Patriot Files NI 43-101 Technical Report on the CV5 Mineral Resource Estimate, 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 Files NI 43-101 Technical Report on the CV5 Mineral
Resource Estimate, Corvette Property, Quebec, Canada
September 8, 2023 – Vancouver, BC, Canada September 9, 2023 – Sydney, Australia
Patriot Battery Metals Inc. (the “Company” or “Patriot”) ( TSX-V: PMET) (ASX: PMT)
(OTCQX: PMETF) (FSE: R9GA) announces that it has filed on SEDAR+ a technical report
prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43 -101”) titled “ Mineral Resource Estimate for the CV5 Pegmatite, Corvette
Property”. The filing follows the July 30, 2023 announcement of the maiden mineral resource
estimate for the CV5 Pegmatite – 109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred1.
The Technical Report has been prepared by BBA Engineering Ltd., with contributions from
Primero Group Americas Inc., both consulting groups independent of the Company, in accordance
with NI 43-101. The report is available on SEDAR+ and will shortly be available on the
Company’s website.
1 CV5 mineral resource estimate (109.2 Mt at 1.42% Li 2O and 160 ppm Ta 2O5 inferred) is reported at a
cut-off grade of 0.40% Li2O with effective date of June 25, 2023. Mineral resources are not mineral reserves
as they do not have demonstrated economic viability.
About the CV Lithium Trend
The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company
in 2017 and is interpreted to span more than 50 kilometres across the Corvette Property. The core
area includes an approximate 3. 7-km long spodumene pegmatite (the “ CV5 Pegmatite ”) and
multiple proximal secondary spodumene pegmatite lenses.
To date, seven (7) distinct clusters of lithium pegmatite have been discovered across the Corvette
Property – CV4, CV5, CV8, CV9, CV10, CV12, and 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” subsurface. 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/Competent Person
The information in this news release that relates to exploration results for the Corvette Property is
based on, and fairly represents, information compiled by Mr. Darren L. Smith, M.Sc., P.Geo., who
is a Qualified Person as defined by National Instrument 43- 101, and member in good standing
with the Ordre des Géologues du Québec (Geologist Permit number 01968), and with the
Association of Professional Engineers and Geoscientists of Alberta (member number 87868).
Mr. Smith has reviewed and approved the technical information in this news release.
Mr. Smith is Vice President of Exploration for Patriot Battery Metals Inc. and holds common
shares and options in the Company.
Mr. Smith 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 Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (the JORC Code). Mr. Smith consents 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 Corvette Property located in the Eeyou Istchee James Bay region of
Quebec, Canada, and proximal to regional road and powerline infrastructure. The Corvette
Property hosts the CV5 Spodumene Pegmatite with a maiden inferred mineral resource estimate 1
of 109.2 Mt at 1.42% Li 2O and ranks as the largest lithium pegmatite resource in the Americas
based on contained lithium carbonate equivalent (LCE), and one of the top 10 largest lithium
pegmatite resources in the world. Additionally, the Corvette Property hosts multiple other
spodumene pegmatite clusters that remain to be drill tested, as well as more than 20 km of
prospective trend that remain to be assessed.
1 Mineral resources are not minerals reserves as they do not have demonstrated economic viability.
The effective date of the mineral resource estimate is June 25, 2023 (through drill hole CV23-190)
and base case cut-off grade 0.40% Li2O.
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.
“BLAIR WAY”
Blair Way, President, CEO, & Director
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 about 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 th is news release, regarding the
Company’s strategy, future operations, financial position, 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. In particular and without limitation, this news
release contains forward -looking statements pertaining to the summer- fall drilling program and the
completion and publication of Company’s technical report comprising the maiden mineral resource
estimate in respect of the Corvette Property.
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 accurate. Key assumptions upon
which the Company’s forward-looking information is based include the total funding required to complete
the development of the Company’s lithium mineral project at the Corvette Property (the “Corvette
Project”), including the drilling program.
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 material 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
Corvette 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 5.22)
The mineral resource estimate in this release was reported by the Company in accordance with ASX Listing
Rule 5.8 on July 31, 2023. The Company confirms it is not aware of any new information or data that
materially affects the information included in the previous announcements and that all material
assumptions and technical parameters underpinning the estimates in the previous announcements continue
to apply and have not materially changed.