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Tuesday, November 29, 2022

Patriot Battery Metals Inc. (TSX-V: PMET) (OTCQB: PMETF) Strong as Lithium Miner Comes off Exceptional Summer Drill Program at the Corvette Lithium Property

Patriot Battery Metals Inc. (TSX-V: PMET) (OTCQB: PMETF) (FSE: R9GA) is one of the biggest runners of 2022 running from pennies in 2021 to recent highs of $5.45 per share. We covered the Patriot back in May when it was less than $2 reporting at the time: “Patriot Continues to rocket higher in recent trading moving up more every day and hardly ever retracing its steps. The stock has skyrocketed over 1000% in the past year as the Company makes remarkable grade Lithium discoveries in its 200 square kilometers newly discovered Corvette lithium Mine. Word is the Company most likely has discovered more than 100M tons of ore just in the Corvette lithium property alone.  

Several weeks ago, Patriot reported its best drill intercept ever; 159.7 meters at 1.65% Li20. Multiplying width x grade {159.7 x 1.65} yields a value, [263.5] Blair Way, CEO, President and Director, comments: “The summer drill program has been exceptional. I am at site this week with the team, including some of the board members, and look forward to going over in person what we have found to date this summer. It is an exciting time for the Company as we commence detailed planning for the winter drill program.” Drilling is anticipated to continue through to mid-October, at which time the 2022 drill program will conclude with final core processing on site and shipment to the lab for analysis. The Company is currently planning an aggressive 2023 drill campaign at Corvette and will announce details in the coming weeks. 

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Patriot Battery Metals Inc. (CSE: PMET) (OTCQB: PMETF) (FSE: R9GA) 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 Corvette Property, located proximal to the Trans-Taiga Road and powerline infrastructural corridor in the James Bay Region of Québec. The Corvette Lithium Property is over 200 square kilometers of the newly discovered Corvette lithium district. The Company is aggressively advancing the Corvette Property with a 20,000 meter, two rig, drill program that commenced in March 2022. The land package hosts significant lithium potential highlighted by the CV5-1 spodumene pegmatite corridor with drill intercepts of 0.94% Li2O and 117 ppm Ta2O5 over 155.1 m (CF21-002), and 2.22% Li2O over 70.1 m, including 3.01% Li2O over 40.7 m (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 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 is led by President and CEO Mr. Blair Way; an experienced international executive with over 35 years’ experience within the resources and construction industry throughout Australasia, Canada, the United States and Europe. A highly respected project developer in the most challenging of environs Mr Way’s experience spans the complete mineral development cycle from early-stage exploration to project definition and studies culminating in implementation, commissioning and operations. Mr Way has experience in a wide range of commodities including gold, copper, nickel, zinc, magnesium, graphite, cobalt and lithium. 

Patriot properties include the Corvette in Quebec (Lithium, Tantalu, Copper, Gold and Silver) Freeman Creek, In Idaho (Gold, Silver and Copper) Lac de Beryl in Quebec (Gold and Lithium) Hidden Lake in Northwest Territories (Lithium) Eastmain in Quebec (Lithium) Golden Silica in British Colombia (Silica) Pontax in Quebec (Lithium, Tantalum and Gold). Already listed in France, Canada and the USA, Patriot Battery is looking to get listed in Australia too on the ASX.  The Company has commenced the process to dual list Patriot Battery Metals on the ASX. Patriot already has a strong number of shareholders based out of Australia on its register so it is the logical next step for the Company to provide greater ease of access to existing and new investors. 

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 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; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada. 

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PMETF

Patriot has been in consultation with the ASX to obtain in-principle approval to undertake a dual listing on the ASX and TSX-V. Following the successful relisting of Patriot on the TSX-V on 14 July 2022, the Company now anticipates it will receive in-principle approval along with the standard ASX Listing Rule waivers for a TSX-V company to dual list on the ASX shortly. The Company now expects to lodge its listing prospectus in October 2022. Subject to the successful completion of the conditions in the in-principle approval including successful closing of the prospectus, Patriot would commence trading on the ASX. This is expected to be prior to the end of 2022. 

Earlier this month Patriot entered into a subscription agreement with PearTree Securities Inc. for the issuance of 1,507,170 shares at a price of C$13.27 per share for aggregate gross proceeds of C$20 million. The FT shares will be subject to statutory four-month resale restrictions from the completion of the Offering. The gross proceeds received by the company from the sale of the shares will be used to incur Canadian exploration expenses (CEE) (as such term is defined in the Income Tax Act (Canada)) on the company’s Corvette Property in the James Bay area of Quebec, by Dec. 31, 2023 that qualify for the federal 30% Critical Mineral Exploration Tax Credit announced in the federal budget on April 7, 2022. The Company will renounce such expenditures to the subscribers effective Dec. 31, 2022. 

On September 19 Patriot provided an update on the 2022 drill campaign at its wholly owned Corvette Property located in the James Bay Region of Quebec. The primary drill area is the CV5 pegmatite corridor, located approximately 13.5 km south of the regional and all-weather Trans-Taiga Road and powerline infrastructure with two drills currently coring. The Company has recently positioned the third drill rig at the CV13 pegmatite cluster for initial drill testing. 

Blair Way, CEO, President and Director, comments: “The summer drill program has been exceptional. I am at site this week with the team, including some of the board members, and look forward to going over in person what we have found to date this summer. It is an exciting time for the Company as we commence detailed planning for the winter drill program.” 

CV13 Pegmatite Cluster – The CV13 pegmatite cluster is characterized by two (2) contiguous trends, totalling approximately 2.3 km in combined strike length, and are situated on geological trend between the CV5 pegmatite corridor and the CV8-12 pegmatite cluster. The initial drill hole at CV13 (CV22-077) targeted the largest outcrop (~100 m long x 15 m wide) of the cluster, situated within the apex of a regional structural flexure – a highly favourable geological setting for lithium pegmatite emplacement. The hole was collard approximately 30 m back from the outcrop – at an azimuth of 200° and dip of -45° – and collared in spodumene pegmatite to a depth of approximately 25.5 m (starting from 3.1 m) (Figures 1 and 2). A second hole (CV22-081) was completed at the same pad and azimuth at a dip of -80° to catch the lower contact of the pegmatite before stepping further back from the outcrop for the third hole, which will target both the upper and lower contacts of the pegmatite. This second drill hole (CV22-081) also collared in spodumene pegmatite to a depth of approximately 18.4 m. 

A preliminary review of the core indicates that the mineralization style in both CV13 drill holes is similar to that of the principal pegmatite at the CV5 corridor, characterized by coarse-grained spodumene hosted within a quartz-feldspar pegmatite. The spodumene mineralization consists off-white to pale-green crystals of centimetre to decimetre scale, which are relatively free of inclusions (Figures 3, 4, and 5). A total of approximately 2,500 m is planned over ten (10) to fifteen (15) drill holes at the CV13 pegmatite cluster this fall, weather permitting, and will test several areas along the trend where spodumene outcrop is present. The Company intends to follow-up on the results in a winter 2023 drill program. 

CV5 Pegmatite Corridor – The Company continues to advance the drilling at the CV5 pegmatite corridor with two (2) drill rigs currently operating. Recent drill holes have targeted the westerly (CV22-074) and easterly (CV22-079) strike extensions of the mineralized body(s) with each intersecting spodumene pegmatite and, collectively, extend the strike length an additional 100 m for a total spodumene pegmatite strike length of approximately 2,100 m (Figure 6). Mineralization remains open along strike at both ends, and to depth. 

In addition, the Company has intersected the largest spodumene crystal to date in drill core at 1.8 m (Figures 7 and 8). The crystal was encountered at a depth of 225 m (core length) in drill hole CV22-066 within a wide interval (113.4 m) of mineralized pegmatite. All core samples from CV22-066 are currently enroute to SGS Canada’s analytical laboratory in Lakefield, ON, for geochemical analysis. Drill hole CV22-066 is located at the eastern end of the CV5 pegmatite corridor. A total of three (3) drill rigs are currently operating at the Corvette Property – two (2) targeting the CV5 pegmatite corridor and one (1) targeting the CV13 pegmatite cluster. As of September 15th, 2022, a total of approximately 19,199 m over sixty-five (65) holes have now been completed over the 2022 drill campaign – 4,345 m over 20 holes in the winter program, and 14,854 m over forty-five (45) holes in the summer program. 

Drilling is anticipated to continue through to mid-October, at which time the 2022 drill program will conclude with final core processing on site and shipment to the lab for analysis. The Company is currently planning an aggressive 2023 drill campaign at Corvette and will announce details in the coming weeks. 

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Currently trading at a $407 million market valuation Patriot Battery Metals Inc. has more than doubled since the last time we covered it. Patriot is one of the biggest runners of 2022 running from pennies in 2021 to recent highs of $5.45 per share. We covered the Patriot back in May when it was less than $2 reporting at the time: “Patriot Continues to rocket higher in recent trading moving up more every day and hardly ever retracing its steps. The stock has skyrocketed over 1000% in the past year as the Company makes remarkable grade Lithium discoveries in its 200 square kilometers newly discovered Corvette lithium Mine. Word is the Company most likely has discovered more than 100M tons of ore just in the Corvette lithium property alone. Several weeks ago, Patriot reported its best drill intercept ever; 159.7 meters at 1.65% Li20. Multiplying width x grade {159.7 x 1.65} yields a value, [263.5] Blair Way, CEO, President and Director, comments: “The summer drill program has been exceptional. I am at site this week with the team, including some of the board members, and look forward to going over in person what we have found to date this summer. It is an exciting time for the Company as we commence detailed planning for the winter drill program.” We will be updating on Patriot Battery Metals when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Patriot Battery Metals.

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Disclosure: we hold no position in Patriot Battery Metals either long or short and we have not been compensated for this article.

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