- Mobilization for the 2023 drill campaign has commenced targeting a minimum of 20,000 m over the January to April period (the ‘winter program’)
- At least five (5) drill rigs will be utilized to complete the winter program – largest single lithium drill program undertaken in recent times in Quebec
- Objective is to extend the 2,200 m strike length of the CV5 Pegmatite system to the east and west and to continue delineation of the recent CV13 discovery, situated ~4.3 km along geological trend to the west-southwest
- Construction of winter road almost complete – will improve efficiency and reduce helicopter costs
- Core assay results for thirty-eight (38) drill holes from the 2022 drill campaign remain to be reported – twenty-four (24) at the CV5 Pegmatite cluster and fourteen (14) at the CV13 Pegmatite cluster
VANCOUVER, British Columbia, Jan. 05, 2023 (GLOBE NEWSWIRE) --
Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA)
is pleased to announce it has commenced mobilization for the winter phase of its 2023 drill campaign at its wholly owned Corvette Property (the “Property”), located in the James Bay Region of Quebec. Additionally, the Company is in the final stages of construction of a winter road (approximately 20 km in length), extending site access from the all-season Trans-Taiga Road to the CV5 drill area.
The 2023 winter drill program will be more expansive than the 2022 winter drill program, beginning with three (3) drill rigs in January and increasing to five (5) drill rigs from early February through mid-April. A minimum meterage of 20,000 m (NQ core size) is anticipated to be completed over the period. The primary objectives of the drill program are to further delineate the extent of the CV5 Pegmatite, as well as infill drilling to improve the geological model to achieve indicated mineral resource confidence to support a future prefeasibility study. The winter drilling will primarily target the eastern extensions of the CV5 spodumene pegmatite and secondary lenses, moving towards the CV4 Pegmatite cluster situated approximately 2.5 km along strike. An understanding of the near-surface lateral behavior of the CV5 Pegmatite is needed to refine locations of certain infrastructures required for Prefeasibility level advancement, as well as help define associated field programs planned for 2023.
The construction of the approximately 20 km long winter road is nearing completion and will provide direct road access from the all-season Trans-Taiga Road, located north of the Property, to the primary drill area at CV5 (Figures 1 and 2). The road access will increase efficiency of the drill program by reducing dependency on helicopters for drill rig, equipment, and personnel movements.
The overall 2023 field campaign will have multiple facets including advancing the CV5 Pegmatite to an initial mineral resource estimate, scheduled for the first half of 2023, in addition to further delineation at the CV13 Pegmatite Cluster. The drill programs will be coupled with numerous multi-disciplinary studies (environmental, hydrological, hydrogeological, geomechanical, metallurgical, etc.) as the Project advances aggressively towards Prefeasibility (see news release dated December 13 th , 2022).
Blair Way, Company President, CEO and Director, comments:
“This is a significant milestone for the Company as we embark on the second winter drill season on the Corvette Project. The 2022 drilling has defined something very special at Corvette and this winter season will further expand on this significant discovery. With five (5) drill rigs we will be better positioned to continue to drill out the CV5 Pegmatite Cluster at an aggressive pace, while also further testing the CV13 Pegmatite Cluster. The year 2023 will be a transformative year for the Company as we advance to an initial mineral resource at CV5.”
The first drill hole collar of the 2023 drill campaign is anticipated shortly, with the first three (3) drill rigs and equipment currently on site and crews now being mobilized. The two (2) additional drill rigs are anticipated to arrive on site later in early February as the winter freeze up continues and lake ice thickens sufficiently to support drilling over the shallow glacial lake that overlies portions of the deposit.
Figure 1: Segment of winter road extending from the Trans-Taiga Road to the drill area at CV5
Figure 2: Proximal infrastructure at the Corvette Property, including the recently constructed winter road extending from the all-season Trans-Taiga Road to the drill area at CV5
About the CV Lithium Trend
The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company in 2017 and spans more than 25-km across the Corvette Property. The core area includes an approximate 2.2 km long spodumene pegmatite (the ‘CV5 Pegmatite’) and multiple proximal secondary spodumene pegmatite lenses. This corridor has returned drill intercepts of 159.7 m at 1.65% Li 2 O and 193 ppm Ta 2 O 5 (CV22-042), 152.8 m at 1.22% Li 2 O and 138 ppm Ta 2 O 5 (CV22-030), 86.2 m at 2.13% Li 2 O and 163 ppm Ta 2 O 5 (CV22-044), and 70.1 m at 2.22% Li 2 O and 147 ppm Ta 2 O 5 , including 40.7 m at 3.01% Li 2 O and 160 ppm Ta 2 O 5 (CV22-017).
The Company has completed ninety-five (95) NQ core size drill holes, totalling 27,470 m, at targets along the CV Lithium Trend – eighty (80) drill holes totalling 24,709 m at the CV5 Pegmatite and proximal lenses, fourteen (14) drill holes totalling 2,647 m at the CV13 Pegmatite cluster, and one (1) drill hole totalling 114 m at the CV12 Pegmatite cluster. Core assay results for thirty-eight (38) drill holes remain to be reported – twenty-four (24) at the CV5 Pegmatite cluster and fourteen (14) at the CV13 pegmatite cluster.
To date, six (6) distinct clusters of lithium pegmatite have been discovered across the Property – CV5 Pegmatite and associated lenses, CV4, CV8-12, CV9, CV10, and the recently discovered CV13. Given the proximity of some pegmatite outcrops to each other, as well as the shallow till cover in the area, it is probable that some of the outcrops may reflect a discontinuous surface exposure of a single, larger pegmatite ‘outcrop’ subsurface. Further, the high number of well-mineralized pegmatites along 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/Competent Person
The information in this news release that relates to exploration results for the Corvette 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, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 1968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 87868). Mr. Smith has reviewed the technical information in this news release.
Mr. Smith is Vice President of Exploration for Patriot Battery Metals Inc. (the “Company”) and Nevada Lithium Resources Inc., Vice President of Exploration and Director for Ophir Gold Corp, and a Senior Geologist and Project Manager with Dahrouge Geological Consulting Ltd. Mr. Smith 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 JORC Code, 2012. 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 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 2.2 km long CV5 spodumene pegmatite with drill intercepts of 159.7 m at 1.65% Li 2 O and 193 ppm Ta 2 O 5 (CV22-042), and 70.1 m at 2.22% Li 2 O and 147 ppm Ta 2 O 5 , including 40.7 m at 3.01% Li 2 O and 160 ppm Ta 2 O 5 (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 7 m at 10.5 g/t Au 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 12 m at 4.11 g/t Au and 33.0 g/t Ag, 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 (604) 279-8709, or visit www.patriotbatterymetals.com.
Please refer to the Company’s continuous disclosure filings, available under its profile at www.sedar.com and asx.com.au, for available exploration data.
This news release has been approved by 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, including but not limited to references to a proposed mineral resource estimate and prefeasibility study, 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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8f63dc78-691f-4881-a8f5-70249a59a8ac
https://www.globenewswire.com/NewsRoom/AttachmentNg/2367bb84-bca7-4f2a-a3eb-78101145c47e
