VANCOUVER, BC and SYDNEY, Australia, Jan. 16,
2024 /CNW/ -
Highlights
- The 2024 drill campaign at the Corvette Property has commenced,
targeting a minimum of 45,000 m over the January to April
period (the 'winter program').
- At least ten (10) drill rigs are planned to be utilized to
complete the winter program – making it among the largest lithium
drill programs currently in Quebec.
- The winter access road is complete and in operation to reduce
the dependency on helicopters for the drilling campaign, which is
expected to reduce per metre cost significantly.
- Core assay results remain to be reported for more than 125
drill holes, including ~1.5 km of prospective pegmatite trend
across the CV5 and CV13 pegmatites.
- The Company intends to provide an updated mineral resource
estimate to the market in the third quarter of 2024.
Patriot Battery Metals Inc. (the "Company" or "Patriot")
(TSXV: PMET) (ASX: PMT) (OTCQB: PMETF) (FSE: R9GA) is pleased
to announce it has commenced the 2024 winter drill campaign at its
wholly owned Corvette Property (the "Property" or "Project"),
located in the James Bay Region of Quebec. Additionally, the Company has
completed the construction of a winter road (approximately 20 km in
length), extending site access from the all-season Trans-Taiga Road
to the CV5 drill area.
The 2024 winter drill program has commenced and is planned to
increase to ten (10) drill rigs by the end of January until late
April. A minimum meterage of 45,000
m (NQ core size) is anticipated to be completed over the
winter period. The primary objective of the program is infill
drilling to improve the confidence of the CV5 Pegmatite's
geological model to support an upgrade in the confidence of the
maiden mineral resource estimate from the inferred category to the
indicated category. This is the most aggressive drill campaign
undertaken to date by the Company at the Corvette Property. The
Company intends to provide an updated mineral resource estimate to
the market in in the third quarter of 2024.
Blair Way, Company President,
CEO, and Director, comments: "We have another huge year ahead of
us with this aggressive drill campaign to upgrade the resource and
continue to de-risk the Project. It is an exciting time for the
Company."
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 –
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 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 mineral resource
estimate of 109.2 Mt at 1.42% Li2O
inferred1 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 The 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% Li2O
with effective date of June 25, 2023
(through drill hole CV23-190). Mineral resources are not mineral
reserves as they do not have demonstrated economic
viability.
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 information" or
"forward-looking statements" within the meaning of applicable
securities laws 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. In particular and without
limitation, this news release contains forward-looking statements
pertaining to the Company's plans with respect to incentive
compensation awarded to certain of its directors.
There can be no assurance that such information or 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, among others,
the ability of the Company provide an updated mineral resource
estimate within the time frames indicated and other risks detailed
from time to time in the filings made by the Company with
securities regulators, available at www.sedarplus.ca and
www.asx.com.au.
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,
including the TSX Venture Exchange and its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) has reviewed nor accepts responsibility for the
adequacy or accuracy of the content of this news release.
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SOURCE Patriot Battery Metals Inc