VANCOUVER, BC, Sept. 24,
2023 /CNW/ - September
25, 2023 – Sydney,
Australia
Highlights
- Extension of the CV5 Spodumene Pegmatite by 650 m to the west.
- Multiple drill holes have returned continuous
core-length spodumene pegmatite intersections exceeding
30 m, and up to 56.8 m (drill hole CV23-231).
- Multiple drill holes have returned composited core-length
pegmatite intersections (i.e., sum of all pegmatite intervals
within the hole) of over 90 m, to a
peak of approximately 144 m
(CV23-223).
- The CV5 Spodumene Pegmatite has now been traced continuously
by drilling over a lateral distance of at least 4.35 km and
remains open.
- Fifty-three (53) drill holes, totalling approximately
15,614 m, have been completed through
September 18, 2023, at the Corvette
Project.
- Thirty (30) holes (~10,757 m) completed at the CV5
Spodumene Pegmatite.
- Twenty (20) holes (~4,707 m) completed at the CV13
Spodumene Pegmatite.
- Three (3) holes (~150 m) completed at KM-270 camp site
(for hydrogeology).
- Initial drill testing of the CV9 Spodumene Pegmatite cluster
has recently commenced.
- Assays are currently pending, however with core sample
shipments on a weekly basis it is anticipated that assay results
will start to be received later in October. With such a high volume
of samples from across multiple drill targets, the results will be
collected and released by area for clarity.
- A total of seven (7) drill rigs are currently active at site –
four (4) at CV5, two (2) at CV13, and one (1) at CV9. Drilling is
anticipated to continue into December and will recommence after the
holidays with ten (10) drill rigs targeted by mid January 2024.
Patriot Battery Metals Inc. (the "Company" or
"Patriot") (TSXV: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE:
R9GA) is pleased to provide an update on the ongoing 2023
summer-fall drill program being completed at its wholly owned
Corvette Property (the "Property" or "Project"), located in the
Eeyou Istchee James Bay region of Quebec. The Property hosts the CV5 Spodumene
Pegmatite, with a maiden mineral resource estimate 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.
Since the completion of the winter drill program in April 2023 (through drill hole CV23-190), and the
release of a maiden mineral resource estimate for the CV5 Spodumene
Pegmatite (see news release dated July 30,
2023), drilling at the Property has focused on westerly
step-outs and further delineation at CV5 (30 holes totalling
~10,757 m), as well as continued delineation at the CV13 Spodumene
Pegmatite (20 holes totalling ~4,707 m).
The Company is pleased to report that through September 18, 2023, the summer drill program at
CV5 has extended the spodumene pegmatite an additional 0.65 km
along strike to the west. The CV5 Spodumene Pegmatite has now
been traced continuously by drilling (at
approximately 50 to 150 m spacing)
over a lateral distance of at least 4.35 km and remains open
along strike at both ends and to depth along most of its length
(Figure 1, Figure 2, and Figure 3). Over this extension, multiple
drill holes have returned continuous core-length spodumene
pegmatite intersections exceeding 30 m, and up to 56.8 m (drill hole CV23-231) (see Table
1 and Table 2). Further, multiple drill holes over this
westerly extension have returned composited core-length pegmatite
intersections (i.e., sum of all pegmatite intervals within the
hole) of over 90 m, to a peak of
approximately 144 m (CV23‑223),
including an unexpected and sizable (50.2
m) continuous mineralized pegmatite intersection at depth in
drill hole CV23-223. This intersection, coupled with those from
other drill holes completed over the western extension of CV5,
indicates that the principal pegmatite is bifurcating into two
significantly thick spodumene pegmatites lenses.
The CV5 Spodumene Pegmatite has now been traced by drilling
to within 3.15 km of the CV13 Spodumene Pegmatite (Figure 4).
Further, mineralogy and textures in drill core, coupled with
geophysics and geomorphology of the area as inferred from LiDAR and
orthophoto data, suggests that that the CV5 and CV13 spodumene
pegmatites form one continuous pegmatite body subsurface. However,
a significant amount of drill testing remains to be completed along
this corridor to confirm this interpretation.
An infill drill hole at CV5, completed primarily for
hydrogeological purposes (CV23-199), returned the thickest interval
of pegmatite (dominantly spodumene pegmatite) to date at the
Project (Figure 2). This hole returned a near-continuous pegmatite
interval of 178.2 m (core length),
including only 4.3 m of non-pegmatite
internal dilution spread over four (4) discreet intervals. This
hole was completed as a vertical hole and therefore more oblique to
the dip of the CV5 Spodumene Pegmatite than is typical. True width
of the pegmatite in this area of drill hole CV23-199 is estimated
to approximate 125 m at a depth of
125 m. Assays are currently
pending.
At the CV13 Spodumene Pegmatite, the summer-fall drilling has
successfully delineated a continuous pegmatite dyke that has now
been traced between three (3) of the four (4) areas initially drill
tested in 2022 (Figure 5). The CV13 Spodumene Pegmatite trend
extends for approximately 2.3 km as defined by outcrop and drilling
in 2022. The drill holes completed in 2023 along this trend at CV13
have now confirmed a continuous, variably mineralized spodumene
pegmatite extending along at least 1.1 km of this trend and remains
open.
This principal dyke at CV13 (the "upper" dyke) is geologically
modelled to be shallowly dipping to the north and remains open
at depth and along strike. Core length pegmatite intersections
of the upper dyke range up to 21.9 m
over the twenty (20) drill holes (~4,707 m) completed in 2023
through September 18 (Table 1). A
"lower", more variably mineralized shallow and northerly dipping
pegmatite dyke present at CV13 has been tested in multiple drill
holes in 2023; however, remains of secondary focus at this
time.
With the unprecedented season of wildfires expected to be behind
us, the Company has continued to ramp up its operations at the
Project. A total of seven (7) drill rigs are currently active
at site – four (4) at CV5, two (2) at CV13, and one (1) at CV9. In
support of continued exploration ramp up, the KM-270 exploration
camp is actively under construction with the primary accommodation
modules now on site and installation underway. Additionally, the
conversion of the winter road route to an all-season exploration
road is continuing to advance. Both the camp and road are
anticipated to be operational mid fall with the Company planning on
continuing drilling operations into December. Following a
much-deserved break for the holidays, activities will recommence in
mid January 2024, where the Company
intends to ramp up to at least ten (10) drill rigs at site.
Due to the road closures in western parts of the Eeyou
Istchee James Bay extending significantly past the date in which
the Company was able to re-commence drill operations at the
Property, the delivery of drill core samples to the laboratory was
significantly delayed. However, core samples for a large number of
drill holes have now arrived at the laboratory with processing
underway. Results will be reported as received.
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.
|
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 4.35 km long CV5 Spodumene Pegmatite,
which hosts a maiden mineral resource estimate of 109.2 Mt at
1.42% Li2O inferred1.
To date, seven (7) distinct clusters of lithium pegmatite have
been discovered across the Corvette Property – CV4, CV5, CV8, CV9,
CV10, CV12, and 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 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
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
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.
"BLAIR WAY"
Blair Way, President, CEO, &
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, financial position, 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 summer-fall
drilling program and the completion and publication of Company's
technical report comprising the maiden mineral resource estimate in
respect of the Corvette Property.
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 (the "Corvette
Project"), including the drilling program.
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 previous announcements and that all
material assumptions and technical parameters underpinning the
estimates in the previous announcements continue to apply and have
not materially changed.
APPENDIX 1 – JORC CODE 2012
TABLE 1 INFORMATION REQUIRED BY ASX LISTING RULE 5.8.2
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.
|
- Core sampling
protocols meet industry standard practices.
- Core sampling is
guided by lithology as determined during geological logging (i.e.,
by a geologist). All pegmatite intervals are sampled in their
entirety (half-core), regardless if spodumene mineralization is
noted or not (in order to ensure an unbiased sampling approach) in
addition to ~1 to 3 m of sampling into the adjacent host rock
(dependent on pegmatite interval length) to "bookend" the sampled
pegmatite.
- The minimum
individual sample length is typically 0.3-0.5 m and the
maximum sample length is typically 2.0 m. Targeted individual
pegmatite sample lengths are 1.0 m.
- All drill core is
oriented to maximum foliation prior to logging and sampling and is
cut with a core saw into half-core pieces, with one half-core
collected for assay, and the other half-core remaining in the box
for reference.
- Core samples
collected from drill holes 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. Core 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).
|
- NQ size core
diamond drilling was completed for all holes. Core was not
oriented.
|
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.
|
- All drill core was
geotechnically logged following industry standard practices, and
includes TCR, RQD, ISRM, and Q-Method. Core recovery is very good
and typically exceeds 90%.
|
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.
|
- Upon receipt at the
core shack, all drill core is pieced together, oriented to maximum
foliation, metre marked, geotechnically logged (including
structure), alteration logged, geologically logged, and sample
logged on an individual sample basis. Core box photos are also
collected of all core drilled, regardless of perceived
mineralization. Specific gravity measurements of pegmatite are also
collected at systematic intervals (approximately 1 SG measurement
every ~4.5 m) for all pegmatite drill core using the water
immersion method.
- 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.
|
- N/A, no assay data
presented.
|
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.
|
- N/A, no assay data
presented.
|
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 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 core 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.
|
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 drill hole's
collar has been surveyed with a handheld GPS or RTK (Topcon GR5 or
Trimble Zephyr 3).
- 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.
|
- Drill hole collar
spacing is dominantly grid based at ~100 m; however, tightens to
~50 m in multiple areas, and widens to ~150 m in a small
number of areas. Subsurface pegmatite pierce points generally
reflect the collar spacing at CV5; however, are subject to typical
downhole deviation. At CV13, drill hole orientations are more
varied, which is reflected in subsurface pegmatite pierce
points.
|
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 likely have some meaningful structural
control.
- At CV5, the
principal mineralized body and adjacent lenses are steeply dipping
resulting in oblique angles of intersection with true widths
varying based on drill hole angle and orientation of pegmatite at
that particular intersection point. i.e., the dip of the
mineralized pegmatite body has variations in a vertical sense and
along strike, so the true widths are not always apparent until
several holes have been drilled (at the appropriate spacing) in any
particular drill-fence.
- At CV13, the
principal pegmatite body has a shallow northerly dip.
|
Sample
security
|
- The measures taken
to ensure sample security.
|
- N/A, no assay data
presented.
|
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 Qualified 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
(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, 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., Issue Date of
September 8, 2023, and Effective Date of June 25,
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.
|
Section 2 – Reporting of Exploration Results
Criteria
|
JORC Code
explanation
|
Commentary
|
Mineral tenement
and land tenure
status
|
- 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.
|
- The Corvette
Property is comprised of 417 CDC claims located in the James
Bay Region of Quebec, with Patriot Battery Metals Inc. the
registered title holder for all of the claims. The Property's
northern border is located within approximately 6 km to the south
of the Trans-Taiga Road and powerline infrastructure corridor. The
CV5 Spodumene Pegmatite is located approximately 13 km south
of KM270 on the Trans-Taiga Road.
- 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 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 September 2024 to September 2026.
|
Exploration done
by other parties
|
- Acknowledgment and
appraisal of exploration by other parties.
|
- No core 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.,
Issue Date of September 8, 2023, and Effective Date of June 25,
2023.
|
Geology
|
- Deposit type,
geological setting and style of mineralization.
|
- 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 geologic
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 Spodumene Pegmatite
is situated within the CV Trend. Lithium mineralization at the
Property, including at CV5, 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, including CV5, 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 and at CV5,
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
|
- 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:
- easting and
northing of the drill hole collar
- elevation or RL
(Reduced Level – elevation above sea level in metres) of the drill
hole collar
- dip and azimuth of
the hole
- down hole length
and interception depth
- 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.
|
- Drill hole
attribute information is included in Table 2 herein.
- Pegmatite
intersections of <2 m are not typically presented as they are
considered insignificant.
|
Data aggregation
methods
|
- 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.
|
- N/A, no assay data
presented.
|
Relationship
between
mineralization
widths and intercept
lengths
|
- 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').
|
- Geological
modelling is ongoing on a hole-by-hole basis as CV5 is drilled.
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')
- Geological
modelling is ongoing on a hole-by-hole basis as CV13 is drilled.
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')
- All reported widths
are core length. True widths are not calculated for each hole due
to the relatively wide drill spacing at this stage of delineation
and irregular nature of pegmatite. As such, true widths may vary
widely from hole to hole.
|
Diagrams
|
- 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.
|
- Please refer to the
figures included herein as well as those posted on the Company's
website.
|
Balanced
reporting
|
- 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.
|
- Please refer to the
table(s) included herein as well as those posted on the Company's
website.
- Results for
pegmatite intervals <2 m are not reported.
|
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.
|
- 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
|
- 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.
|
- The Company intends
to continue drilling the pegmatites of the Corvette Property,
focused on the CV5 Spodumene Pegmatite and adjacent subordinate
lenses. At CV5, mineralization remains open along strike at
both ends, and to depth along a significant portion of its length.
Drilling is also anticipated to continue at the CV13 Spodumene
Pegmatite cluster as well as other spodumene pegmatite clusters at
the Property. A maiden mineral resource estimate is planned for
CV13 in 2024.
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SOURCE Patriot Battery Metals Inc