VANCOUVER, BC, Nov. 1, 2023 /PRNewswire/ -- November 1, 2023 – Sydney, Australia - Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSXV: PMET) (OTCQB: PMETF) (FSE: R9GA) is pleased to announce that it has increased its land position at its Eastmain Project, located in the Eeyou Istchee James Bay region, Quebec, through the acquisition of a 100% interest in two (2) proximal claim blocks. The new claim blocks total 73 claims (3,851.5 ha) and are located immediately adjacent to Alkem Limited's James Bay Lithium Project, and on strike of the James Bay Lithium Deposit (Figure 1), within the prospective Eastmain Greenstone Belt.
Blair Way, Company President and CEO comments, "These claims are a very complimentary addition to our Eastmain Project and the other non-core lithium properties the Company holds. As we continue to be focused on aggressive advancement of our Corvette Project, we are also evaluating opportunities and approaches for unlocking the value these non-core assets hold for our shareholders."
The Company acquired a 100% interest in the new Eastmain claims by way of a Purchase and Sale Agreement whereby the Company paid an aggregate $500,000 cash (CAD) and issued 120,000 common shares in the capital of the Company. There are no royalty rights associated with the acquisition.
The Agreement has been accepted by the TSX Venture Exchange on October 27, 2023. The issued shares are subject to a statutory hold period of four months and one day from issuance. No finder's fees or commissions were paid in connection with the acquisition.
Collectively, the Eastmain Project, now consisting of four (4) blocks totaling 86 claims (4,538.0 ha), forms part of the Company's non-core lithium asset portfolio which includes the Pontax (100%), Lac du Beryl (100%), and Hidden Lake (40%) properties. To date, lithium pegmatite has been confirmed at Hidden Lake and Pontax, with significant lithium exploration potential present throughout its non-core property portfolio.
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.
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.
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.
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.
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