Patriot Battery Metals Completes Winter Drill Program, Extends Main Pegmatite Body to over 1.4 km in Length, and Returns Wider Intersections at Depth
VANCOUVER, April 21, 2022 - Patriot Battery Metals Inc. (the "Company" or "Patriot") (CSE: PMET) (OTCQB: PMETF) (FSE: R9GA) is pleased to announce that it has concluded the winter/spring component of the 2022 drill campaign at its wholly owned Corvette Property (the "Property"). Further, the Company is pleased to report that, based on drill holes completed to date, the geological 3D modelling indicates that pegmatite continues across the lake from CV5 towards CV1 - a strike length of at least 1,400 m - and the working geological model continues to indicate that the pegmatite body is thickening at depth. The target drill area - at the CV Lithium Trend - is located approximately 13.5 km south of the regional and all-weather Trans-Taiga Road and powerline infrastructure, within the James Bay Region of Quebec.The winter/spring phase of the 2022 drill campaign began in late February with two diamond drill rigs, which remain on site in preparation the summer/fall phase of the drilling expected to commence in early June. A total of twenty (20) NQ size diamond drill holes (4,352 m) were completed during the winter/spring phase and included seventeen (17) holes collared over ice, and three (3) holes collared over land. The geological team remains on site for final processing of the drill core received and to prepare the program's final shipment of samples for transport to the laboratory for analysis. The Company is using SGS Canada (Lakefield, ON, and Burnaby, BC facilities) as their primary analytical lab.
The primary objective of the winter/spring drill program was to test for mineralized pegmatite along strike from surface outcrops, potentially connecting the CV5-6 pegmatites with the CV1-2 pegmatites, as well as testing the mineralization at depth. The Company is pleased to report that, based on drill holes completed to date, the geological 3D modelling indicates that pegmatite continues across the lake from CV5 towards CV1 - a strike length of at least 1,400 m. The lithium-bearing mineral spodumene has been field identified in multiple drill holes, including the final two (2) drill holes of the program. No core sample assays have been received.
In addition, the working geological model continues to indicate that the pegmatite body is thickening at depth, as is evidenced by drill holes CV22-016, 019, 031, and 028, which tested the down-dip extension of drill holes CV22-015, 018, 025, and 027, respectively, and returned significantly wider intercepts. Orientation of drill holes along with logged pegmatite intercepts are presented in Table 1. The location of drill holes completed to date are presented in Figure 1.
The summer/fall phase of the drilling is scheduled to begin June 1st, and detailed planning is underway for the remaining approximately 15,000 m campaign. This drilling will focus on continued land-based infill and step-out holes around CV5-6 and CV1-2, as well as testing new regional targets (see news release dated March 8th, 2022). The Company is also evaluating the addition of a third drill rig to enable increased production during the summer/fall program.
The aggressive 2022 drill campaign is being completed as a direct follow-up to the strong lithium-tantalum mineralization encountered in the first four (4) drill holes to test the CV5-6 pegmatite this past fall. Drill intercept highlights include 155.1 m at 0.94% Li2O and 117 ppm Ta2O5 (CF21-002), and 58.1 m at 1.25% Li2O and 194 ppm Ta2O5 (CF21-003) (see news releases dated January 27th and February 3rd, 2022).
Table 1: Pegmatite intercepts logged in 2022 drill holes at the Corvette Property https://www.globenewswire.com/NewsRoom/AttachmentNg/ee6b4015-cff0-496f-a89d-3489f87f9390
The Company notes that it has developed a COVID Management Plan for the program and will carry out its field programs while adhering to all federal, provincial, and regional restrictions in place due to the COVID-19 pandemic. Mineral exploration has been recognized as an essential service in Canada and the Province of Quebec.
Figure 1: 2022 drill hole collar locations
https://www.globenewswire.com/NewsRoom/AttachmentNg/54ef63a4-68f2-4cdc-950a-cfb8cce60a55
About the CV Lithium Trend
The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company in 2017 and spans the FCI West, FCI East, and Corvette claim blocks. The core area includes an approximate 2 km long corridor, which is part of the more than 25-km long and Property-wide CV Lithium Trend. It consists of numerous spodumene pegmatite occurrences, which include the CV1, CV2, CV3, CV5, CV6, and CV7 pegmatites, highlighted by the CV5 Pegmatite - a large (~220 m long and 20-40 m wide), well-mineralized outcrop with drill intercepts of 155.1 m at 0.94% Li2O and 117 ppm Ta2O5 (CF21-002), and 58.1 m at 1.25% Li2O and 194 ppm Ta2O5 (CF21-003). Drilling indicates a pegmatite body approximating 60 m in true width (at CF21-001 and 003), and therefore considerably larger than that observed in outcrop. The high number of well-mineralized pegmatites in this core area of 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 G?ologues du Qu?bec 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 Corvette Property, which includes the wholly owned Corvette, FCI East, FCI West, Deca-Goose, Felix, and Corvette East claim blocks, located in the James Bay Region of Qu?bec. The land package hosts significant lithium potential highlighted by the CV5-6 spodumene pegmatite with drill intercepts of 0.94% Li2O and 117 ppm Ta2O5 over 155.1 m (CF21-002), and 1.25% Li2O and 194 ppm Ta2O5 over 58.1 m at (CF21-003). 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 (778) 945-2950 , or visit www.patriotbatterymetals.com.
On Behalf of the Board of Directors,
| "BLAIR WAY" | "ADRIAN LAMOUREUX" | ||
| Blair Way, President & Director | Adrian Lamoureux, CEO & Director |
Disclaimer for Forward-Looking Information
Statements included in this announcement, including statements concerning our plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.