Highlights

• Strong assay results over wide intervals from infill drilling at CV5.
  • 133.9 m at 1.21% Li₂O, including 41.5 m at 1.52% Li₂O; and 42.2 m at 1.59% Li₂O, including 10.1 m at 3.22% Li₂O (CV23-298).
  • 50.5 m at 1.42% Li₂O, including 11.4 m at 3.13% Li₂O; and 38.7 m at 2.06% Li₂O, including 15.6 m at 3.26% Li₂O (CV23-285).
  • High-grade intercepts at CV23-298 and 285 are located further west and outside of the previously delineated Nova Zone.
• Assays and the continuity of mineralization along CV5’s western extension are encouraging and situated outside of the June 2023 mineral resource estimate.
  • 30.5 m at 0.77% Li₂O, including 14.2 m at 1.57% Li₂O; and 21.0 m at 0.81% Li₂O, including 11.0 m at 1.46% Li₂O (CV23-283) – collared in pegmatite.
  • 21.3 m at 0.88% Li₂O, including 6.4 m at 1.87% Li₂O; and 24.9 m at 0.83% Li₂O, including 11.1 m at 1.80% Li₂O (CV23-295).
• Through 2023, CV5 mineralization has been traced by drilling over a 4.6 km strike length and remains open along strike at both ends and to depth.
• The 2024 winter drill program (now complete), totaled 62,518 m (166 holes), including 50,961 m (121 holes) at CV5, and 11,557 m (45 holes) at CV13 (with first assays to be reported shortly).
• Since discovery (fall 2021) through to the recently completed 2024 winter drill program, the Company had completed 134,129 m (369 holes) at CV5, of which only 56,461 m (166 holes) were included in the June 2023 MRE.
• An updated MRE in Q3 2024 will focus on upgrading the resource category at CV5 and include a maiden resource at CV13, incorporating all drilling through to April 2024.

Darren L. Smith, Vice President of Exploration for the Company, comments: “The 2023 drilling at CV5 has more than doubled the spodumene pegmatite’s strike from 2.2 km at the end of 2022, to 4.6 km at the end of 2023 and remains open. To put this further into perspective, the maiden mineral resource estimate for CV5 – announced July 2023 – covered only ~3.7 km of this strike length and highlights the deposit’s growth potential over time. While much work has been done, in many respects it feels like we are only just beginning to unlock the potential at Corvette.”  

Patriot Battery Metals Inc. (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the remaining core assay results for drill holes completed in 2023 at the CV5 Spodumene Pegmatite. The Corvette Property, 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 approximately 13.5 km south of the regional and all–weather Trans-Taiga Road and powerline infrastructure.

Drill results for the remaining 42 drill holes completed in 2023 at the CV5 Spodumene Pegmatite are reported herein (Figure 4). This drilling included both infill holes as well as holes completed over the western extension of the pegmatite body, discovered subsequent to the June 2023 MRE. Collectively, through to the end of 2023, drilling has traced the CV5 Spodumene Pegmatite over a strike length of 4.6 km, which remains open along strike at both ends and to depth (Figure 1). Highlights for the holes reported herein include:

Infill Drill Holes

• 133.9 m at 1.21% Li₂O, including 41.5 m at 1.52% Li₂O; and 42.2 m at 1.59% Li₂O, including 10.1 m at 3.22% Li₂O (CV23-298).
• 50.5 m at 1.42% Li₂O, including 11.4 m at 3.13% Li₂O; and 38.7 m at 2.06% Li₂O, including 15.6 m at 3.26% Li₂O (CV23-285).
• 123.5 m at 0.72% Li₂O, including 35.5 m at 1.07% Li₂O; and 12.9 m at 1.30% Li₂O, (CV23-272A).
• 76.7 m at 0.69% Li₂O, including 34.1 m at 0.98% Li₂O (CV23-327).

Drill holes CV23-298 and CV23-285 returned sub-intervals of very high grade at 10.1 m at 3.22% Li₂O and 15.6 m at 3.26% Li₂O, respectively (Figure 2, Figure 3, Figure 5, and Figure 6). These high-grade intercepts are situated at depth within the central areas of CV5, outside of the Nova Zone, and highlight the robustness of the mineralized system.

Western Extension

• 30.5 m at 0.77% Li₂O, including 14.2 m at 1.57% Li₂O; and 21.0 m at 0.81% Li₂O, including 11.0 m at 1.46% Li₂O (CV23-283) – collared in pegmatite.
• 21.3 m at 0.88% Li₂O, including 6.4 m at 1.87% Li₂O; and 24.9 m at 0.83% Li₂O, including 11.1 m at 1.80% Li₂O (CV23-295).

Over the western extension at CV5, the principal pegmatite is interpreted to have bifurcated into two sub-parallel trending bodies, both of which remain mineralized and open to the west and at depth. This is illustrated via a simplified geological cross-section for drill holes CV23-283 and 295 (Figure 7 and Figure 8). Additionally, very high-grade intervals continue to be discovered over the extension including 3.9 m at 3.99% Li₂O (CV23-273), as well as in the final and most westerly drill hole completed in 2023 at CV5 (CV23-364), which returned a strong intercept of 13.1 m at 0.91% Li₂O, including 4.3 m at 2.22% Li₂O (Figure 9). Collectively, the results announced herein continue to demonstrate strong grades and widths of spodumene pegmatite at the western extension, which remains open.

Through 2023, the CV5 and CV13 spodumene pegmatites have been traced by drilling to within approximately 2.9 km of each other (Figure 10). This highly prospective corridor between the two spodumene pegmatites, also coincident with a local structural and magnetic trend, remains to be drill tested.

In 2023 at the Corvette Property, the Company completed a total of 78,213 m (266 holes), including 58,460 m (168 holes) at CV5, 14,917 m (74 holes) at CV13, 4,071 m (18 holes) at CV9, and 765 m (6 holes) at Camp Shaakichiuwaanan.

The 2024 winter drill program, which recently concluded at the Property, totalled 62,518 m (166 holes) – 50,961 m (121 holes) at CV5, and 11,557 m (45 holes) at CV13. All results for this drilling remain to be reported. A summary update on the program is anticipated to be announced shortly.

Since discovery (fall 2021) through to the recently completed 2024 winter drill program, the Company had completed 134,129 m (369 holes) at CV5, of which only 56,461 m (166 holes) were included in the June 2023 MRE. The majority of the drilling completed since the June 2023 MRE has been focused on infill rather than resource growth in order to upgrade the resource category from inferred to indicated at CV5.

An updated MRE for the Corvette Project, incorporating drilling through April 2024, is planned for Q3 2024. This MRE update will include both the CV5 and CV13 spodumene pegmatites and a total anticipated metreage of 134,129 m (369 holes) and 29,121 m (133 holes), respectively. The primary objective of the Q3 2024 MRE update is to increase confidence in resource category at CV5, from inferred to indicated, to further support development studies underway.

Core sample assays for drill holes reported herein from the CV5 Spodumene Pegmatite are presented in Table 1 for all pegmatite intersections >2 m. Drill hole locations and attributes are presented in Table 2.

Quality Assurance / Quality Control

A Quality Assurance / Quality Control protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches at a rate of approximately 5%. Additionally, analysis of pulp-split and coarse-split sample duplicates were completed to assess analytical precision at different stages of the laboratory preparation process, and external (secondary) laboratory pulp-split duplicates were prepared at the primary lab for subsequent check analysis and validation.

All core 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).

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 4.6 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 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 lithium pegmatite resource in the Americas based on contained LCE.

Figure 1: Growth of the CV5 Spodumene Pegmatite through 2023. (CNW Group/Patriot Battery Metals Inc)

Figure 2: Simplified geological cross-section over the central area of CV5. Core assay results announced herein for CV23-298 and 313. (CNW Group/Patriot Battery Metals Inc)

Figure 3: Centimetre to decimetre size spodumene crystals with feldspar and smoky quartz in drill hole CV23-298, at approximately 343 m to 347 m depth (down hole), grading 3+% Li2O over interval. (CNW Group/Patriot Battery Metals Inc)

Figure 4: Drill holes completed at the CV5 Spodumene Pegmatite through 2023. (CNW Group/Patriot Battery Metals Inc)

Figure 5: Simplified geological cross-section over the central area of CV5. Core assay results announced herein for CV23-272A and 285. (CNW Group/Patriot Battery Metals Inc)

Figure 6: Centimetre to decimetre size spodumene crystals with feldspar and smoky quartz in drill hole CV23-285, at approximately156 m to 161 m depth (TOP) and 166 m to 168 m depth (BOTTOM), grading 3+% Li2O over the respective interval. (CNW Group/Patriot Battery Metals Inc)

Figure 7: Simplified geological cross-section over western extension at CV5, discovery post the June 2023 MRE. Core assay results announced herein for CV23-283 and 295. (CNW Group/Patriot Battery Metals Inc)

Figure 8: Centimetre to decimetre size spodumene crystals with feldspar and smoky quartz in drill hole CV23-295. From 269.1 m to 271.4 m core grades 3.4% Li2O. (CNW Group/Patriot Battery Metals Inc)

Figure 9: Centimetre to decimetre size spodumene crystals with feldspar and smoky quartz in drill hole CV23-364, at approximately 268 m depth (down hole), the most westerly drill hole completed in 2023 at CV5 Spodumene Pegmatite. (CNW Group/Patriot Battery Metals Inc)

Figure 10: Highly prospective corridor that remains to be drill tested between the CV5 and CV13 spodumene pegmatites, a distance of approximately 2.9 km. Drill holes completed after the June 2023 MRE through to the end of 2023 are presented in green. Drill holes completed in 2024 are not presented. (CNW Group/Patriot Battery Metals Inc)

Table 1: Core assay summary for drill holes reported herein at the CV5 Spodumene Pegmatite. (CNW Group/Patriot Battery Metals Inc)

Table 2: Attributes for drill holes reported herein at the CV5 spodumene pegmatite. (CNW Group/Patriot Battery Metals Inc)