Highlights

Significant Drill Intercepts

• Twelve drill holes (NQ core) are reported herein from the CV5 Pegmatite and targeted mineralization at shallow to mid-level depths over a significant strike length. Results include some of the highest individual lithium sample grades returned to date in drill hole.
  • 113.4 m at 1.61% Li₂O (162.1 m to 275.5 m), including 38.0 m at 2.17% Li₂O (CV22-066)
    • Interval contains twenty (20) individual samples over 3.00% Li₂O including two (2) adjacent samples grading >6% Li₂O, averaging 2.0 m at 6.41% Li₂O
  • 60.0 m at 1.52% Li₂O (25.3 m to 85.3 m), including 18.0 m at 2.16% Li₂O (CV22-062)
  • 119.1 m at 0.89% Li₂O (57.3 m to 176.4 m), including 19.0 m at 2.05% Li₂O, and 15.0 m at 1.72% Li₂O (304.9 m to 319.9 m) (CV22-059)
  • 42.2 m at 1.52% Li₂O (77.4 m to 119.5 m), 17.8 m at 2.53% Li₂O (160.5 m to 178.3 m), and 29.1 m at 1.21% Li₂O (183.4 m to 212.5 m), and 10.9 m at 1.18% Li2O (220.2 m to 231.1 m) (CV22-064)
  • 24.3 m at 1.14% Li₂O (29.6 m to 53.8 m) (CV22-060)
  • 39.9 m at 1.30% Li₂O (69.9 m to 109.8 m), including 18.0 m at 2.28% Li₂O (CV22-063)
• Continued strong tantalum grades intersected including 18.0 m at 316 ppm Ta₂O₅ (and 2.16% Li₂O) (CV22-062) and 42.2 m at 300 ppm Ta₂O₅ (and 1.52% Li₂O) (CV22-064)
• Drill holes CV22-063 and CV22-066 continue to extend mineralization to the east-northeast at the CV5 Pegmatite, flanked by several secondary lenses, traced over a strike length of at least 2,200 m. The mineralization remains open along strike at both ends and to depth along most of the pegmatite length.

2023 Exploration and Development Program

• Drilling at the Property to re-commence in January 2023 with up to five (5) drill core rigs in February
• Permits have been received and construction underway for a winter road extending south from the Trans-Taiga all-season road to the primary drill area at the CV5 Pegmatite, expediting the winter drill program and reducing helicopter usage.

Patriot Battery Metals Inc. (TSX-V: PMET) (ASX: PMT) (OTCQB: PMETF) (FSE: R9GA) is pleased to announce core assay results for twelve additional drill holes (CV22-046, 055, and 057 through 066) from its 2022 drill campaign at its wholly owned Corvette Property, located in the James Bay Region of Quebec. The primary drill area is focused at the CV5 Pegmatite, located approximately 13.5 km south of the regional and all-weather Trans-Taiga Road and powerline infrastructure.

Blair Way, Company President, CEO and Director, comments:

“The Corvette Property continues to deliver with these latest assay results, which include some of our highest grades to date. In addition, the strike length of the CV5 Pegmatite system remains open in all directions with wide widths and strong grades encountered along its currently defined 2.2 km length. I am happy to be back on track with regular news releases of our assay results from the summer-fall drill program. With 38 holes yet to be received from the lab, and re-commencement of drilling in January, we will have continuous news flow on the Property for some time”

The twelve drill holes (NQ core size – 47.6 mm inside diametre) reported herein targeted mineralization at shallow to mid-level depths over a significant strike length of the CV5 Pegmatite (Figure 1). Drilling continues to return wide and well-mineralized intercepts at these depths, highlighted herein by drill hole CV22-066 with 113.4 m at 1.61% Li₂O (162.1 m to 275.5 m), including 38.0 m at 2.17% Li₂O and 28.6 m at 2.31% Li₂O. Additionally, drill hole CV22-066 contains twenty (20) individual samples over 3.00% Li₂O including two (2) adjacent samples grading >6% Li₂O, averaging 2.0 m at 6.41% Li₂O, which contains a single spodumene crystal of approximately 1.8 m (Figures 2, and 3). This is the largest spodumene crystal discovered to date in drill core at the Property and was first reported in news release dated September 19, 2022.

The high-grade pegmatite in drill hole CV22-066 is interpreted to continue to surface as evidenced by CV22-063 with 39.9 m at 1.30% Li₂O (69.9 m to 109.8 m), including 18.0 m at 2.28% Li₂O, returned at shallow depths (Figure 1). The pegmatite remains open at depth at this location with CV22-069 returning 45.3 m of spodumene pegmatite at depth below CV22-066 – assays remaining to be reported.

Additionally, drill hole CV22-062 returned 60.0 m at 1.52% Li₂O (25.3 m to 85.3 m), including 18.0 m at 2.16% Li₂O, at shallow depths proximal to the CV5 Pegmatite outcrop (Figure 4). These high grades continue at depth below CV22-062 with drillhole CV22-064 returning 42.2 m at 1.52% Li₂O (77.4 m to 119.5 m), 17.8 m at 2.53% Li₂O (160.5 m to 178.3 m), 29.1 m at 1.21% Li₂O (183.4 m to 212.5 m), and 10.9 m at 1.18% Li₂O (220.2 m to 231.1 m). Drill hole CV22-059 continued to demonstrate strong grades and wide intersections below the CV5 Pegmatite outcrop at moderate depths with 119.1 m at 0.89% Li₂O (57.3 m to 176.4 m), including 19.0 m at 2.05% Li₂O and 15.0 m at 1.72% Li₂O (304.9 m 319.9) (Figure 1).

Strong grades of tantalum continue to be returned from drilling at the CV5 Pegmatite with individual one metre samples grading >1,000 ppm Ta₂O₅ returned from six of the twelve drill holes reported herein – CV22-055, 062, 063, 064, 065, and 066 – with a sample high of 3,293 ppm Ta₂O₅ returned from CV22-055. High-grade lithium-tantalum intervals include 18.0 m at 2.16% Li₂O and 316 ppm Ta₂O₅ (CV22-062) and 42.2 m at 1.52% Li₂O and 300 ppm Ta₂O₅ (CV22-064). The prevalence of tantalum is widespread at the CV5 Pegmatite with its zonation to be more clearly defined upon receipt of the remaining 2022 drill core assays. Tantalum continues to be a secondary commodity of strong interest at Corvette and recovery into a marketable concentrate will continue to be explored as flowsheet studies are advanced.

The 2022 drill campaign at Corvette has significantly expanded lithium mineralization at the CV5 Pegmatite. The drilling to date has largely been completed at approximately 100 m spacing (down to ~50 m in some places) with the principal spodumene pegmatite body (CV5), flanked by several secondary lenses, currently traced by drilling over a distance of at least 2,200 m, remaining open along strike at both ends and to depth along most of its length.

To date, the Company has completed ninety-five NQ core size drill holes, totalling 27,470 m, at targets along the CV Lithium Trend – eighty drill holes totalling 24,709 m at the CV5 Pegmatite and proximal lenses, fourteen drill holes totalling 2,647 m at the CV13 Pegmatite cluster, and one (1) drill hole totalling 114 m at the CV12 Pegmatite cluster. For the drill holes reported herein, core assays for pegmatite intervals greater than two m are presented in Table 1 and drill hole locations in Figure 1. Drill hole coordinates and other attributes are available in Table 1 and the Company’s website, which also lists assay results from prior drill holes. Core assay results for thirty-eight drill holes remain to be reported – twenty-four at the CV5 Pegmatite cluster and fourteen at the CV13 pegmatite cluster.

2023 Exploration and Development Program

The Company is currently planning to re-commence drilling at the CV5 Pegmatite in January, with three drill rigs currently on site, and will increase to five (5) drill rigs in February. The primary objectives of the drill program 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 subsequent Prefeasibility Study. Permits have been received and construction underway for an ~19.3 km winter road extending south from the Trans-Taiga all-season road to the primary drill area at the CV5 Pegmatite, which will reduce transportation costs and improve access to the Property over the winter portion of the 2023 exploration campaign.

BBA Inc. a multi-disciplinary engineering and project development group, has been retained to complete an inaugural mineral resource estimate at the CV5 Pegmatite – anticipated to be delivered in the first half of 2023 – as well as carry-out development studies at the Property as it advances towards Prefeasibility. These studies include site environmental, hydrogeological model, pit design, infrastructure layout, and tailings management. BBA has significant experience in lithium pegmatite development studies in addition to their work at active mine-sites globally.

The Company will provide further details on the 2023 exploration and development programs in the new year, which is anticipated to include significant resource delineation drilling, multi-disciplinary desktop and field studies in support of advancing through Prefeasibility, and various lithium pegmatite surface exploration programs. Although at least six distinct lithium pegmatite clusters have been discovered on the Property to date, there remains more than 20 km of trend yet to be evaluated for lithium pegmatite. Further, only three of these lithium clusters have been drill tested – CV5 (80 holes), CV13 (14 holes), and CV12 (1 hole).

Table 1: Mineralized drill intercept summary for drill holes reported herein as part of the 2022 summer-fall program

Figure 1: Drill hole collar locations at the CV5 Pegmatite for holes completed to date

Figure 2: Well mineralized drill core intersection (~2.5% Li₂O average) in CV22-066 with a 2.0 m at 6.41% Li₂O interval (224.0 to 226.0 m) containing an ~1.8 m long spodumene crystal (highlighted in red box)

Figure 3: Segment of 1.8 m spodumene crystal at ~225 m depth in CV22-066

Figure 4: Interval of 18.0 m at 2.16% Li₂O (26.0 to 44.0 m) within a wider zone of 60.0 m at 1.52% Li₂O (25.3 m to 85.3 m) in drill hole CV22-062

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, as well as collection of quarter-core duplicates, 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 Lakefield, ON, for standard sample preparation (code PRP89) which includes drying at 105°C, crush to 75% 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 spans more than 25-km across the Corvette Property. The core area includes an approximate 2.2 km long spodumene pegmatite (the ‘CV5 Pegmatite’) and multiple proximal secondary spodumene pegmatite lenses. This corridor has returned drill intercepts of 159.7 m at 1.65% Li₂O and 193 ppm Ta₂O₅ (CV22-042), 152.8 m at 1.22% Li₂O and 138 ppm Ta₂O₅ (CV22-030), 86.2 m at 2.13% Li₂O and 163 ppm Ta₂O₅ (CV22-044), and 70.1 m at 2.22% Li₂O and 147 ppm Ta₂O₅, including 40.7 m at 3.01% Li₂O and 160 ppm Ta₂O₅ (CV22-017).

To date, six 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 the technical information in this news release.

Mr. Smith is Vice President of Exploration for Patriot Battery Metals Inc. (the “Company”) 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 2.2 km long CV5 spodumene pegmatite with drill intercepts of 159.7 m at 1.65% Li₂O and 193 ppm Ta₂O₅ (CV22-042), and 70.1 m at 2.22% Li₂O and 147 ppm Ta₂O₅, including 40.7 m at 3.01% Li₂O and 160 ppm Ta₂O₅ (CV22-017). 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.