Patriot Extends Vega Zone with Standout Intercepts including 9.7 m at 5.16% Li2O and 35.3 m at 2.40% Li2O
Highlights
- Significant expansion to the recently discovered high-grade Vega Zone at the CV13 Spodumene Pegmatite. Highlights from the 2024 winter drill program include:
51.7 m at 1.77% Li2O, including 9.7 m at 5.16% Li2O (CV24-525). 35.3 m at 2.40% Li2O, including 17.4 m at 3.12% Li2O (CV24-520). 34.8 m at 1.87% Li2O, including 19.1 m at 3.17% Li2O (CV24-524). 41.5 m at 2.00% Li2O, including 10.6 m at 3.50% Li2O (CV24-510).- Vega Zone is interpreted to be relatively flat-lying to shallowly dipping and near-surface, covering an area of ~380 m x 220 m with a true thickness of ~8 to 30+ m, hosted within a wider mineralized pegmatite body. It remains open in several directions.
- Results for all drill holes completed during the 2024 winter program have now been reported – 50,961 m (121 holes) at CV5 and 11,557 m (45 holes) at CV13.
- The Vega Zone is a key target for the ongoing summer-fall drill program, with the mineralization delineated to date remaining open in several directions.
- Patriot remains on schedule for a Mineral Resource Estimate update for the Corvette Project in August 2024, including both the CV5 and CV13 spodumene pegmatites.
Darren L. Smith, Patriot’s Vice President of Exploration comments, “The final holes from our recently completed winter drill program at CV13 confirm a significant discovery of high-grade spodumene pegmatite at the Vega Zone, with high-grade mineralisation now defined over a significant area.”
“With such high grades present at the Vega Zone – akin to what we see at the Nova Zone at CV5 – including a standout 9.7 m intercept grading over 5% Li2O, the new results clearly validate the considerable potential at CV13 as well as that of the larger mineralized system at Corvette. We intend to further delineate this discovery as part of our recently commenced summer-fall drill program”, added Mr. Smith.
July 7, 2024 – Vancouver, BC, Canada, July 8, 2024 – Sydney, Australia, Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the final batch of core assay results from the CV13 Spodumene Pegmatite from its 2024 winter drill program at the Corvette Property, including holes targeting the recently discovered high-grade Vega Zone.
The 100%-owned Corvette Property (the “Property” or “Project”) is located in the Eeyou Istchee James Bay region of Quebec. The CV13 Spodumene Pegmatite is located approximately 3 km west-southwest of the CV5 Spodumene Pegmatite, which hosts a maiden Mineral Resource Estimate (“MRE”) of 109.2 Mt at 1.42% Li2O Inferred1 and is situated approximately 13.5 km south of the regional and all‑weather Trans-Taiga Road and powerline infrastructure.
Figure 1: Preliminary cross-section interpretation of the CV13 geological model at the Vega Zone. Results reported in this announcement for drill holes CV24-492, 519, 524, and 525.
Core assay results for 16 drill holes, completed during the 2024 winter drill program at the CV13 Spodumene Pegmatite, are reported in this announcement (Figure 2 and Table 1). This is the final batch of core assay results for CV13 drill holes from this program. Highlights, each from the Vega Zone, include:
- 51.7 m at 1.77% Li2O, including 9.7 m at 5.16% Li2O (CV24-525).
- 35.3 m at 2.40% Li2O, including 17.4 m at 3.12% Li2O (CV24-520).
- 34.8 m at 1.87% Li2O, including 19.1 m at 3.17% Li2O (CV24-524).
- 41.5 m at 2.00% Li2O, including 10.6 m at 3.50% Li2O (CV24-510).
These four drill holes (CV24-510, 520, 524, and 525) were completed as follow-up to the discovery hole at the Vega Zone (CV24-470), which returned 34.4 m at 2.90% Li2O, including 21.9 m at 3.58% Li2O (see news release dated May 6, 2024), and drill holes reported on June 10, 2024 (CV24-498, 499, 507, and 513).
The highest-grade intercept (of significant width) to date from CV13 is reported in this announcement from drill hole CV24-525 (9.7 m at 5.16% Li2O), which was the last drill hole to target the Vega Zone during the 2024 winter program (Figure 5). This drill hole contains five individual core samples (each ranging from 1.1 m to 2.0 m in width) with assays >5% Li2O, and nine samples >3% Li2O.
Figure 2: Drill holes completed at the CV13 Spodumene Pegmatite through April 2024.
Geological modelling (see preliminary cross-sections in Figure 1, Figure 3, and Figure 4) indicates the Vega Zone to be relatively flat-lying to shallow dipping and near-surface (starting at ~100 m vertical depth from surface), covering an area of approximately 380 by 220 m (drill hole intercept to drill hole intercept) with an interpreted true thickness of ~8 to 30+ m, hosted within a wider moderately to strongly mineralized pegmatite body. The Vega Zone remains open in several directions following the 2024 winter drill program.
The high-grade Vega Zone at CV13 Pegmatite is situated approximately 6 km south-west and along geological trend of the high-grade Nova Zone at the CV5 Pegmatite. Both zones share several similarities including lithium grades and very coarse decimetre to metre size spodumene crystals (Figure 6). However, both pegmatite zones have distinct orientations whereby the Vega Zone is relatively flat-lying to shallow dipping while the Nova Zone is steeply dipping to vertical.
Figure 3: Preliminary cross-section interpretation of the CV13 geological model at the Vega Zone. Results reported in this announcement for drill hole CV24-520.
Figure 4: Preliminary cross-section interpretation of the CV13 geological model at the Vega Zone. Results reported in this announcement for drill hole CV24-510.
Figure 5: High-grade spodumene pegmatite drill intercept from the Vega Zone at the CV13 Spodumene Pegmatite, assaying 9.7 m at 5.16% Li2O (128.3 m to 138.0 m) in drill hole CV24‑525.
Figure 6: Highly prospective lithium pegmatite corridor proximal to the CV5 and CV13 spodumene pegmatites.
Along the western arm of CV13, drill hole CV24-506 demonstrates that the pegmatite remains mineralized and open at depth in this area with an intercept of 8.2 m at 1.14% Li2O (Figure 7). The principal pegmatite in this area dips north-easterly at approximately 25° and ranges in thickness from approximately 7 m to 19 m.
To date, the CV13 Spodumene Pegmatite, through outcrop and drill hole data, is confirmed to extend over a strike length of at least 2.3 km and down-dip for at least 400 m, and remains open at both ends and to depth.
Figure 7: Preliminary cross-section interpretation of the CV13 geological model at the western arm. Results reported in this announcement for drill holes CV24-506.
Results for all drill holes completed during the 2024 winter program have now been reported – 50,961 m (121 holes) at CV5 and 11,557 m (45 holes) at CV13. An updated MRE for the Corvette Project, incorporating drilling through April 2024 (i.e., end of the 2024 winter drill program) at both the CV5 and CV13 pegmatites, is scheduled for August 2024.
A follow-up drill program at CV13, focused on further delineation of the high-grade Vega Zone, is currently underway as part of this summer-fall drill program. Approximately 10,000 m of drilling is under consideration targeting the CV13 Spodumene Pegmatite’s Vega Zone and the immediate corridor eastwards towards the CV5 Spodumene Pegmatite.
However, the primary focus and objective of the summer-fall program will be drilling at the CV5 Spodumene Pegmatite to support an increase in MRE confidence from the Inferred category to the Indicated category. This work is designed to underpin a Mineral Resource Estimate of sufficient scale and confidence (i.e., Indicated classification) to support the Feasibility Study for the Project, which is currently scheduled for completion in the second half of 2025.
Core sample assays for drill holes reported herein from the CV13 Spodumene Pegmatite are presented in Table 1 for all pegmatite intersections >2 m. Drill hole locations and attributes are presented in Table 2.
Table 1: Core assay summary for drill holes reported herein at the CV13 Spodumene Pegmatite.
Table 2: Attributes for drill holes reported herein at the CV13 Spodumene Pegmatite.
1 The CV5 Mineral Resource Estimate (109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 Inferred) is reported at a cut-off grade of 0.40% Li2O with effective date of June 25, 2023 (through drill hole CV23-190). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. Largest lithium pegmatite resource in the Americas based on contained LCE.
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%. 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).
About the CV Lithium Trend
The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company in 2017 and is interpreted to span more than 50 kilometres across the Corvette Property. The core area includes the approximate 4.6 km long CV5 Spodumene Pegmatite, which hosts a maiden Mineral Resource estimate of 109.2 Mt at 1.42% Li2O Inferred1.
To date, eight (8) distinct clusters of lithium pegmatite have been discovered across the Corvette Property – CV4, CV5, CV8, CV9, CV10, CV12, CV13, and the recently discovered CV14. 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.
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 – 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 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 Corvette Property located in the Eeyou Istchee James Bay region of Quebec, Canada, and proximal to regional road and powerline infrastructure. The Corvette Property hosts the CV5 Spodumene Pegmatite with a maiden Mineral Resource Estimate of 109.2 Mt at 1.42% Li2O Inferred1 and ranks as the largest lithium pegmatite resource in the Americas based on contained lithium carbonate equivalent (LCE), and one of the top 10 largest lithium pegmatite resources in the world. Additionally, the Corvette Property hosts multiple other spodumene pegmatite clusters that remain to be drill tested, as well as significant areas of prospective trend that remain to be assessed.
1 The CV5 Mineral Resource Estimate (109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 Inferred) is reported at a cut-off grade of 0.40% Li2O with an Effective Date of June 25, 2023 (through drill hole CV23-190). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. Largest lithium pegmatite resource in the Americas based on contained LCE.
For further information, please contact us at info@patriotbatterymetals.com 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
Brad Seward
Vice President, Investor Relations
T: +61 400 199 471
E: bseward@patriotbatterymetals.com
Olivier Caza-Lapointe
Head, Investor Relations – North America
T: +1 (514) 913-5264
E: ocazalapointe@patriotbatterymetals.com
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 concerning: the completion and release of an updated MRE on the Property, the potential of the Vega Zone, statements relating to the continuity of spodumene pegmatite at CV5, and statements about the probability that some of the outcrops may reflect a discontinuous surface exposure of a single, larger pegmatite “outcrop” subsurface.
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 that proposed exploration and mineral resource estimate work on the Property will continue as expected, and that exploration and development results continue to support management’s current plans for Property development.
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 5.22)
The mineral resource estimate in this release was reported by the Company in accordance with ASX Listing Rule 5.8 on July 31, 2023. 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.
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