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Highlights
VANCOUVER, BC, June 27, 2024 /PRNewswire/ -- June 27, 2024 – Sydney, Australia
Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to provide an update on the 2024 Summer-Fall exploration and development programs at its 100%-owned Corvette Property (the "Property" or "Project") located in the Eeyou Istchee James Bay region of Quebec. The Project, which hosts the CV5 Spodumene Pegmatite with a maiden Mineral Resource Estimate ("MRE") of 109.2 Mt at 1.42% Li2O Inferred1, is situated approximately 13.5 km south of the regional and all–weather Trans-Taiga Road and powerline infrastructure.
This multi-pronged and multi drill rig field work program has been designed to support the continued exploration and development of the Corvette Project. Work is anticipated to include step-out drilling at the recently discovered Vega Zone at the CV13 Pegmatite, infill drilling at the CV5 Pegmatite, as well as surface mapping and prospecting.
Additionally, significant environmental baseline data collection will continue to build on previous years in support of an Environmental and Social Impact Assessment (ESIA) submission for the Project, which is on schedule for September 2025
Summer-Fall Exploration Program Underway
CV13 Pegmatite (Vega Zone)
The 2024 Summer-Fall exploration program has commenced with two drill rigs now testing the recently discovered Vega Zone at the CV13 Pegmatite (see news release dated June 10, 2024). The objective of the program is to further expand and delineate the recently discovered high-grade mineralization at Vega. Approximately 10,000 m of drilling is under consideration this summer-fall targetting the CV13 Spodumene Pegmatite and immediate corridor towards the CV5 Spodumene Pegmatite.
Because the Vega Zone was discovered in the final days of the 2024 winter program, only limited follow-up drilling has been completed. Results to date include 34.4 m at 2.90% Li2O (CV24-470), and 33.4 m at 2.40% Li2O, including 1.7 m at 7.01% Li2O (CV24-507). The high-grade mineralization is relatively flat-lying to shallow dipping and remains open in multiple directions, with the results of multiple step-out holes remaining to be reported.
CV5 Pegmatite
Infill drilling at the CV5 Pegmatite is scheduled to resume in early July and will continue through late September. Several drill rigs will be deployed to support an increase in MRE confidence from the Inferred category to the Indicated category. This drilling will target Inferred blocks as categorized in the pending MRE update, with the ultimate objective of delineating a coherent body of Indicated Mineral Resource blocks to underpin a Feasibility Study scheduled for the second half of 2025.
The Company anticipates adding an additional rig in August to undertake geomechanical drilling at CV5 to support advanced open-pit design. These drill holes will be completed at various orientations proximal to CV5 and the conceptual pit, and will target specific host rock types and structure, with optical and acoustics televiewer data to also be collected.
Additionally, several fences of drilling are planned across the conceptual open-pit to test for mineralized pegmatite where waste rock has been modelled due to a lack of drill data.
In addition to the resource drilling, an expansive hydrogeological and geotechnical drill program commenced on site in early June. The program includes approximately 56 drill holes of various size (NQ, HQ, PQ, and 6 inch), design, and depth.
The geotechnical drilling will test rock and overburden characteristics at various proposed infrastructure locations to support the development of the Project. This includes areas for the proposed mine camp, waste rock piles, process plant, and other ancillary infrastructure.
The hydrogeological drill program will include the installation of monitoring wells and down-hole equipment, as well as packer testing (Figure 1) within the conceptual open-pit and other proposed infrastructure locations. Additionally, three large diameter drill holes will be completed (two 6 inch and one PQ) in the CV5 area to conduct long-duration pumping tests for operational water supply and pit dewatering design. The data will further refine the preliminary hydrogeological model for CV5 developed in 2023.
An updated MRE for the Corvette Project, incorporating all drilling through April 2024, is scheduled for release in August 2024. This update will include both the CV5 and CV13 spodumene pegmatites underpinning a consolidated Mineral Resource statement for the Corvette Project.
Surface exploration began in late May and will include detailed geological mapping at CV5 and CV13, in addition to channel sampling of pegmatite outcrop. Channel samples may effectively approximate a "horizontal drill hole", thereby further constraining the geological model at surface with robust sample data.
Baseline Environmental Data Collection to Support the ESIA
In order to facilitate the completion of the Environment and Social Impact Assessment (ESIA), due for submission to the regulators in September 2025, the Company is continuing baseline environmental data gathering at the Corvette Project throughout the year (Figure 2).
Baseline environment data collection is being completed in partnership with local First Nations. Key areas of focus include vegetation, wildlife, and fish. Field studies are designed to meet the Project guidelines issued by the government of Quebec in April 2024. Reports on the field work will be completed in June 2025 and will inform the placement of Project infrastructure, the assessment of potential impacts, and the development of environmental mitigation measures.
Shaakichiuwaanaan Exploration Camp Phase One Completed
The Company has completed the first phase of its 100%-owned exploration camp at Corvette, with a capacity of 80 persons, which supported the majority of its activities over the recently completed winter program (Figure 3). This camp is currently being expanded to facilitate accommodation for up to 150 persons and is anticipated to be operational later in the year.
Additional utilities infrastructure is being installed over the coming months to ensure that this camp can be the sole operational centre for all activities at the Corvette Project. The camp area includes provision for accommodation, office facilities, a workshop for contractors, and a core processing building inclusive of on-site core storage.
The new Shaakichiuwaanaan Camp is located closer to site than the previously utilized privately owned camp (Mirage Outfitters Camp), significantly reducing exploration costs and ensuring year-round accommodation for the Patriot team to ensure seamless operations at the Corvette Project.
In response to a request from the tallyman and the community of Chisasibi, Patriot is pleased to name the camp Shaakichiuwaanaan. The name means 'climbing a hill, or mountain', three of which are prevalent in the Project area (Figure 4).
For reference, all of these Project areas, including the camp, drilling (inclusive of CV13 and all other known surface spodumene outcrops at Corvette), and planned infrastructure development areas, all currently fall within trapline CH39 on the traditional territory of the Cree First Nation of Chisasibi only.
On June 1, the Patriot Board, Executives, site workers, and members of the Cree community shared a special celebration including building a sabtuan (long teepee) and sharing traditional food at the Shaakichiuwaanaan Camp (Figure 5). The elders and members of the tallyman's family traveled by helicopter with Patriot team members to offer tobacco at the lake located near CV5.
All-Season Road Operational
The Company is pleased to announce that the CV5 Pegmatite is now road accessible year-round through the successful connection of CV5 to Shaakichiuwaanaan Camp at KM-270 of the Trans-Taiga Road. The Company continues to undertake maintenance (and some improvement works) on the ~20 km all-season gravel road, which now allows for access through to the southwest side of the CV5 Deposit.
The construction of the all-season road to CV5 is a significant milestone for the Company, especially when coupled with Shaakichiuwaanaan Camp. This infrastructure has, and will continue to, facilitate significant cost savings in exploration by reducing dependency on helicopters for the movement of personnel, equipment, and logistical support, as well as dramatically reducing distances to travel from staging to site (Shaakichiuwaanaan Camp versus Mirage Lodge).
The realization of these cost savings has already had a significant positive impact on the exploration cost (measured by a $/m metric) since the camp became operational in January 2024.
About the CV Lithium Trend
The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company in 2017 and is interpreted to span more than 50 kilometres across the Corvette Property. The core area includes the approximate 4.6 km long CV5 Spodumene Pegmatite, which hosts a maiden Mineral Resource estimate of 109.2 Mt at 1.42% Li2O Inferred1.
To date, eight (8) distinct clusters of lithium pegmatite have been discovered across the Corvette Property – CV4, CV5, CV8, CV9, CV10, CV12, CV13, and the recently discovered CV14. 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.
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 remains 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 an 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. Largest lithium pegmatite resource in the Americas based on contained LCE. |
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 completion and release of an updated MRE on the Property, the potential of the Vega Zone, the release and content of the results of the winter drill program, the processing and receipt of all remaining core samples, statements relating to the continuity of spodumene pegmatite at CV5, and statements about the probability that some of the outcrops may reflect a discontinuous surface exposure of a single, larger pegmatite "outcrop" subsurface.
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 that proposed exploration and mineral resource estimate work on the Property will continue as expected, and that exploration and development results continue to support management's current plans for Property development.
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 5.22)
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 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 the form and context in which the competent person's findings are presented have not been materially modified from the original market announcement.
CONTACT: Brad Seward, Vice President, Investor Relations, T: +61 400 199 471, E: bseward@patriotbatterymetals.com; Olivier Caza-Lapointe, Head, Investor Relations – North America, T: +1 (514) 913-5264, E: ocazalapointe@patriotbatterymetals.com
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