Patriot Maintains Exploration & Development Momentum at Corvette with Extensive Summer-Fall Workplan
Highlights
- 2024 Summer-Fall exploration program commences at Corvette:
- Two exploration rigs operating at the CV13 Pegmatite, primarily undertaking step-out drilling targeting extensions of the recently discovered high-grade Vega Zone.
- Two drill rigs collecting geotechnical and hydrogeological information to support advanced development and economic studies through feasibility.
- Surface exploration activities underway, including detailed mapping at CV5 and CV13, channel sampling, and prospecting of prospective trends.
- Additional rigs to be added starting in early July, focused on continued infill and geomechanical drilling at the CV5 Pegmatite.
- Successful commissioning of a 100%-owned exploration camp proximal to the Property and all-season road access from the camp to the CV5 Pegmatite, reducing travel time and significantly increasing exploration efficiency and cost effectiveness.
- Building on the successful relationship with the Cree, the new camp facilities have adopted the name Shaakichiuwaanaan Camp.
- Environmental baseline data collection is being undertaken in partnership with First Nations, representing a key milestone in progressing the Environmental and Social Impact Assessment (ESIA), due for submission in
September 2025 .
This multi-pronged and multi drill rig field work program has been designed to support the continued exploration and development of the
Additionally, significant environmental baseline data collection will continue to build on previous years in support of an Environmental and Social Impact Assessment (ESIA) submission for the Project, which is on schedule for
Summer-Fall Exploration Program Underway
CV13 Pegmatite (
The 2024 Summer-Fall exploration program has commenced with two drill rigs now testing the recently discovered
Because the
CV5 Pegmatite
Infill drilling at the CV5 Pegmatite is scheduled to resume in early July and will continue through late September. Several drill rigs will be deployed to support an increase in MRE confidence from the Inferred category to the Indicated category. This drilling will target Inferred blocks as categorized in the pending MRE update, with the ultimate objective of delineating a coherent body of Indicated Mineral Resource blocks to underpin a Feasibility Study scheduled for the second half of 2025.
The Company anticipates adding an additional rig in August to undertake geomechanical drilling at CV5 to support advanced open-pit design. These drill holes will be completed at various orientations proximal to CV5 and the conceptual pit, and will target specific host rock types and structure, with optical and acoustics televiewer data to also be collected.
Additionally, several fences of drilling are planned across the conceptual open-pit to test for mineralized pegmatite where waste rock has been modelled due to a lack of drill data.
In addition to the resource drilling, an expansive hydrogeological and geotechnical drill program commenced on site in early June. The program includes approximately 56 drill holes of various size (NQ, HQ, PQ, and 6 inch), design, and depth.
The geotechnical drilling will test rock and overburden characteristics at various proposed infrastructure locations to support the development of the Project. This includes areas for the proposed mine camp, waste rock piles, process plant, and other ancillary infrastructure.
The hydrogeological drill program will include the installation of monitoring wells and down-hole equipment, as well as packer testing (Figure 1) within the conceptual open-pit and other proposed infrastructure locations. Additionally, three large diameter drill holes will be completed (two 6 inch and one PQ) in the CV5 area to conduct long-duration pumping tests for operational water supply and pit dewatering design. The data will further refine the preliminary hydrogeological model for CV5 developed in 2023.
An updated MRE for the
Surface exploration began in late May and will include detailed geological mapping at CV5 and CV13, in addition to channel sampling of pegmatite outcrop. Channel samples may effectively approximate a "horizontal drill hole", thereby further constraining the geological model at surface with robust sample data.
Baseline Environmental Data Collection to Support the ESIA
In order to facilitate the completion of the Environment and Social Impact Assessment (ESIA), due for submission to the regulators in
Baseline environment data collection is being completed in partnership with local First Nations. Key areas of focus include vegetation, wildlife, and fish. Field studies are designed to meet the Project guidelines issued by the government of
Shaakichiuwaanaan Exploration
The Company has completed the first phase of its 100%-owned exploration camp at Corvette, with a capacity of 80 persons, which supported the majority of its activities over the recently completed winter program (Figure 3). This camp is currently being expanded to facilitate accommodation for up to 150 persons and is anticipated to be operational later in the year.
Additional utilities infrastructure is being installed over the coming months to ensure that this camp can be the sole operational centre for all activities at the
The new Shaakichiuwaanaan Camp is located closer to site than the previously utilized privately owned camp (Mirage Outfitters Camp), significantly reducing exploration costs and ensuring year-round accommodation for the Patriot team to ensure seamless operations at the
In response to a request from the tallyman and the community of
For reference, all of these Project areas, including the camp, drilling (inclusive of CV13 and all other known surface spodumene outcrops at Corvette), and planned infrastructure development areas, all currently fall within trapline CH39 on the traditional territory of the Cree First Nation of
On
All-Season Road Operational
The Company is pleased to announce that the CV5 Pegmatite is now road accessible year-round through the successful connection of CV5 to Shaakichiuwaanaan Camp at KM-270 of the
The construction of the all-season road to CV5 is a significant milestone for the Company, especially when coupled with Shaakichiuwaanaan Camp. This infrastructure has, and will continue to, facilitate significant cost savings in exploration by reducing dependency on helicopters for the movement of personnel, equipment, and logistical support, as well as dramatically reducing distances to travel from staging to site (Shaakichiuwaanaan Camp versus
The realization of these cost savings has already had a significant positive impact on the exploration cost (measured by a $/m metric) since the camp became operational in
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 (8) 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.
About
1 The CV5 Mineral Resource Estimate (109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 Inferred) is reported at a cut-off grade of 0.40% Li2O with an Effective Date of |
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.
This news release has been approved by the Board of Directors.
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Disclaimer for Forward-looking Information
This news release contains "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations and plans that allows investors and others to have a better understanding of the Company's business plans and financial performance and condition.
All statements, other than statements of historical fact included in this news release, regarding the Company's strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Forward-looking statements are typically identified by words such as "plan", "expect", "estimate", "intend", "anticipate", "believe", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this release include, but are not limited to, statements concerning: the completion and release of an updated MRE on the Property, the potential of the
Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company's forward-looking information is based include that proposed exploration and mineral resource estimate work on the Property will continue as expected, and that exploration and development results continue to support management's current plans for Property development.
Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company's business, any of which could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others, the ability to execute on plans relating to the
Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements.
Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Company's business plans, financial performance and condition and may not be appropriate for other purposes.
The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements.
Competent Person Statement (ASX Listing Rule 5.22)
The mineral resource estimate in this release was reported by the Company in accordance with ASX Listing Rule 5.8 on
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