Patriot Battery Metals Inc. (the “Company” or “Patriot”)
(TSX-V: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is
pleased to announce core assays for the next series of drill holes
completed as part of the 2023 winter drill program, which recently
concluded, at its wholly owned Corvette Property (the “Property”),
located in the Eeyou Istchee James Bay region of Quebec. The winter
phase of the 2023 drill campaign was focused on the CV5 Pegmatite,
located approximately 13.5 km south of the regional and all-weather
Trans-Taiga Road and powerline infrastructure.
Core assays, for the drill holes reported herein
(Figure 1), cover the CV5 Pegmatite’s recently defined eastward
extension (see news releases dated February 5 and March 23, 2023)
(Figure 2), the east-central area proximal to the CV1 outcrop
(Figure 2), and the recently defined westward extension (see news
release dated May 1, 2023) (Figure 3).
The drill holes targeting the east-central area
of the CV5 Pegmatite were completed during the winter program to
take advantage of more practical and cost-effective ground access.
These drill holes were highly successful with mineralized pegmatite
intervals of 122.6 m at 1.89%
Li2O, including
8.1 m at 5.01%
Li2O (CV23-138),
130.3 m at 1.56%
Li2O, including
52.7 m at 2.45%
Li2O (CV23-132),
101.3 m at 1.44%
Li2O, including
28.1 m at 3.00%
Li2O (CV23-134), and
10.1 m at 2.42%
Li2O and 4.0 m
at 4.13% Li2O
(CV23-130). These four (4) drill holes define a new high-grade
zone, which is interpreted to represent a continuous 200+ m
extension westward of the high-grade Nova Zone (see news release
dated March 29, 2023). Drill holes CV23-181 (108 m of
continuous pegmatite) and CV23-148 (95 m of continuous pegmatite)
tested the connection of the zones (i.e., the area between), with
assays pending for both. However, based on logged modal spodumene
content, the high-grade Nova Zone is now interpreted to
extend continuously from at least drill hole CV23-132 to CV23-108,
a distance of approximately 1,100 m.
Assay results for two (2) drill holes completed
over the recently discovered westward extension of the CV5
Pegmatite (see news released dated May 1, 2023) confirm strong
lithium grades over moderate to wide intervals in this area –
38.4 m at 1.19%
Li2O, 7.8 m at
3.01% Li2O, and 8.8 m at
1.29% Li2O (CV23-176), and 33.4 m at 0.87% Li2O and 12.8 m
at 1.25% Li2O
(CV23-161).
The CV5 Pegmatite remains open along strike
westwardly in this area with the westernmost drill hole
completed to date (CV23-184) returning a continuous 93 m interval
of dominantly spodumene-bearing pegmatite. Additionally,
the final hole of the winter program (CV23-190), also completed in
this area, returned a continuous 139 m interval of
dominantly spodumene-bearing pegmatite – the widest
pegmatite intercept of the 2023 winter program at the CV5
Pegmatite. Core sample analysis for both CV23-184 and 190 have not
yet been reported. These drill holes were also completed in
opposite directions across the CV5 Pegmatite body, further
attesting to the sizable blow-out (i.e., sizable width) of the
pegmatite in this area (Figures 1 and 3).
The 2023 winter drill program recently concluded
with a total of 89 drill holes and 32,367 m completed – drill holes
CV23-105 through 190. Through the 2023 winter program, the CV5
Pegmatite has now been traced continuously by
drilling (at approximately 50 to 150 m spacing) as a
principally continuous spodumene-mineralized body over a
lateral distance of at least 3.7 km (CV23-184 to
CV23-125) and remains open along strike at both
ends and to depth along most of its length.
Due to the continuity of the pegmatite confirmed
by the 2023 winter drill program, all holes completed to date at
the CV5 Pegmatite (through CV23-190) will be included in the
forthcoming mineral resource estimate. The Company is targeting a
July 2023 announcement and is dependent on timely receipt of all
outstanding core sample assays from the laboratory, as well as
final database and model validation.
The Company’s summer-fall drill exploration
program is scheduled to re-commence in late May at the CV5 and CV13
pegmatites. The summer-fall surface program is scheduled to begin
in early June and continue through late September.
Core sample assay results for drill holes
reported herein are presented in Table 1. Core assay results remain
to be reported for 27 drill holes completed during the winter
program, with all drill core samples having arrived at the
analytical lab (SGS). Pegmatite intervals >2 m (core length) for
all drill holes completed during the winter program are presented
in Table 2, and drill hole attributes presented in Table 3.
Tables 1, 2, and 3 will be posted to the Company’s website shortly.
Select core photos are presented in Figures 4 and 5.
Figure 1: Drill holes completed at the CV5
Pegmatite through the 2023 winter drill program
https://www.globenewswire.com/NewsRoom/AttachmentNg/3b8b1275-bead-4609-b43a-b4f098232bac
Figure 2: Drill holes completed at the CV5 Pegmatite through the
2023 winter drill program – east-central, and eastern areas
https://www.globenewswire.com/NewsRoom/AttachmentNg/dc67c055-93c4-44a1-b07b-5ea59f6f2734
Figure 3: Drill holes completed at the CV5 Pegmatite through the
2023 winter drill program –western area
https://www.globenewswire.com/NewsRoom/AttachmentNg/30aa5fc8-b417-4b11-ba7b-7cc41e3d2a3c
Table 1: Mineralized intercept summary for drill
holes reported herein from the 2023 winter program
https://www.globenewswire.com/NewsRoom/AttachmentNg/ee15dbda-2e67-44c4-921e-f05a929b7952
https://www.globenewswire.com/NewsRoom/AttachmentNg/30b4dd6a-c62b-4515-b90d-0985c871bb0e
Figure 4: Spodumene pegmatite in drill hole
CV23-141 – 8.8 m at 5.20% Li2O (red box), including 1.0 m at
6.74% Li2O (blue box)
https://www.globenewswire.com/NewsRoom/AttachmentNg/a08e9480-fc72-4984-8588-3dbecd0c0757
Figure 5: Spodumene pegmatite in drill hole
CV23-138 – 8.1 m at 5.01% Li2O (red box)
https://www.globenewswire.com/NewsRoom/AttachmentNg/8afde05b-6363-419a-ab08-6e644234c785
Table 2: All pegmatite intersections >2 m for
holes completed during the 2023 winter drill program
https://www.globenewswire.com/NewsRoom/AttachmentNg/3ffaf9ad-7705-42aa-bcd0-6cb3133d0d02
https://www.globenewswire.com/NewsRoom/AttachmentNg/c79926e8-49cd-41c2-b914-b6f9df3374e8
Table 3: 2023 winter drill hole attributes
https://www.globenewswire.com/NewsRoom/AttachmentNg/1f6c223c-6420-4d83-ad31-5c8c887abd6b
https://www.globenewswire.com/NewsRoom/AttachmentNg/e11fe4cf-bbc3-4f81-b77e-6e789071ce8d
Quality Assurance / Quality Control (QAQC)
A Quality Assurance / Quality Control protocol
following industry best practices was incorporated into the program
and included systematic insertion of quartz blanks and certified
reference materials into sample batches, as well as collection of
quarter-core duplicates, at a rate of approximately 5%.
Additionally, analysis of pulp-split and coarse-split sample
duplicates were completed to assess analytical precision at
different stages of the laboratory preparation process, and
external (secondary) laboratory pulp-split duplicates were prepared
at the primary lab for subsequent check analysis and
validation.
All core samples collected were shipped to SGS
Canada’s laboratory in Val-d’Or, QC, for standard sample
preparation (code PRP89) which includes drying at 105°C, crush to
75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75
microns. The pulps were shipped by air to SGS Canada’s laboratory
in Burnaby, BC, where the samples were homogenized and subsequently
analyzed for multi-element (including Li and Ta) using sodium
peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and
GE_IMS91A50).
About the CV Lithium Trend
The CV Lithium Trend is an emerging spodumene
pegmatite district discovered by the Company in 2017 and spans more
than 25-km across the Corvette Property. The core area includes an
approximate 3.7 km long spodumene pegmatite (the ‘CV5 Pegmatite’)
and multiple proximal secondary spodumene pegmatite lenses.
To date, six (6) distinct clusters of lithium
pegmatite have been discovered across the Corvette Property – CV5
Pegmatite and associated lenses, CV4, CV8-12, CV9, CV10, and the
recently discovered CV13. 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. Further, the high number of well-mineralized
pegmatites along the trend indicate a strong potential for a series
of relatively closely spaced/stacked, sub-parallel, and sizable
spodumene-bearing pegmatite bodies, with significant lateral and
depth extent, to be present.
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. Darren L.
Smith, M.Sc., P.Geo., who is a Qualified Person as defined by
National Instrument 43-101, and member in good standing with the
Ordre des Géologues du Québec (Geologist Permit number 1968), 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 Vice President of Exploration for
Patriot Battery Metals Inc. and a Senior Geologist and Project
Manager with Dahrouge Geological Consulting Ltd. Mr. Smith 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 JORC Code, 2012. 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.
About Patriot Battery Metals
Inc.
Patriot Battery Metals Inc. is a hard-rock
lithium exploration company focused on advancing its district-scale
100% owned Corvette Property located in the Eeyou Istchee James Bay
region of Quebec, Canada. The Corvette Property is one of the
largest and highest-grade hard rock lithium projects being
explored, with over 50 kilometres of strike length over a 214
square kilometre land package and over 70 lithium bearing pegmatite
outcrops identified to date.
The Corvette Property is situated proximal to
the all-weather Trans Taiga Road and Hydro-Québec power line
infrastructure in the Eeyou Istchee James Bay region of
Quebec. The Property hosts significant lithium potential
highlighted by the CV5 Pegmatite, which has been traced by drilling
over a strike length of at least 3.7 km with spodumene pegmatite
encountered as deep as 425 m vertical depth.
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.sedar.com and www.asx.com.au, for available
exploration data.
This news release has been approved by the Board of
Directors,
“BLAIR
WAY” Blair
Way, President, CEO, & Director
Disclaimer for Forward-Looking
Information
This news release contains forward-looking
statements and other statements that are not historical facts.
Forward-looking statements are often identified by terms such as
“will”, “may”, “should”, “anticipate”, “expects” and similar
expressions. All statements other than statements of historical
fact, included in this news release are forward-looking statements
that involve risks and uncertainties, including without limitation
statements with respect to potential continuity of pegmatite
bodies, and mineral resource estimate preparation. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company’s expectations
include the results of further exploration and testing, and other
risks detailed from time to time in the filings made by the Company
with securities regulators, available at www.sedar.com and
www.asx.com.au. The reader is cautioned that assumptions used in
the preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will update or
revise publicly any of the included forward-looking statements as
expressly required by applicable law.
No securities regulatory authority or stock exchange has
reviewed nor accepts responsibility for the adequacy or accuracy of
the content of this news release.
Appendix 1 – JORC Code 2012 Table 1
information required by ASX Listing Rule 5.7.1
Section 1 – Sampling Techniques and
Data
Criteria |
JORC Code explanation |
Commentary |
Sampling techniques |
- Nature and quality of sampling (eg
cut channels, random chips, or specific specialised industry
standard measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting
the broad meaning of sampling.
- Include reference to measures taken
to ensure sample representivity and the appropriate calibration of
any measurement tools or systems used.
- Aspects of the determination of
mineralisation that are Material to the Public Report.
- In cases where ‘industry standard’
work has been done this would be relatively simple (eg ‘reverse
circulation drilling was used to obtain 1 m samples from which 3 kg
was pulverised to produce a 30 g charge for fire assay’). In other
cases more explanation may be required, such as where there is
coarse gold that has inherent sampling problems. Unusual
commodities or mineralisation types (eg submarine nodules) may
warrant disclosure of detailed information.
|
- Core sampling protocols met or
exceeded industry standard practices.
- Core Sampling is guided by lithology
as determined during geological logging (i.e., by a geologist). All
pegmatite intervals are sampled in their entirety (half-core),
regardless if spodumene mineralization is noted or not (in order to
ensure an unbiased sampling approach) in addition to ~1-3 m of
sampling into the adjacent wallrock (dependent on pegmatite
interval length) to “bookend” the sampled pegmatite.
- The minimum individual sample length
is 0.3 m and the maximum sample length is 3.0 m. Targeted
individual pegmatite sample lengths are 1.0 m.
- All drill core is oriented to
maximum foliation prior to logging and sampling and is cut with a
core saw into half-core pieces, with one half-core collected for
assay, and the other half-core remaining in the box for
reference.
- Core samples collected were shipped
to SGS Canada’s laboratory in Val-d’Or, QC, for standard sample
preparation (code PRP89) which includes drying at 105°C, crush to
75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75
microns. The pulps were shipped by air to SGS Canada’s laboratory
in Burnaby, BC, where the samples were homogenized and subsequently
analyzed for multi-element (including Li and Ta) using sodium
peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and
GE_IMS91A50).
|
Drilling techniques |
- Drill type (eg core, reverse
circulation, open-hole hammer, rotary air blast, auger, Bangka,
sonic, etc) and details (eg core diameter, triple or standard tube,
depth of diamond tails, face-sampling bit or other type, whether
core is oriented and if so, by what method, etc).
|
- NQ or HQ size core diamond drilling
was completed for all holes. Core is not oriented; however,
downhole OTV-ATV surveys have been completed on some prior holes to
assess overall structure.
|
Drill sample recovery |
- Method of recording and assessing
core and chip sample recoveries and results assessed.
- Measures taken to maximise sample
recovery and ensure representative nature of the samples.
- Whether a relationship exists
between sample recovery and grade and whether sample bias may have
occurred due to preferential loss/gain of fine/coarse
material.
|
- All drill core was geotechnically
logged following industry standard practices, and includes total
core recovery, fracture recording, ISRM rock strength and
weathering, and RQD. Core recovery is very good and typically
exceeds 90%.
|
Logging |
- Whether core and chip samples have
been geologically and geotechnically logged to a level of detail to
support appropriate Mineral Resource estimation, mining studies and
metallurgical studies.
- Whether logging is qualitative or
quantitative in nature. Core (or costean, channel, etc)
photography.
- The total length and percentage of
the relevant intersections logged.
|
- Upon receipt at the core shack, all
drill core received is pieced together, oriented to maximum
foliation, metre marked, geotechnically logged (including
structure), alteration logged, geologically logged, and sample
logged on an individual sample basis. Core box photos are also
collected of all core drilled, regardless of perceived
mineralization. Specific gravity measurements are also collected at
systematic intervals for all drill core.
- These logging practices meet or
exceed current industry standard practices and are of appropriate
detail to support a mineral resource estimation.
- The logging is qualitative by
nature, and includes estimates of spodumene grain size, inclusions,
and model mineral estimates.
|
Sub-sampling techniques and sample preparation |
- If core, whether cut or sawn and
whether quarter, half or all core taken.
- If non-core, whether riffled, tube
sampled, rotary split, etc and whether sampled wet or dry.
- For all sample types, the nature,
quality and appropriateness of the sample preparation
technique.
- Quality control procedures adopted
for all sub-sampling stages to maximise representivity of
samples.
- Measures taken to ensure that the
sampling is representative of the in situ material collected,
including for instance results for field duplicate/second-half
sampling.
- Whether sample sizes are appropriate
to the grain size of the material being sampled.
|
- Drill core sampling follows industry
best practices. Drill core was saw cut with half-core sent for
geochemical analysis and half-core remaining in the box for
reference. The same side of the core was sampled to maintain
representativeness. Additionally, several intervals over several
holes have had quarter-core samples collected for mineral
processing programs, thus leaving only a quarter-core in the box
for reference over these intervals.
- Sample sizes are appropriate for the
material being assayed.
- A Quality Assurance / Quality
Control protocol following industry best practices was incorporated
into the program and included systematic insertion of quartz blanks
and certified reference materials into sample batches, as well as
collection of quarter-core duplicates, at a rate of approximately
5%. Additionally, analysis of pulp-split and course-split sample
duplicates were completed to assess analytical precision at
different stages of the laboratory preparation process, and
external (secondary) laboratory pulp-split duplicates were prepared
at the primary lab for subsequent check analysis and validation.All
protocols employed are considered appropriate for the sample type
and nature of mineralization and are considered the optimal
approach for maintaining representativeness in sampling.
|
Quality of assay data and laboratory tests |
- The nature, quality and
appropriateness of the assaying and laboratory procedures used and
whether the technique is considered partial or total.
- For geophysical tools,
spectrometers, handheld XRF instruments, etc, the parameters used
in determining the analysis including instrument make and model,
reading times, calibrations factors applied and their derivation,
etc.
- Nature of quality control procedures
adopted (eg standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie lack of bias)
and precision have been established.
|
- Core samples collected were shipped
to SGS Canada’s laboratory in Val-d’Or, QC, for standard sample
preparation (code PRP89) which includes drying at 105°C, crush to
75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75
microns. The pulps were shipped by air to SGS Canada’s laboratory
in Burnaby, BC, where the samples were homogenized and subsequently
analyzed for multi-element (including Li and Ta) using sodium
peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and
GE_IMS91A50).
- The assay techniques are considered
appropriate for the nature and type of mineralization present, and
result in a total digestion and assay for the elements of
interest.
- The Company relies on both its
internal QAQC protocols (systematic quarter-core duplicates,
blanks, certified reference materials, and external checks), as
well as the laboratory’s internal QAQC.
- For assay results disclosed, samples
have passed QAQC review.
|
Verification of sampling and assaying |
- The verification of significant
intersections by either independent or alternative company
personnel.
- The use of twinned holes.
- Documentation of primary data, data
entry procedures, data verification, data storage (physical and
electronic) protocols.
- Discuss any adjustment to assay
data.
|
- Intervals are reviewed and compiled
by the VP Exploration and Project Managers prior to disclosure,
including a review of the Company’s internal QAQC sample analytical
data.
- No twinned holes have been
completed, apart from CV23-166, which was re-collared as a
different core size, as well as some holes that were lost prior to
hitting their target depth, which were re-collared a few metres
adjacent.
- Data capture utilizes MX Deposit
software whereby core logging data is entered directly into the
software for storage, including direct import of laboratory
analytical certificates as they are received. The Company employs
various on-site and post QAQC protocols to ensure data integrity
and accuracy.
- Adjustments to data include
reporting lithium and tantalum in their oxide forms, as it is
reported in elemental form in the assay certificates. Formulas used
are Li2O = Li x 2.1527, and Ta2O5 = Ta x 1.2211
|
Location of data points |
- Accuracy and quality of surveys used
to locate drill holes (collar and down-hole surveys), trenches,
mine workings and other locations used in Mineral Resource
estimation.
- Specification of the grid system
used.
- Quality and adequacy of topographic
control.
|
- Each drill hole’s collar has been
surveyed with a handheld GPS or RTK (Trimble Zephyr 3).
- The coordinate system used is UTM
NAD83 Zone 18.
- The Company completed a
property-wide LiDAR and orthophoto survey in August 2022, which
provides high-quality topographic control.
- The quality and accuracy of the
topographic controls are considered adequate for advanced stage
exploration and development.
|
Data spacing and distribution |
- Data spacing for reporting of
Exploration Results.
- Whether the data spacing and
distribution is sufficient to establish the degree of geological
and grade continuity appropriate for the Mineral Resource and Ore
Reserve estimation procedure(s) and classifications applied.
- Whether sample compositing has been
applied.
|
- Drill hole spacing is dominantly at
~100 m; however, tightens to ~50 m in some places, and widens
to ~150 in a small number of places.
- Based on the nature of the
mineralization and continuity in geological modelling, it is
believed that a 100 m spacing will be sufficient to support a
mineral resource estimate.
- Core sample lengths typically range
from 0.5 to 1.5 m and average ~1 m. Sampling is continuous within
all pegmatite encountered in drilling.
- Sample compositing has not been
applied
|
Orientation of data in relation to geological structure |
- Whether the orientation of sampling
achieves unbiased sampling of possible structures and the extent to
which this is known, considering the deposit type.
- If the relationship between the
drilling orientation and the orientation of key mineralised
structures is considered to have introduced a sampling bias, this
should be assessed and reported if material.
|
- No sampling bias is anticipated
based on structure within the mineralized body.
- The mineralized body is relatively
undeformed and very competent, although likely has some meaningful
structural control.
- The mineralized body is steeply
dipping resulting in oblique angles of intersection with true
widths varying based on drill hole angle and orientation of
pegmatite at that particular intersection point. i.e. The dip of
the mineralized pegmatite body has variations in a vertical sense
and along strike, so the true widths are not always apparent until
several holes have been drilled in any particular drill-fence.
|
Sample security |
- The measures taken to ensure sample
security.
|
- Samples were collected by Company
staff or its consultants following specific protocols governing
sample collection and handling. Core samples were bagged, placed in
large supersacs for added security, palleted, and shipped directly
to Val-d’Or, QC, being tracked during shipment along with Chain of
Custody. Upon arrival at the laboratory, the samples were
cross-referenced with the shipping manifest to confirm all samples
were accounted for. At the laboratory, sample bags are evaluated
for tampering.
|
Audits or reviews |
- The results of any audits or reviews
of sampling techniques and data.
|
- A review of the sample procedures
for the Company’s 2021 fall drill program (CF21-001 to 004) and
2022 winter drill program (CV22-015 to 034) was completed by an
Independent Qualified Person and deemed adequate and acceptable to
industry best practices (discussed in an “NI 43-101 Technical
Report on the Corvette Property, Quebec, Canada”, Issue date of
June 27th, 2022.) Additionally, the Company continually reviews and
evaluates its procedures in order to optimize and ensure compliance
at all levels of sample data collection and handling.
|
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this
section.)
Criteria |
JORC Code explanation |
Commentary |
Mineral tenement and land tenure status |
- Type, reference name/number,
location and ownership including agreements or material issues with
third parties such as joint ventures, partnerships, overriding
royalties, native title interests, historical sites, wilderness or
national park and environmental settings.
- The security of the tenure held at
the time of reporting along with any known impediments to obtaining
a licence to operate in the area.
|
- The Corvette Property is comprised
of 417 claims located in the James Bay Region of Quebec with all
claims registered to the Company. The Property is located
approximately 10-15 km south of the Trans-Taiga Road and powerline
infrastructure corridor.
- The Company holds 100% interest in
the Property subject to various royalty obligations depending on
original acquisition agreements. DG Resources Management holds a 2%
NSR (no buyback) on 76 claims, D.B.A. Canadian Mining House holds a
2% NSR on 50 claims (half buyback for $2M) and Osisko Gold
Royalties holds a sliding scale NSR of 1.5-3.5% on precious metals,
and 2% on all other products, over 111 claims.
- The Property does not overlap any
sensitive environmental areas or parks, or historical sites to the
knowledge of the Company. There are no known hinderances to
operating at the Property, apart from the goose harvesting season
(April 20th to May 20th) where the communities request helicopter
flying be completed.
- Claim expiry dates range from July
2023 to July 2025.
|
Exploration done by other parties |
- Acknowledgment and appraisal of
exploration by other parties.
|
- No assay results from other parties
are disclosed herein.
- The most recent independent Property
review was a NI 43-101 Technical Report on the Corvette Property,
Quebec, Canada”, Issue date of June 27th, 2022.
|
Geology |
- Deposit type, geological setting and
style of mineralisation.
|
- The Property is situated within the
Lac Guyer Greenstone Belt, considered part of the larger La Grande
River Greenstone Belt and is dominated by volcanic rocks
metamorphosed to amphibolite facies. The claim block is dominantly
underlain by the Guyer Group (basaltic amphibolite, iron formation)
and the Corvette Formation (amphibolite of intermediate to mafic
volcanics). Several occurrences of ultramafic rocks (peridotite,
pyroxenite, komatiite) as well as felsic volcanics (tuffs) are also
mapped over areas of the Property. The basaltic amphibolite rocks
that trend east-west (generally south dipping) through this region
are bordered to the north by the Magin Formation (conglomerate and
wacke) and to the south by an assemblage of tonalite, granodiorite,
and diorite. Several regional-scale Proterozoic gabbroic dykes also
cut through portions of the Property (Lac Spirt Dykes, Senneterre
Dykes).
- The geologic setting is prospective
for gold, silver, base metals, platinum group elements, and lithium
over several different deposit styles including orogenic gold (Au),
volcanogenic massive sulfide (Cu, Au, Ag), komatiite-ultramafic
(Au, Ag, PGE, Ni, Cu, Co), and pegmatite (Li, Ta).
- Exploration of the Property has
outlined three primary mineral exploration trends crossing
dominantly east-west over large portions of the Property – Maven
Trend (copper, gold, silver), Golden Trend (gold), and CV Trend
(lithium, tantalum). Lithium mineralization at the Property is
observed to occur within quartz-feldspar pegmatite (LCT
Pegmatites), often exposed at surface as high relief ‘whale-back’
landforms. The pegmatite is often very coarse-grained and off-white
in appearance, with darker sections commonly composed of mica and
smoky quartz, and occasional tourmaline.
- The lithium pegmatites at Corvette
are LCT Pegmatites. Core assays and ongoing mineralogical studies,
coupled with field mineral identification and assays, indicate
spodumene as the dominant lithium-bearing mineral on the Property,
with no significant petalite, lepidolite, lithium-phosphate
minerals, or apatite present. The pegmatites at Corvette also carry
significant tantalum values with tantalite indicated to be the
mineral phase.
|
Drill hole Information |
- A summary of all information
material to the understanding of the exploration results including
a tabulation of the following information for all Material drill
holes:
- easting and northing of the drill
hole collar
- elevation or RL (Reduced Level –
elevation above sea level in metres) of the drill hole collar
- dip and azimuth of the hole
- down hole length and interception
depth
- hole length.
- If the exclusion of this information
is justified on the basis that the information is not Material and
this exclusion does not detract from the understanding of the
report, the Competent Person should clearly explain why this is the
case.
|
- Drill hole attribute information for
the drill holes with core assay data announced herein are presented
in Table 3 herein.
- Grade over width calculations for
assays of intervals of <2 m are not typically presented as they
are considered insignificant.
|
Data aggregation methods |
- In reporting Exploration Results,
weighting averaging techniques, maximum and/or minimum grade
truncations (eg cutting of high grades) and cut-off grades are
usually Material and should be stated.
- Where aggregate intercepts
incorporate short lengths of high grade results and longer lengths
of low grade results, the procedure used for such aggregation
should be stated and some typical examples of such aggregations
should be shown in detail.
- The assumptions used for any
reporting of metal equivalent values should be clearly stated.
|
- Length weighted averages were used
to calculate grade over width.
- No specific grade cap or cut-off was
used during grade width calculations. The lithium and tantalum
average of the entire pegmatite interval is calculated for all
pegmatite intervals over 2 m core length, as well as higher grade
zones at the discretion of the geologist. Pegmatites have
inconsistent mineralization by nature, resulting in most intervals
having a small number of poorly mineralized samples throughout the
interval included in the calculation. Non-pegmatite internal
dilution is limited to typically <3 m where relevant intervals
indicated where assays are reported.
- No metal equivalents have been
reported.
|
Relationship between mineralisation widths and intercept
lengths |
- These relationships are particularly
important in the reporting of Exploration Results.
- If the geometry of the
mineralisation with respect to the drill hole angle is known, its
nature should be reported.
- If it is not known and only the down
hole lengths are reported, there should be a clear statement to
this effect (eg ‘down hole length, true width not known’).
|
- Geological modelling is ongoing;
however, current interpretation supports a large pegmatite body
(CV5) of near vertical to steeply dipping orientation, flanked by
several secondary pegmatite lenses.
- All reported widths are core length.
True widths are not known and may vary widely from hole to hole
based on the drill hole angle and the highly variable nature of
pegmatite bodies, which tend to pinch and swell aggressively along
strike and to depth. i.e. The dip of the mineralized pegmatite body
has variations in a vertical sense and along strike, so the true
widths are not always apparent until several holes have been
drilled in any particular drill-fence.
|
Diagrams |
- Appropriate maps and sections (with
scales) and tabulations of intercepts should be included for any
significant discovery being reported These should include, but not
be limited to a plan view of drill hole collar locations and
appropriate sectional views.
|
- Please refer to the figures included
herein as well as those posted on the Company’s website.
|
Balanced reporting |
- Where comprehensive reporting of all
Exploration Results is not practicable, representative reporting of
both low and high grades and/or widths should be practiced to avoid
misleading reporting of Exploration Results.
|
- Please refer to the table(s)
included herein as well as those posted on the Company’s
website.
- Every individual pegmatite interval
that is greater than 2 m has been reported.
|
Other substantive exploration data |
- Other exploration data, if
meaningful and material, should be reported including (but not
limited to): geological observations; geophysical survey results;
geochemical survey results; bulk samples – size and method of
treatment; metallurgical test results; bulk density, groundwater,
geotechnical and rock characteristics; potential deleterious or
contaminating substances.
|
- The Company is currently completing
baseline environmental work over the CV5 Pegmatite area. No
endangered flora or fauna have been documented over the Property to
date, and several sites have been identified as potentially
suitable for mine infrastructure.
- The Company has completed a
bathymetric survey over the shallow glacial lake which overlies a
portion of the mineralized body. The lake depth ranges from <2 m
to approximately 18 m, and is typically less than 10 m over the
mineralized body.
- The Company has completed
preliminary metallurgical testing comprised of HLS and magnetic
testing, which has produced 6+% Li2O spodumene concentrates at
>70% recovery. A DMS test followed returning a spodumene
concentrate grading 5.8% Li2O at 79% recovery. The data suggests
potential for a DMS only operation to be applicable to the
project.
- Various mandates required for
advancing the Project towards economic studies have been initiated,
including but not limited to, metallurgy, geomechanics,
hydrogeology, hydrology, stakeholder engagement, geochemical
characterization, as well as transportation and logistical
studies.
|
Further work |
- The nature and scale of planned
further work (eg tests for lateral extensions or depth extensions
or large-scale step-out drilling).
- Diagrams clearly highlighting the
areas of possible extensions, including the main geological
interpretations and future drilling areas, provided this
information is not commercially sensitive.
|
- The Company intends to continue
drilling the pegmatites of the Corvette Property, focused on the
CV5 Pegmatite and adjacent secondary lenses. The mineralized
pegmatites remain open along strike, and to depth at most locations
along strike. Drilling is also anticipated to continue at the CV13
pegmatite cluster as well as other pegmatite clusters at the
Property. The details of these programs are still being developed.
An initial mineral resource estimate is anticipated to be completed
for the CV5 Pegmatite in 2023.
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