VANCOUVER, British Columbia, Sept. 08, 2022 (GLOBE NEWSWIRE) --
Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (OTCQB: PMETF) (FSE: R9GA)
is pleased to announce that it has increased its land position in the La Grande Greenstone Belt through the acquisition of a 100% interest in the Pontois West Property (the “Property”), a block of thirty-one (31) contiguous claims (1,587.2 ha) located in the James Bay Region of Quebec. The Property is located approximately 10.5 km directly west of the Company’s Corvette Property and adds an additional 8.3 km of highly prospective lithium pegmatite trend, which is host to the same regional rock suite as the CV Lithium Trend on the Corvette Property.
Company CEO, President and Director, Blair Way, comments: “this was a great opportunity to add another 8 k’s of the trend on the west end of our Corvette Property.”
The Company shall acquire a 100% interest in the Property by way of a Purchase Agreement whereby the Company shall pay $100,000 cash (CAD) and issue 220,000 common shares in the capital of the Company, upon receipt of TSX Venture Exchange approval. The Vendor will also retain a 2% Net Smelter Royalty (NSR) which has a 50% buyback option by the Company for $1,000,000 CAD. The Property has been acquired for its lithium pegmatite potential; however, is considered to also be prospective for orogenic gold and volcanogenic massive sulphide.
The Agreement remains subject to the approval of the TSX Venture Exchange. The shares issuable shall be subject to a statutory hold period of four months and one day from issuance. No finder’s fees or commissions are being paid in connect ion with the acquisition.
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 100% owned Corvette Property, located proximal to the Trans-Taiga Road and powerline infrastructural corridor in the James Bay Region of Québec. The land package hosts significant lithium potential highlighted by the CV5-1 spodumene pegmatite corridor with drill intercepts of 1.65% Li 2 O and 193 ppm Ta 2 O 5 over 159.7 m (CV22-042), and 2.22% Li 2 O and 147 ppm Ta 2 O 5 over 70.1 m, including 3.01% Li 2 O and 160 ppm Ta 2 O 5 over 40.7 m (CV22-017). 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 firstname.lastname@example.org Tel: +1 (604) 279-8709, or visit www.patriotbatterymetals.com.
On Behalf of the Board of Directors,
“ BLAIR WAY ”
Blair Way, President, CEO, & Director
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the results of further exploration and testing, and other risks detailed from time to time in the filings made by the Company with securities regulators, available at www.sedar.com. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
No securities regulatory authority or stock exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release..