6 m at 3.78% Li2O
in Final Batch of CV5 Assays Ahead of Q3 Resource Update
June 24, 2024 – Vancouver, BC, Canada June 25, 2024 – Sydney, Australia
Highlights
• Continued strong lithium mineralization over wide intervals from infill drilling at the CV5
Deposit, within the district scale Corvette Property.
o 124.9 m at 1.72% Li2O, including 13.4 m at 4.04% Li2O (CV24-473).
o 135.7 m at 1.02% Li2O, including 44.7 m at 2.03% Li2O (CV24-410).
o 112.7 m at 1.20% Li2O, including 21.7 m at 1.93% Li2O (CV24-503).
o 116.1 m at 0.91% Li2O, including 11.8 m at 3.01% Li2O (CV24-447).
o 95.1 m at 1.39% Li2O, including 33.3 m at 2.00% Li2O (CV24-409).
o 93.5 m at 1.54% Li2O, and 29.2 m at 2.08% Li2O (CV24-386).
o 91.0 m at 1.46% Li2O, including 13.3 m at 3.42% Li2O (CV24-415A).
o 63.7 m at 2.68% Li2O, including 35.6 m at 3.78% Li2O (CV24-404).
• The program included six drill holes completed for geomechanical purposes to support pit
design.
• 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
August 2024 inclusive of a maiden Mineral Resource for the CV13 discovery.
• Patriot remains on track to provide a Preliminary Economic Assessment to the market
based upon the updated CV5 resource, with the Company targeting Q3 2024.
• Results for 4,538 m (16 holes) remain to be reported from the 2024 winter drill
program – all from CV13 and including multiple step-out drill holes targeting the recently
discovered/announced high-grade Vega Zone.
Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX: PMET) (ASX: PMT)
(OTCQX: PMETF) (FSE: R9GA) is pleased to announce the final batch of core assay results
from the CV5 Spodumene Pegmatite from its recently completed 2024 winter drill program at
Corvette. The 100% owned Corvette Property (the “Property” or “Project”) 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% Li2O Inferred1, 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, “These final holes from
our winter program at CV5 continue to impress and demonstrate the scale of mineralization over a
significant strike length. With the focus at CV5 on upgrading the confidence of mineral resources from the
Inferred to Indicated categories, we are confident in meaningful conversion in our pending MRE update ,
on schedule for Q3 2024.”
Figure 1: Drill holes completed at the CV5 Spodumene Pegmatite through April 2024.
Core assay results for 67 drill holes, completed during the 2024 winter drill program at the CV5
Spodumene Pegmatite, are reported in this announcement (Figure 1 and Table 1). These are the
final batch of core assay results from CV5 drill holes of the program. Highlights include:
• 124.9 m at 1.72% Li2O, including 13.4 m at 4.04% Li2O (CV24-433).
• 135.7 m at 1.02% Li2O, including 44.7 m at 2.03% Li2O (CV24-410).
• 112.7 m at 1.20% Li2O, including 21.7 m at 1.93% Li2O (CV24-503).
• 116.1 m at 0.91% Li2O, including 11.8 m at 3.01% Li2O (CV24-447).
• 95.1 m at 1.39% Li2O, including 33.3 m at 2.00% Li2O (CV24-409).
• 93.5 m at 1.54% Li2O, and 29.2 m at 2.08% Li2O (CV24-386).
• 91.0 m at 1.46% Li2O, including 13.3 m at 3.42% Li2O (CV24-415A).
• 63.7 m at 2.68% Li2O, including 35.6 m at 3.78% Li2O (CV24-404).
• 80.5 m at 1.41% Li2O, including 15.4 m at 2.84% Li2O (CV24-452).
• 64.7 m at 2.15% Li2O, and 53.7 m at 1.58% Li2O (CV24-467).
These drill holes tested the majority of the strike length currently defined at CV5, which remains
open at both ends, at various depths and orientations. Select mineralized core intercepts are
presented below in Figure 2 though Figure 5.
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 M ineral
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 program also included six geomechanical holes (with five reported in this announcement, see
Table 2), which were completed to support open-pit design at CV5. These holes were completed
at various locations and orientations proximal to the margins of the pegmatite and targeted specific
host rock types and structure , with optical and acoustics televiewer data also collected . Two of
these holes intersected significant intervals of spodumene pegmatite with results including
116.1 m at 0.91% Li2O (CV24-447) and 56.4 m at 1.80 % Li2O (CV24-479).
Figure 2: Spodumene pegmatite in CV24-473. Core grades ~4% Li2O over interval.
Figure 3: Spodumene pegmatite in CV24-404. Core grades ~3.7% Li2O over interval.
Figure 4: Spodumene pegmatite in CV24-410. Core grades 5.24% Li2O over 2.2 m (226.5 m to 228.7 m).
Figure 5: Spodumene pegmatite in drill hole CV24-415A. Core grades ~3.0% Li2O over interval.
The 2024 winter drill program totaled 62,518 m (166 holes), including 50,961 m (121 holes) at
CV5 and 11,557 m (45 holes) at CV13. Core assay results for all drill holes completed at CV5
during the program have now been reported. A total of 4,538 m (16 holes) remain to be reported
from CV13 and include multiple step-out drill holes targeting the high-grade Vega Zone (see news
release dated June 10, 2024).
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 holes 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.
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) Hole ID From
(m)
To
(m)
Interval
(m)
Li2O
(%)
Ta2O5
(ppm)
CV24-372 158.4 1 67.2 8.8 1.99 113 CV24-418 131.6 136.0 4.4 1.09 104
172.1 186.2 14.0 1.20 101 145.1 257.9 112.8 0.77 131
192.7 233.0 40.3 1.68 112 incl. 199.2 249.9 50.7 1.31 179
incl. 192.7 214.5 21.9 2.22 121 274.1 281.1 7.1 1.74 74
268.9 282.1 13.3 1.71 159 468.4 475.7 7.3 1.14 69
incl. 269.7 278.5 8.8 2.37 157 555.1 557.7 2.6 0.47 71
364.7 367.3 2.6 1.20 888 558.8 561.4 2.6 0.04 50
386.7 430.0 43.3(3) 0.96 79 569.1 576.9 7.8 0.16 67
CV24-386 135.3 2 28.8 93.5 1.54 130 CV24-419 183.9 187.2 3.3 0.35 94
incl. 169.1 223.7 54.7 1.99 147 262.2 273.5 11.3 0.71 50
490.8 520.0 29.2 2.08 143 CV24-422 234.2 237.5 3.4 0.07 158
526.6 529.3 2.7 2.17 94 317.8 375.2 57.4 0.80 167
CV24-390 188.9 242.9 53.9 1.22 79 391.7 410.4 18.8 1.86 110
incl. 210.9 230.1 19.2 2.10 97 418.4 423.0 4.6 0.06 99
398.8 415.2 16.3(3) 0.66 104 CV24-424 136.9 140.6 3.7 0.43 79
509.9 517.8 8 .0 1.12 59 144.1 198.5 54.4 1.33 140
558.3 566.5 8.2 0.02 114 incl. 144.1 160.5 16.5 2.05 133
CV24-395 61.0 67.3 6.3 1.43 110 CV24-430 26.7 63.3 36.6(2) 1.19 191
86.8 127.8 4 1.0 1.14 143 73.1 94.4 21.4 0.83 238
CV24-400 39.4 42.0 2.6 0.10 143 224.5 233.0 8.6 1.24 165
139.3 210.1 70.8 1.57 149 CV24-431 153.8 165.9 12.1 1.56 147
464.8 479.2 14.4 0.50 233 CV24-433 194.5 256.2 61.7 1.01 261
CV24-404 128.4 133.8 5.4 0.44 112 incl. 194.5 218.6 24.1 2.00 207
227.4 291.0 63.7 2.68 160 or 210.0 216.9 6.9 3.19 278
incl. 248.4 284.0 35.6 3.78 202 285.2 298.6 13.5 1.28 109
616.2 632.7 16.5 0.24 148 304.8 314.1 9.3 0.20 124
CV24-409 27.9 123.0 95.1(2) 1.39 154 450.3 464.9 14.6 (3) 0.14 163
incl. 52.8 8 6.1 33.3 2.00 148 498.2 507.4 9.3(3) 0.10 95
161.1 170.2 9 .1 0.52 83 CV24-437 119.9 128.8 8.9(3) 1.02 317
208.7 211.7 3 .0 0.43 115 233.1 307.9 74.9 1.63 210
CV24-410 125.9 261.5 135.7 1.02 106 incl. 255.2 293.3 38.0 2.35 191
incl. 204.9 249.6 44.7 2.03 69 351.9 355.6 3.7 1.95 131
486.2 489.6 3.4 1.59 57 CV24-438 45.6 48.2 2.7 0.75 122
544.8 549.3 4.4 0.01 68 129.4 146.1 16.7 0.23 143
561.6 564.8 3.3 0.02 201 156.5 177.4 20.9 0.56 146
CV24-415 No >2 m pegmatite intersections CV24-440 27.0 30.5 3.5(2) 1.89 103
CV24-415A 116.7 1 29.3 12.6 0.67 220 33.3 41.7 8.3 0.54 264
incl. 118.0 123.2 5.2 1.57 253 84.7 87.2 2.4 0.05 137
209.0 300.0 91.0 1.46 131 106.52 114.94 8.4 0.47 120
incl. 224.6 254.5 30.0 2.02 203 117.8 126.8 9.0 0.31 113
incl. 283.9 297.1 13.3 3.42 151 CV24-441 107.8 119.1 11.3 0.07 82
512.1 515.4 3.2 0.38 170 123.2 200.4 77.2 1.36 384
534.8 541.5 6.7 1.04 91 incl. 139.1 173.2 34.1 2.12 110
545.3 553.2 7.9 1.21 227
Hole ID From
(m)
To
(m)
Interval
(m)
Li2O
(%)
Ta2O5
(ppm) Hole ID From
(m)
To
(m)
Interval
(m)
Li2O
(%)
Ta2O5
(ppm)
CV24-443 63.0 1 31.5 68.5 0.92 151 CV24-476 174.1 181.7 7.7 0.50 93
incl. 70.0 101.5 31.5 1.33 149 184.8 195.2 10.4(3) 0.85 125
CV24-447 109.2 2 25.3 116.1 0.91 187 249.6 253.6 4.1 0.06 107
incl. 157.7 194.0 36.3 1.69 188 263.3 279.3 16.0 1.93 117
or 159.5 171.3 11.8 3.01 149 331.9 336.9 5.0 1.01 153
CV24-451 15.8 19.3 3.5 0.74 221 344.5 353.2 8.7 0.21 90
138.4 152.3 13.9 0.31 108 357.3 376.4 19.0(3) 2.35 114
CV24-452 117.9 1 30.8 13.0 1.49 170 CV24-479 226.3 235.5 9.2 1.07 357
234.6 315.1 80.5 1.41 134 309.6 328.9 19.2(3) 1.63 75
incl. 243.7 2 59.1 15.4 2.84 91 incl. 320.5 328.9 8.4 2.51 104
incl. 290.1 313.3 23.3 2.24 170 337.3 393.7 56.4 1.80 111
CV24-455 75.4 154.1 78.6 0.56 117 incl. 373.0 392.4 19.4 2.53 114
incl. 80.0 115.0 35.0 0.95 121 CV24-480 530.5 533.6 3.1 0.01 156
CV24-456 198.8 210.1 11.3 0.35 219 CV24-481 87.9 97.0 9.1 1.38 90
CV24-458 48.3 50.7 2.4 0.29 106 105.1 108.5 3.4 0.10 168
147.4 159.0 11.6 1.31 71 128.8 135.4 6.6 1.05 82
308.8 311.4 2.6 0.01 76 139.0 163.4 24.4 0.62 133
CV24-460 45.4 49.1 3.7 0.04 52 CV24-482 155.8 163.9 8.2 0.15 127
124.4 130.8 6.4 1.37 95 CV24-485 29.5 32.4 2.9 0.58 192
CV24-462 2.6 42.6 39.9(2) 1.21 166 45.6 50.0 4.4 0.39 161
incl. 2.6 1 7.6 15.0 2.01 204 223.3 260.9 37.5 1.75 276
110.7 121.9 11.2(3) 0.25 124 incl. 233.0 245.5 12.5 2.90 114
197.1 206.9 9 .8 0.03 75 CV24-486 24.6 46.2 21.6 2.16 220
286.2 288.4 2.2 0.01 88 incl. 24.6 36.2 11.6 3.12 204
CV24-467 141.0 205.7 64.7 2.15 103 122.1 133.0 11.0(3) 0.71 178
incl. 160.0 2 05.7 45.6 2.99 115 CV24-488 27.8 35.4 7.6(2) 1.08 164
218.6 272.2 53.7(3) 1.58 117 79.1 91.7 12.5 1.26 91
incl. 221.3 2 45.0 23.7 2.24 119 123.0 128.5 5.4 1.07 99
457.0 459.6 2.6 0.02 102 132.3 150.0 17.8 0.52 136
510.2 515.5 5.3 1.70 143 CV24-489 21.1 23.6 2.6 0.73 885
CV24-468 51.4 53.6 2.2 0.02 71 28.4 35.4 7.0 1.49 129
122.1 128.1 6.0 1.05 163 76.1 78.1 2.0 0.01 83
CV24-469 57.2 59.9 2.7 0.00 4 284.5 288.9 4.4 0.00 98
CV24-472 29.3 220.5 191.2(3) 0.48 71 CV24-490 192.8 198.8 5.9 0.17 59
incl. 143.7 1 55.7 12.0 2.02 72 CV24-493 62.6 86.7 24.1 0.80 84
CV24-473 42.8 50.2 7.4 2.03 201 141.6 150.6 9.1 0.43 97
152.5 162.3 9.8 0.85 241 184.0 187.9 4.0 0.18 118
170.3 295.2 124.9 1.72 138 CV24-494 35.3 122.2 87.0 0.95 139
incl. 217.3 292.0 74.7 2.43 161 262.0 277.1 15.2 1.05 133
or 273.0 286.4 13.4 4.04 175 382.6 394.0 11.4 0.02 78
304.3 312.3 7.9 0.42 438 CV24-495 81.9 85.3 3.4 0.60 163
CV24-474 32.0 49.3 17.3(2) 1.96 143 CV24-496 No >2 m pegmatite intersections
incl. 32.0 4 1.4 9.4 2.63 168 CV24-500 No >2 m pegmatite intersections
52.8 59.2 6.3 0.41 248 CV24-501 No >2 m pegmatite intersections
CV24-475 No >2 m pegmatite intersections
Hole ID From
(m)
To
(m)
Interval
(m)
Li2O
(%)
Ta2O5
(ppm) Hole ID From
(m)
To
(m)
Interval
(m)
Li2O
(%)
Ta2O5
(ppm)
CV24-501A 155.6 158.9 3.3 1.04 89 CV24-514 521.0 525.3 4.3 0.17 178
235.6 259.8 24.2 0.46 246 CV24-515 341.0 410.0 69.0 0.63 238
incl. 246.6 253.3 6.7 1.23 234 incl. 342.5 360.0 17.5 1.42 237
CV24-502 32.1 107.6 75.5 0.87 109 CV24-516 Hole to be continued in summer 2024
incl. 80.5 96.9 16.4 1.99 116 CV24-517 44.0 52.5 8.4 1.51 255
265.8 288.0 22.2 1.88 275 78.4 104.8 26.3 0.93 126
401.9 411.7 9.8 0.06 69 296.6 312.4 15.7 0.77 137
CV24-503 151.8 264.5 112.7(3) 1.20 86 409.6 419.7 10.1 0.11 58
incl. 166.5 180.0 13.5 2.08 113 CV24-521 315.8 318.2 2.4 0.01 111
incl. 225.6 247.4 21.7 1.93 99 447.8 458.9 11.2 0.99 209
387.8 408.6 20.8 0.77 119 474.3 478.0 3.8 0.84 195
497.1 500.1 3.0 0.01 76 482.8 495.8 13.1 0.11 124
502.4 506.3 3.8 0.01 78 CV24-522 206.1 209.0 2.9 0.01 98
CV24-504 No >2 m pegmatite intersections 226.8 229.3 2.4 0.01 93
CV24-505 178.6 180.9 2.4 0.05 160 CV24-526 172.1 176.0 3.9 1.47 129
234.5 241.8 7.3 1.94 104 224.7 274.2 49.5(3) 1.00 110
252.2 260.5 8.3 0.57 132 331.5 397.7 66.2 1.19 114
393.1 398.5 5.4 0.51 88 incl. 332.7 369.9 37.2 1.81 108
CV24-509 42.1 127.4 85.2 0.54 109 418.9 428.4 9.5 0.08 88
incl. 45.0 59.6 14.5 1.42 90
251.4 264.5 13.1 1.59 145
385.6 396.0 10.4(3) 0.03 75
CV24-512 3.6 8.1 4.6(2) 0.04 654
23.9 27.2 3.3 0.09 169
61.1 75.4 14.3 0.73 168
84.9 95.1 10.1(3) 1.15 178
254.8 260.0 5.3 0.01 79
(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); (4) Hole CV24-516 ended prior to reaching target
due to drilling conditions and will be continued in summer 2024.