Significant Mineral Resource Upgrade at Shaakichiuwaanaan Lithium Project to Underpin Impending PEA
Press Release
August 5, 2024
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.
- 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.”
“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”) – formerly known as Corvette – located in the Eeyou Istchee James Bay region of Quebec. The CV5 Spodumene Pegmatite is situated approximately 13.5 km south of the regional and all‑weather 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)
IBF4
