Patriot Provides Drill Program Update at its Corvette Property,
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 Provides Drill Program Update at its Corvette Property,
Quebec, Canada
August 28, 2023 – Vancouver, BC, Canada August 29, 2023 – Sydney, Australia
Highlights
• A total of approximately 35 holes and 10,100 m have been completed to date since the start
of the summer-fall drill program with a goal to expand the current 109.2 Mt at 1.42% Li2O
inferred resource1.
• Four (4) drill rigs active at site, planned to be increased to five (5) by month end, and to
seven (7) by mid-September.
o Two (2) rigs active over westward extension of CV5, one (1) rig active over the
eastern portion of CV5, and one (1) rig active at CV13.
Two (2) rigs continue to drill at 50 to 100 m spacings over the wes tward
extension of CV5 towards CV13. The most west erly reported drill hole to
date at CV5 returned 101.5 m at 0.86% Li2O (CV23-184, see news release
dated July 10, 2023).
One (1) barge mounted rig at the eastern end of CV5 to convert unclassified
mineralisation into resource ( i.e., mineralised pegmatite outside resource
current pit constraints).
One (1) rig at CV13 focused on step -out delineation drilling along the
collective ~ 2.3 km trend of spodumene pegmatite outcrop. Maiden drill
testing returned results including 22.6 m at 1.56% Li 2O (CV22-092, see
news release dated February 13, 2023).
• Next three (3) rigs to support continued extension drilling at CV5, continued delineation
drilling at CV13, and maiden drill testing of the CV9 Spodumene Pegmatite.
• The NI 43-101 Technical Report on the CV5 mineral resource estimate is proceeding as
scheduled and will be filed in the first half of September. Due to coordination of ramp-up
activities on site, coupled with pending completion and filing of the technical report, the
announcement of new drill hole results will follow shortly thereafter in September.
• As of August 24, 2023, the traffic restrictions caused by local wildfires have been lifted.
roads in the area, including the Trans -Taiga Road and Billy Diamond Highway, are once
again open to traffic.
Darren L. Smith, Company Vice President of Exploration, comments: “With our maiden mineral
resource estimate at CV5 behind us pending filing of the technical report, confirming it as a Tier
1 world class lithium pegmatite deposit, and access re-opening to the region, we are focused on a
coordinated ramp-up of our exploration and development activities on site. It has been a very
challenging summer for the region; however, we are well positioned to make up for some of the
lost time.”
Blair Way, Company President and CEO, comments: “With $150 million in the treasury, we have
a busy year ahead of us. It took just shy of 60,000 metres and $45 million of expenditures to deliver
100% ownership of the Property and the maiden CV5 mineral resource, so there is a lot to look
forward to at the Corvette Property. "
Photo 1: View of the western extension being actively drilled at the CV5 Spodumene Pegmatite (view
looking eastward).
Photo 2: Multiple spodumene pegmatite outcrops over approximately 425 m trend at CV9.
Patriot Battery Metals Inc. (the “Company” or “Patriot”) ( TSX-V: PMET) (ASX: PMT)
(OTCQX: PMETF) (FSE: R9GA) is pleased to provide an update on its drilling activities at its
wholly owned Corvette Property (the “Property”), located in the Eeyou Istchee James Bay region
of Quebec . The Pro perty hosts the CV5 spodumene pegmatite (maiden mineral resource of
109.2 Mt at 1.42% Li 2O inferred1), one of the largest lithium pegmatite s in the world, located
approximately 13.5 kilometres south of the regional and all-weather Trans-Taiga Road and power
line infrastructure corridor, and within 50 km of the La -Grande 4 (LG4) hydroelectric dam
complex.
Since recommencing exploration at the Property in early August, the Company has coordinated a
steady ramp-up of its drilling activities on site. The Company has drilled more than 10,000 m
already this summer even with the wildfires. Two (2) drill rigs are focused on 50 to 100 m spaced
step-outs westward at the CV5 Spodumene Pegmatite towards CV13, and one (1) rig on continued
delineation at the CV13 Spodumene Pegmatite. A fourth, barge mounted drill rig, has commenced
drilling over the near-surface eastern areas of CV5. This latter area was not included in the maiden
mineral resource estimate’s block model (see news release dated July 30, 2023) . The Company
anticipates adding a fifth rig (barge mounted) by months end to drill areas of CV5 that are difficult
to access by land or ice . Another two (2) rigs are scheduled to commence drilling by mid-
September with the first being deployed at CV13, and the second for initial drill testing at the CV9
Spodumene Pegmatite cluster. This will bring the total number of active diamond drill rigs on site
to seven (7) with activity focused at the CV5, CV13, and CV9 spodumene pegmatites.
Additionally, the Company notes that the NI 43-101 Technical Report on the CV5 mineral resource
estimate is proceeding as scheduled and will be filed in the first half of September . Due to
coordination of ramp- up activities on site, coupled with pending completion and filing of the
technical report, the announcement of new drill hole results will follow shortly thereafter in
September. This is applicable for all 2023 summer drill holes completed to date.
Traffic restrictions caused by local wildfires that have been in place to one extent or another since
the end of May 2023 have been lifted. As of August 24, 2023, all roads in the area, including the
Trans-Taiga Road and Billy Diamond Highway, have reopened to traffic.
The Company looks forward to resuming its regular program updates , including drill results,
following filing of the NI 43- 101 Technical Report on the maiden mineral resource estimate for
the CV5 Spodumene Pegmatite . The CV5 Spodumene Pegmatite hosts an inferred mineral
resource1 of 109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5, at a cut-off of 0.40% Li2O, which ranks
it as the largest lithium pegmatite resource in the Americas (based on contained LCE) and the 8 th
largest lithium pegmatite mineral resource in the world (see news release dated July 30, 2023).
1. CV5 mineral resource estimate (109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred) is reported at a
cut-off grade of 0.40% Li 2O 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 Qualifie d Person as defined by National Instrument 43- 101, and member in good standing
with the Ordre des Géologues du Québec (Geologist Permit number 1968), 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 JORC Code, 2012. 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 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 J une 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.c a 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 Lithium Project.
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 Company’s Corvette Lithium 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 Lithium 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 fu ller 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.