VANCOUVER, BC, Oct. 27,
2024 /PRNewswire/ - October
28, 2024 – Sydney,
Australia
Highlights
- 2024 drill campaign nearly complete having drilled ~127,700 m
(428 holes) at Shaakichiuwaanaan since January.
- Results for more than 65,000 m
(262 holes) remain to be reported pending final assays from the
summer-fall program.
- The 2024 infill drill campaign at the CV5 Spodumene Pegmatite
further supports conversion of Inferred resources to Indicated
resources, underpinning the Feasibility Study on schedule for the
third quarter 2025.
- Updated Mineral Resource Statement targeted for
March/April 2025.
- Results for approximately 10,000
m (33 holes) of follow-up drilling at the CV13 Spodumene
Pegmatite's high-grade Vega Zone remain to be reported pending
final assays.
- Geotechnical, hydrogeological, and geomechanical drilling to
support the Feasibility Study anticipated to be finished within two
weeks, completing the bulk of the 2024 calendar year exploration
spend.
- Includes monitoring well installation and several long-duration
pump tests.
- Various trade-offs and development studies underway in support
of the Feasibility Study.
- 2024 surface exploration complete, which included channel
sampling, geological mapping, and prospecting of the broader CV
Lithium Trend – results to be presented in a subsequent news
release.
- Environmental field programs have progressed to plan and a
summary will be presented in a subsequent news release.
Ken Brinsden, President, CEO and Director, comments:
"There has been significant activity at site throughout the
year, both in new exploration and in support of Project development
for CV5 as we progress the Feasibility Study. Our Preliminary
Economic Assessment ("PEA"), announced August 21, 2024, outlined a compelling economic
scenario for the development of Shaakichiuwaanaan's CV5 Spodumene
Pegmatite and provides significant confidence in the potential for
the Project to be a lithium raw material supply powerhouse to the
North American and European markets. With a Project of world class
caliber, coupled with our exploration and development team
expertise and commitment, we remain on track for a Q3-2025
Feasibility Study and ESIA release."
Patriot Battery Metals Inc. (the "Company" or "Patriot")
(TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to
provide an exploration and development update for its 100%-owned
Shaakichiuwaanaan Property (the "Property" or "Project") – formerly
known as Corvette – located in the Eeyou Istchee James Bay region
of Quebec, which is accessible
year-round by all-season road and is proximal to major regional
powerline infrastructure.
On August 21, 2024, the Company
announced a robust Preliminary Economic Assessment ("PEA") on the
Shaakichiuwaanaan Property's CV5 Spodumene Pegmatite, which
provided a compelling economic scenario for development. In
parallel with the PEA, the Company has not relented on its
collection of various datasets, trade-offs and related internal
studies, to support the Feasibility Study which remains on schedule
for completion in the second half of 2025.
This work includes both field and desktop programs – drilling,
engineering, metallurgy, channel sampling, geological mapping,
environmental, social engagement, etc. – focused on the critical
path needs to support the Feasibility Study and the path to
potential production.
Drill Exploration (CV5 Infill and CV13 Step-out)
From early June through October 20,
2024, the Company had completed ~65,000 m (262 holes) at
Shaakichiuwaanaan, resulting in a total of ~127,700 m (428 holes)
completed in 2024, and over 234,000 m
(nearly 800 holes) completed to date at the Property (Figure
1).
A primary objective of the drilling completed subsequent to the
August 2024 Mineral Resource Estimate
("MRE") at the CV5 Spodumene Pegmatite, is to target the upgrade of
Inferred resources to Indicated resources, which correlates to a
more robust Mineral Resource with a higher confidence
classification required for a Feasibility Study.
Therefore, the summer-fall infill drill program targeted the
Inferred classified MRE blocks included in the August 2024 PEA mine plan, in addition to those
outlined through ongoing Project optimizations. Approximately
52,300 m (154 holes) were completed
at CV5 as part of this program, which spanned effectively the
entire 4.6 km strike length of CV5 at various depths (Figure 2,
Figure 3, Figure 4, Figure 5, and Figure 6). This drilling
was completed on schedule in early October with all sample batches
having now been received at the laboratory. Assays received from
the lab to date are being compiled and will be reported in bulk in
a subsequent news release.
The geological model for the CV5 Spodumene Pegmatite continues
to be refined based on the infill drilling data and core assay
results as they are received. Once validated in the fall, this
geological model will underpin a classified block model for handoff
to the Company's independent engineering consultants and used for
final design in the Feasibility Study mine plan.
Given the improved geological confidence expected from the
extensive 2024 infill drill program at CV5, the bulk resource
development drilling is now largely complete meaning total drilling
expenditure will be reduced significantly from the end of the third
quarter 2025.
In addition to the CV5 infill drill program, a total of
approximately 10,000 m (33 holes)
were completed at the CV13 Spodumene Pegmatite. These holes
targeted an extension of the high-grade Vega Zone, discovered in
the final days of the 2024 winter program (see news releases dated
May 6 and July
7, 2024). Results from the winter drill program include
51.7 m at 1.77% Li2O,
including 9.7 m at 5.16%
Li2O (CV24-525) and 34.4 m
at 2.90% Li2O, including 21.9 m at
3.58% Li2O (CV24-470). Results from the
summer-fall drill program at CV13 will be reported in a subsequent
news release once all assays have been received.
Drill Exploration (Geotechnical, Hydrogeological, and
Geomechanical)
The geotechnical, hydrogeological, and geomechanical campaigns
have all been designed to underpin a Feasibility Study for the CV5
Spodumene Pegmatite at the Property. Therefore, a significant
amount of data collection has been completed throughout 2024, with
the large majority being completed during the ongoing summer-fall
program.
Geotechnical
The geotechnical campaign at the Project began in June of this
year and is anticipated to be completed within the next two weeks.
The campaign includes over 60 drill holes, of which a significant
number of them have also been utilized to collect hydrogeological
information. Geotechnical drill holes were completed over proposed
infrastructure locations including the process plant, mining camp,
stockpiles, waste rock and tailings management facilities, as well
as the envisioned open-pit (Figure 7 and Figure 8).
In each drill hole the overburden profile and bedrock contacts
have been assessed as well as various samples of overburden and
bedrock collected for granulometry and other specific analysis. The
data collected will inform the development of the various
infrastructure sites including bearing capacity, foundation type,
and build conditions.
Hydrogeological
The hydrogeological campaign for the Project began in 2023 with
a preliminary hydrogeological model produced for the open-pit and
underground development areas. This campaign was significantly
expanded in 2024, beginning in June, and is anticipated to be
completed within the next two weeks. The principal objective of the
campaign is to characterize the shallow and deep groundwater flow
regime over the Project area. This includes measuring water levels
and defining the hydraulic properties of the various rock types and
overburden throughout the Project area, with a strong focus on the
immediate CV5 Deposit area.
The 2024 hydrogeological program is comprised of over 60 drills
holes, including three (3) larger diametre holes – one (1) PQ hole
(122.6 mm hole diametre) and two (2) 6-inch holes – suitable for
long duration pumping tests. These hydrogeological focused holes
were completed over proposed infrastructure locations including the
process plant, mining camp, stockpiles, waste rock and tailings
management facilities, as well as the envisioned open-pit and
underground development areas of the CV5 Pegmatite.
Various datasets have been derived from the tests conducted in
these drill holes and includes piezometric surveys, slug tests,
packer tests, and groundwater sampling. Monitoring wells were
installed (Figure 9), completed and tested in more than 35 holes.
Packer testing was conducted in 12 holes to define the hydraulic
conductivity of rock at depths ranging from 10 to 300 metres.
Long-duration pumping tests were completed at several locations
including a 6-day pump test from a 6-inch hole completed at CV5 to
collected pit-dewatering data (Figure 10). Water levels and water
quality were recorded during the test in the pumping hole as well
as multiple other neighbouring holes/lakes. The results will be
used to define the hydraulic properties of the rock, radius of
influence, and source of water during the dewatering test.
Geomechanical
The geomechanical campaign began in March
2024 with six (6) holes and continued this summer-fall with
an additional eight (8) holes. All of the drill holes focused on
CV5 and were completed at various orientations to best capture
structural and rock type contact data of the pegmatite foot and
hanging walls as well as the various host rock units (Figure 11).
Point load testing was completed on drill core as well as various
samples collected for uniaxial compressive strength, triaxial,
direct shear, and other laboratory testing.
Additionally, the Company has collected optical and acoustic
televiewer ("OTV-ATV") data from more than 30 drill holes (Figure
12 and Figure 13). The televiewer data avoids the need for oriented
core, which is the more time consuming and costly alternative
approach. This dataset directly informs the geological and
structural models.
The geomechanical data collected will be used to establish rock
mechanics domain parameters, which will support open-pit and
underground mine design at CV5 for the pending Feasibility
Study.
Surface Exploration
The surface exploration program was completed in early October
and included targeted geological traverses of prospective lithium
pegmatite corridors along the CV Lithium Trend, channel sampling of
Li-Cs-Ta ("LCT") pegmatite outcrop, and geological mapping of the
CV5 and CV13 spodumene pegmatites. The primary objective of the
program is to inform the CV5 geological and block models in support
of the Feasibility Study.
A total of 350 m of channel
sampling was completed over the CV5 (116
m), CV13 (157 m), and CV14
(77 m) spodumene pegmatites (Figure
14 and Figure 15). The method and approach of the channel sampling
allows for the channels to be treated effectively as horizontal
drill holes for the purposes of modelling and resource estimation,
thereby providing significant surface control.
A total of 646 surface rock samples were collected as part of
the prospecting and mapping program. The sampling covered a variety
of targets over the central and western areas of the Property, with
geological mapping focused primarily at CV5 and to a lesser extent
at CV13. Results will be reported in a subsequent news release once
all assays have been received.
Next Steps
The 2024 summer-fall field work has seen the most expansive
exploration and development activity at site to date. The
activities at site are expected to wrap up for the season in
November, followed by final dataset validation and integration into
the overarching Feasibility Study being advanced for CV5. The
summary reports, models, datasets, and trade-off studies resulting
from the summer-fall program will inform any remaining Feasibility
level work that may be required for the 2025 winter-spring
period.
The Company remains on schedule for the third quarter 2025
Feasibility Study completion on the CV5 Spodumene Pegmatite.
Qualified/Competent Person
The information in this news release that relates to exploration
results for the Shaakichiuwaanaan 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 –
Standards of Disclosure for Mineral Projects, 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 and Executive and 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
Shaakichiuwaanaan Property (formerly known as Corvette) located in
the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round
by all-season road and is proximal to regional powerline
infrastructure. The Shaakichiuwaanaan Mineral Resource1,
which includes the CV5 & CV13 spodumene pegmatites, totals
80.1 Mt at 1.44% Li2O Indicated, and 62.5 Mt
at 1.31% Li2O Inferred, and ranks as the largest lithium
pegmatite resource in the Americas, and the 8th largest
lithium pegmatite resource in the world. Additionally, the
Shaakichiuwaanaan Property hosts multiple other spodumene pegmatite
clusters that remain to be drill tested, as well as significant
areas of prospective trend that remain to be assessed.
1 Shaakichiuwaanaan (CV5 & CV13)
Mineral Resource Estimate (80.1 Mt at 1.44% Li2O and 163
ppm Ta2O5 Indicated, and 62.5 Mt at 1.31%
Li2O and 147 ppm Ta2O5 ppm
Inferred) is reported at a cut-off grade of 0.40% Li2O
(open-pit), 0.60% Li2O (underground CV5), and 0.80%
Li2O (underground CV13) with an Effective Date of
August 21, 2024 (through drill hole
CV24-526). Mineral Resources are not Mineral Reserves as they do
not have demonstrated economic viability.
For further information, please contact us at
info@patriotbatterymetals.com 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.
"KEN
BRINSDEN"
Kenneth Brinsden, President, CEO,
& Managing 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 this news release, regarding the Company's strategy,
future operations, technical assessments, 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. Forward-looking statements in this release include, but
are not limited to, statements concerning: the 2024 drill campaign,
including the results thereof, the timing of release of an updated
Mineral Resource Statement, the timing of release of the summary of
the environmental field programs, the potential of the Project, and
the timing of the Feasibility Study and ESIA release.
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, without
limitation, that proposed exploration and mineral resource estimate
work on the Property will continue as expected, the accuracy of
reserve and resource estimates, the classification of resources
between inferred and the assumptions on which the reserve and
resource estimates are based, long-term demand for spodumene
supply, and that exploration and development results continue to
support management's current plans for Property development and
expectations for the Project.
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 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 5.23)
The mineral resource estimate in this release was reported by
the Company in accordance with ASX Listing Rule 5.8 on August 5, 2024. The Company confirms that, as of
the date of this announcement, it is not aware of any new
information or data verified by the competent person that
materially affects the information included in the announcement and
that all material assumptions and technical parameters underpinning
the estimates in the announcement continue to apply and have not
materially changed. The Company confirms that, as at the date of
this announcement, the form and context in which the competent
person's findings are presented have not been materially modified
from the original market announcement.
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SOURCE Patriot Battery Metals Inc.
