Patriot Battery Metals Provides Update on 2022 Drill Campaign at the Corvette Lithium Property, James Bay, Quebec
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VANCOUVER, British Columbia, March 30, 2022 (GLOBE NEWSWIRE) — Patriot Battery Metals Inc. (the “Company” or “Patriot”) (CSE: PMET) (OTCQB: PMETF) (FSE: R9GA) is pleased to provide a further update on the winter/spring component of its 2022 drill campaign program at its wholly owned Corvette 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/spring phase of the 2022 drill campaign began in late February with two diamond drill rigs currently operating on site. To date, ten (10) NQ size drill holes have been completed for a total of approximately 2,227 m. All drill holes completed to date have collared on lake ice with one drill rig focused on 100 m step-outs east of the CV5 Pegmatite outcrop, and the other drill rig focused on testing the CV1 Pegmatite outcrop at depth and along strike (Figures 1 and 2). The primary objective of the drill program is to test for mineralized pegmatite along strike, potentially connecting CV5-6 pegmatites with the CV1-2 pegmatites, as well as testing the mineralization at depth.
In addition, the drilling has confirmed that the lake between the CV6 and CV1-2 pegmatites is indeed shallow, as was anticipated, with depths ranging from approximately 0.5 m to 5 m over the drill area. A systematic bathymetry survey is planned for early summer 2022 to fully map the lake bottom.
The drill core is actively being processed on site with core samples from the first few drill holes now at the analytical laboratory or en route. The Company is using SGS Canada as their primary analytical lab.
Blair Way, Company President and Director, comments: “The drill program is going extremely well, and I am very pleased with the progress to date. I spent some time with the team on site last week and I am very impressed with the team’s dedication and quality of work. I look forward to providing regular updates on progress.”
The winter/spring phase of the 2022 drill campaign is expected to continue into late April, when a short break is expected to allow for spring break-up as the ice and snow disappears for summer. The summer/fall phase of the drill campaign will then immediately follow and will focus on continued land-based infill and step-out drilling around CV5-6 and CV1-2, as well as testing new regional targets (see news release dated March 8th, 2022).
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).
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.
Figure 1: 2022 drill hole collar locations
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Figure 2: Approximate 2022 drill hole collar locations over target drill area
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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 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 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.
