VANCOUVER, British Columbia, Jan. 20, 2022 (GLOBE NEWSWIRE) -- Patriot Battery Metals Inc. (the “Company” or “Patriot”) (CSE: PMET) (OTCQB: RGDCF) (FSE: R9GA) is pleased to announce its 2022 exploration plans for the Corvette-FCI Property (the “Property”) located in the James Bay Region of Quebec. The exploration will focus on delineation of the spodumene pegmatite occurrences on the Property, and specifically target the CV5-6 spodumene pegmatite where the first drill hole by the Company on the Property returned 0.93% Li 2 O and 114 ppm Ta 2 O 5 over 146.8 m (CF21-001). Core sample assays for the remaining three drill holes that targeted the CV5-6 Pegmatite during the 2021 program are pending receipt from the lab.
The Company is currently planning a 15,000 to 20,000 m two-drill rig campaign to aggressively follow-up on the success of the 2021 drill program. The 2022 drill campaign will be completed in two phases – winter/spring and summer/fall. The winter/spring phase is expected to begin in late February and will target the areas northeast and along strike of CV5-6, beneath a shallow lake, and extend to the CV1-2 pegmatites outcropping on the opposite shore. The primary objective will be to test for mineralized pegmatite along strike, potentially connecting CV5-6 with CV1-2, as well as testing the mineralization at depth. The summer/fall phase will focus on continued land-based infill and step-out drilling around CV5-6 and CV1-2.
The Company also intends to drill test several other spodumene pegmatite occurrences on the Property as well as complete follow-up drilling along the Maven Copper-Gold-Silver Trend. The Company completed 1,177 m over ten (10) drill holes at the Maven Trend in 2021 with core sample analysis for all holes yet to be received.
In addition to the drill campaign, the Company intends to complete LiDAR and/or satellite imagery acquisition over the core areas of the Property, as well as geological mapping to aid in regional exploration and geological modelling. Regional prospecting over a recently acquired claim block, located contiguous to the eastern claims of the Property, will also be completed.
In late 2021, the Company completed a strategic financing, securing $11M in flow-through to fund significant work programs on the ground at Corvette-FCI. The Company is well funded in both, flow-through dollars and hard dollars and is now in a strong position to focus on aggressively advancing this new lithium pegmatite discovery with an overarching objective of building an initial mineral resource estimate by the end of 2022.
As previously noted, core sample assays have yet to be received for the remaining drill holes of the 2021 program (CF21-002 through CF21-014). Analytical laboratories in the industry continue to be constrained, which has dramatically impacted turn-around times on the order of weeks to months. The Company is in close contact with the lab and expects final geochemical results to be issued for the next batch of holes over the next 4 -6 weeks.
Darren L. Smith, M.Sc., P. Geo., Vice President of Exploration for the Company and Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Patriot Battery Metals Inc.
Patriot Battery Metals Inc. is a mineral exploration company focused on the acquisition and development of mineral projects containing battery, base, and precious metals.
The Company’s flagship asset is the Corvette-FCI Property which includes the wholly owned Corvette claim block, and the FCI East and West claim blocks held under Option from O3 Mining Inc., located in the James Bay Region of Québec. The claim blocks are contiguous, and host significant lithium potential highlighted by the assay results of the first drill hole (CF21-001) completed by the Company on the Property, which returned a 146.8 m interval of near continuous pegmatite, assaying 0.93% Li 2 O and 114 ppm Ta 2 O 5 , including 1.09% Li 2 O and 108 ppm Ta 2 O 5 over 73.0 m, and 1.04% Li 2 O and 145 ppm Ta 2 O 5 over 54.6 m. Additionally, the Property hosts the Golden Gap Trend with grab samples of 3.1 to 108.9 g/t Au from outcrop and 10.5 g/t Au over 7 m 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 the Freeman Creek Property in Idaho, which hosts two prospective gold prospects - the Gold Dyke Prospect with a 2020 drill hole intersection of 4.11 g/t Au and 33.0 g/t Ag over 12 m, 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; the Golden Silica Property, BC; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.
On Behalf of the Board of Directors,
|“ BLAIR WAY ”||“ ADRIAN LAMOUREUX ”|
|Blair Way, President & Director||Adrian Lamoureux, CEO & Director|
Disclaimer for Forward-Looking Information
Statements included in this announcement, including statements concerning our plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements .
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release