Patriot Battery Metals Inc. (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the final batch of results from its extensive summer-fall 2024 in-fill drill program at the CV5 Spodumene Pegmatite, which forms part of the Company’s wholly-owned Shaakichiuwaanaan Property, located in the Eeyou Istchee James Bay region of Quebec.

Highlights

• Wide, high-grade spodumene pegmatite intercepts received from the extensive summer-fall 2024 in-fill drill program at CV5 complete the drill dataset required to support the upcoming Feasibility Study and maiden Ore Reserve:
  • 153.8 m at 2.00% Li₂O, including 55.4 m at 3.42% Li₂O (CV24-733).
  • 142.9 m at 1.77% Li₂O, including 35.2 m at 3.36% Li₂O (CV24-719).
  • 186.0 m at 1.08% Li₂O, including 11.3 m at 4.27% Li₂O (CV24-704).
  • 129.8 m at 1.36% Li₂O, including 22.4 m at 2.45% Li₂O (CV24-688).
  • 142.3 m at 1.12% Li₂O including 55.2 m at 2.19% Li₂O (CV24-769).
  • 118.4 m at 1.27% Li₂O, including 41.5 m at 1.74% Li₂O (CV24-693).
  • 101.9 m at 1.75% Li₂O, including 12.3 m at 3.43% Li₂O (CV24-721).
  • 106.7 m at 1.49% Li₂O including 7.8 m at 4.39% Li₂O (CV24-735).
  • 119.8 m at 1.10% Li₂O, including 41.8 m at 1.65% Li₂O (CV24-707).
  • 104.1 m at 1.08% Li₂O, including 36.1 m at 1.59% Li₂O (CV24-682).
  • 100.5 m at 1.06% Li₂O, including 15.0 m at 2.25% Li₂O (CV24-730).
  • 98.6 m at 1.76% Li₂O, including 33.7 m at 2.40% Li₂O (CV24-711A).
  • 93.5 m at 1.71% Li₂O, including 10.1 m at 3.00% Li₂O (CV24-712).
  • 53.9 m at 2.29% Li₂O, including 32.5 m at 3.04% Li₂O (CV24-703).
  • 58.1 m at 1.14% Li₂O, including 8.6 m at 5.28% Li₂O (CV24-742).
• Core assay results for 98 drill holes (31,513 m) – all from CV5 – are reported in this announcement, concluding the reporting of all 431 holes (128,052 m) completed in 2024.
• This final batch of assays completes the core analytical dataset required for the delivery of the Feasibility Study and maiden Ore Reserve Estimate for the CV5 Spodumene Pegmatite, which is targeted for Q3-2025. All resource, geotechnical, geomechanical, and hydrogeological drilling required to support the pending Feasibility Study on CV5 is now complete.
• The Company has now completed 793 drill holes (233,884 m) at the Shaakichiuwaanaan Property to deliver the largest hard rock lithium resource in the Americas in under 3 years.

Darren L. Smith, Patriot Executive and Vice President of Exploration, comments: “The fall 2024 in-fill drill program at the CV5 Pegmatite wrapped up on a very strong note, delivering more than 10 well-mineralized 100+ m intercepts. The completion of the in-fill program marks a key milestone towards upgrading the Mineral Resource to higher confidence (from Inferred to Indicated), and we were able to achieve this on schedule and under budget.” 

“The team is now advancing the geological and block models in coordination with our independent consultants as we work towards the next Mineral Resource update, which in turn will underpin the upcoming Feasibility Study and maiden Ore Reserve for the CV5 Pegmatite – which remain on schedule for Q3-2025,” added Mr. Smith.

Figure 1: Drill holes completed through 2024 at CV5 with result highlights in this announcement. (CNW Group/Patriot Battery Metals Inc.)

Figure 2: Very high-grade spodumene pegmatite with very large spodumene crystals, grading 5.28% Li2O over 8.6 m (427.5 m to 436.1 m, hole CV24-742), located east of the Nova Zone at CV5. (CNW Group/Patriot Battery Metals Inc.)

Figure 3: Very large, near inclusion free, spodumene crystals in quartz pegmatite at CV5 (drill-hole
CV24-704). Drill core grades 4.27% Li2O over 11.3 m (171.1 m to 182.4 m). (CNW Group/Patriot Battery Metals Inc.)

Figure 4: Very high-grade spodumene pegmatite with very large spodumene crystals from the Nova Zone at CV5 (drill hole CV24-733). Drill core grades 4.0% Li2O over 18.4 m (254.0 m to 272.4 m). (CNW Group/Patriot Battery Metals Inc.)

Figure 4: Very high-grade spodumene pegmatite with very large spodumene crystals from the Nova Zone at CV5 (drill hole CV24-733). Drill core grades 4.0% Li2O over 18.4 m (254.0 m to 272.4 m). (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 1: Core assay summary for drill holes reported herein at the CV5 Spodumene Pegmatite. (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.)

The Shaakichiuwaanaan Property hosts a consolidated Mineral Resource Estimate¹ of 80.1 Mt at 1.44% Li₂O Indicated and 62.5 Mt at 1.31% Li₂O Inferred. The CV5 Spodumene Pegmatite, which forms the bulk of the MRE, is accessible year-round by all-season road and is situated approximately 14 km from a major hydroelectric powerline corridor.

Core assay results for 98 holes (31,513 m) are reported in this announcement (Figure 1, Table 1, Table 2), concluding the reporting of all 431 holes (128,052 m) completed during the 2024 drill campaign at the Property. The holes reported in this announcement focused on in-fill drilling at the CV5 Deposit to support an MRE update targeting conversion of Mineral Resources from the Inferred category to the higher confidence Indicated category, which will in turn underpin a maiden Ore Reserve Estimate.

The drill holes reported tested nearly the entire 4.6 km strike length currently defined at CV5, which remains open at both ends and at depth, along a significant portion of its length. The results continue to demonstrate that wide and well-mineralized pegmatite, with consistently large spodumene crystals, is present along the entire strike length of the deposit (Figure 1, Figure 2, Figure 3, and Figure 4).

With the delivery of these results, all resource, geotechnical, geomechanical, and hydrogeological drill holes required to support the pending Feasibility Study on CV5 are now complete. These drill holes targeted areas encompassing the anticipated supporting development infrastructure (process plant, camp, stockpiles, waste rock and tailings management facilities, etc.), as well open-pit and underground development areas. The data collected will be used to establish a maiden Ore Reserve, infrastructure foundation and build parameters, rock mechanics domain parameters, and hydrogeological models to support the overall mine design for the pending Feasibility Study.

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¹ Shaakichiuwaanaan (CV5 & CV13) Mineral Resource Estimate (80.1 Mt at 1.44% Li2O and 163 ppm Ta2O5 Indicated, and 62.5 Mt at 1.31% Li2O and 147 ppm Ta2O5 ppm Inferred) is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.80% Li2O (underground CV13) with an Effective Date of August 21, 2024 (through drill hole CV24-526). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.

Collectively, over the 2024 drill campaign a total of 431 holes (128,052 m) were completed across the CV5 and CV13 pegmatites, as well as areas of proposed infrastructure in support of future development. This includes step-out and in-fill holes, as well as geotechnical, hydrogeological, and geomechanical holes.

Since the “discovery hole”, CF21-001 – the first hole to test the CV5 Pegmatite surface exposures at depth – was completed in fall 2021, a total of 793 holes totalling 233,884 m have been completed at Shaakichiuwaanaan focused on exploration and development of lithium pegmatite.

This drilling has delineated the largest hard rock lithium resource in the Americas – Shaakichiuwaanaan (comprising the CV5 & CV13 pegmatites).

The collective drill datasets will underpin an updated and higher-confidence MRE for the Shaakichiuwaanaan Project (CV5 & CV13 pegmatites), as well as an expected maiden Ore Reserve for the CV5 Spodumene Pegmatite, which will be declared upon completion of the Feasibility Study, which is targeted for delivery in Q3-2025.

Table 2: Attributes for drill holes reported herein at the CV5 Spodumene Pegmatite.

Quality Assurance / Quality Control (QAQC)

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% each. Additionally, analysis of pulp-split sample duplicates was completed to assess analytical precision, 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, or Radisson, QC, for sample preparation (code PRP90 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).

Qualified/Competent Person

The information in this news release that relates to exploration results for the Shaakichiuwaanaan 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 an Executive and 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 Shaakichiuwaanaan Property (formerly known as Corvette) located in the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round by all-season road and is proximal to regional powerline infrastructure. The Shaakichiuwaanaan Mineral Resource¹, which includes the CV5 & CV13 spodumene pegmatites, totals 80.1 Mt at 1.44% Li₂O Indicated, and 62.5 Mt at 1.31% Li₂O Inferred, and ranks as the largest lithium pegmatite resource in the Americas, and the 8^th largest lithium pegmatite resource in the world.

A Preliminary Economic Assessment was announced for the CV5 Pegmatite August 21, 2024, and highlights it as a potential North American lithium raw materials powerhouse. The PEA outlines the potential for a competitive and globally significant high-grade lithium project targeting up to ~800 ktpa spodumene concentrate using a simple Dense Media Separation only process flowsheet.

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.