VANCOUVER, BC, March 24,
2024 /PRNewswire/ - March
25, 2024 – Sydney,
Australia
Highlights
REGIONAL
- New spodumene pegmatite occurrence
discovered (herein termed "CV14"), situated along
geological trend of the CV9 and CV10 spodumene pegmatite clusters.
- Grab samples assays of 0.94% Li2O and
0.86% Li2O.
- CV14 spodumene pegmatite outcrop ~33 m x 9 m in size.
- ~3.6 km long prospective trend extending from CV9,
through CV10, to CV14.
- Significant areas of the Property remain to be evaluated for
lithium pegmatite.
- The 2024 surface exploration program is planned to consist of
channel sampling of known LCT pegmatites (including CV14),
detailed geological mapping over the CV5 & CV13 spodumene
pegmatites, and regional prospecting over unexplored areas of the
Property.
CV5 PEGMATITE
- Extensive spodumene pegmatite boulder field, discovered
south of the CV5 Spodumene Pegmatite, strengthens interpretation of
CV5 trending eastward towards CV4, and indicates additional yet
to be discovered spodumene pegmatite(s) to the south and
outside of the currently discovered pegmatite.
- A tightly spaced ground-magnetic survey completed over the CV5
through CV13 corridor has further resolved local trends and will
provide strong guidance as drilling advances through this
area.
CV13 PEGMATITE
- A total of 147 m of channel sampling completed at the CV13
Spodumene Pegmatite with results including:
- 13.4 m at 1.22% Li2O;
6.4 m at 1.44%
Li2O; and 5.4 m at
1.93% Li2O.
- 16.7 m at 0.80% Li2O, including 8.1 m at 1.36% Li2O.
- Data will help constrain the geological model for CV13 ahead of
a maiden mineral resource estimate scheduled for Q3 2024.
Darren Smith, Vice President of
Exploration for the Company, comments:"The 2023 surface program,
albeit significantly reduced in scope due to the unprecedented
wildfires in the province, was successful in identifying a new
spodumene pegmatite occurrence (CV14) along trend of the CV9 and
CV10 spodumene pegmatites. The discovery highlights the extensive
nature of the spodumene mineralized system along the CV Lithium
Trend, which extends across the Property where a large portion
remains unexplored for lithium pegmatite. We are excited to
follow-up this area with systematic surface exploration as this
local prospective lithium pegmatite trend has now been extended to
approximately 3.6 km. Coupled with the numerous spodumene pegmatite
boulders discovered over the Property, there remains strong
potential for additional discoveries at Corvette."
Patriot Battery Metals Inc. (the "Company" or "Patriot")
(TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to
announce results from its 2023 surface exploration campaign at the
Corvette Property. The Corvette Property (the "Property" or
"Project"), wholly owned by the Company, is located in the Eeyou
Istchee James Bay region of Quebec. The CV5 Spodumene Pegmatite, with a
maiden mineral resource estimate of 109.2 Mt at 1.42%
Li2O inferred1, is situated central to the
Property, approximately 13.5 km south of the regional and
all–weather Trans-Taiga Road and powerline infrastructure.
The 2023 surface exploration program at Corvette included ground
geophysics, geological mapping, channel sampling, and regional
prospecting. The program was completed sporadically over the
summer-fall field season due to the unprecedented wildfires in
the province, which significantly reduced the program's scope.
Despite the disruptions, the 2023 surface exploration at
Corvette continued to build upon prior success, highlighted by the
discovery of a new spodumene pegmatite occurrence, herein
termed "CV14", located southwest along the same magnetic
trend as the CV9 and CV10 spodumene pegmatite clusters (Figure 1).
Grab sample assays from the principal pegmatite outcrop (~33 m x
9 m), comprised of spodumene hosted in a smoky-quartz and
feldspar groundmass, include 0.94% Li2O and
0.86% Li2O (Figure 2 and Figure
3). Collectively, CV14 forms part of an approximate 3.6 km
long prospective spodumene pegmatite trend extending through
CV10, and to the CV9 Spodumene Pegmatite. This discovery at CV14
highlights a local trend of growing significance and prospectivity,
and requires additional prospecting and mapping.
Additionally, approximately 450 m
up-ice to the northeast of CV14 a mineralized pegmatite boulder was
discovered (0.53% Li2O). Based on interpreted glacial
ice direction in the area, it may suggest the potential for a
yet to be discovered lithium pegmatite to be present to the
north-northeast of the primary CV9-CV10-CV14 trend. Limited
surface exploration has been completed in this area to date.
A total of 474 surface rock grab/chip samples were collected
over the course of the 2023 prospecting program. In addition to the
discovery of the CV14 spodumene pegmatite occurrence (outcrop), a
plethora of spodumene mineralized pegmatite boulders were
discovered south of the CV5 Spodumene Pegmatite with 29 boulders,
dominantly subangular and 1-3 m in
size, assaying between 0.49% Li2O to 3.22%
Li2O (Figure 4 and Figure 5). Interpretation of
glacial ice movement over the Property indicates that, although
many of these boulders are undoubtedly sourced from the principal
CV5 Pegmatite body, a significant number indicate spodumene
pegmatite(s) is present near-surface immediately south of CV5, and
along strike eastwardly of the principal CV5 pegmatite body
towards CV4, where it remains open.
Other mineralized boulders on the property also suggest
undiscovered spodumene pegmatite to the north of the primary CV
Lithium Trend (Figure 4). These include a large (2 m x 2 m)
mineralized boulder (1.00% Li2O) discovered in 2019 to
the north of the CV5–13 corridor, suggesting potential for yet to
be discovered spodumene pegmatite north of CV5. Also, two
mineralized boulders (2.20% and 2.69% Li2O), discovered
in 2021, located northeast of the CV8 Spodumene Pegmatite suggest
potential for yet to be discovered spodumene pegmatite northeast of
CV12 and north of CV13.
A tightly spaced (50 m) ground
magnetic survey over the CV5 through CV13 corridor was also
completed in 2023. The data has further resolved local
geological trends along the corridor and will provide strong
guidance as drilling advances through this area (Figure 6).
There is a distinct lack of outcrop over the corridor due to
glacial till cover, further highlighting the value of the magnetic
dataset to assist in understanding the local structure and trends
which can be used as a general proxy to interpret pegmatite
location.
At CV13, the surface channeling campaign, which began in 2022,
continued in 2023 with 147 m of
channel sampling completed. Results in 2023 include 13.4 m at 1.22% Li2O, 6.4 m at 1.44% Li2O, 5.4 m at 1.93% Li2O, and
16.7 m at 0.80%
Li2O, including 8.1
m at 1.36% Li2O. A peak sample of
6.43% Li2O (over 0.5
m) was also collected. Of the 147 m of channel sampling
completed in 2023 at CV13, a total of 139
m consisted of pegmatite and collectively averaged 0.51%
Li2O and 120 ppm Ta2O5. The
channel sampling data, which effectively approximates a horizontal
drill hole, will help constrain the geological model for CV13 ahead
of a maiden mineral resource estimate scheduled for Q3 2024.
The 2023 surface work also included initial prospecting over
approximately 1/3 of the Property's Corvette East claim block.
Although a significant amount of pegmatite was discovered in this
area of the Property, no spodumene pegmatite was identified.
However, multiple samples returned anomalous pathfinder
geochemistry, including low K/Rb ratios indicating evolved and
highly fractionated pegmatites are present. The area remains of
high interest for continued surface exploration with a significant
number of LiDAR derived targets remaining to be prospected
(Figure 7).
The 2024 surface exploration campaign is currently being
designed; however, is anticipated to include:
- Follow-up of the CV14 Spodumene Pegmatite discovery with
targeted prospecting traverses and mapping, as well as channel
sampling.
- Follow-up of the multiple boulder fields indicating yet to be
discovered spodumene pegmatite.
- Additional detailed geological mapping of the
CV5 Spodumene Pegmatite to further constrain the geological
model at surface.
- Continued channel sampling of the CV5 and CV13 pegmatites
to constrain the geological model near surface and support an
indicated mineral resource classification.
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 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 insertion of quartz blanks and certified reference
materials into sample batches submitted to the laboratory.
All surface samples collected were shipped to SGS Canada's
laboratory in Val-d'Or, QC, for
sample preparation (code PRP89 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).
Management cautions that prospecting surface rock samples and
associated assays, as discussed herein, are selective by nature and
represent a point location, and therefore may not necessarily be
fully representative of the mineralized horizon sampled.
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 4.4 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 more than 20 km of prospective trend that
remains 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.
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
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. In particular and without limitation, this news release
contains forward-looking statements pertaining to the 2024 winter
program currently underway at the Corvette Property, including its
anticipated results, the 2024 surface exploration campaign being
designed, the significance and prospectivity of the CV14 trend, the
potential for a yet to be discovered lithium pegmatite to be
present to the north-northeast of the primary CV9-CV10-CV14 trend,
the potential for undiscovered spodumene pegmatite to the north of
the primary CV Lithium Trend and, predictions 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 the
total funding required to complete the development of the Company's
lithium mineral project at the Corvette Property.
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 Corvette 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 it is not
aware of any new information or data 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 the form and context in which the
competent person's findings are presented have not been materially
modified from the original market announcement.
Appendix 1 – JORC Code 2012 Table
1 (ASX Listing Rule 5.7.1)
Section 1 – Sampling Techniques and Data
Criteria
|
JORC Code explanation
|
Commentary
|
Sampling
techniques
|
•
Nature and quality of sampling (eg cut
channels, random chips, or specific specialized industry standard
measurement tools appropriate to the minerals under investigation,
such as down hole gamma sondes, or handheld XRF instruments, etc).
These examples should not be taken as limiting the broad meaning of
sampling.
•
Include reference to measures taken to
ensure sample representivity and the appropriate calibration of any
measurement tools or systems used.
•
Aspects of the determination of
mineralization that are Material to the Public Report.
•
In cases where 'industry standard' work
has been done this would be relatively simple (eg 'reverse
circulation drilling was used to obtain 1 m samples from which 3 kg
was pulverized to produce a 30 g charge for fire assay'). In other
cases more explanation may be required, such as where there is
coarse gold that has inherent sampling problems. Unusual
commodities or mineralization types (eg submarine nodules) may
warrant disclosure of detailed information.
|
•
Prospecting rock samples were collected
as grab and/or chip samples and represent a point
location.
•
Channel sampling followed best industry
practices with a 3 to 5 cm wide, saw-cut channel completed across
the pegmatite as practical, perpendicular to the interpreted
pegmatite strike. Samples were collected at ~1 m contiguous
intervals with the channel bearing noted, and GPS coordinate
collected at the start and end points of the channel.
•
All prospecting rock and channel samples
collected from were shipped to SGS Canada's laboratory in
Val-d'Or, QC, for sample
preparation (code PRP89 special) which included drying at 105°C,
crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85%
passing 75 microns. Sample 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).
|
Drilling
techniques
|
•
Drill type (eg core, reverse circulation,
open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and
details (eg core diameter, triple or standard tube, depth of
diamond tails, face-sampling bit or other type, whether core is
oriented and if so, by what method, etc).
|
•
n/a
|
Drill sample
recovery
|
•
Method of recording and assessing core
and chip sample recoveries and results assessed.
•
Measures taken to maximize sample
recovery and ensure representative nature of the
samples.
•
Whether a relationship exists between
sample recovery and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse material.
|
•
n/a
|
Logging
|
•
Whether core and chip samples have been
geologically and geotechnically logged to a level of detail to
support appropriate Mineral Resource estimation, mining studies and
metallurgical studies.
•
Whether logging is qualitative or
quantitative in nature. Core (or costean, channel, etc)
photography.
•
The total length and percentage of the
relevant intersections logged.
|
•
Channel samples were geologically logged
upon collection on an individual sample basis.
•
The logging is qualitative by nature, and
includes estimates of spodumene grain size, inclusions, and model
mineral estimates.
•
These logging practices meet or exceed
current industry standard practices and are of appropriate detail
to support a mineral resource estimation.
|
Sub-sampling
techniques and
sample preparation
|
•
If core, whether cut or sawn and whether
quarter, half or all core taken.
•
If non-core, whether riffled, tube
sampled, rotary split, etc and whether sampled wet or
dry.
•
For all sample types, the nature, quality
and appropriateness of the sample preparation technique.
•
Quality control procedures adopted for
all sub-sampling stages to maximize representivity of
samples.
•
Measures taken to ensure that the
sampling is representative of the in situ material collected,
including for instance results for field duplicate/second-half
sampling.
•
Whether sample sizes are appropriate to
the grain size of the material being sampled.
|
•
A QAQC protocol for the channel samples
included insertion of quartz blanks and CRMs into sample
batches.
•
The Company relied predominantly on
internal laboratory QAQC protocols for the surface rock samples
with blanks and CRMs inserted at the geologist's
discretion.
•
All protocols employed are considered
appropriate for the sample type and nature of mineralization and
are considered the optimal approach for maintaining
representativeness in sampling.
|
Quality of assay
data and laboratory
tests
|
•
The nature, quality and appropriateness
of the assaying and laboratory procedures used and whether the
technique is considered partial or total.
•
For geophysical tools, spectrometers,
handheld XRF instruments, etc, the parameters used in determining
the analysis including instrument make and model, reading times,
calibrations factors applied and their derivation, etc.
•
Nature of quality control procedures
adopted (eg standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie lack of bias)
and precision have been established.
|
•
Samples collected were shipped to SGS
Canada's laboratory in Val-d'Or,
QC, for standard sample preparation (code PRP89 special)
which included drying at 105°C, crush to 90% passing 2 mm, riffle
split 250 g, and pulverize 85% passing 75 microns. Sample 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).
•
The Company relies on both its internal
QAQC protocols (use of blanks and certified reference materials),
as well as the laboratory's internal QAQC.
•
All protocols employed are considered
appropriate for the sample type and nature of mineralization and
are considered the optimal approach for maintaining
representativeness in sampling.
|
Verification of
sampling and
assaying
|
•
The verification of significant
intersections by either independent or alternative company
personnel.
•
The use of twinned holes.
•
Documentation of primary data, data entry
procedures, data verification, data storage (physical and
electronic) protocols.
•
Discuss any adjustment to assay
data.
|
•
Intervals for channels are reviewed and
compiled by the VP Exploration and Project Managers prior to
disclosure, including a review of the Company's internal QAQC
sample analytical data.
•
Data capture utilizes MX Deposit software
whereby logging data is entered directly into the software for
storage, including direct import of laboratory analytical
certificates as they are received. The Company employs various
on-site and post QAQC protocols to ensure data integrity and
accuracy.
•
Adjustments to data include reporting
lithium and tantalum in their oxide forms, as it is reported in
elemental form in the assay certificates. Formulas used are
Li2O = Li x 2.153, and Ta2O5 = Ta
x 1.221.
|
Location of data
points
|
•
Accuracy and quality of surveys used to
locate drill holes (collar and down-hole surveys), trenches, mine
workings and other locations used in Mineral Resource
estimation.
•
Specification of the grid system
used.
•
Quality and adequacy of topographic
control.
|
•
Each channel's start and end-point has
been surveyed with a RTK Trimble Zephyr 3 or RTK Topcon
GR-5.
•
The coordinate system used is UTM NAD83
Zone 18.
•
The Company completed a property-wide
LiDAR and orthophoto survey in August 2022, which provides
high-quality topographic control.
•
The quality and accuracy of the
topographic controls are considered adequate for advanced stage
exploration and development, including mineral resource
estimation.
|
Data spacing and
distribution
|
•
Data spacing for reporting of Exploration
Results.
•
Whether the data spacing and distribution
is sufficient to establish the degree of geological and grade
continuity appropriate for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications applied.
•
Whether sample compositing has been
applied.
|
•
Surface prospecting samples are randomly
distributed based on the location of the outcrop or
boulder.
•
At CV13, the objective was to channel
each pegmatite outcrop. Due to the size of the outcrops, often only
one channel was completed. Therefore, channel distribution is
dominantly a function of outcrop location. Channels were completed
perpendicular to the pegmatite trend as best
interpreted.
•
Channel sample lengths average ~0.5
m.
|
Orientation of data
in relation to
geological structure
|
•
Whether the orientation of sampling
achieves unbiased sampling of possible structures and the extent to
which this is known, considering the deposit type.
•
If the relationship between the drilling
orientation and the orientation of key mineralized structures is
considered to have introduced a sampling bias, this should be
assessed and reported if material.
|
•
No sampling bias is anticipated based on
structure within the mineralized body.
•
The principal mineralized bodies are
relatively undeformed and very competent, although have some
meaningful structural control.
•
At CV5, the principal mineralized body
and adjacent lenses are steeply dipping.
•
At CV13, the principal pegmatite body has
a shallow varied strike and northerly dip.
•
At CV9, the orientation and geometry of
the pegmatite is not well understood. The pegmatite is currently
interpreted to be comprised of a single principal dyke, which
outcrops at surface, has a steep northerly dip, and is moderately
plunging to the east-southeast.
|
Sample
security
|
•
The measures taken to ensure sample
security.
|
•
Samples were collected by Company staff
or its consultants following specific protocols governing sample
collection and handling. Samples were bagged, placed in large
supersacs for added security, palleted, and shipped directly to
Val-d'Or, QC, being tracked during shipment along with Chain of
Custody. Upon arrival at the laboratory, the samples were
cross-referenced with the shipping manifest to confirm all samples
were accounted for. At the laboratory, sample bags are evaluated
for tampering.
|
Audits or
reviews
|
•
The results of any audits or reviews of
sampling techniques and data.
|
•
A review of the sample procedures for the
Company's 2021 fall drill program (CF21-001 to 004) and 2022 winter
drill program (CV22-015 to 034) was completed by an Independent
Competent Person and deemed adequate and acceptable to industry
best practices (discussed in a technical report titled "NI 43-101
Technical Report on the Corvette Property, Quebec, Canada", by Alex
Knox, M.Sc., P.Geol., Issue Date of June 27th,
2022.)
•
A review of the sample procedures through
the Company's 2023 winter drill program (through CV23-190) was
completed by an independent Competent Person with respect to the
CV5 Pegmatite's maiden mineral resource estimate and deemed
adequate and acceptable to industry best practices (discussed in a
technical report titled " NI 43–101 Technical Report, Mineral
Resource Estimate for the CV5 Pegmatite, Corvette Property" by Todd
McCracken, P.Geo., of BBA Engineering Ltd., and Ryan Cunningham,
M.Eng., P.Eng., of Primero Group Americas Inc., Effective Date of
June 25, 2023, and Issue Date of September 8, 2023.
•
Additionally, the Company continually
reviews and evaluates its procedures in order to optimize and
ensure compliance at all levels of sample data collection and
handling.
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Section 2 – Reporting of Exploration Results
Criteria
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JORC Code explanation
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Commentary
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Mineral tenement
and land tenure
status
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•
Type, reference name/number, location and
ownership including agreements or material issues with third
parties such as joint ventures, partnerships, overriding royalties,
native title interests, historical sites, wilderness or national
park and environmental settings.
•
The security of the tenure held at the
time of reporting along with any known impediments to obtaining a
licence to operate in the area.
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•
The Corvette Property is comprised of 424
CDC claims located in the James Bay Region of Quebec, with Patriot
Battery Metals Inc. being the registered title holder for all of
the claims. The northern border of the Property's primary claim
block is located within approximately 6 km to the south of the
Trans-Taiga Road and powerline infrastructure corridor. The CV5
Spodumene Pegmatite is situated approximately 13.5 km south of the
regional and all–weather Trans-Taiga
Road and powerline infrastructure. The CV13 and CV9 spodumene
pegmatites are located approximately 3 km west-southwest and 14 km
west of CV5, respectively.
•
The Company holds 100% interest in the
Property subject to various royalty obligations depending on
original acquisition agreements. DG Resources Management holds a 2%
NSR (no buyback) on 76 claims, D.B.A. Canadian Mining House holds a
2% NSR on 50 claims (half buyback for $2M) and Osisko Gold
Royalties holds a sliding scale NSR of 1.5-3.5% on precious metals,
and 2% on all other products, over 111 claims. The vast majority of
the CV13 Spodumene Pegmatite, as is currently delineated, is not
subject to a royalty.
•
The Property does not overlap any
atypically sensitive environmental areas or parks, or historical
sites to the knowledge of the Company. There are no known
hinderances to operating at the Property, apart from the goose
harvesting season (typically mid-April to mid-May) where the
communities request helicopter flying not be completed, and
potentially wildfires depending on the season, scale, and
location.
•
Claim expiry dates range from February
2025 to November 2026.
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Exploration done
by other parties
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•
Acknowledgment and appraisal of
exploration by other parties.
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•
No assay results from other parties are
disclosed herein.
•
The most recent independent Property
review was a technical report titled "NI 43-101 Technical Report,
Mineral Resource Estimate for the CV5 Pegmatite, Corvette Property,
James Bay Region, Québec, Canada", by Todd McCracken, P.Geo., of
BBA Engineering Ltd., and Ryan Cunningham, M.Eng., P.Eng., of
Primero Group Americas Inc., Effective Date of June 25, 2023, and
Issue Date of September 8, 2023.
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Geology
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•
Deposit type, geological setting and
style of mineralization.
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•
The Property overlies a large portion of
the Lac Guyer Greenstone Belt, considered part of the larger La
Grande River Greenstone Belt and is dominated by volcanic rocks
metamorphosed to amphibolite facies. The claim block is dominantly
host to rocks of the Guyer Group (amphibolite, iron formation,
intermediate to mafic volcanics, peridotite, pyroxenite, komatiite,
as well as felsic volcanics). The amphibolite rocks that trend
east-west (generally steeply south dipping) through this region are
bordered to the north by the Magin Formation (conglomerate and
wacke) and to the south by an assemblage of tonalite, granodiorite,
and diorite, in addition to metasediments of the Marbot Group
(conglomerate, wacke). Several regional-scale Proterozoic gabbroic
dykes also cut through portions of the Property (Lac Spirt Dykes,
Senneterre Dykes).
•
The geological setting is prospective for
gold, silver, base metals, platinum group elements, and lithium
over several different deposit styles including orogenic gold (Au),
volcanogenic massive sulfide (Cu, Au, Ag), komatiite-ultramafic
(Au, Ag, PGE, Ni, Cu, Co), and pegmatite (Li, Ta).
•
Exploration of the Property has outlined
three primary mineral exploration trends crossing dominantly
east-west over large portions of the Property – Golden Trend
(gold), Maven Trend (copper, gold, silver), and CV Trend (lithium,
tantalum). The CV5 and CV13 spodumene pegmatites are situated
within the CV Trend. Lithium mineralization at the Property,
including at CV5, CV13, and CV9, is observed to occur within
quartz-feldspar pegmatite, which may be exposed at surface as high
relief 'whale-back' landforms. The pegmatite is often very
coarse-grained and off-white in appearance, with darker sections
commonly composed of mica and smoky quartz, and occasional
tourmaline.
•
The lithium pegmatites at Corvette are
categorized as LCT Pegmatites. Core assays and ongoing
mineralogical studies, coupled with field mineral identification
and assays, indicate spodumene as the dominant lithium-bearing
mineral on the Property, with no significant petalite, lepidolite,
lithium-phosphate minerals, or apatite present. The pegmatites also
carry significant tantalum values with tantalite indicated to be
the mineral phase.
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Drill hole
Information
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•
A summary of all information material to
the understanding of the exploration results including a tabulation
of the following information for all Material drill
holes:
o
easting and northing of the drill hole
collar
o
elevation or RL (Reduced Level –
elevation above sea level in metres) of the drill hole
collar
o
dip and azimuth of the hole
o
down hole length and interception
depth
o
hole length.
•
If the exclusion of this information is
justified on the basis that the information is not Material and
this exclusion does not detract from the understanding of the
report, the Competent Person should clearly explain why this is the
case.
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•
n/a
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Data aggregation
methods
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•
In reporting Exploration Results,
weighting averaging techniques, maximum and/or minimum grade
truncations (eg cutting of high grades) and cut-off grades are
usually Material and should be stated.
•
Where aggregate intercepts incorporate
short lengths of high grade results and longer lengths of low grade
results, the procedure used for such aggregation should be stated
and some typical examples of such aggregations should be shown in
detail.
•
The assumptions used for any reporting of
metal equivalent values should be clearly stated.
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•
Length weighted averages were used to
calculate grade over width.
•
No specific grade cap or cut-off was used
during grade width calculations. The lithium and tantalum average
of the entire pegmatite interval is calculated for all
channels.
•
No metal equivalents have been
reported.
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Relationship
between
mineralization
widths and
intercept lengths
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•
These relationships are particularly
important in the reporting of Exploration Results.
•
If the geometry of the mineralization
with respect to the drill hole angle is known, its nature should be
reported.
•
If it is not known and only the down hole
lengths are reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known').
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•
At CV5, geological modelling is ongoing
on a hole-by-hole basis and as assays are received. However,
current interpretation supports a principal, large pegmatite body
of near vertical to steeply dipping orientation, flanked by several
subordinate pegmatite lenses (collectively, the 'CV5 Spodumene
Pegmatite')
•
At CV13, geological modelling is ongoing
on a hole-by-hole basis and as assays are received. However,
current interpretation supports an upper and lower pegmatite body,
each trending sub-parallel to each other with a shallow northerly
dip (collectively, the 'CV13 Spodumene Pegmatite')
•
At CV9, geological modelling is ongoing
on a hole-by-hole basis and as assays are received. However,
current interpretation indicates CV9 is comprised of a single
principal dyke, which outcrops at surface, has a steep northerly
dip, and is moderately plunging to the east-southeast. A strike
length of 450 m has been delineated through drilling and
outcrop.
•
All reported channel widths are
apparent.
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Diagrams
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•
Appropriate maps and sections (with
scales) and tabulations of intercepts should be included for any
significant discovery being reported These should include, but not
be limited to a plan view of drill hole collar locations and
appropriate sectional views.
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•
Please refer to the figures included
herein as well as those posted on the Company's website.
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Balanced
reporting
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•
Where comprehensive reporting of all
Exploration Results is not practicable, representative reporting of
both low and high grades and/or widths should be practiced to avoid
misleading reporting of Exploration Results.
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•
Please refer to information included
herein as well as those posted on the Company's website.
•
Balanced reporting has been
completed.
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Other substantive
exploration data
|
•
Other exploration data, if meaningful and
material, should be reported including (but not limited to):
geological observations; geophysical survey results; geochemical
survey results; bulk samples – size and method of treatment;
metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating
substances.
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•
The Company is currently completing
baseline environmental work over the CV5 and CV13 pegmatite area.
No endangered flora or fauna have been documented over the Property
to date, and several sites have been identified as potentially
suitable for mine infrastructure.
•
The Company has completed a bathymetric
survey over the shallow glacial lake which overlies a portion of
the CV5 Spodumene Pegmatite. The lake depth ranges from <2 m to
approximately 18 m, although the majority of the CV5 Spodumene
Pegmatite, as delineated to date, is overlain by typically <2 to
10 m of water.
•
The Company has completed preliminary
metallurgical testing comprised of HLS and magnetic testing, which
has produced 6+% Li2O spodumene concentrates at >70%
recovery on both CV5 and CV13 pegmatite material, indicating DMS as
a viable primary process approach, and that both CV5 and CV13 could
potentially feed the same process plant. A DMS test on CV5
Spodumene Pegmatite material returned a spodumene concentrate
grading 5.8% Li2O at 79% recovery, strongly indicating
potential for a DMS only operation to be applicable.
•
Various mandates required for advancing
the Project towards economic studies have been initiated, including
but not limited to, environmental baseline, metallurgy,
geomechanics, hydrogeology, hydrology, stakeholder engagement,
geochemical characterization, as well as transportation and
logistical studies.
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Further work
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•
The nature and scale of planned further
work (eg tests for lateral extensions or depth extensions or
large-scale step-out drilling).
•
Diagrams clearly highlighting the areas
of possible extensions, including the main geological
interpretations and future drilling areas, provided this
information is not commercially sensitive.
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•
The Company intends to continue surface
exploration in 2024, including prospecting, geological mapping, and
channel sampling.
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SOURCE Patriot Battery Metals Inc