Significant Mineral Resource Upgrade at Shaakichiuwaanaan Lithium Project to Underpin Impending PEA
August 5, 2024 – Vancouver, BC, Canada August 6, 2024 – Sydney, Australia
HIGHLIGHTS
- The Mineral Resource Estimate for the Shaakichiuwaanaan Lithium Project (formerly known as Corvette) reaffirmed as the largest lithium pegmatite Mineral Resource in the Americas and the 8th largest globally:
- Consolidated Mineral Resource statement (CV5 & CV13 spodumene pegmatites)
- 80.1 Mt at 1.44% Li2O and 163 ppm Ta2O5 Indicated, and
- 62.5 Mt at 1.31% Li2O and 147 ppm Ta2O5, Inferred.
- Consolidated Mineral Resource statement (CV5 & CV13 spodumene pegmatites)
- The Company remains on track to provide the market with a Preliminary Economic Assessment for the CV5 Spodumene Pegmatite by the end of September quarter based on the Mineral Resource Estimate announced herein.
- Shaakichiuwaanaan Mineral Resource includes 6.9 km of collective strike length now confirmed to host continuous spodumene pegmatite Mineral Resources (4.6 km at CV5 and 2.3 km at CV13).
- Significant growth potential – both the CV5 and CV13 spodumene pegmatites remain open along strike at both ends, and to depth.
- Cut-off grade sensitivity analysis defines significant tonnage at very high grade, primarily reflecting the Nova and Vega zone discoveries at CV5 and CV13, respectively.
- Mineral Resource Estimate includes only the CV5 and CV13 spodumene pegmatites. It does not include any of the other known spodumene pegmatite clusters on the Property – CV4, CV8, CV9, CV10, CV12, and CV14.
- The Company intends to aggressively advance the remaining infill drilling at CV5 to underpin a maiden ore reserve and Feasibility Study scheduled for Q3-2025.
Darren L. Smith, Vice President of Exploration, comments: “This is a significant update to our Mineral Resource Estimate at Shaakichiuwaanaan, which now includes both the CV5 and CV13 spodumene pegmatites as well as a significant amount of resources now classified as Indicated. This resource update objectively reaffirms the Tier 1 nature of the spodumene pegmatites that define the Shaakichiuwaanaan Project. Further, with both the CV5 and CV13 pegmatites remaining open, as well as multiple spodumene pegmatite clusters on the Property still to be drill tested, significant potential for further resource growth is evident.”
Patriot Battery Metals Inc.
Suite 700 - 838 W. Hastings Street, Vancouver, BC, Canada, V6C 0A6 www.patriotbatterymetals.com TSX: PMET / ASX: PMT / OTC: PMETF / FSE: R9GA “Exploration success in this industry is never less than a team effort. In this regard, I would like to acknowledge the dedication, work ethic, and contributions from the exploration and development teams, our supporting service providers and consultants, and finally our Chisasibi community workers who have all helped advance Shaakichiuwaanaan through to this key milestone on the path to potential production,” added Mr. Smith.
Ken Brinsden, President, CEO, and Managing Director, comments: “This is a significant accomplishment for our team and a major milestone for the Company as we cement the Shaakichiuwaanaan Lithium Project’s position as one of the most important new hard rock lithium assets globally.”
“The delivery of a substantial maiden Indicated Resource of over 80 million tonnes is a major milestone which will underpin development studies, while the continued growth of the overall resource – in conjunction with the Exploration Target announced separately today – highlights the Tier-1 scale of the mineral system and the enormous potential for further growth. I am immensely proud of our team members and consultants who continue to put a significant focus on safety and quality deliverables as we move forward through the various phases of development”.
“As we advance towards a Preliminary Economic Assessment in the near-term for the Shaakichiuwaanaan Project, and further towards a Feasibility Study scheduled for completion Q3 2025, the Company is firmly positioned as a leading candidate to provide long-term spodumene supply to the North American and European markets,” added Mr. Brinsden.
PATRIOT BATTERY METALS INC. (THE “COMPANY” OR “PATRIOT”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce an updated consolidated Mineral Resource Estimate (“MRE” or “Consolidated MRE”) for the CV5 and CV13 spodumene pegmatites at its 100%-owned Shaakichiuwaanaan Property (the “Property” or “Project”) – Spodumene Pegmatite is situated approximately 13.5 km south of the regional and all‑weather formerly known as Corvette – located in the Eeyou Istchee James Bay region of Quebec. The CV5
Trans-Taiga Road and powerline infrastructure corridor, and is accessible year-round by all-season road. The CV13 Spodumene Pegmatite is located approximately 3 km west-southwest of CV5. The updated Consolidated MRE for the Shaakichiuwaanaan Project includes both the CV5 and CV13 spodumene pegmatites for a total of 80.1 Mt at 1.44% Li2O Indicated and 62.5 Mt at 1.31% Li2O Inferred, for 4.88 Mt contained lithium carbonate equivalent (“LCE”) (Table 1, Figure 1, and Figure 2). Presented by resource location/name, this MRE includes 78.6 Mt at 1.43% Li2O Indicated and 43.3 Mt at 1.25% Li2O Inferred at CV5, and 1.5 Mt at 1.62% Li2O Indicated and 19.1 Mt at 1.46% Li2O Inferred at CV13. The cut-off grade is variable depending on the mining method and pegmatite (see footnotes in Table 1 for details). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability The Consolidated MRE for the Shaakichiuwaanaan Project, including that of the CV5 Pegmatite on its own, reaffirms it – by a wide margin – as the largest lithium pegmatite Mineral Resource in the Americas and 8th largest globally (Figure 1, Figure 2, Appendix 2, and Appendix 3). These metrics and context firmly reaffirm and entrench the Project as a Tier 1, world
class lithium pegmatite asset.
A primary objective of the drilling completed subsequent to the July 2023 MRE, was to target a significant upgrade from Inferred resources to Indicated resources, which correlates to a more robust Mineral Resource with higher confidence classification. As a result, in addition to the overall size of the MRE increasing compared to the maiden MRE (see news release dated July 30, 2023), a significant amount of the resource has now been classified as Indicated (80.1 Mt at 1.44% Li2O) compared to no Indicated resources being classified in the maiden MRE.
The Consolidated MRE statement for the Shaakichiuwaanaan Project, presented in Table 1, includes only the CV5 and CV13 spodumene pegmatites, which remain open at both ends along strike and to depth along most of their length. Therefore, this Consolidated MRE does not include any of the other known spodumene pegmatite clusters on the Property – CV4, CV8, CV9, CV10, CV12, and CV14 (Figure 3 and Figure 33). Collectively, this highlights a considerable potential for resource growth through continued drill exploration at the Property.
The Mineral Resource statement and relevant disclosure, sensitivity analysis, peer comparison, geological and block model views, and cross-sections are presented in the following figures and tables. A detailed overview of the MRE and Project is presented in the following sections in accordance with ASX Listing Rule 5.8.
MINERAL RESOURCE STATEMENT (NI 43-101)
Table 1: NI 43-101 Mineral Resource Statement for the Shaakichiuwaanaan Project.
| Pegmatite | Classification | Tonnes | Li O 2 (%) | Ta O 2 5 (ppm) | Contained Li O 2 (Mt) | Contained LCE (Mt) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CV5 & CV13 | Indicated | 80,130,000 | 1.44 | 163 | 1.15 | 2.85 | ||||||
| Inferred | 62,470,000 | 1.31 | 147 | 0.82 | 2.03 |
- Mineral Resources were prepared in accordance with National Instrument 43-101 – Standards for Disclosure of Mineral Projects (“NI 43-101”) and the CIM Definition Standards (2014). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, economic, or other relevant issues.
- The independent Competent Person (CP), as defined under JORC, and Qualified Person (QP), as defined by NI 43-101 for this estimate is Todd McCracken, P.Geo., Director – Mining & Geology – Central Canada, BBA Engineering Ltd. The Effective Date of the estimate is June 27, 2024 (through drill hole CV24-526).
- Estimation was completed using a combination of ordinary kriging and inverse distance squared (ID2) in Leapfrog Edge software with dynamic anisotropy search ellipse on specific domains.
- Drill hole composites at 1 m in length. Block size is 10 m x 5 m x 5 m with sub-blocking.
- Both underground and open-pit conceptual mining shapes were applied as constraints to demonstrate reasonable prospects for eventual economic extraction. Cut-off grades for open-pit constrained resources are 0.40% Li2O for both CV5 and CV13, and for underground constrained resources are 0.60% Li2O for CV5 and 0.80% Li2O for CV13. Open-pit and underground Mineral Resource constraints are based on a spodumene concentrate price of US$1,500/tonne (6% basis FOB Bécancour) and an exchange rate of 0.76 USD/CAD.
- Rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
- Tonnage and grade measurements are in metric units.
- Conversion factors used: Li2O = Li x 2.153; LCE (i.e., Li2CO3) = Li2O x 2.473, Ta2O5 = Ta x 1.221.
- Densities for pegmatite blocks (both CV5 & CV13) were estimated using a linear regression function (SG = 0.0688x Li2O% + 2.625) derived from the specific gravity (“SG”) field measurements and Li2O grade. Non-pegmatite blocks were assigned a fixed SG based on the field measurement median value of their respective lithology.
Figure 1: MRE tonnage vs grade chart highlighting Shaakichiuwaanaan as the largest lithium pegmatite Mineral Resource in the Americas. See Appendix 2 and 3 for further details.
Figure 2: MRE tonnage vs grade chart highlighting Shaakichiuwaanaan as the 8th largest lithium pegmatite Mineral Resource in the world. See Appendix 2 and 3 for further details.
The Shaakichiuwaanaan MRE covers a collective strike length of approximately 6.9 km, drill hole to drill hole (4.6 km at CV5, and 2.3 km at CV13). Further, the CV5 and CV13 spodumene pegmatites are situated along the same geological trend, separated by approximately 2.9 km, and therefore this corridor is considered highly prospective for lithium pegmatite (Figure 3). This corridor remains to be drill tested; however, current interpretation of the collective dataset over the trend indicates a reasonable potential for connectivity of the pegmatite body(s). As such, given the similar mineralogy, geochemistry, host geological and structural trend, and close proximity to each other (< 3 km), the MREs for the CV5 and CV13 pegmatites have been presented as a consolidated MRE for the Project (Table 1). The MRE is further detailed below with respect to conceptual mining constraint shapes by resource location/name (Table 2).
The Shaakichiuwaanaan database includes 537 diamond drill holes completed over the 2021, 2022, 2023, and 2024 (through the end of April – drill hole CV24-526) programs, for a collective total of 169,526 m, as well as 88 outcrop channels totalling 520 m. The MRE is supported by 344 holes (129,673 m) and 11 outcrop channels (63 m) at CV5, and 132 holes (29,059 m) and 54 outcrop channels (340 m) at CV13.
Table 2: Shaakichiuwaanaan Mineral Resource by Pegmatite and Conceptual Mining Constraint.
| Cut-off | Conceptual Mining Constraint | Pegmatite | Classification | Tonnes (Mt) | Li O 2 (%) | Ta O 2 5 (ppm) | Contained Li O 2 (Mt) | Contained LCE (Mt) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Grade | |||||||||||||||
| Li O 2 | |||||||||||||||
| (%) | |||||||||||||||
| 0.40 | Open-Pit | CV5 | Indicated | 78.1 | 1.44 | 162 | 1.12 | 2.78 | |||||||
| 0.60 | Underground | 0.5 | 0.91 | 169 | 0.00 | 0.01 | |||||||||
| Total | 78.6 | 1.43 | 162 | 1.13 | 2.79 | ||||||||||
| 0.40 | Open-Pit | CV5 | Inferred | 29.9 | 1.34 | 168 | 0.40 | 0.99 | |||||||
| 0.60 | Underground | 13.4 | 1.04 | 145 | 0.14 | 0.35 | |||||||||
| Total | 43.3 | 1.25 | 161 | 0.54 | 1.34 | ||||||||||
| 0.40 | Open-Pit | CV13 | Indicated | 1.5 | 1.62 | 195 | 0.02 | 0.06 | |||||||
| 0.80 | Underground | 0 | 0 | 0 | 0.00 | 0.00 | |||||||||
| Total | 1.5 | 1.62 | 195 | 0.02 | 0.06 | ||||||||||
| 0.40 | Open-Pit | CV13 | Inferred | 17.7 | 1.50 | 118 | 0.27 | 0.66 | |||||||
| 0.80 | Underground | 1.4 | 1.05 | 73 | 0.01 | 0.04 | |||||||||
| Total | 19.1 | 1.46 | 115 | 0.28 | 0.69 |
All Table 1 footnotes are applicable.
Figure 3: Extent of the Shaakichiuwaanaan MRE with respect to the spodumene pegmatite clusters in the area, highlighting potential for resource growth. CV5 and CV13 remain open along strike and at depth.
SENSITIVITY ANALYSIS
The sensitivity analysis for the Shaakichiuwaanaan MRE (Table 3 and Figure 4) is presented as the sum of the open-pit and underground constrained and classified resources at the same cut-off. The
sensitivity analysis by cut-off grade (“COG”) defines significant tonnage at very high- grade, primarily reflecting the Nova Zone at CV5 and Vega Zone at CV13.
- At a 1.5% Li2O COG for the CV5 Pegmatite, there is a total of 30.4 Mt at 2.09 Li2O Indicated and 13.6 Mt at 1.99 Li2O Inferred.
- At a 1.5% Li2O COG for the CV13 Pegmatite, there is a total of 0.7 Mt at 2.20 Li2O Indicated and 6.6 Mt at 2.47 Li2O Inferred.
Both the Nova and Vega zones have been traced over a significant distance/area with multiple drill hole intercepts (core length) ranging from 2 to 25 m (CV5) and 2 to 10 m (CV13) at >5% Li2O, each within a significantly wider mineralized pegmatite zone of >2% Li2O (Figure 16, Figure 25, and Figure 26). These zones are located approximately 6 km apart, along the same geological trend, and emphasize not only the scale of the entire mineralized system at Shaakichiuwaanaan but also its robustness in mineralized intensity defined to date.
The following Table 3 and Figure 4 outline the corresponding tonnage and lithium grade at various cut-off grades for the Shaakichiuwaanaan MRE. In addition to evaluating sensitivities to cut-off grades, this table can help relate the tonnage and grades at Shaakichiuwaanaan more directly to those calculated for peer deposits, which may have applied different cut-off grades to their resources.
Table 3: Sensitivity Analysis for the Shaakichiuwaanaan MRE.
| CV5 Spodumene Pegmatite | CV13 Spodumene Pegmatite | |||||||
|---|---|---|---|---|---|---|---|---|
| Cut-off grade (%) | Indicated | Inferred | Indicated | Inferred | ||||
| Tonnes ≥ cut-off | Average grade (LiO) ≥ cut-off 2 (%) | Tonnes ≥ cut-off | Average grade (LiO) ≥ cut-off 2 (%) | Tonnes ≥ cut- off | Average grade (LiO) ≥ cut-off 2 (%) | Tonnes ≥ cut-off | Average grade (LiO) ≥ cut-off 2 (%) | |
| 0.1 | 93,530,000 | 1.24 | 47,240,000 | 1.17 | 1,540,000 | 1.59 | 21,490,000 | 1.33 |
| 0.2 | 85,290,000 | 1.34 | 44,450,000 | 1.24 | 1,530,000 | 1.60 | 20,650,000 | 1.38 |
| 0.3 | 81,040,000 | 1.40 | 43,000,000 | 1.27 | 1,520,000 | 1.61 | 19,830,000 | 1.42 |
| 0.4 | 78,560,000 | 1.43 | 41,470,000 | 1.30 | 1,510,000 | 1.62 | 19,060,000 | 1.47 |
| 0.5 | 76,260,000 | 1.46 | 39,940,000 | 1.34 | 1,490,000 | 1.63 | 18,120,000 | 1.52 |
| 0.6 | 73,820,000 | 1.49 | 38,190,000 | 1.37 | 1,460,000 | 1.65 | 17,040,000 | 1.58 |
| 0.7 | 70,760,000 | 1.53 | 35,620,000 | 1.42 | 1,430,000 | 1.68 | 15,920,000 | 1.65 |
| 0.8 | 66,940,000 | 1.57 | 33,000,000 | 1.48 | 1,380,000 | 1.71 | 14,650,000 | 1.73 |
| 0.9 | 62,290,000 | 1.63 | 30,200,000 | 1.53 | 1,320,000 | 1.75 | 13,340,000 | 1.81 |
| 1.0 | 57,130,000 | 1.69 | 26,590,000 | 1.61 | 1,270,000 | 1.78 | 12,020,000 | 1.91 |
| 1.1 | 51,360,000 | 1.76 | 23,460,000 | 1.69 | 1,180,000 | 1.84 | 10,730,000 | 2.01 |
| 1.2 | 45,690,000 | 1.84 | 20,540,000 | 1.77 | 1,080,000 | 1.90 | 9,600,000 | 2.11 |
| 1.3 | 40,170,000 | 1.92 | 17,910,000 | 1.84 | 950,000 | 1.98 | 8,470,000 | 2.23 |
| 1.4 | 35,070,000 | 2.00 | 15,520,000 | 1.92 | 830,000 | 2.08 | 7,410,000 | 2.35 |
| 1.5 | 30,400,000 | 2.09 | 13,590,000 | 1.99 | 700,000 | 2.20 | 6,570,000 | 2.47 |
| 1.6 | 26,160,000 | 2.17 | 11,290,000 | 2.07 | 550,000 | 2.37 | 5,820,000 | 2.59 |
| 1.7 | 22,360,000 | 2.26 | 9,390,000 | 2.16 | 420,000 | 2.59 | 5,220,000 | 2.69 |
| 1.8 | 19,040,000 | 2.35 | 7,720,000 | 2.25 | 350,000 | 2.77 | 4,790,000 | 2.78 |
| 1.9 | 16,140,000 | 2.44 | 6,040,000 | 2.36 | 290,000 | 2.97 | 4,430,000 | 2.85 |
| 2.0 | 13,570,000 | 2.53 | 4,990,000 | 2.45 | 250,000 | 3.12 | 4,070,000 | 2.93 |
1. This table should not be interpreted as a Mineral Resource. The table presents the sum of the open-pit and underground constrained and classified resources at the same cut-off. The data is presented to demonstrate the Mineral Resource tonnage and grade sensitivity to various cut-off grades. The selected cut-off grade for the base case is 0.40% Li2O with the revenue factor 1 pit shell constraint for CV5 and CV13, with a 0.60% Li2O and 0.80% Li2O underground cut-off grade for CV5 and CV13, respectively.
2. Errors may occur in totals due to rounding.
Figure 4: Shaakichiuwaanaan Mineral Resource grade-tonnage curves for the CV5 and CV13 spodumene pegmatites.
GEOLOGICAL AND BLOCK MODELS
The geological model underpinning the MRE for the CV5 Spodumene Pegmatite interprets a single, steeply dipping (northerly), continuous, principal spodumene pegmatite body ranging in true thickness from <10 m to more than 125 m, extending over a strike length of approximately 4.6 km (drill hole to drill hole), which is flanked by multiple subordinate lenses. At CV5, the pegmatite may extend from surface to depths of more than 450 m in some locations. The CV5 Spodumene Pegmatite, which includes the principal body and all subordinate lenses, remains open along strike at both ends and to depth along a significant portion of its length.
The geological model underpinning the MRE for the CV13 Spodumene Pegmatite interprets a series of flat-lying to moderately dipping (northerly), sub-parallel trending spodumene pegmatite bodies, of which three appear to dominate. The pegmatite ranges in true thickness from <5 m to more than 40 m, and extends over a strike length of approximately 2.3 km. The CV13 Spodumene Pegmatite, which includes all proximal pegmatite lenses, remains open along strike at both ends and to depth along a significant portion of its length.
The geological model of the CV5 Spodumene Pegmatite, which forms the bulk of the Shaakichiuwaanaan MRE, is presented in plan, inclined, and side view in Figure 5 to Figure 11. The MRE block model of the CV5 Spodumene Pegmatite, block classifications, and cross-sections are presented in Figure 12 to Figure 18.
The geological model of the CV13 Spodumene Pegmatite is presented in plan and inclined view in Figure 19 and Figure 20, respectively. The MRE block model of the CV13 Spodumene Pegmatite, block classifications, and cross-sections are presented in Figure 21 to Figure 28.
Figure 5: Plan view of CV5 and CV13 spodumene pegmatite geological models – all lenses. A collective mineralized strike length of 6.9 km, drill hole to drill hole.
Figure 6: Oblique view (looking east-northeast) of CV5 and CV13 spodumene pegmatite geological models – all lenses (not to scale).
CV5 Spodumene Pegmatite
Figure 7: Plan view of CV5 Spodumene Pegmatite geological model – all lenses.
Figure 8: Inclined view of CV5 Spodumene Pegmatite geological model looking down dip (70°) – all lenses (not to scale).
Figure 9: Side view of CV5 geological model looking north (340°) – all lenses – illustrating the scale of the CV5 Spodumene Pegmatite.
Figure 10: Side view of CV5 geological model looking south (160°) – all lenses.
Figure 11: Side view of CV5 geological model looking north (340°) – principal pegmatite only.