Categories: Base Metals
Topics: General Base Metals

Patriot Battery Metals (CSE: PMET)(OTC: PMETF) President Blair Way on Significantly Expanding the Corvette Lithium Project, James Bay, Quebec

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the president of Patriot Battery Metals, Mr. Blair Way. Blair, how are you today?

Blair Way: I'm doing great, Gerardo. We've had a busy few weeks, and obviously the press release of today articulates what we've been up to. But yeah, it's a fantastic day for us.

Gerardo Del Real: Listen, the last time that you and I spoke, I was extremely excited for what I think or what I thought then, was one of the most exciting lithium projects with a ton of blue sky potential. You had a 25 kilometer strike length of highly, highly prospective lithium pegmatites. And we saw the first four holes come back with excellent widths, excellent grades, four for four, right out of the gate. And that was enough. There was enough there to excite me. We helped finance the company at 16 cents. I wrote a check for that. We then helped finance it at subsequently higher levels. And then you come out with this announcement today where you have significantly expanded the Corvette Lithium Project. You now control more than a 50 kilometer strike length of that CV lithium pegmatite trend. And you also have, I believe, 210 square kilometers with 100% control over it. So congratulations. You put together multiple deals simultaneously. That could not have been easy. Walk me through what that was like.

Blair Way: Yeah, it's been a busy few weeks and even spans back before Christmas time when we started talking to people about this. And because of the drill results, obviously we're exceptionally bullish on the property and we decided that from a strategic point of view for the company, now is the time to consolidate. And there was the opportunity for a number of different properties to bring them all together. And then finally was the negotiation with O3 to achieve a hundred percent ownership, as the previous option agreement only took us to 75. So our goal was to own the highest percentage or as much as possible of this lithium district at a hundred percent. And really we've achieved that. It's taken a number of weeks to get to this point, but yeah, it's fantastic. As you said, it's over 200 square kilometers of this lithium district and we have basically locked it up in our ownership, and now we are well funded to move it forward.

As we spoke before, we've got a drill program commencing very soon for a winter drill program and then into the summer drill program, and all bets are off. We can take this property forward as aggressively as we like. We don't have to worry about anyone nibbling in at the sides. We've got the ground we need, and now we're going to take it forward.

Gerardo Del Real: You are about to embark on a 20,000 meter drill program. You just added to the land package. You've made it very, very clear, at least to me, that you expect success with this 20,000 meter drill program. And there is the potential here, and we've talked about it before, for triple digit, million tonne potential, right? A hundred million, 200 million tonnes. And look, we haven't even spoken about the copper and the gold, which we have 10 copper gold assays in the lab, and one additional lithium hole pending, which I believe was drilled some six kilometers away from the first four holes. Is that accurate?

Blair Way: Yeah, that's correct. So this last lithium hole is a bit of a wildcat hole compared to the ones that we drilled around CV5 and CV6. But what it does give us is an opportunity to demonstrate the continuity of chemistry, so as to speak. So we're expecting those results soon. The labs have been struggling as you know, to deliver on any sort of schedule, but I expect to see them this month. And that'll just give us again, a way to demonstrate the scale of what we have here in front of us. Even the scale between our CV1 outcrop and our CV6 outcrop is 1.8 kilometers. Now CV12 is another five or six kilometers to the west again, and then there's additional outcrops.

And now when we look at the addition of our new land, we've got from that original 1.8 kilometers between CV1 and CV5, we've got another 10 kilometers easy each way yet to discover more outcrops and then test them, sample them and then eventually drill them. So we'll certainly be focused on the drilling, as focused on the CV1 to CV5 and 6 area, but we will also be doing a field program to map all of the pegmatite outcrops on our ground to fully understand the scale of what we have here.

Gerardo Del Real: What's the treasury position look like now?

Blair Way: It's pretty healthy. As we discussed before, we raised the 11 million flow through for work on the ground and we have over a couple of million dollars in the bank as well of hard dollars. So we're well positioned. And then this financing that we're doing will take care of this acquisition cost. And yeah, so we're lock and loaded now for winter and summer drill program, for sure.

Gerardo Del Real: The market reacted very positively to the news today. I want to make it absolutely clear, and you correct me if I'm putting words in your mouth incorrectly, but that 3 million financing is fully spoken for. So anyone considering selling stock to get in there should probably hold onto their stock, right?

Blair Way: Yeah, absolutely. The reality is, this is a strategic land acquisition, but the funding of it also is with strategic investors. So, there was a lot going on in the background that was critical to making this all come together in the way it has. And yeah, certainly this is basically allocated and we'll be announcing the details on that very soon.

Gerardo Del Real: Excellent. Blair, looking forward to the details of the drill program, seeing where those holes are going in. Looking forward to the assays that are pending, and exciting 2022. Congratulations on the hard work.

Blair Way: Thanks, Gerardo. It's fantastic to be able to be talking about this finally, after having to be on the down low to get all these things over the line. But now, all bets are off and we can start talking about what we're doing. Hopefully I'll be able to have a call with you, or certainly show you some video from being on site for the winter drill program and then well into the summer. So things are going to get pretty interesting, pretty fast, I think.

Gerardo Del Real: Can't wait to have you back on. Thank you again.

Blair Way: Thanks, Gerardo. Great to catch up.

Gerardo Del Real: Chat soon.

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