Highlights

• Significant expansion to the recently discovered high-grade zone (herein termed the “Vega Zone“) at the CV13 Spodumene Pegmatite. Highlights include:
  • 33.4 m at 2.40% Li₂O, including 11.1 m at 4.33% Li₂O, and  17.6 m at 1.89% Li₂O, including 5.6 m at 3.40% Li₂O (CV24-507).
  • 43.2 m at 1.10% Li₂O, including 12.9 m at 3.06% Li₂O (CV24-498).
  • 27.1 m at 1.02% Li₂O including 7.6 m at 2.39% Li₂O (CV24-513).
  • 32.1 m at 0.78% Li₂O, including 10.7 m at 2.17% Li₂O (CV24-499).
• Vega Zone is open in several directions with multiple step-out holes remaining to be reported.
  • High-grade mineralization is relatively flat-lying to shallow dipping and has now been delineated over a significant area and thickness.
• Highest individual core sample assay reported to date at Corvette – 1.7 m at 7.01% Li₂O (CV24–507, Vega Zone).
• Along the western arm at CV13, mineralized pegmatite has been extended down-dip to over 400 m (~190 m vertical depth from surface) with intercepts including 13.5 m at 1.15% Li₂O (CV24-497), and 8.6 m at 1.21% Li₂O (CV24–518).
• Results for 32,149 m (83 holes) remain to be reported from the 2024 winter drill program – 27,611 m (67 holes) at CV5, and 4,538 m (16 holes) at CV13.
• The Vega Zone will be a key target for the upcoming summer drill program, with details of the program to be released to the market in the coming weeks.

Patriot Battery Metals Inc. (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the next batch of core assay results from the CV13 Spodumene Pegmatite, including holes targeting the recently discovered high-grade zone (herein termed the “Vega Zone”), from its recently completed 2024 winter drill program at Corvette. The Corvette Property, wholly owned by the Company, is located in the Eeyou Istchee James Bay region of Quebec. The CV13 Spodumene Pegmatite is located approximately 3 km west-southwest of the CV5 Spodumene Pegmatite, which hosts a maiden mineral resource estimate of 109.2 Mt at 1.42% Li₂O inferred¹ and is situated approximately 13.5 km south of the regional and all–weather Trans-Taiga Road and powerline infrastructure.

Darren L. Smith, Vice President of Exploration for the Company comments, “The immediate follow-up holes targeting an expansion of the high-grade Vega Zone have been extremely successful, returning among the widest and most well-mineralized pegmatite intercepts to date at CV13. This now also includes the highest grading individual core sample returned to date from Corvette at 7.01% Li₂O (over 1.7 m) from hole CV24-507 in the Vega Zone.”

“The high-grade mineralization is relatively flat-lying to shallow dipping and has now been delineated over a significant area and thickness. The Vega Zone is open in several directions with multiple holes remaining to be reported, which target a further expansion of the zone”, added Mr. Smith.

Core assay results for 28 drill holes, completed during the 2024 winter drill program at the CV13 Spodumene Pegmatite, are reported herein (Figure 1 and Table 1). Highlights include:

Vega Zone

• 33.4 m at 2.40% Li₂O, including 11.1 m at 4.33% Li₂O, and 17.6 m at 1.89% Li₂O, including 5.6 m at 3.40% Li₂O (CV24-507).
• 43.2 m at 1.10% Li₂O, including 12.9 m at 3.06% Li₂O (CV24-498).
• 27.1 m at 1.02% Li₂O including 7.6 m at 2.39% Li₂O (CV24-513).
• 32.1 m at 0.78% Li₂O, including 10.7 m at 2.17% Li₂O (CV24-499).

These drill holes (CV24-498, 499, 507, and 513) were completed as follow-up to the Vega Zone’s discovery hole (CV24-470), which returned 34.4 m at 2.90% Li₂O, including 21.9 m at 3.58% Li₂O (see news release dated May 6, 2024). These drill holes successfully expanded the footprint of the Vega Zone and include the highest individual core sample assay reported to date at Corvette – 1.7 m at 7.01% Li₂O (CV24-507) (Figure 3).

Geological modelling (Figure 2) indicates the Vega Zone to be relatively flat-lying to shallow dipping and near-surface (starting at ~100 m vertical depth from surface), covering an area of approximately 350 by 125 m with an interpreted true thickness of ~8 to 30+ m, hosted within a wider moderately to strongly mineralized pegmatite body. The Vega Zone is open in several directions with multiple step-out holes targeting the zone remaining to be reported.

Based on pegmatite intersections to date at the Vega Zone, coupled with local trends inferred from magnetic data, the interpreted prospective corridor at CV13 has been significantly expanded to include areas to the north, northwest, and northeast (Figure 4 and Figure 5). This highly prospective lithium pegmatite corridor is of high priority for drill testing, especially in the immediate area surrounding the Vega Zone.

A follow-up drill program at CV13, focused on further delineation of the high-grade Vega Zone, is currently being finalized and is anticipated to be carried out during the summer-fall drill program. This follow-up drilling will target extensions of the principal pegmatite body(s) and the Vega Zone to the west, north, and east within this prospective corridor. To date, the CV13 Spodumene Pegmatite, through outcrop and drill hole data, is confirmed to extend over a strike length of at least 2.3 km and down dip at least 400 m, and remains open at both ends and to depth.

As follow-up to drill hole CV23-311, which returned 28.7 m at 1.49 Li₂O located along the eastern arm of CV13 (See news release dated April 7, 2024), drill hole CV24-446 was completed and intersected 18.3 m at 1.84% Li₂O. Collectively, drilling in the immediate area of these two drill holes has confirmed the presence of a series of variably mineralized stacked pegmatite dykes. This is significant as it implies an increase in overall pegmatite volume in the area and potential for individual mineralized lenses to coalesce along strike and/or at depth.

Additionally, drilling along the western arm of CV13 has successfully extended the pegmatite body to depth at more than 400 m down dip (~190 m vertical depth from surface) (Figure 6). The pegmatite intercepts are variably mineralized, ranging from <5 m to ~20 m in thickness. Intercepts reported herein from the western arm at CV13 include 13.5 m at 1.15% Li₂O (CV24-497) (Figure 7), 14.3 m at 0.80% Li₂O, including 10.1 m at 1.09% Li₂O (CV24-436) and 8.6 m at 1.21% Li₂O (CV24–518). In this area of CV13, the pegmatite remains open to the northwest and at depth.

The 2024 winter drill program totaled 62,518 m (166 holes), including 50,961 m (121 holes) at CV5, and 11,557 m (45 holes) at CV13, of which 32,149 m (83 holes) remain to be reported – 27,611 m (67 holes) at CV5, and 4,538 m (16 holes) at CV13. This includes multiple step-out holes that remain to be reported targeting the newly discovered high-grade Vega Zone at CV13.

An updated MRE for the Corvette Project, incorporating drilling through April 2024, is scheduled for Q3 2024. This update will include both the CV5 and CV13 spodumene pegmatites for a consolidated mineral resource statement for the Corvette Project.

Core sample assays for drill holes reported herein from the CV13 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 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).

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 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.

Figure 1: Drill holes completed at the CV13 Spodumene Pegmatite through April 2024. (CNW Group/Patriot Battery Metals Inc.)

Figure 2: Preliminary cross-section interpretation of the CV13 geological model at the Vega Zone. Results announced herein for drill holes CV24-498 and 507. (CNW Group/Patriot Battery Metals Inc.)

Figure 3: High-grade spodumene pegmatite drill intercept from the Vega Zone at CV13 (drill hole CV24 507), averaging approximately 3.5% Li2O over interval presented (125.3 m to 138.2 m), including 1.7 m at 7.01% Li2O – the highest grading individual core sample reported to date from Corvette. (CNW Group/Patriot Battery Metals Inc.)

Figure 4: Highly prospective lithium pegmatite corridor proximal to the CV5 and CV13 spodumene pegmatites. (CNW Group/Patriot Battery Metals Inc.)

Figure 5: Highly prospective lithium pegmatite corridor extending from the CV4 to CV12 spodumene pegmatites. (CNW Group/Patriot Battery Metals Inc.)

Figure 6: Preliminary cross-section interpretation of the CV13 geological model at the western arm. Results announced herein for drill hole CV24-497. (CNW Group/Patriot Battery Metals Inc.)

Figure 7: Spodumene pegmatite drill intercept from the drill hole CV24 497 at CV13, averaging approximately 1.3% Li2O over interval presented (156.3 m to 164.8 m). (CNW Group/Patriot Battery Metals Inc.)

Table 1: Core assay summary for drill holes reported herein at the CV13 Spodumene Pegmatite. (CNW Group/Patriot Battery Metals Inc.)

Table 2: Attributes for drill holes reported herein at the CV13 Spodumene Pegmatite. (CNW Group/Patriot Battery Metals Inc.)