PATRIOT ANNOUNCES ADDITIONAL 2023 DRILL RESULTS AT CV13 AND PROVIDES INFRASTRUCTURE DEVELOPMENT UPDATE, CORVETTE, QUEBEC, CANADA

Mining
Monday, February 26th, 2024 4:58 pm EDT

Patriot Battery Metals Inc. has released additional drill results from the 2023 program completed at the CV13 spodumene pegmatite, as well as recent infrastructure development disclosure supporting the continuing 2024 drill program at the Corvette property. The Corvette property, wholly owned by the company, is located in the Eeyou Istchee James Bay region of Quebec. The CV13 spodumene pegmatite is located approximately three kilometres west-southwest of the CV5 spodumene pegmatite, which hosts a maiden mineral resource estimate of 109.2 million tonnes at 1.42 per cent lithium oxide inferred (1) and is situated approximately 13.5 kilometres south of the regional and all-weather Trans-Taiga Road and power line infrastructure.

CV13 pegmatite, 2023 drill results

Drill results for 15 drill holes completed in 2023 at the CV13 spodumene pegmatite are reported herein. These holes primarily target the near-surface and downdip extension of the principal pegmatite body along its western limb, as well as the eastern limb. Results include:

• 22.5 metres at 1.10 per cent Li2O, including 15.2 m at 1.57 per cent Li2O (CV23-300);
• 19.4 m at 1.20 per cent Li2O (CV23-312);
• 16.1 m at 1.54 per cent Li2O, including 7.2 m at 2.57 per cent Li2O (CV23-319);
• 13.8 m at 1.16 per cent Li2O (CV23-320).

The drilling continues to trace spodumene pegmatite at CV13 to the west-northwest along geological trend and remains open along strike and downdip in this area. Results remain to be reported for 12 drill holes, covering approximately 300 m of strike, over the far portions of this western limb. The mineralized pegmatite in this area has a shallow northeasterly dip, resulting in pegmatite being traced downdip for over 250 m with minimal drilling, while still only being approximately 100-metre vertical depth below surface.

Results are also reported herein for one hole completed in 2023 (CV23-300, noted herein) within the apex of the regional host structure at CV13. One drill hole (CV23-302) completed in 2023 remains to be reported from this area:

• 22.5 m at 1.10 per cent Li2O, including 15.2 m at 1.57 per cent Li2O (CV23-300).

Results reported herein for drill holes completed over the eastern limb of the CV13 pegmatite (CV23-293, 299, 301 and 306) returned only minor intervals of pegmatite. However, the pegmatite remains well mineralized in drill holes CV23-299 (4.7 m at 1.38 per cent Li2O) and CV23-293 (2.7 m at 1.10 per cent Li2O). The pegmatite dike thins in this area of the eastern limb; however, it is confirmed to thicken moving northeasterly along strike as evidence from drill holes completed in 2022. Results for six drill holes completed in 2023 along the eastern limb of CV13 remain to be reported.

The CV13 pegmatite is currently interpreted to be characterized by a principal upper dike and a secondary lower dike, as well as several subordinate subparallel dikes, and are collectively geologically modelled to be shallowly dipping northerly. The principal dike dips typically between 20 and 25 degrees, and has been traced at depth to at least 300 m downdip (vertical depth from surface of approximately 140 m). The principal dike at CV13 has been traced over a 2.3-kilometre strike length, as defined by multiple outcrop exposures and drilling completed to date, and remains open along strike at both ends and to depth.

In 2024, through Feb. 22, approximately 23,000 m of drilling have been completed at Corvette — 21,200 m at CV5 and 1,800 m at CV13 — with 10 drill rigs active at site. Two of the 10 drill rigs are currently active at the CV13 pegmatite.

The drilling at CV13 is targeted to further delineate the principal pegmatite body along strike and downdip. An updated mineral resource estimate for the Corvette project, including both the CV5 and CV13 spodumene pegmatites, is planned for third quarter 2024.

Core sample assays for drill holes reported herein are presented in the attached table for all pegmatite intersections greater than two metres. For drill holes completed in 2023, results remain to be reported for the CV13 pegmatite (20 holes), the CV5 pegmatite (42 holes) and the CV9 pegmatite (18 holes).

Infrastructure development

The 2024 winter drill program is entirely ground supported, utilizing the all-season/winter road constructed by the company, which extends south from KM-270 of the Trans-Taiga Road to the CV5 spodumene pegmatite. The winter portion of this road has been further extended westerly to support drilling at the CV13 spodumene pegmatite. No helicopters are currently active at site due to this infrastructure now emplaced and in daily use.

The company’s exploration camp at KM-270 of the Trans-Taiga road has been operational since early January at an initial 80-person capacity, with an anticipated increase to at least 132 persons later in the year. After consultation with elders from the Cree Nation of Chisasibi by the tallyman and his family, the camp has recently been formally named the Shaakichiuwaanan camp (pronounced Shaa-gi-chi-waa-nan), a Cree word meaning to climb up a hill or mountain. The camp is located only 13 kilometres directly north of the CV5 pegmatite, thereby dramatically reducing the transport time of field staff to and from the drill area.

The combination of the company’s exploration camp on the Trans-Taiga and direct access roads to the CV5 and CV13 pegmatites has dramatically reduced the costs of the drill program through more cost-effective staff movement, reduced transport time, reduced accommodation costs and reduced time for drill moves.

In addition to the camp and road infrastructure development, the company anticipates completing a geomechanical drill program this winter at CV5. Data from this drilling and sampling will provide key data points to assess pit slope stability and design. This work will be followed in the summer by an infrastructure and condemnation geotechnical drill program, which will include potential tailings and waste rock storage sites, process plant, and camp accommodations for operation. A phase 2 hydrogeological drill program at CV5 is also planned for the summer, which will build upon the preliminary hydrogeological model completed in 2023.

(1) The CV5 mineral resource estimate (109.2 million tonnes at 1.42 per cent Li2O and 160 parts per million Ta2O5 inferred) is reported at a cut-off grade of 0.40 per cent 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.

Quality assurance/quality control

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 at a rate of approximately 5 per cent. Additionally, analysis of pulp-split and coarse-split sample duplicates was 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 Val d’Or, Que., for sample preparation (code PRP89 special), which includes drying at 105 C, crush to 90 per cent passing two millimetres, riffle split 250 grams and pulverize 85 per cent passing 75 microns. The pulps were shipped by air to SGS Canada’s laboratory in Burnaby, B.C., where the samples were homogenized and subsequently analyzed for multielement (including lithium and tantalum) using sodium peroxide fusion with ICP-AES/MS finish (codes GE-ICP91A50 and GE-IMS91A50).

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 approximately 4.4-kilometre-long CV5 spodumene pegmatite, which hosts a maiden mineral resource estimate of 109.2 million tonnes at 1.42 per cent Li2O inferred (1).

To date, seven distinct clusters of lithium pegmatite have been discovered across the Corvette property: CV4, CV5, CV8, CV9, CV10, CV12 and 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.

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 Darren L. Smith, MSc, PGeo, who is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), and a member in good standing with the Ordre des Geologues du Quebec (geologist permit No. 01968) and with the Association of Professional Engineers and Geoscientists of Alberta (member No. 87868). Mr. Smith has reviewed and approved the technical information in this news release.

Mr. Smith is vice-president of exploration for Patriot Battery, 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 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 Joint Ore Reserves Committee 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 is a hardrock lithium exploration company focused on advancing its district-scale 100-per-cent-owned Corvette property located in the Eeyou Istchee James Bay region of Quebec, Canada, and proximal to regional road and power line infrastructure. The Corvette property hosts the CV5 spodumene pegmatite with a maiden mineral resource estimate of 109.2 Mt at 1.42 per cent Li2O inferred (1) and ranks as the largest lithium pegmatite resource in the Americas based on contained lithium carbonate equivalent 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 kilometres of prospective trend that remains to be assessed.

(1) The CV5 mineral resource estimate (109.2 Mt at 1.42 per cent Li2O and 160 ppm Ta2O5 inferred) is reported at a cut-off grade of 0.40 per cent 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.

We seek Safe Harbor.