(MENAFN- GlobeNewsWire - Nasdaq) Highlights
Extension of the CV5 Pegmatite eastwardly by at least 400 m through the first four (4) drill holes of the 2023 drill campaign (CV23-105, 106, 107, and 108) Geological logged, near-continuous1, spodumene-bearing pegmatite intersections from the main body (moving eastwardly from CV22-093) ranging from of approximately 54 m to 132 m in width (core length). Drill holes immediately on strike of high-grade Nova Zone.
Step-out drilling westwardly, along strike of CV22-074, to begin shortly. Spodumene pegmatite has been traced continuously by drilling (at ~50-100 m spacing) over a lateral distance of at least 2.6 km (CV22-074 to CV23-108), remaining open along strike at both ends and to depth along most of its length. Core samples from first three (3) drill holes have arrived at the analytical lab (SGS). Four (4) core drilling rigs currently active at site with a fifth to be collared shortly. As of January 30th, 2023, a total of eight (8) drill holes (~3,400 m) have been completed this year at the CV5 Pegmatite. A minimum of 20,000 m is targeted to be completed over the January through April period.
Blair Way, Company President, CEO and Director, comments:“We are off to a great start with drilling at the CV5 Pegmatite in 2023. We are collaring at wide step-outs of 100 m on this first series of holes to the east and have now extended the principal spodumene pegmatite body at least another 400 m (drill hole CV22-093 to CV23-108), based on geological logging of drill core. With four (4) drill rigs now active on site, and earlier than anticipated, we will continue to advance aggressively as we look ahead to an initial mineral resource estimate targeted for the first half of 2023.”
VANCOUVER, British Columbia and SYDNEY, Australia, Feb. 05, 2023 (GLOBE NEWSWIRE) -- Patriot Battery Metals Inc. (the“Company” or“Patriot”) (TSX-V: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to provide an update on the 2023 drill campaign currently underway at its wholly owned Corvette Property (the“Property”), located in the James Bay Region of Quebec. The winter phase of the drill campaign is focused on the CV5 Pegmatite, located approximately 13.5 km south of the regional and all‐weather Trans-Taiga Road and powerline infrastructure and is currently accessible by winter road.
The Company is pleased to report that the first eight (8) drill holes, as reported herein (CV23-105 through 112) have intersected various widths of spodumene pegmatite, ranging from approximately 8 m to 132 m (core length), and therefore have extended the strike length of the CV5 Pegmatite body an additional 400 m along strike eastwardly (Figures 1 and 2). Based on drill holes completed through January 30th, 2023, the CV5 Pegmatite has now been traced continuously by drilling (at 50-100 m spacing) over a lateral distance of at least 2.6 km (CV22-074 to CV23‐108), remaining open along strike at both ends and to depth along most of its length.
Drill holes CV23-105 and 106 were collared immediately on strike eastwardly of the high-grade Nova Zone intersected in drill hole CV22‐093 (52.2 m at 3.34% Li2O, including 15.0 m of 5.10% Li2O – see news release dated January 30th, 2023), at a distance of approximately 90 m and 200 m, respectively, and returned near-continuous1 pegmatite intersections of approximately 84 and 132 m (core length), respectively. The two holes were collared at the same orientation as CV23-093 and indicate the pegmatite has widened at this location and depth along strike. The pegmatite continued to be intersected in drill holes CV23‐107 and 108, a further 100 m and 200 m along strike, respectively, with widths of approximately 65 m and 54 m (core length), respectively. The pegmatite remains to be tested further at depth along this 400 m of new strike length. Core assays have not yet been received for any of the holes completed to date in 2023.
The Company intends to continue stepping out along strike eastwardly towards the CV4 Pegmatite cluster, which is now within approximately 2.0 km of the easternmost drill hole reported herein from CV5 (CV23-108) (Figure 2). Additionally, spodumene pegmatite is inferred to be present under cover along this corridor based on a boulder field located approximately 1 km down ice (Figure 2). Based on the angularity and size of the boulders, they are not interpreted to have been sourced from the CV4 Pegmatite cluster and therefore, may indicate a source under the shallow glacial lake, along strike of the current drilling at CV5.
In addition to the step-out drilling of the Nova Zone and primary pegmatite body eastwardly, the Company also intends to continue step-out drilling westwardly from drill hole CV22-074 (16.9 m at 2.00% Li2O – see news release dated January 18th, 2023). The mineralized pegmatite is interpreted to continue for at least another 125 m in this direction based on a mineralized outcrop present along strike (Figure 1). It is interpreted that the CV5 Pegmatite may extend under the relatively thin glacial till cover towards the CV13 Pegmatite cluster, situated approximately 4.3 km to the west-southwest, and is anticipated to be drill tested during the 2023 drill campaign.
The primary objectives of the 2023 drill campaign are to further delineate the extent of the CV5 Pegmatite, as well as infill drill to improve the geological model to achieve indicated mineral resource confidence to support a future prefeasibility study. As of January 30th, 2023, a total of eight (8) drill holes (~3,400 m) have been completed this year at the CV5 Pegmatite, with a minimum of 20,000 m targeted to be completed over the January through April period.
Core samples from first three (3) drill holes (CV23-105, 106, 107) have arrived at the analytical lab (SGS) with core processing ongoing at site (Figure 3). Four (4) NQ size core drilling rigs are currently active at site with a fifth expected to collar shortly.
May include minor intervals of non-pegmatite and/or non-spodumene bearing pegmatite. Data for drill holes presented herein are based on a combination of preliminary and detailed geological logs and, therefore, overall is considered to be preliminary in nature as there may be minor variations from the final detailed geological log when completed. Table 1: Drill hole attributes with logged pegmatite intersections 2 m
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Figure 1: Drill hole locations through CV23-112 at the CV5 Pegmatite
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Figure 2: CV5 through CV4 pegmatite cluster corridor
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Figure 3: Aerial view of several 2023 drill hole collars (Top); spodumene pegmatite core from 2023 drill campaign being processed at Project (Bottom)
About the CV Lithium Trend
The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company in 2017 and spans more than 25-km across the Corvette Property. The core area includes an approximate 2.6 km long spodumene pegmatite (the 'CV5 Pegmatite') and multiple proximal secondary spodumene pegmatite lenses. This corridor has returned drill intercepts of 156.9 m at 2.12% Li2O, including 25.0 m at 5.04% Li2O or 5.0 m at 6.36% Li2O (CV22‐083), 159.7 m at 1.65% Li2O (CV22-042), 131.2 m at 1.96% Li2O (CV22-100), and 52.2 m at 3.34% Li2O, including 15.0 m at 5.10% Li2O (CV22-093).
To date, six (6) distinct clusters of lithium pegmatite have been discovered across the Property – CV5 Pegmatite and associated lenses, CV4, CV8-12, CV9, CV10, and the recently discovered 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 1968), 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 Nevada Lithium Resources Inc., Vice President of Exploration and Director for Ophir Gold Corp, and a Senior Geologist and Project Manager with Dahrouge Geological Consulting Ltd. Mr. Smith 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 JORC Code, 2012. 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 mineral exploration company focused on the acquisition and development of mineral properties containing battery, base, and precious metals.
The Company's flagship asset is the 100% owned Corvette Property, located proximal to the Trans-Taiga Road and powerline infrastructural corridor in the James Bay Region of Québec. The land package hosts significant lithium potential highlighted by the 2.6 km long CV5 spodumene pegmatite with drill intercepts of 156.9 m at 2.12% Li2O, including 25.0 m at 5.04% Li2O or 5.0 m at 6.36% Li2O (CV22‐083), 159.7 m at 1.65% Li2O (CV22-042), 131.2 m at 1.96% Li2O (CV22-100), and 52.2 m at 3.34% Li2O, including 15.0 m at 5.10% Li2O (CV22-093). Additionally, the Property hosts the Golden Gap Trend with grab samples of 3.1 to 108.9 g/t Au from outcrop and 7 m at 10.5 g/t Au in drill hole, and the Maven Trend with 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag in outcrop.
The Company also holds 100% ownership of the Freeman Creek Gold Property in Idaho, USA which hosts two prospective gold prospects - the Gold Dyke Prospect with a 2020 drill hole intersection of 12 m at 4.11 g/t Au and 33.0 g/t Ag, and the Carmen Creek Prospect with surface sample results including 25.5 g/t Au, 159 g/t Ag, and 9.75% Cu.
The Company's other assets include the Pontax Lithium-Gold Property, QC; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.