Highlights
Significant Intercepts
- Continued wide and
high-grade drill intercepts returned from the CV5 Pegmatite over a
significant lateral distance between holes
- 0.97%
Li2O over 104.5 m (124.7
m to 229.3 m), including 1.52%
Li2O over 51.9 m
(CV22-052)
- 1.42%
Li2O over 61.9 m (214.0
m to 275.9 m), including 2.00%
Li2O over 30.0 m,
and 1.01% Li2O over 52.0
m (311.0 m 363.0 m) (CV22-040)
- 1.42%
Li2O over 47.4 m (181.3
m to 228.7 m), including 1.96%
Li2O over 21.0 m
(CV22-048)
- 1.05%
Li2O over 30.7 m (107.3
m to 138.0 m) (CV22-053)
- 1.26%
Li2O over 26.6 m (215.6
m to 242.2 m) (CV22-045)
- 1.31%
Li2O over 25.4 m (40.6 m
to 66.0 m) (CV22-054)
Drill Program Update
- Recent drilling
has extended the strike length of the principal lithium
pegmatite body (CV5) to at least 2,200 m, spanning
laterally from drill hole CV22-074 through CV22-090/093, and
remains open at both ends and to depth
- Drilling to date
has outlined several secondary and subparallel trending pegmatite
lenses, the largest of which was first discovered in drill hole
CV22-040 (at the west end of the drill area) with an unexpected
intersection of 1.01%
Li2O over 52.0 m (311.0
m 363.0 m). It has been traced for approximately 700 m in strike
length and remains open, pinching and swelling laterally and to
depth, ranging in width from <5 m to ~68 m (core length)
- As of October 5th,
2022, a total of approximately 23,497 m over eighty (80) holes have
now been completed over the 2022 drill campaign – 4,345 m over
20 holes in the winter/spring program, and 19,152 m over sixty (60)
holes in the summer/fall program (17,554 m over fifty-one (51)
holes at the CV5 Pegmatite and 1,599 m over nine (9) holes at
the CV13 pegmatite cluster).
- All nine (9) drill
holes completed at the CV13 pegmatite cluster have intersected
spodumene pegmatite of varying intervals – all assays pending
- Thirty-seven (37)
drill holes are currently en route to or in process at the
analytical lab
Patriot Battery Metals Inc. (the
“Company” or “Patriot”) (TSX-V: PMET) (OTCQB: PMETF) (FSE:
R9GA) is pleased to announce core assay results for twelve
(12) additional drill holes (CV22-040, 041, 045, 047 through 054,
and 056) from its 2022 drill campaign at its wholly owned Corvette
Property (the “Property”), located in the James Bay Region of
Quebec. The primary drill area is focused at the CV5 Pegmatite,
located approximately 13.5 km south of the regional and all-weather
Trans-Taiga Road and powerline infrastructure with two drills
currently coring. A third drill rig has been active at the CV13
pegmatite cluster for initial drill testing since early
September.
CV5 Pegmatite
The mineralization along the CV5 Pegmatite
corridor (which is exposed over numerous outcrops) is highlighted
by the CV5 Pegmatite as well as several adjacent, sub-parallel
trending, secondary pegmatite lenses. Drilling continues to return
wide and well-mineralized intercepts at depth across the CV5
Pegmatite, highlighted herein by drill hole CV22-052 with
0.97% Li2O over 104.5
m (124.7 m to 229.3 m), including 1.52%
Li2O over 51.9 m, and
drill hole CV22-040 with 1.42%
Li2O over 61.9 m (214.0
m to 275.9 m) and 1.01%
Li2O over 52.0 m (311.0
m 363.0 m). Assay interval highlights for the drill holes reported
herein are presented in Table 1 and drill hole locations in
Figure 1.
The Company continues to test the mineralized
pegmatite over the drill area at approximately 100 m spacing with
the principal spodumene pegmatite body
(CV5) now traced by drilling over a distance of at least
2,200 m, remaining open along strike at both ends and to depth
along most of its length. The drill holes with core assays
reported herein test approximately 1.8 km of this strike length
along the principal pegmatite body (CV5), at near-surface and
depth, and emphasize the scale of the lithium mineralization
throughout the system.
Additionally, drilling to date has outlined
several secondary and subparallel trending pegmatite lenses, the
largest of which was first discovered in drill hole CV22-040 (at
the west end of the drill area) with an unexpected intersection of
0.87% Li2O over 68.0 m (303.6 m to 371.6 m), including
1.01% Li2O over 52.0
m. This intersection occurred following that of the
principal pegmatite (CV5) downhole, which assayed 1.42%
Li2O over 61.9 m
(214.0 m to 275.9 m) and which was the primary target of the
drill hole. Since the discovery of this secondary lens, it has been
traced for approximately 700 m in strike length and remains open,
pinching and swelling laterally and to depth, ranging in width from
<5 m to ~68 m (core length). The lens is located on the
southwestern side of, and in close proximity to, the principal
pegmatite and is interpreted to outcrop at surface in one location;
however, is mostly obscured by overburden. The mineralogy and
texture, as geologically logged, mirror that of the principal CV5
Pegmatite, with centimetre- to- decimetre size spodumene crystals
hosted within a quartz-feldspar pegmatite (Figures 2 and 3).
The discovery of this secondary lens,
characterized by appreciable width, grade, and strike length,
highlights the potential for additional yet to be discovered
pegmatite lenses to be present. To date, several secondary lenses
have been identified in drill hole at both the eastern and western
ends, and to the north and south, of the principal CV5 Pegmatite,
where drilling has been concentrated. It is possible, however, as
drilling progresses at the central portions of the drill area, that
the currently known secondary lenses may connect from east to west,
and/or additional lenses may be discovered – see Figure 1.
The presence of tantalum continues to be
prevalent throughout the CV5 Pegmatite body as well as the
secondary pegmatite lenses. Intersections and grades include
104.5 m of 128 ppm
Ta2O5
(0.97% Li2O) in drill hole CV22-052, 37.7 m of
257 ppm Ta2O5
(0.22% Li2O) in drill hole CV22-041, and 46.3 m of
157 ppm
Ta2O5
(1.41% Li2O) in drill hole CV22-049. As assays are received for the
remaining holes of the program, the distribution of tantalum zones
with respect to lithium zones in the pegmatite(s) will become
clearer. Tantalum continues to be a secondary commodity of strong
interest at Corvette and recovery into a marketable concentrate
will continue to be explored as flowsheet studies are advanced.
CV13 Pegmatite Cluster
The CV13 pegmatite cluster is characterized by
two (2) contiguous trends, totalling approximately 2.3 km in
combined strike length, which are situated on geological trend
between the CV5 Pegmatite and the CV8-12 pegmatite cluster. The
CV13 pegmatite cluster is also coincident with a regional
structural flexure where several spodumene pegmatite outcrops have
been mapped at its apex. As of October 5th, 2022, the Company has
completed nine (9) drill holes targeting these outcrops at the apex
of this flexure as well as the north-eastern limb extending towards
the CV5 Pegmatite (Figures 4 and 5).
The Company is pleased to report that each of
the first nine (9) drill holes completed at the CV13 pegmatite
cluster have intersected intervals of spodumene pegmatite, ranging
in width from approximately <2 m to 22.5 m (core length)
(Figure 6). Core assays for these holes remain pending.
Geological modelling of the drill intersections suggests a shallow
to moderately dipping pegmatite body(s). However, the Company is
awaiting receipt of Property-wide LiDAR survey data which will
allow for a significant refinement of the model and a clearer
interpretation of the pegmatite orientation.
A total of three (3) drill rigs are currently
operating at the Corvette Property – two (2) targeting the CV5
Pegmatite corridor and one (1) targeting the CV13 pegmatite
cluster. As of October 5th, 2022, a total of approximately 23,497 m
over eighty (80) holes have now been completed over the 2022 drill
campaign – 4,345 m over 20 holes in the winter/spring program,
and 19,152 m over sixty (60) holes in the summer/fall program
(17,554 m over fifty-one (51) holes at the CV5 Pegmatite and 1,599
m over nine (9) holes at the CV13 pegmatite cluster). Core samples
for approximately thirty-seven (37) holes are currently en route to
or in process at the analytical lab in Lakefield, ON (SGS
Canada).
Drilling is anticipated to continue through to
mid-October, at which time the 2022 drill program will conclude
with final core processing on site and shipment to the lab for
analysis. The Company is currently planning an aggressive 2023
drill campaign at Corvette and will announce details in the coming
weeks.
Table 1: Mineralized drill intercept summary
highlights for drill holes completed as part of the 2022 summer
programhttps://www.globenewswire.com/NewsRoom/AttachmentNg/41296f65-dbec-491f-a5b2-fa4f5e5adfb1
Figure 1: Drill hole collar locations at the CV5 Pegmatite
corridor for holes completed through October 5th, 2022, as part of
the 2021-2022 drill campaigns
Figure 2: Well mineralized drill core from the principal
pegmatite body (CV5) – drill hole CV22-040 at 221.4 m to 238.7 m
depth
Figure 3: Well mineralized drill core from the secondary
pegmatite situated adjacent to the southwest of the principal
pegmatite body (CV5) – drill hole CV22-040 at 343.4 m to 360.7 m
depth
Figure 4: Drill hole map at the CV13 pegmatite cluster
Figure 5: Drill hole CV22-077 targeting large outcrop at CV13
pegmatite cluster
Figure 6: Coarse-grained spodumene crystals at 28.5 m in drill
hole CV22-095 at the CV13 pegmatite cluster
Quality Assurance / Quality Control (QAQC)
A Quality Assurance / Quality Control protocol
following industry best practices was incorporated into the program
and included systematic insertion of quartz blanks and certified
reference materials into sample batches, as well as collection of
quarter-core duplicates, at a rate of approximately 5%.
Additionally, analysis of pulp-split and course-split sample
duplicates were completed to assess analytical precision at
different stages of the laboratory preparation process, and
external (secondary) laboratory pulp-split duplicates were prepared
at the primary lab for subsequent check analysis and
validation.
All core samples collected were shipped to SGS
Canada’s laboratory in Lakefield, ON, for standard sample
preparation (code PRP89) which includes drying at 105°C, crush to
75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75
microns. The pulps were shipped by air to SGS Canada’s laboratory
in Burnaby, BC, where the samples were homogenized and subsequently
analyzed for multi-element (including Li and Ta) using sodium
peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50).
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 Ta2O5 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’
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 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
info@patriotbatterymetals.com 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 could 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 on 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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c2eff61d-3c20-47e9-a716-65c2acdb11a7
https://www.globenewswire.com/NewsRoom/AttachmentNg/eef2124c-4828-46b0-a541-7ccf2a41ed87
https://www.globenewswire.com/NewsRoom/AttachmentNg/1f917448-3949-40ba-986f-17b007308e4b
https://www.globenewswire.com/NewsRoom/AttachmentNg/51eb010a-c3d4-48ce-b419-659446013b9d
https://www.globenewswire.com/NewsRoom/AttachmentNg/c1857690-a0d5-43d1-9c4f-1a4044cbef04
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