Patriot Battery Metals Announces Mobilization of First Drill Rig to the Corvette Lithium Property, James Bay, Quebec
VANCOUVER, British Columbia, March 01, 2022 (GLOBE NEWSWIRE) — Patriot Battery Metals Inc. (the “Company” or “Patriot”) (CSE: PMET) (OTCQB: PMETF) (FSE: R9GA) is pleased to announce it has mobilized the first of two drill rigs to commence the winter drill program at its wholly owned Corvette Lithium Property (the “Property”), located in the James Bay Region of Quebec. 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.
The winter phase of the planned 15,000 to 20,000 m drill exploration campaign will focus on further delineation of the CV1 through CV7 lithium pegmatite outcrop corridor, where the initial four (4) drill holes to test the CV5-6 Prospect returned strong lithium-tantalum mineralization. This is highlighted by drill hole CF21-002 with 0.94% Li2O and 117 ppm Ta2O5 over 155.1 m, and drill hole CF21-003 with 58.1 m at 1.25% Li2O and 194 ppm Ta2O5 (see news releases dated January 27, 2021, and February 3, 2022). The primary objective of the winter program will be to test the continuity between the CV5 and CV1 lithium pegmatites outcrops.
Company President and Director, Blair Way, comments: “It is very exciting to be commencing our second drill program on the Corvette Property, which will consist of considerably more meterage than the fall 2021 program. This is a huge next step for the Company as we deploy our $13M war chest on the exploration and development of the Corvette Property and its lithium endowment. I look forward to this next round of drilling and am very optimistic of what we will discover between the CV1 and CV5 outcrops.”
The first drill hole collar of the 2022 drill campaign is anticipated shortly, as the first drill rig and equipment are currently being prepped for mobilization from the staging area to the first drill site. The second drill rig, as well as the remaining support staff, will arrive on site shortly thereafter. The Company has engaged Forage Fusion Drilling Ltd. of Hawkesbury, Ont., to carry out the diamond drilling with the program being managed by Dahrouge Geological Consulting Ltd. of Edmonton, AB.
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.
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, and therefore considerably larger than that observed in outcrop. The high number of well-mineralized pegmatites in this core area of the trend indicates 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 Géologues du Québec 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 Québec. 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 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.
