Patriot Completes Highly Successful In-Fill & Development Drill Program Propelling Shaakichiuwaanaan Down the Development Pipeline
High-grade mineralised intercepts including 100.5 m at 1.62% Li2O from in-fill drilling at the cornerstone CV5 Deposit, plus extensive geotechnical and hydrogeological drill programs completed supporting the Feasibility Study
VANCOUVER, BC, Nov. 26, 2024 /PRNewswire/ - November 27, 2024 – Sydney, Australia
Highlights
- Extensive in-fill drilling program successfully completed at the cornerstone CV5 Spodumene Pegmatite Deposit to support the ongoing Feasibility Study.
- No further in-fill drilling is anticipated to achieve the primary objective of upgrading Inferred Mineral Resources to the Indicated category.
- Record 65,384 m drilled during summer/fall program, for a total of 128,052 m during calendar 2024, further de-risking and advancing the Project.
- Wide, well-mineralized, and high-grade pegmatite intercepts from in-fill drilling at CV5.
- 124.5 m at 1.25% Li2O, including 16.5 m at 2.32% Li2O (CV24-613).
- 100.5 m at 1.62% Li2O, including 55.5 m at 2.01% Li2O (CV24-651).
- 77.3 m at 1.66% Li2O, including 17.5 m at 2.16% Li2O (CV24-639).
- 67.2 m at 1.18% Li2O, and 25.8 m at 2.65% Li2O, including 17.6 m at 3.30% Li2O (CV24-661).
- 55.1 m at 1.31% Li2O, including 9.5 m at 2.07% Li2O (CV24-609).
- 44.3 m at 1.47% Li2O and 58.1 m at 1.21% Li2O (CV24-591).
- 48.5 m at 1.85% Li2O, including 8.5 m at 4.86% Li2O (CV24-616).
- Expansive geotechnical and hydrogeological drill campaigns also now largely complete at CV5 and at proposed infrastructure development sites – 70 holes (1,514 m) completed as part of the summer-fall program.
- Core assay results are reported in this announcement for 64 in-fill drill holes (22,408 m) at CV5 and 70 geotechnical & hydrogeological drill holes (1,514 m) to support CV5 development and the ongoing Feasibility Study.
- Results for 98 drill holes (31,513 m) remain to be reported from CV5 – 90 in-fill (29,754 m) and 8 geomechanical (1,759 m).
- Results for 33 drill holes (9,950 m) remain to be reported from CV13 – focused on extensions of the high-grade Vega Zone.
- Delivery of Feasibility Study and maiden Ore Reserve Estimate for the CV5 Spodumene Pegmatite remains on schedule for Q3-2025.
Darren L. Smith, Patriot Executive and Vice President of Exploration, comments: "We are extremely pleased with the considerable amount of work completed and results to date from our 2024 summer-fall drill program, which focused on advancing the CV5 Spodumene Pegmatite to Feasibility. The team has done a phenomenal job executing the program efficiently and cost effectively, delivering high-quality datasets that have exceeded our expectations in many regards. The successful completion of the 2024 drill programs at the cornerstone CV5 Spodumene Pegmatite marks a very significant milestone for the Project, laying the foundations for the Feasibility Study and maiden Ore Reserve Estimate, which remains on schedule for Q3-2025.
"With the bulk of the in-fill and development drilling now behind us, the team is focusing on other key workstreams and objectives to advance the Project through development. We are looking forward to a pivotal year ahead in 2025," added Mr. Smith.
Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the completion of its 2024 summer-fall drill programs and reporting of the first batch of core assay results for in-fill holes at the CV5 Spodumene Pegmatite, which forms part of the Company's wholly owned Shaakichiuwaanaan Property (the "Property" or "Project"), located in the Eeyou Istchee James Bay region of Quebec.
The Shaakichiuwaanaan Property hosts a consolidated Mineral Resource Estimate ("MRE") of 80.1 Mt at 1.44% Li2O Indicated and 62.5 Mt at 1.31% Li2O Inferred1. The CV5 Spodumene Pegmatite is accessible year-round by all-season road and is situated approximately 14 km from a major hydroelectric powerline corridor.
The focus of the 2024 summer-fall drill program at Shaakichiuwaanaan was to collect all remaining drill data required to support a Feasibility Study for the CV5 Spodumene Pegmatite, scheduled for completion in Q3-2025. This included:
- Significant in-fill drilling at CV5 to underpin a Mineral Resource update (focused on converting Inferred Resources to Indicated Resources) to underpin a maiden Ore Reserve Estimate, which will be declared as part of the Feasibility Study.
- Expansive geotechnical and hydrogeological drilling at CV5, and areas of proposed infrastructure in support of development.
- Geomechanical drilling targeting various areas of the anticipated open-pit and underground development at CV5.
Drill results for 64 in-fill drill holes at the CV5 Spodumene Pegmatite are reported in this announcement (Figure 1). Results continue to demonstrate that high grades and large spodumene crystal sizes are consistently present along the 4.6 km mineralized pegmatite strike length defined to date (Figure 2 and Figure 3).
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1 Shaakichiuwaanaan (CV5 & CV13) Mineral Resource Estimate (80.1 Mt at 1.44% Li2O and 163 ppm Ta2O5 Indicated, and 62.5 Mt at 1.31% Li2O and 147 ppm Ta2O5 ppm Inferred) is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.80% Li2O (underground CV13) with an Effective Date of August 21, 2024 (through drill hole CV24-526). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. |
The in-fill drill program at CV5 was completed in early October and targeted Inferred classified blocks within the current Mineral Resource (see news release dated August 5, 2024), which are anticipated to be included in the Feasibility Study mine plan.
Additionally, optical and acoustic televiewer data was collected in more than 20 holes at CV5 during the program to capture oriented structural data to support geological modelling and mine design. The various datasets collected are currently undergoing final validation and are being incorporated into an updated pegmatite and host rock geological model.
The Company and its geological consultants are working closely to finalize this geological model over the next few weeks as the program's final assays are received, which will then advance towards a classified block model (Indicated / Inferred) to underpin Feasibility mine design.
From the summer-fall program, results for a total of 98 drill holes (31,513 m) remain to be reported from CV5 – 90 in-fill (29,754 m) and 8 geomechanical (1,759 m). Additionally, results for a total of 33 drill holes (9,950 m) remain to be reported from CV13 – focused on the high-grade Vega Zone (Figure 5) (see news release dated July 7, 2024). Core sample assays for drill holes reported herein are presented in Table 1 for all pegmatite intersections >2 m. Drill-hole locations and attributes are presented in Table 2.
In addition to the in-fill drilling at CV5, a large component of the summer-fall program comprised an expansive geotechnical and hydrogeological drill program at CV5 and areas of proposed infrastructure in support of development and the ongoing Feasibility Study. This included locations for the proposed process plant, mining camp, stockpiles, waste rock and tailings management facilities, as well as the envisioned open-pit and underground development areas of the CV5 Spodumene Pegmatite (Figure 4).
The objective of the hydrogeological drilling is to characterize the shallow and deep groundwater flow regime over the Project area. The objective of the geotechnical drilling is to characterize the overburden and immediate bedrock contacts to support infrastructure build design. Often both hydrogeological and geotechnical data is collected from the same drill hole. No mineralized pegmatite intervals were encountered in these holes, as was expected due to their typically very shallow nature (average depth of 22 m) and regional locations (see news release dated October 27, 2024, for additional program details).
A collective 70 drill holes were completed as part of the summer-fall geotechnical and hydrogeological program, all reported in this announcement. Location and attribute information for the geotechnical and hydrogeological drill holes are presented in Table 3.
Table 1: Core assay summary for drill holes reported herein at the CV5 Spodumene Pegmatite.
Hole ID | Substrate | Total Depth (m) | Azimuth | Dip | Easting | Northing | Elevation | Core Size | Cluster | ||
CV24-559 | Land | 558.8 | 170 | -53 | 572567.1 | 5931725.4 | 374.8 | NQ | CV5 | ||
CV24-563 | Land | 459.2 | 157 | -46 | 568571.5 | 5930137.8 | 390.6 | NQ | CV5 | ||
CV24-564 | Land | 317.0 | 159 | -46 | 568577.9 | 5929989.5 | 389.5 | NQ | CV5 | ||
CV24-567 | Land | 334.9 | 160 | -45 | 568868.6 | 5930091.3 | 397.2 | NQ | CV5 | ||
CV24-573 | Land | 328.9 | 160 | -45 | 568662.2 | 5930054.0 | 387.0 | NQ | CV5 | ||
CV24-574 | Land | 502.4 | 158 | -47 | 572567.8 | 5931725.4 | 374.8 | NQ | CV5 | ||
CV24-576 | Land | 358.8 | 160 | -45 | 568902.0 | 5930133.2 | 394.3 | NQ | CV5 | ||
CV24-577 | Land | 418.5 | 155 | -45 | 568665.2 | 5930158.2 | 388.4 | NQ | CV5 | ||
CV24-581 | Land | 301.9 | 160 | -45 | 568810.4 | 5930087.1 | 394.7 | NQ | CV5 | ||
CV24-585 | Land | 480.3 | 180 | -45 | 572566.5 | 5931726.1 | 374.8 | NQ | CV5 | ||
CV24-586 | Land | 395.9 | 156 | -45 | 568872.3 | 5930201.4 | 390.1 | NQ | CV5 | ||
CV24-589 | Land | 468.0 | 155 | -45 | 568616.1 | 5930217.1 | 390.1 | NQ | CV5 | ||
CV24-591 | Land | 544.9 | 160 | -50 | 570294.1 | 5930963.7 | 384.3 | NQ | CV5 | ||
CV24-592 | Land | 395.1 | 160 | -52 | 568787.4 | 5930140.6 | 392.8 | NQ | CV5 | ||
CV24-596 | Land | 551.0 | 175 | -65 | 572564.2 | 5931726.1 | 374.5 | NQ | CV5 | ||
CV24-597 | Land | 287.1 | 157 | -56 | 568963.7 | 5930244.4 | 386.5 | NQ | CV5 | ||
CV24-598 | Land | 237.0 | 155 | -45 | 568673.3 | 5930200.9 | 389.4 | NQ | CV5 | ||
CV24-599 | Land | 257.3 | 156 | -45 | 568955.3 | 5930122.4 | 393.4 | NQ | CV5 | ||
CV24-600 | Land | 347.0 | 156 | -45 | 569049.7 | 5930158.9 | 395.9 | NQ | CV5 | ||
CV24-602 | Land | 219.0 | 155 | -47 | 568714.9 | 5930207.4 | 388.6 | NQ | CV5 | ||
CV24-603 | Land | 422.0 | 158 | -45 | 569072.2 | 5930230.8 | 396.1 | NQ | CV5 | ||
CV24-604 | Water | 365.0 | 0 | -90 | 572400.8 | 5931363.4 | 373.1 | NQ | CV5 | ||
CV24-606 | Land | 422.0 | 160 | -55 | 568769.6 | 5930183.7 | 386.7 | NQ | CV5 | ||
CV24-607 | Land | 236.0 | 156 | -45 | 569093.9 | 5930179.0 | 398.0 | NQ | CV5 | ||
CV24-609 | Land | 314.0 | 160 | -46 | 570437.9 | 5930996.3 | 384.9 | NQ | CV5 | ||
CV24-610 | Land | 566.0 | 170 | -60 | 572564.4 | 5931725.5 | 374.5 | NQ | CV5 | ||
CV24-612 | Land | 125.0 | 156 | -45 | 569114.5 | 5930130.7 | 393.4 | NQ | CV5 | ||
CV24-613 | Water | 364.9 | 156 | -62 | 570030.5 | 5930662.8 | 373.4 | NQ | CV5 | ||
CV24-614 | Land | 134.0 | 156 | -45 | 569141.9 | 5930193.2 | 399.7 | NQ | CV5 | ||
CV24-615 | Water | 409.8 | 0 | -90 | 572357.9 | 5931408.6 | 373.0 | NQ | CV5 | ||
CV24-616 | Land | 398.1 | 156 | -45 | 569100.9 | 5930296.8 | 389.9 | NQ | CV5 | ||
CV24-617 | Land | 458.0 | 158 | -57 | 568808.3 | 5930221.3 | 383.3 | NQ | CV5 | ||
CV24-618 | Land | 131.0 | 158 | -45 | 569299.9 | 5930206.2 | 393.5 | NQ | CV5 | ||
CV24-620 | Land | 413.0 | 160 | -60 | 572214.9 | 5931531.8 | 373.1 | NQ | CV5 | ||
CV24-621 | Land | 333.1 | 158 | -48 | 570534.0 | 5931023.5 | 377.2 | NQ | CV5 | ||
CV24-622 | Land | 107.0 | 156 | -60 | 569410.4 | 5930198.9 | 385.0 | NQ | CV5 | ||
CV24-623 | Land | 134.0 | 160 | -45 | 569488.6 | 5930274.4 | 382.5 | NQ | CV5 | ||
CV24-626 | Land | 245.5 | 10 | -45 | 569488.6 | 5930276.8 | 383.9 | NQ | CV5 | ||
CV24-627 | Water | 394.7 | 156 | -50 | 570030.9 | 5930662.0 | 372.9 | NQ | CV5 | ||
CV24-628 | Land | 572.0 | 156 | -54 | 571747.8 | 5931540.3 | 393.5 | NQ | CV5 | ||
CV24-629 | Water | 475.8 | 0 | -90 | 572360.3 | 5931464.6 | 371.9 | NQ | CV5 | ||
CV24-630 | Land | 539.0 | 178 | -60 | 572564.5 | 5931724.9 | 374.6 | NQ | CV5 | ||
CV24-631 | Land | 140.0 | 158 | -50 | 570577.8 | 5931046.2 | 378.7 | NQ | CV5 | ||
CV24-632 | Land | 170.0 | 160 | -45 | 569680.8 | 5930329.9 | 381.9 | NQ | CV5 | ||
CV24-635 | Land | 412.5 | 140 | -60 | 572215.2 | 5931532.2 | 373.2 | NQ | CV5 | ||
CV24-636 | Land | 537.3 | 155 | -50 | 570159.1 | 5930879.4 | 381.2 | NQ | CV5 | ||
CV24-637 | Land | 414.8 | 156 | -45 | 569052.6 | 5930284.4 | 389.9 | NQ | CV5 | ||
CV24-638 | Land | 314.1 | 338 | -85 | 569855.8 | 5930433.4 | 378.0 | NQ | CV5 | ||
CV24-639 | Land | 194.0 | 355 | -60 | 569682.3 | 5930336.1 | 382.1 | NQ | CV5 | ||
CV24-641 | Land | 302.0 | 161 | -47 | 569599.0 | 5930401.7 | 382.0 | NQ | CV5 | ||
CV24-644 | Land | 434.0 | 158 | -60 | 572151.2 | 5931550.8 | 375.9 | NQ | CV5 | ||
CV24-645 | Land | 296.0 | 152 | -45 | 571748.5 | 5931540.1 | 393.4 | NQ | CV5 | ||
CV24-646 | Land | 251.0 | 338 | -65 | 569855.6 | 5930433.6 | 378.1 | NQ | CV5 | ||
CV24-650 | Land | 206.2 | 156 | -52 | 569167.5 | 5930265.5 | 397.0 | NQ | CV5 | ||
CV24-651 | Land | 289.9 | 161 | -75 | 569598.8 | 5930402.1 | 382.0 | NQ | CV5 | ||
CV24-652 | Water | 362.0 | 158 | -82 | 572424.0 | 5931416.3 | 371.9 | NQ | CV5 | ||
CV24-654 | Land | 581.1 | 140 | -52 | 571748.8 | 5931540.6 | 393.2 | NQ | CV5 | ||
CV24-655 | Land | 197.5 | 338 | -45 | 569855.4 | 5930434.1 | 378.0 | NQ | CV5 | ||
CV24-659 | Land | 224.1 | 152 | -55 | 569231.8 | 5930246.4 | 396.9 | NQ | CV5 | ||
CV24-660 | Land | 389.3 | 152 | -55 | 570036.3 | 5930782.6 | 377.8 | NQ | CV5 | ||
CV24-661 | Land | 283.8 | 158 | -50 | 569678.9 | 5930468.7 | 382.5 | NQ | CV5 | ||
CV24-662 | Land | 217.5 | 156 | -45 | 569856.7 | 5930430.8 | 378.1 | NQ | CV5 | ||
CV24-664 | Land | 400.9 | 158 | -58 | 572151.4 | 5931550.8 | 375.9 | NQ | CV5 | ||
CV24-666 | Water | 467.2 | 0 | -90 | 572401.4 | 5931430.2 | 373.0 | NQ | CV5 | ||
(1) Coordinate system NAD83 / UTM zone 18N; (2) All drill holes are diamond drill; (3) Azimuths and dips presented are those 'planned' and may vary off collar/downhole. | |||||||||||
Table 3: Attributes for geotechnical and hydrogeological drill holes reported herein. | ||||||||||
Hole ID | Substrate | Total Depth (m) | Azimuth | Dip | Easting | Northing | Elevation | Core Size | ||
CV24-527 | Water | 8.6 | 0 | -90 | 571468.7 | 5931004.9 | 372.8 | NQ | ||
CV24-528 | Water | 108.7 | 0 | -90 | 571721.4 | 5930952.2 | 372.4 | NQ | ||
CV24-530 | Water | 12.0 | 0 | -90 | 571443.6 | 5931037.8 | 373.0 | NQ | ||
CV24-531 | Water | 99.4 | 0 | -90 | 572280.4 | 5931431.0 | 379.8 | NQ | ||
CV24-533 | Land | 51.9 | 0 | -90 | 568982.8 | 5930569.5 | 378.5 | HQ | ||
CV24-534 | Land | 56.0 | 0 | -90 | 569493.0 | 5929975.9 | 384.3 | HQ | ||
CV24-536 | Land | 53.0 | 0 | -90 | 568354.6 | 5930071.6 | 397.6 | HQ | ||
CV24-537 | Land | 30.6 | 0 | -90 | 570702.3 | 5931577.7 | 384.3 | HQ | ||
CV24-541 | Water | 13.1 | 0 | -90 | 571882.6 | 5931252.9 | 371.9 | NQ | ||
CV24-542 | Water | 11.1 | 0 | -90 | 571235.6 | 5930959.1 | 372.9 | NQ | ||
CV24-544 | Land | 14.7 | 0 | -90 | 570578.9 | 5932300.1 | 393.4 | HQ | ||
CV24-547 | Land | 10.3 | 0 | -90 | 570060.1 | 5931470.4 | 390.2 | HQ | ||
CV24-548 | Land | 14.8 | 0 | -90 | 569250.7 | 5931589.7 | 375.1 | HQ | ||
CV24-552 | Land | 11.9 | 0 | -90 | 568913.4 | 5931773.2 | 379.4 | HQ | ||
CV24-553 | Land | 29.6 | 0 | -90 | 567712.6 | 5931916.6 | 375.1 | HQ | ||
CV24-557 | Land | 13.4 | 0 | -90 | 569485.5 | 5932942.9 | 371.5 | HQ | ||
CV24-558 | Land | 11.0 | 0 | -90 | 569570.6 | 5930824.8 | 370.9 | NQ | ||
CV24-560 | Land | 10.7 | 0 | -90 | 569788.0 | 5932229.7 | 389.8 | HQ | ||
CV24-562 | Land | 11.0 | 0 | -90 | 569602.1 | 5930842.2 | 371.3 | NQ | ||
CV24-566 | Land | 11.5 | 0 | -90 | 571525.7 | 5932366.7 | 387.2 | HQ | ||
CV24-568 | Land | 8.4 | 0 | -90 | 569900.5 | 5931287.3 | 382.2 | NQ | ||
CV24-569 | Land | 12.9 | 0 | -90 | 572288.4 | 5933463.6 | 395.5 | HQ | ||
CV24-570 | Land | 27.8 | 0 | -90 | 571873.0 | 5935191.4 | 425.0 | NQ | ||
CV24-575 | Land | 10.5 | 0 | -90 | 573527.0 | 5932919.4 | 403.6 | HQ | ||
CV24-580 | Land | 100.4 | 0 | -90 | 568133.9 | 5932019.0 | 370.3 | PQ | ||
CV24-584 | Land | 7.7 | 0 | -90 | 571179.1 | 5934865.9 | 401.1 | NQ | ||
CV24-587 | Land | 6.5 | 0 | -90 | 570955.9 | 5935075.6 | 417.5 | NQ | ||
CV24-588 | Land | 19.5 | 0 | -90 | 574212.9 | 5933572.5 | 408.9 | HQ | ||
CV24-590 | Land | 15.6 | 0 | -90 | 570789.0 | 5935141.1 | 396.0 | NQ | ||
CV24-593 | Land | 5.8 | 0 | -90 | 573387.9 | 5935420.1 | 417.9 | NQ | ||
CV24-594 | Land | 13.3 | 0 | -90 | 571181.4 | 5934661.8 | 398.4 | HQ | ||
CV24-595 | Land | 20.1 | 0 | -90 | 572694.7 | 5935705.3 | 433.1 | NQ | ||
CV24-601 | Land | 13.3 | 0 | -90 | 570458.3 | 5934571.0 | 386.0 | HQ | ||
CV24-605 | Land | 5.7 | 0 | -90 | 574442.3 | 5935103.7 | 418.5 | NQ | ||
CV24-608 | Land | 13.4 | 0 | -90 | 571154.9 | 5935798.0 | 406.0 | HQ | ||
CV24-611 | Land | 23.7 | 0 | -90 | 572188.6 | 5935397.7 | 423.4 | HQ | ||
CV24-611A | Land | 12.7 | 0 | -90 | 572191.5 | 5935398.9 | 422.5 | HQ | ||
CV24-619 | Land | 5.4 | 0 | -90 | 574471.1 | 5934941.5 | 418.6 | HQ | ||
CV24-624 | Land | 12.5 | 0 | -90 | 573623.0 | 5935844.4 | 460.0 | HQ | ||
CV24-625 | Land | 16.2 | 0 | -90 | 575047.3 | 5935565.6 | 427.5 | HQ | ||
CV24-633 | Land | 22.0 | 0 | -90 | 574950.0 | 5935682.1 | 426.2 | HQ | ||
CV24-633A | Land | 11.7 | 0 | -90 | 574949.3 | 5935675.7 | 425.0 | HQ | ||
CV24-634 | Land | 7.0 | 0 | -90 | 571727.5 | 5932923.2 | 406.3 | NQ | ||
CV24-640 | Land | 21.9 | 0 | -90 | 572328.6 | 5933074.8 | 421.0 | HQ | ||
CV24-640A | Land | 21.5 | 0 | -90 | 572325.2 | 5933068.1 | 375.0 | HQ | ||
CV24-642 | Land | 13.3 | 0 | -90 | 574465.6 | 5934939.2 | 418.6 | HQ | ||
CV24-647 | Land | 5.4 | 0 | -90 | 572503.2 | 5932757.6 | 406.2 | NQ | ||
CV24-649 | Land | 4.3 | 0 | -90 | 573399.1 | 5933215.4 | 441.3 | NQ | ||
CV24-653 | Land | 7.1 | 0 | -90 | 569335.0 | 5932343.0 | 396.0 | NQ | ||
CV24-656 | Land | 10.1 | 0 | -90 | 569129.9 | 5932518.5 | 375.0 | NQ | ||
CV24-657 | Land | 11.7 | 0 | -90 | 570732.5 | 5931935.6 | 379.3 | HQ | ||
CV24-658 | Land | 8.5 | 0 | -90 | 569236.1 | 5932857.1 | 365.6 | NQ | ||
CV24-665 | Land | 7.2 | 0 | -90 | 569829.6 | 5932688.4 | 395.1 | NQ | ||
CV24-670 | Land | 8.7 | 0 | -90 | 569999.7 | 5932838.7 | 380.8 | NQ | ||
CV24-672 | Land | 11.7 | 0 | -90 | 569572.4 | 5931586.2 | 376.4 | HQ | ||
CV24-673 | Land | 9.2 | 0 | -90 | 570188.5 | 5931687.4 | 384.0 | NQ | ||
CV24-696 | Land | 100.0 | 0 | -90 | 570029.7 | 5930475.8 | 379.3 | 6 inch | ||
CV24-729 | Land | 139.0 | 0 | -90 | 570775.7 | 5932261.0 | 393.4 | 6 inch | ||
CV24-772 | Water | 10.7 | 0 | -90 | 571335.7 | 5931245.7 | 372.9 | NQ | ||
CV24-774 | Land | 12.8 | 0 | -90 | 574322.7 | 5933055.3 | 383.5 | NQ | ||
CV24-775 | Water | 11.0 | 0 | -90 | 571221.3 | 5931212.4 | 372.8 | NQ | ||
CV24-776 | Land | 7.2 | 0 | -90 | 571646.5 | 5932200.9 | 380.4 | NQ | ||
CV24-778 | Land | 5.7 | 0 | -90 | 571138.9 | 5933323.5 | 378.6 | NQ | ||
CV24-779 | Water | 13.0 | 0 | -90 | 571098.5 | 5931194.9 | 372.8 | NQ | ||
CV24-780 | Land | 9.1 | 0 | -90 | 570917.1 | 5931288.1 | 375.9 | NQ | ||
CV24-782 | Land | 10.2 | 0 | -90 | 570962.2 | 5931304.3 | 376.8 | HQ | ||
CV24-784 | Land | 32.0 | 0 | -90 | 569257.8 | 5930042.2 | 388.2 | HQ | ||
CV24-785 | Land | 3.9 | 0 | -90 | 569751.1 | 5930197.0 | 387.0 | NQ | ||
CV24-786 | Land | 25.3 | 0 | -90 | 568840.8 | 5929943.2 | 389.2 | NQ | ||
CV24-787 | Land | 18.5 | 0 | -90 | 569063.2 | 5930258.1 | 392.4 | NQ | ||
(1) Coordinate system NAD83 / UTM zone 18N; (2) All drill holes are diamond drill except for CV24-696 and 729, which are rotary drill (open hole) completed for long-duration pumping tests (3) Azimuths and dips presented are those 'planned' and may vary off collar/downhole. |
Quality Assurance / Quality Control (QAQC)
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% each. Additionally, analysis of pulp-split sample duplicates was completed to assess analytical precision, 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, QC, or Radisson, QC, for sample preparation (code PRP90 special) which includes drying at 105°C, crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. The pulps were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50).
Qualified/Competent Person
The information in this news release that relates to exploration results for the Shaakichiuwaanaan 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 an Executive and 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 Shaakichiuwaanaan Property (formerly known as Corvette) located in the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round by all-season road and is proximal to regional powerline infrastructure. The Shaakichiuwaanaan Mineral Resource1, which includes the CV5 & CV13 spodumene pegmatites, totals 80.1 Mt at 1.44% Li2O Indicated, and 62.5 Mt at 1.31% Li2O Inferred, and ranks as the largest lithium pegmatite resource in the Americas, and the 8th largest lithium pegmatite resource in the world.
A Preliminary Economic Assessment ("PEA") was announced for the CV5 Pegmatite August 21, 2024, and highlights it as a potential North American Lithium Raw Materials Powerhouse. The PEA outlines the potential for a competitive and globally significant high-grade lithium project targeting up to ~800 ktpa spodumene concentrate using a simple Dense Media Separation ("DMS) only process flowsheet.
1 Shaakichiuwaanaan (CV5 & CV13) Mineral Resource Estimate (80.1 Mt at 1.44% Li2O and 163 ppm Ta2O5 Indicated, and 62.5 Mt at 1.31% Li2O and 147 ppm Ta2O5 ppm Inferred) is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.80% Li2O (underground CV13) with an Effective Date of August 21, 2024 (through drill hole CV24-526). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. |
For further information, please contact us at [email protected] 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 on the Feasibility Study, including the timing of its release and the content thereof, the maiden ore reserve, and the unreported results from the 2024 summer-fall drill campaign.
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, without limitation, that proposed exploration and mineral resource estimate work on the Property will continue as expected, the accuracy of reserve and resource estimates, the classification of resources between inferred and the assumptions on which the reserve and resource estimates are based, long-term demand for spodumene supply, and that exploration and development results continue to support management's current plans for Property development and expectations for the Project.
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 5.23)
The mineral resource estimate in this release was reported by the Company in accordance with ASX Listing Rule 5.8 on August 5, 2024. The Company confirms that, as of the date of this announcement, it is not aware of any new information or data verified by the competent person 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, as at the date of this announcement, the form and context in which the competent person's findings are presented have not been materially modified from the original market announcement.
Appendix 1 – JORC Code 2012 Table 1 (ASX Listing Rule 5.7.1)
Section 1 – Sampling Techniques and Data
Criteria | JORC Code explanation | Commentary |
Sampling techniques |
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Drilling techniques |
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Drill sample recovery |
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Logging |
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Sub-sampling techniques and sample preparation |
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Quality of assay data and laboratory tests |
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Verification of sampling and assaying |
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Location of data points |
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Data spacing and distribution |
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Orientation of data in relation to geological structure |
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Sample security |
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Audits or reviews |
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Section 2 – Reporting of Exploration Results
Criteria | JORC Code explanation | Commentary |
Mineral tenement and land tenure status |
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Exploration done by other parties |
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Geology |
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Drill hole Information |
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Data aggregation methods |
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Relationship between mineralization widths and intercept lengths |
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Diagrams |
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Balanced reporting |
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Other substantive exploration data |
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Further work |
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SOURCE Patriot Battery Metals Inc.
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