Patriot Battery Metals Inc. (the “Company” or “Patriot”) (CSE: PMET) (OTCQB: RGDCF) (FSE: R9GA) is pleased to announce its plans for an inaugural drill program at the Company’s Corevtte-FCI Property (the “Property”), located in the James Bay Region of Quebec. The program will focus on the CV5-6 Spodumene Pegmatites, part of a more than a 25 km CV Lithium Trend, as well as the Elsass and Lorraine prospects, which form part of the more than 10 km long Maven Copper-Gold-Silver Trend. The drill program will mark the first drill testing to date along these two highly prospective trends as well as the first drill program by the Company on the Property to date.
The Company has engaged Forage Fusion Drilling Ltd. of Hawkesbury, ON, to carry out the diamond drill program at the Propertywith the program being managed by Dahrouge Geological Consulting Ltd. of Edmonton, AB. The initial program will be comprised of 15 to 20 drill holes for a total of approximately 2,000 m of NQ size coring with the drill mobilization expected in the first half of September 2021. Approximately 1/3 of the drill meterage is expected to target the CV Lithum Trend and the remaining 2/3 focused on the Maven Cu-Au-Ag Trend.
Blair Way, Company President and Director comments: “We are thrilled to be finally drill testing these two trends that have never been tested at depth before. The Company has successfully carried-out a grass roots exploration campaign over the past several years, which has identified an emerging lithium district over a more than 25 km trend dominantly held by the Company, as well as discovered some of the strongest Cu-Au-Ag prospects to date on the Property. This initial drill program will orient an aggressive follow-up drill campaign with the objective of unlocking the significant potential of the Property and building shareholder value in the process”.
The Maven-Cu-Au-Ag Trend hosts numerous mineralized showings and prospects over a more than 10 km long corridor across the Property. Surface sample assay highlights (and corresponding showing/prospect) include: 3.63% Cu, 0.64 g/t Au, and 52.3 g/t Ag(Elsass), 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag (Lorraine), 3.28% Cu, 0.78 g/t Au, and 30.1 g/t Ag (Hund), 3.36% Cu, 0.82 g/t Au, 38.4 g/t Ag (Tyrone-T9) and 1.75% Cu, 1.47 g/t Au, and 40.5 g/t Ag (Lac Smokycat-SO). The Company is currently completing a IP-resistivity geophysical survey over the core area of the trend as a final targeting tool to refine initial drill hole locations (see news release dated August 19th, 2021). The dominant rock type at Maven is amphibolite with a chalcopyrite – quartz ± pyrrhotite accessory mineral assemblage. The chalcopyrite is often associated with quartz and is present as disseminations within quartz veins, or as semi-massive veinlets. The Maven Trend has never been drill tested.
The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company in 2017 and spans the FCI West, FCI East, and Corvette claim blocks. The core area includes an approximate 2 km long corridor of numerous spodumene pegmatite occurrences, highlighted by the CV5 Pegmatite – a large (~220 m long and 20-40 m wide), well-mineralized outcrop – where eight samples collected average 3.00% Li2O and 154 ppm Ta2O5, including a peak assay of 4.06% Li2O and 564 ppm Ta2O5. The high number of well-mineralized pegmatites in this core area of the trend indicates a strong potential for a series of relatively closely spaced/stacked, sub-parallel, and sizable spodumene-bearing pegmatite bodies, with significant lateral and depth extent, to be present. The CV Lithium Trend, including the CV5 pegmatite, has never been drill tested. See map 1 and 1.1
Upon completion of the planned 2021 work programs, the Company expects to have earned a 50% interest in the FCI East and West claim blocks from O3 Mining Inc., having exceeded the minimum $2.25M in exploration expenditures. Under the terms of the Option Agreement, the Company may acquire an additional 25% interest in the FCI East and West claim blocks, for a collective 75% interest, by funding the next $2m in exploration expenditures.
The Company notes that it has developed a COVID Management Plan for the program and will carry-out its field programs while adhering to all federal, provincial, and regional restrictions in place due to the COVID-19 pandemic. Mineral exploration has been recognized as an essential service in Canada and the Province of Quebec.
Darren L. Smith, M.Sc., P. Geo., Vice President of Exploration for the Company and Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Patriot Battery Metals Inc.
Patriot Battery Metals Inc. is a mineral exploration company focused on the acquisition and development of mineral projects containing battery, base and precious metals.
The Company’s flagship assets are the wholly owned Corvette Property and the FCI Property (held under Option from O3 Mining Inc.) located in the James Bay Region of Québec, and the Freeman Creek Gold Property, located in Idaho, USA.
The Corvette-FCI Property includes the wholly owned Corvette claim block, and the FCI East and West claim blocks held under Option from O3 Mining Inc. The claim blocks are contiguous and host significant gold-silver-copper-PGE-lithium potential highlighted by the Golden Gap Prospect with grab samples of 3.1 to 108.9 g/t Au from outcrop and 10.5 g/t Au over 7 m in drill hole, the Elsass and Lorraine prospects with 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag in outcrop, and the CV1 Pegmatite Prospect with 2.28% Li2O over 6 m in channel.
The Freeman Creek Property hosts two major advanced targets; the Gold Dyke Prospect with a 2020 drill hole intersection of 4.11 g/t Au and 33.0 g/t Ag over 12 m, and the Carmen Creek Prospect with surface sample results including 25.5 g/t Au, 159 g/t Ag, and 9.75% Cu.
In addition, the Company holds the Pontax Lithium-Gold Property, QC; the Golden Silica Property, BC; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.
On Behalf of the Board of Directors,
“BLAIR WAY” “ADRIAN LAMOUREUX”
Blair Way, President & Director Adrian Lamoureux, CEO & Director
Disclaimer for Forward-Looking Information
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.