Inaugural Drill Program At The Corvette-FCI Property

VANCOUVER - Patriot Battery Metals Inc. reported on the second hole of its inaugural drill program at the Company’s Corvette-FCI Property, located in the James Bay Region of Quebec. The second drill hole (CF21-002) targeted the eastern portion of the CV5 Spodumene Pegmatite outcrop, which forms part of the more than 25 km long CV Lithium Trend that is host to multiple spodumene pegmatite occurrences. Drill core sample assay highlights include: 0.94% Li2O and 117 ppm Ta2O5 over 155.1 m (from 77.9 m to 233.0 m), which includes the entire intersection of pegmatite, including higher grade intervals of: 1.38% Li2O and 160 ppm Ta2O5 over 38.0 m (from 124 m to 162 m), including, 3.91% Li2O and 308 ppm Ta2O5 over 5.0 m (from 157 m to 162 m); and 1.14% Li2O and 104 ppm Ta2O5 over 44.0 m (from 189.0 m to 233.0 m).

Blair Way, President and Director, said, “This second hole of our program is in line with our expectations and demonstrates high grades over wide widths, in two drill holes spaced over 100 m apart along-strike at the CV5 Pegmatite. The CV5 Pegmatite outcrop, which is over 220 m long and 35 m wide at surface, is demonstrating some excellent grades and potential scale. It is very satisfying to see our first two holes demonstrate just how significant this discovery at CV5-6 is, and moreover, how valuable the Corvette-FCI project is. We look forward to the assay results of the remaining two 2021 drill holes completed at CV5 and CV6. Further, with such tremendous results obtained from just a small portion of the 25 km trend, which is host to numerous lithium pegmatites on the Property, and coupled with a $13M war chest, we are very excited to continue with additional surface and drill exploration of the Project to start in the coming weeks, which will provide further insight into the true scale of the Corvette-FCI Lithium Pegmatites”

The second drill hole of the program (CF21-002) was collared approximately 107 m east of the first hole (CF21-001), and approximately 35 m back from the CV5 pegmatite outcrop, and returned a 155.1 m interval of near continuous pegmatite, assaying 0.94% Li2O and 117 ppm Ta2O5, including 1.38% Li2O and 160 ppm Ta2O5 over 38.0 m, and 1.14% Li2O and 104 ppm Ta2O5 over 44.0 m. This 155.1 m interval returned twenty-five (25) individual 1-meter samples grading over 2.0% Li2O, including a peak assay of 4.67% Li2O and 186 ppm Ta2O5.

Preliminary geological modeling indicates that the pegmatite has a moderate to steep dip to the northwest, which is unconformable with the regional geological dip direction, although shares a similar east-northeast strike. Additional drilling, planned to commence this quarter, is required to establish the true orientation of the pegmatite.

As in hole CF21-001, the lithium mineralization is also accompanied by moderate to strong tantalum mineralization and includes wide intervals over 100 ppm Ta2O5 . Moreover, the grades of lithium and tantalum encountered in drill hole CF21-002 (0.94% Li2O and 117 ppm Ta2O5 over 155.1 m) are very consistent with that returned from drill hole CF21-001 (0.93% Li2O and 114 ppm Ta2O5 over 146.8 m – see news release dated November 29th, 2021), located approximately 107 m along strike at the CV5 Pegmatite. Coupled with the surface sampling data, the analytical results indicate a pegmatite body with significant lateral and depth potential and collectively emphasize the size of the mineralizing system present.

The 2021 drill program, completed in September-October, included fifteen (15) holes totaling 2,048 m spread over two prospective trends – the CV Lithium Trend (872 m over 5 holes) and the Maven Copper-Gold-Silver Trend (1,177 m over 10 holes). Assays for the remaining drill holes have not yet been received, including for lithium focused drill holes CF21-003 (CV5 Pegmatite) and CF21-004 (CV6 Pegmatite).

The Company is currently planning a 15,000 to 20,000 m two-drill rig campaign, targeted to begin in late February, to aggressively follow-up on the success of the 2021 drill program (see news release dated January 20, 2022). The primary objective will be to test the mineralized pegmatite along strike of drill holes CF21-001 and 002, potentially connecting the CV5-6 pegmatites with the CV1-2 pegmatites, as well as testing the mineralization at depth.

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 a drill intercept of 146.8 m at 0.93% Li2O and 114 ppm Ta2O5 returned from the first drill hole to test the target. The high number of well-mineralized pegmatites in this core area of the trend indicates 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.