Strike Length Extended At The CV5 Pegmatite to 3.15 km, Corvette Property, Quebec, Canada

VANCOUVER - Patriot Battery Metals Inc. reported on the 2023 drill campaign currently underway at its Corvette Property, located in the James Bay Region of Quebec. The winter phase of the drill campaign is focused on the CV5 Pegmatite, located approximately 13.5 km south of the regional and all-weather Trans-Taiga Road and powerline infrastructure and is currently accessible by winter road.

Since the last drill program update the Company is pleased to report a further extension of the CV5 Pegmatite eastwardly by 550 m – to 3.15 km combined strike length – through dominantly spodumene-bearing pegmatite in drill holes moving eastwardly from CV23-108 through 125. Each hole over this 550 m corridor has intersected various widths of continuous pegmatite, dominantly spodumene-bearing, ranging in width from approximately 5 m to 50 m (core length).

The Company has completed fifty-two (52) drill holes with another seven (7) actively coring, for a collective total of fifty-nine (59) holes and 21,780 m (CV23-105 to 163). Six (6) of these rigs are active at the CV5 Pegmatite with one (1) rig active at a different area of the Property testing a potential infrastructure location in support of advancing the Pre-Feasibility Study.

Darren L. Smith, Vice President of Exploration, said, “The CV5 Pegmatite continues to grow, having been now traced continuously over a strike length of 3.15 km, drill hole to drill hole, and remains open at both ends along strike, and at depth along most of its length. Although hindered by an uncharacteristically warm winter period, limiting amenability of ice-based drilling, we have been able to meet and already exceed our winter program objectives in terms of meterage drilled and new spodumene pegmatite discovered. We are now within approximately 1.5 km of the CV4 Pegmatite cluster to the east and have just begun to step-out westwardly towards the CV13 Pegmatite cluster.”

Blair Way, President and CEO, commented, “The Company is well funded through the recently completed $50M flow through financing combined with our existing cash-on-hand and over $15M in outstanding warrants supporting the Company’s continuing drill programs. There remains more than 20 km of geologically favorable trend to be explored for new pegmatite targets and three known spodumene pegmatite clusters yet to be drill tested. The ongoing advancement of the CV5 Pegmatite to an initial mineral resource estimate and subsequent Pre-Feasibility underway is expected to continue to de-risk the CV5 project area. The exploration and development team continues to execute, and the drill bit continues to deliver. We are off to a fantastic start in 2023 and look very forward to another transformative year for the Company.”