Patriot Provides Progress Update on the Feasibility Study at the Shaakichiuwaanaan Property Français
VANCOUVER, BC, March 18, 2025 /CNW/ - March 19, 2025 – Sydney, Australia
Highlights
- Feasibility Study progressing to plan with a target September 2025 completion date.
- Updated Block model for the CV5 Pegmatite has been completed and handed over to the FS team using the extensive resource development/infill drilling program from 2024 and inclusive of the high-grade Nova Zone (see news release dated February 27, 2025).
- FS will support the Company's ESIA submission which is also expected to be finalized and submitted in September 2025.
- FS is expected to closely resemble the scope proposed in the previously published PEA, inclusive of utilizing Dense Media Separation ("DMS") only processing and staged production growth.
- Strong cash position post the Volkswagen/PowerCo strategic investment and offtake agreement supports continued project progress through the FS and ongoing environmental approvals.
Ken Brinsden, Patriot CEO and President, comments: "Building on the significant progress achieved over the last 3 years at Shaakichiuwaanaan, the team is well advanced in 2025 with multiple parallel workstreams underway around resource development, environmental studies and documentation, and the Feasibility Study."
"With the support of our key strategic shareholders VW, the Company has been unwavering in progressing the project as quickly and efficiently as possible, ensuring the Project's preeminent position among North American lithium development proposals," added Mr. Brinsden.
Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to provide a progress update on the Feasibility Study ("FS") on the Company's wholly owned Shaakichiuwaanaan Property (the "Property" or "Project"), located in the Eeyou Istchee James Bay region of Quebec.
The Shaakichiuwaanaan Property hosts a consolidated Mineral Resource Estimate1 ("MRE") of 80.1 Mt at 1.44% Li2O Indicated and 62.5 Mt at 1.31% Li2O Inferred. The CV5 Spodumene Pegmatite, which forms the bulk of the MRE, is accessible year-round by all-season road and is situated approximately 14 km from a major hydroelectric powerline corridor. The CV13 Pegmatite is located <3 km along geological trend from the CV5 Pegmatite, which hosts additional lithium and tantalum resources, as well as a recently discovered zone of cesium mineralisation (see news release dated March 2, 2025).
The FS on the Shaakichiuwaanaan Project's CV5 Pegmatite commenced in September 2024. G Mining Services of Montreal, Quebec has been selected to be the Project Integrator of the NI 43-101 Report with associated work on the FS to be completed by the following consultants:
- G Mining Services: ~70% of the total FS engineering work including mine design;
- Primero Americas: DMS Plant design;
- AtkinsRealis: Waste & Water Management design;
- Vision Geochemistry: Geochemistry program design & site-wide water modeling; and
- Paterson & Cooke: Pastefill Plant design.
- BBA Engineering: Geology
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1 Shaakichiuwaanaan (CV5 & CV13) Mineral Resource Estimate (80.1 Mt at 1.44% Li2O and 163 ppm Ta2O5 Indicated, and 62.5 Mt at 1.31% Li2O and 147 ppm Ta2O5 ppm Inferred) is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.80% Li2O (underground CV13) with an Effective Date of August 21, 2024 (through drill hole CV24-526). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. |
The FS was launched following a comprehensive Preliminary Economic Assessment ("PEA") Study completed by the Company in August 2024 (see news release dated August 21, 2024). Prior to commencing the FS, various work programs were undertaken which included significant field, desktop, and lab work. Trade-off studies were also completed by the integrated team to align on the best mine development pathway forward for the FS.
Following this work, it was determined that the FS will be progressed to closely resemble the scope proposed within the previously published PEA, inclusive of staged production growth. The FS continues with the DMS only process methodology, based on the excellent recovery characteristics demonstrated through the previously reported metallurgical testwork of 2023 and 2024. DMS only processing simplifies construction, commissioning and ongoing operations, and lowers cost when compared to the addition of flotation recovery techniques.
Work continues to determine the optimum schedule for underground mining, including access to the high-grade Nova Zone.
The high-grade Nova Zone has been traced in multiple drill holes over a strike length of at least 1,100 metres, with geological modelling supporting a continuous spodumene mineralized zone of variable thickness at grades well in excess of 2% Li2O, occurring between vertical depths of approximately 125 to 325 metres.
The updated and finalized block model for the CV5 Pegmatite, has now been completed by BBA Engineering (the Qualified Person ('QP') for geology and the Mineral Resource model), and has been handed over to G Mining (Project Integrator and QP for the upcoming Mineral Reserve).
Handover of the updated block model has now allowed work to commence on the final mine design for the FS based on the Indicated Resources contained within. The open pit and underground mine design teams are now fully engaged and completing the final mine design, along with all the other supporting consultants on their FS deliverables. The FS team is expected to remain on schedule to deliver the NI 43-101 Final Report in September 2025.
The information in this news release that relates to exploration results for the Shaakichiuwaanaan Property is based on, and fairly represents, information compiled by Mr. Darren L. Smith, M.Sc., P.Geo., who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 01968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 87868). Mr. Smith has reviewed and approved the technical information in this news release.
Mr. Smith is an Executive and Vice President of Exploration for Patriot Battery Metals Inc. and holds common shares and options in the Company.
Mr. Smith has sufficient experience, which is relevant to the style of mineralization, type of deposit under consideration, and to the activities being undertaken to qualify as a Competent Person as described by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr. Smith consents to the inclusion in this news release of the matters based on his information in the form and context in which it appears.
Patriot Battery Metals Inc. is a hard-rock lithium exploration company focused on advancing its district-scale 100%-owned Shaakichiuwaanaan Property (formerly known as Corvette) located in the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round by all-season road and is proximal to regional powerline infrastructure. The Shaakichiuwaanaan Mineral Resource1, which includes the CV5 & CV13 spodumene pegmatites, totals 80.1 Mt at 1.44% Li2O Indicated, and 62.5 Mt at 1.31% Li2O Inferred, and ranks as the largest lithium pegmatite resource in the Americas, and the 8th largest lithium pegmatite resource in the world.
A Preliminary Economic Assessment ("PEA") was announced for the CV5 Pegmatite August 21, 2024, and highlights it as a potential North American lithium raw materials powerhouse. The PEA outlines the potential for a competitive and globally significant high-grade lithium project targeting up to ~800 ktpa spodumene concentrate using a simple Dense Media Separation ("DMS") only process flowsheet.
1 Shaakichiuwaanaan (CV5 & CV13) Mineral Resource Estimate (80.1 Mt at 1.44% Li2O and 163 ppm Ta2O5 Indicated, and 62.5 Mt at 1.31% Li2O and 147 ppm Ta2O5 ppm Inferred) is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.80% Li2O (underground CV13) with an Effective Date of August 21, 2024 (through drill hole CV24-526). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. |
For further information, please contact us at [email protected] 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.
"KEN BRINSDEN"
Kenneth Brinsden, President, CEO, & Managing Director
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 allow 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 facts 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 "progressing to plan", "target", "expected", "will", "growth", "ongoing", "underway", "remain on schedule" and similar words or expressions. Forward-looking statements in this release include, but are not limited to, statements on the timing for the completion of the Feasibility Study and of the NI 43-101 Report.
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, without limitation, that proposed exploration and mineral resource estimate work on the Property will continue as expected, the accuracy of reserve and resource estimates, the classification of resources between inferred and the assumptions on which the reserve and resource estimates are based, long-term demand for spodumene supply, and that exploration and development results continue to support management's current plans for Property development and expectations for the Project.
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 Company's Project, including the timing thereof. In addition, readers are directed to carefully review the detailed risk discussion in the Company's most recent Annual Information Form filed on SEDAR+, which discussion is incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations.
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.
The mineral resource estimate in this release was reported by the Company in accordance with ASX Listing Rule 5.8 on August 5, 2024. The Company confirms that, as of the date of this announcement, it is not aware of any new information or data verified by the competent person that materially affects the information included in the announcement and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. The Company confirms that, as at the date of this announcement, the form and context in which the competent person's findings are presented have not been materially modified from the original market announcement.
The production target referred to in this release was reported by the Company in accordance with ASX Listing Rule 5.16 on August 21, 2024. The Company confirms that, as of the date of this announcement, all material assumptions and technical parameters underpinning the production target in the original announcement continue to apply and have not materially changed.
SOURCE Patriot Battery Metals Inc.
Olivier Caza-Lapointe, Head, Investor Relations, T: +1 (514) 913-5264, E: [email protected]
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