VANCOUVER, BC, Nov. 16,
2023 /CNW/ - Patriot Battery Metals Inc.
(the "Company" or "Patriot") (TSXV: PMET) (ASX: PMT) (OTCQX:
PMETF) (FSE: R9GA) is pleased to announce that it is the
recipient of the 2023 "Discovery of the Year" award from the Quebec
Mineral Exploration Association (QMEA). The award, which was
presented to the Company in early November at the QMEA's 2023 Xplor
Convention, is in recognition by industry peers for its discovery
of the CV5 Spodumene Pegmatite at its wholly owned Corvette
Project, located in the Eeyou Istchee James Bay region of
Quebec
(Figure 1).
The Xplor Convention, hosted annually by the QMEA in
Montreal, Quebec, is one of the
mineral exploration industry's most prominent events in the
province, and brings together exploration and mining companies,
their exploration and development teams, and key service
providers.
Darren L. Smith, Company Vice
President of Exploration, comments: "I am incredibly proud of
our exploration team and what they have been able to accomplish at
Corvette and CV5. For us to be recognized by the QMEA and our
industry peers, and amongst all the great recent discoveries in
Quebec, is a remarkable
achievement and one that speaks to their incredible dedication to a
high-quality, diligent, safe, and team-oriented work ethic. We were
honoured to be accompanied by the local tallyman, Paul Ratt, his wife and four sons at the Xplor
Convention to receive the award. Achieving this level of success in
mineral exploration is incredibly difficult, but also incredibly
rewarding, and never less than a team effort."
Blair Way, Company Director, CEO,
and President, comments: "We are incredibly proud of the team
for their well-deserved recognition as the recipient of the
'Discovery of the Year' award form the QMEA. This achievement
underscores their commitment to exploration excellence,
thoroughness, and a creative approach to mineral exploration. Their
dedication to advancing our industry while upholding the highest
standards of exploration sets a remarkable example for all of us.
We extend our heartfelt congratulations to the entire Patriot
Battery Metals team on this outstanding accomplishment.
The Corvette Project is highlighted by the CV5 Spodumene
Pegmatite. which hosts 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. The CV5 Spodumene
Pegmatite is situated approximately 13.5 km south of the regional
and all‑weather Trans-Taiga Road and powerline infrastructure, and
approximately 50 km from the La-Grande 4 hydroelectric power
station in the Eeyou Istchee James Bay region of Quebec (Figure 2).
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 further
exploration of the Property, including the drilling, processing and
reporting of core assay samples, the development of the Company's
exploration camp and all-season exploration access road to the
Property, as well as statement concerning the future beliefs of the
results to be returned and the interpretation of such results
against the Property generally.
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.
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SOURCE Patriot Battery Metals Inc