Highlights
-
CV5 Spodumene Pegmatite is firmly established as the
largest lithium pegmatite mineral resource in the Americas and the
8th largest globally.
-
109.2 Mt at 1.42% Li2O
and 160 ppm
Ta2O5
inferred, (0.40% Li2O cut-off
grade).
-
Based on 163 core holes totalling 56,385 m.
-
Geological model interprets a single, continuous, principal
pegmatite body ranging in true thickness from ~8 m to upwards of
~130 m, extending over a strike length of 3.7 km (drill
hole to drill hole), and which is flanked by multiple subordinate
lenses.
-
Significant growth potential – the CV5 Spodumene
Pegmatite remains open along strike at both ends, and to depth
along a significant portion of its length.
-
Maiden (first) mineral resource estimate includes only the
CV5 Spodumene Pegmatite and does not include any of the
other known spodumene pegmatite clusters on the Property – CV4,
CV8, CV9, CV10, CV12, and CV13.
-
Cut-off grade sensitivity analysis defines very high-grade and
significant tonnage at high cut-off grade, and excellent grade with
significant tonnage at low cut-off grade.
-
Company is well-positioned to aggressively advance infill and
step-out drilling, and development studies at CV5, as well as drill
testing of other known spodumene pegmatite clusters. More than
20 km of prospective trend remains to be explored for lithium
pegmatite at Corvette.
Darren L. Smith, Company Vice President of
Exploration, comments: “This maiden mineral resource estimate at
CV5 is the culmination of an aggressive 20-month drill campaign
that kicked off with our discovery hole in fall 2021, and is
nothing less than a team effort to get us here. This first resource
has firmly established CV5 as a Tier 1 spodumene pegmatite asset,
already ranking as the largest lithium pegmatite resource in the
Americas, as well as in the top 10 resources globally.”
“There remains significant potential for growth,
with the resource open at both ends and to depth along a large
portion of its length providing a clear path forward for further
resource expansion. Further, there are multiple known spodumene
pegmatite clusters yet to be drill tested at the Property and more
than 20 km of prospective trend yet to be explored. In the case of
CV13, the 2022 and 2023 drill programs are anticipated to underpin
a maiden mineral resource estimate in 2024 at that spodumene
pegmatite cluster. We believe we have only just begun to
demonstrate the scale of the lithium mineralized pegmatite system
at the Corvette Property,” Mr. Smith added.
Blair Way, Company President and CEO, comments:
“We could not be happier with the result of this maiden mineral
resource estimate at CV5, which will be the first of multiple
resource estimates for the Corvette Property over the coming years.
This Property is now officially host to at least one deposit that
is definitely a world class asset with respect to the size, grade,
and metallurgy when compared to its peers."
Emphasising Corvette’s development potential,
Mr. Way explains: “It firmly positions the Company as a leading
candidate to provide long-term spodumene supply to the North
American and European markets. This is a key milestone for the
Company and will underpin future economic and development studies
as we look to aggressively advance this asset on the path to
production. I would like to thank our shareholders for their
support, and moreover, thank the exploration team for their focus
and determination in delivering one of the largest spodumene
pegmatite resources in the world.”
Patriot Battery Metals Inc. (the
“Company” or “Patriot”) (TSX-V: PMET) (ASX: PMT) (OTCQX: PMETF)
(FSE: R9GA) is pleased to announce the maiden (i.e.,
first) mineral resource estimate for the CV5 Spodumene Pegmatite at
its wholly owned Corvette Property (the “Property”), located in the
Eeyou Istchee James Bay region of Quebec. The CV5 Spodumene
Pegmatite is located approximately 13.5 km south of the regional
and all-weather Trans-Taiga Road and powerline infrastructure
corridor, and within 50 km of the La-Grande 4 (LG4) hydroelectric
dam complex.
The mineral resource estimate (“MRE”) at CV5 has
firmly established it as the largest lithium pegmatite
mineral resource in the Americas and 8th
largest globally, returning 109.2 Mt
at 1.42% Li2O and 160
ppm Ta2O5 inferred, at a cut-off grade of 0.40% Li2O, for a total
of 3,835,000 t contained lithium carbonate equivalent (“LCE”)
(Table 1, Figure 1, and Figure 2). The geological model
underpinning the MRE interprets a single, continuous, principal
spodumene pegmatite body ranging in true thickness from ~8 m to
upwards of ~130 m, extending over a strike length of approximately
3.7 km (drill hole to drill hole), and which is flanked by
multiple subordinate lenses. Additionally, the resource and
geological modelling has outlined significant potential for
growth at CV5, which remains open at both ends along strike, and to
depth along a significant portion of its length.
This maiden MRE includes only the CV5
Spodumene Pegmatite (previously also termed the “CV5
Pegmatite cluster”), and therefore does not include any of the
other known spodumene pegmatite clusters on the Property – CV4,
CV8, CV9, CV10, CV12, and CV13 (Figure 3). At CV5, the MRE is
supported by 163 diamond drill holes completed over the 2021, 2022,
and 2023 (through the end of April – drill hole CV23-190) programs,
for a collective total of 56,385 m, as well as eleven (11) outcrop
channels totalling 63 m.
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 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 CV5 Spodumene Pegmatite
Cut-off GradeLi2O (%) |
Classification |
Tonnes |
Li2O(%) |
Ta2O5(ppm) |
Contained Li2O(Mt) |
Contained LCE(Mt) |
0.40 |
Inferred |
109,242,000 |
1.42 |
160 |
1,551,000 |
3,835,000 |
- 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 Inc.
- The Effective
Date of the estimate is June 25, 2023 (through drill hole
CV23-190).
- Estimation was
completed using a combination of ordinary kriging and inverse
distance (ID2) in Leapfrog Edge software with dynamic anisotropy
search ellipse on specific domains.
- Drill hole
composites average 1 m in length. Block size is 10 m x 5 m x 5 m
with sub-blocking.
- Open-pit
mineral resources statement is reported at a cut-off grade of 0.40%
Li2O and is based on a spodumene concentrate price of
US$1,500/tonne 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 were estimated using a linear regression function
(SG = 0.0709 x Li2O% + 2.6217) derived from 1,408 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.
Based on publicly available defined mineral
resource estimates completed in accordance with NI 43-101,
JORC, or equivalent regulatory body, the maiden MRE for the CV5
Spodumene Pegmatite firmly establishes it as the largest
lithium pegmatite resource in the Americas, (Figure 1).
Further, using the same source information and metrics (see
Appendix 2, and 3), CV5 ranks as a top 10 lithium
pegmatite resource in the world, capturing the 8th
position (Figure 2). These metrics and context firmly
establish CV5 as a Tier 1, world class lithium pegmatite with only
its first mineral resource estimate.
https://www.globenewswire.com/NewsRoom/AttachmentNg/60f1eb3a-fd11-4381-9d92-5aee012d9e51
Figure 1: MRE tonnage vs grade chart,
highlighting the CV5 Spodumene Pegmatite as the largest lithium
pegmatite mineral resource in the Americas.
https://www.globenewswire.com/NewsRoom/AttachmentNg/3d5d9ee0-357a-4327-b259-f3cdc828bd27
Figure 2: MRE tonnage vs grade chart,
highlighting the CV5 Spodumene Pegmatite as the
8th largest lithium pegmatite
mineral resource in the world.
Several of these peer mineral resource estimates
include multiple individual deposits located distal to each other,
although still in relative proximity to allow for joint
infrastructure development (e.g., Grota do Cirilo consists of five
(5) individual pegmatite deposits – Xuxa, Barreiro, Murial, Lavra
do Meio, and NDC. By comparison, the CV5 mineral resource consists
of five (5) immediately adjacent pegmatite dykes, of which a
single, principal pegmatite dyke consists of approximately 93%
(i.e., 101.8 Mt) of the total inferred resource tonnage reported
herein. In other words, the CV5 MRE consists predominantly within a
single, large, spodumene pegmatite body. Further, this maiden MRE
includes only the CV5 Spodumene Pegmatite, and therefore does not
include any of the other known spodumene pegmatite clusters on the
Property – CV4, CV8, CV9, CV10, CV12, and CV13 (Figure 3). Several
of these clusters – CV4, CV8, CV12, and CV13 – are located within
approximately 7 km of the CV5 Spodumene Pegmatite and are therefore
expected to share infrastructure in the event of development.
https://www.globenewswire.com/NewsRoom/AttachmentNg/fd870df8-7e3f-4d39-8f2e-cc82d8bf1071
Figure 3: Extent of CV5 Spodumene
Pegmatite’s mineral resource estimate, highlighting potential along
trend at proximal spodumene pegmatite clusters.
The sensitivity analysis for the CV5 MRE is
presented in Table 2 and Figure 4. At a lower cut-off grade of
0.10% Li2O, the deposit hosts 123.4 Mt at 1.28%
Li2O inferred, and
illustrates continued strong grade at higher tonnages.
Alternatively, at a high cut-off grade of 1.40% Li2O, the deposit
hosts 46.3 Mt at 2.03%
Li2O inferred, and
illustrates a considerable tonnage at very high-grade. The majority
of this high-grade component at CV5 is located within the
previously recognized Nova Zone, which has been traced over a
strike length of approximately 1.1 km – from drill holes
CV23-132 to 108 – and includes multiple drill intersections of 2 to
25 m (core length) at >5% Li2O. These end-members in cut-off
grade effectively demonstrate, at the inferred level of
classification, an overall very large tonnage pegmatite at strong
grade (at low cut-off), with a significant tonnage component at
very high-grade (at high cut-off). Both of these extremes compare
favourably to the current resource estimates of its global
peers.
The following Table 2 and Figure 4 outlines the
corresponding tonnage and lithium grade at various cut-off grades
for the CV5 MRE. In addition to evaluating sensitivities to cut-off
grades, this table can help relate the tonnage and grades at CV5
more directly to those calculated for peer deposits, which may have
applied different cut-off grades to their resources.
Table 2: Sensitivity Analysis for the
CV5 Spodumene Pegmatite’s NI 43-101 MRE
Cut-off GradeLi2O (%) |
Classification |
Tonnes ≥ Cut-off |
Li2O ≥ Cut-off(%) |
0.10 |
Inferred |
123,357,000 |
1.28 |
0.20 |
Inferred |
116,246,000 |
1.35 |
0.30 |
Inferred |
112,215,000 |
1.39 |
0.40 |
Inferred |
109,242,000 |
1.42 |
0.50 |
Inferred |
106,285,000 |
1.45 |
0.60 |
Inferred |
102,461,000 |
1.48 |
0.70 |
Inferred |
97,962,600 |
1.52 |
0.80 |
Inferred |
92,132,900 |
1.57 |
0.90 |
Inferred |
85,223,900 |
1.63 |
1.00 |
Inferred |
77,555,100 |
1.69 |
1.10 |
Inferred |
69,312,500 |
1.77 |
1.20 |
Inferred |
61,176,200 |
1.85 |
1.30 |
Inferred |
53,299,900 |
1.94 |
1.40 |
Inferred |
46,308,100 |
2.03 |
1.50 |
Inferred |
39,970,900 |
2.13 |
1.60 |
Inferred |
34,157,600 |
2.22 |
1.70 |
Inferred |
29,230,300 |
2.32 |
1.80 |
Inferred |
24,956,000 |
2.42 |
1.90 |
Inferred |
21,173,700 |
2.52 |
2.00 |
Inferred |
18,115,400 |
2.62 |
- This table should
not be interpreted as a mineral resource statement. The data is
presented to demonstrate the mineral resources 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.
https://www.globenewswire.com/NewsRoom/AttachmentNg/168145dc-abd7-4e93-a61c-aa600cf98eb5
Figure 4: CV5 mineral resource
sensitivity analysis – grade-tonnage curve.
The geological model of the CV5 Spodumene
Pegmatite, which forms the basis of the maiden mineral resource
estimate, is presented in plan, inclined, and side view in Figure 5
to Figure 9, and in simplified cross-section in Figure 10 to Figure
12. The geological model is supported by drill holes through the
end of the 2023 winter program (hole CV23-190). The resource block
model of the CV5 Spodumene Pegmatite, classified as inferred, is
presented in Figure 13, Figure 14, and Figure 15.
The CV5 Spodumene Pegmatite has been geological
modelled, based on drill hole data, to extend over a strike length
of approximately 3.7 km. However, the CV5 Spodumene Pegmatite’s
mineral resource estimate block model only extends over a distance
of approximately 3.4 km (Figure 13). This is because the block
model presented includes only those blocks which have satisfied
specific criteria to allow a lithium grade to be classified as
inferred and constrained by a conceptual open-pit. Collectively,
the blocks within the pit, which have a lithium value assigned,
constitute the final block model of the mineral resource estimate.
All blocks >0.4% Li2O (the adopted base case cut-off grade for
the MRE) are presented in the block model views in Figure 13,
blocks >0.1% Li2O in Figure 14, and blocks >2% Li2O and
>3% Li2O in Figure 15. Geologically modelled pegmatite where
blocks do not populate, have not reached the threshold confidence
for the inferred mineral resource category based on the
classification criteria applied nor the open-pit constraint
applied. Therefore, in these areas (e.g., far east), there is
sufficient geological confidence from the drill data to conclude
mineralized pegmatite is present; however, additional drilling is
required to elevate this confidence to the threshold allowing for
an inferred classification of grade and tonnage to be assigned, and
for these blocks to fall within a benchmarked pit constraint.
https://www.globenewswire.com/NewsRoom/AttachmentNg/cf5b7592-ff78-4d37-8257-48db92fd9ebf
Figure 5: Plan view of CV5 Spodumene
Pegmatite geological model – all lenses.
https://www.globenewswire.com/NewsRoom/AttachmentNg/12940035-89a3-427e-8d0c-8f86e157457a
Figure 6: Inclined view of CV5 Spodumene
Pegmatite geological model looking down dip (70°) – all
lenses.
https://www.globenewswire.com/NewsRoom/AttachmentNg/2357e2c3-292e-483b-b1db-9f1f57d05570
Figure 7: Side view of CV5 Spodumene
Pegmatite geological model looking northerly (340°) – principal
pegmatite & subordinate lenses.
https://www.globenewswire.com/NewsRoom/AttachmentNg/a7cc8258-1cd4-47e9-b533-0e977f8722c2
Figure 8: Side view of CV5 Spodumene
Pegmatite geological model looking northerly (340°) – principal
pegmatite only.
https://www.globenewswire.com/NewsRoom/AttachmentNg/933c1f0c-c22f-4c61-92e8-9dd582cb24f7
Figure 9: Side view of CV5 Spodumene
Pegmatite geological model looking southerly (160°) – principal
pegmatite only.
https://www.globenewswire.com/NewsRoom/AttachmentNg/3ac56042-2a92-46da-a486-8b7b4698fe7d
Figure 10: Select simplified
cross-sections of the CV5 Spodumene Pegmatite geological
model.
https://www.globenewswire.com/NewsRoom/AttachmentNg/5f40d80f-b5eb-4c4c-901c-6e2371d8d4f1
Figure 11: Select simplified
cross-sections of the CV5 Spodumene Pegmatite geological
model.
https://www.globenewswire.com/NewsRoom/AttachmentNg/11a80ba7-341f-42d6-a642-287ff977ea7f
Figure 12: Select simplified
cross-sections of the CV5 Spodumene Pegmatite geological
model.
https://www.globenewswire.com/NewsRoom/AttachmentNg/4196520a-3d0d-4525-ab6d-fb5af6d3fab3
Figure 13: Select views of pit
constrained, inferred classified block model.
https://www.globenewswire.com/NewsRoom/AttachmentNg/02ca8853-162a-4528-8f5e-1c81aea43a62
Figure 14: Select cross-sections of the
CV5 mineral resource block model.
https://www.globenewswire.com/NewsRoom/AttachmentNg/13ed982c-476a-4ba3-9d75-891eb57f81c2
Figure 15: Select views of pit constrained,
inferred classified block model (blocks >2%
Li2O at top and middle, blocks
>3% Li2O at
bottom).
In addition to the lithium as the primary
commodity of interest, the CV5 Pegmatite also contains a
significant amount of tantalum as a potentially recoverable
by-product – 109.2 Mt at 1.42% Li2O and 160 ppm
Ta2O5,
inferred. Preliminary mineralogy suggests that tantalite is the
tantalum-bearing mineral at CV5, which may potentially be
recoverable from the tailings of the primary lithium recovery
process (i.e., potential valorization of waste streams).
Tantalum is currently listed as a critical and
strategic mineral by the province of Quebec (Canada), Canada,
European Union, and the United States, as it is required for a
range of high-tech devices and essential niche applications,
including in capacitors as it has the highest capacitance of any
metal. According to the United States Geological Survey, no
tantalum is currently produced in North America or Europe.
The Company intends to continue delineating the
CV5 Spodumene Pegmatite as well as testing for extensions along
strike, up dip, and down dip, where it remains open. The deposit
has currently been delineated to within approximately 1.5 km of the
CV4 Spodumene Pegmatite cluster to the east, and to within
approximately 3.8 km of the CV13 Spodumene Pegmatite cluster to the
west (Figure 3). Based on drilling to date, geological mapping, and
interpretation of geophysical datasets, there is a reasonable
potential for these lithium pegmatite clusters to connect
subsurface, with the various pegmatite outcrops that define each
cluster representing expressions of the mineralized system at
surface.
ASX Listing Rule 5.8
As the Company is listed on both the Canadian
TSX Venture Exchange (the “TSXV”) as well as the Australian Stock
Exchange (the “ASX”), there are two applicable regulatory bodies
resulting in additional disclosure requirements. This mineral
resource estimate has been completed in accordance with the
Canadian National Instrument 43-101 – Standards of Disclosure for
Mineral Projects, and the Company will prepare and file a technical
report on SEDAR+ within 45 days of this announcement. Additionally,
in accordance with ASX Listing Rule 5.8 and the 2012 JORC reporting
guidelines, a summary of the material information used to estimate
the mineral resource for the CV5 Spodumene Pegmatite is detailed
below. For additional information, please refer to JORC Table 1,
Section 1, 2, and 3, as presented in Appendix 1 of this
announcement.
Mineral Title
The Property is located approximately 220 km
east of Radisson and 240 km north-northeast of Nemaska, QC, and is
located within approximately 6 km to south of the regional
Trans-Taiga Road and powerline infrastructure corridor (Figure 16).
The La Grande-4 (LG4) hydroelectric dam complex is located
approximately 40 km north-northeast of the Property. The CV5
Spodumene Pegmatite is located central to the Property,
approximately 13 km south of KM270 on the Trans-Taiga Road.
The Property is comprised of 417 CDC mineral
claims that cover an area of approximately 21,357 ha and
extends dominantly east-west for approximately 51 km as a nearly
continuous, single claim block.
https://www.globenewswire.com/NewsRoom/AttachmentNg/a41b2dac-02e3-4195-b43d-721bd2241716
Figure 16: Corvette Property and
regional infrastructure
Geology and Geological
Interpretation
The Property overlies a large portion of 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
host to rocks of the Guyer Group (amphibolite, iron formation,
intermediate to mafic volcanics, peridotite, pyroxenite, komatiite,
as well as felsic volcanics) (Figure 17). The amphibolite rocks
that trend east-west (generally steeply 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, in addition to metasediments
of the Marbot Group (conglomerate, wacke). The lithium pegmatites
on the Property, including at CV5, are hosted predominantly within
amphibolites, metasediments, and lesser ultramafics.
Exploration of the Property has outlined three
primary mineral exploration trends, crossing dominantly east-west
over large portions of the Property – Golden Trend (gold), Maven
Trend (copper, gold, silver), and CV Trend (Li-Cs-Ta Pegmatite).
The Golden Trend is focused over the northern areas of the
Property, the Maven Trend in the southern areas, and the CV Trend
“sandwiched” between. Historically, the Golden Trend has received
the exploration focus followed by the Maven Trend. However, the
identification of the CV Trend and the numerous lithium-tantalum
pegmatites discovered to date, represents a previously unknown
lithium pegmatite district that was first identified in 2016/2017
by Dahrouge Geological Consulting Ltd. and the Company. The
Company’s Vice President of Exploration, Darren L. Smith, M.Sc.,
P.Geo., was a member of the initial team that identified the
potential at Corvette, later joining the Company’s Advisory Board
in 2018, and as Vice President of Exploration in 2019. Mr. Smith
has managed the exploration of the Corvette Property since the
initial work programs, including drilling of the lithium
pegmatites.
To date, the lithium-cesium-tantalum (LCT)
pegmatites at Corvette have been observed to occur within a
corridor of approximately 1 km in width that extends in a general
east-west direction across the Property for at least 25 km – the
‘CV Lithium Trend’ – with more than 20 km of trend yet to be
evaluated for lithium. The core area includes an approximate 3.7 km
long spodumene pegmatite (the ‘CV5 Spodumene Pegmatite’, also
previously referred to as the ‘CV5 Pegmatite cluster’), as defined
by drilling. To date, seven (7) distinct lithium pegmatite clusters
have been discovered along this trend at the Corvette Property –
CV4, CV5, CV8, CV9, CV10, CV12, and CV13. Each of these clusters
includes multiple lithium pegmatite outcrops in close proximity,
oriented along the same local trend, and have been grouped to
simplify exploration approach and discussion (Figure 18).
The maiden mineral resource estimate reported herein is
limited to only the CV5 Spodumene Pegmatite (Figure
3).
To date, at the CV5 Spodumene Pegmatite,
multiple individual spodumene pegmatite dykes have been
geologically modelled. However, approximately 93% of the mineral
resource is hosted within a single, large, principal spodumene
pegmatite dyke, which is flanked on both sides by multiple,
subordinate, sub-parallel trending dykes. The principal
dyke is modelled to extend continuously over a lateral distance of
at least 3.7 km and remains open along strike at both ends and to
depth along a large portion of its length. The width of
the currently known mineralized corridor at CV5 is approximately
500 m, with spodumene pegmatite intersected as deep as ~430 m in
CV23-156 (vertical depth from surface). The pegmatite dykes at CV5
trend south-southwest (approximately 340°/070° RHR), and therefore
dip northerly, which is different to the host amphibolites,
metasediments, and ultramafics which dip moderately in a southerly
direction.
The principal spodumene pegmatite dyke
at CV5 ranges from ~8 m to ~130 m in true width, and may
pinch and swell aggressively along strike, as well as up and down
dip. It is primarily the thickest at near-surface to moderate
depths (<225 m), forming a relatively bulbous, elongated shape,
which may flair to surface and to depth variably along its length
(see geological cross-sections in Figure 10 to Figure 12). As
drilling has focused over the principal dyke, the immediate CV5
corridor has not been adequately drill tested and it is interpreted
that additional subordinate pegmatite lenses are situated proximal.
The pegmatites that define CV5 are relatively undeformed and very
competent, although likely have some meaningful structural
control.
At the Property, including CV5, lithium
mineralization is observed to occur within Li-Cs-Ta pegmatites,
which may be exposed at surface as isolated high relief
‘whale-back’ landforms (i.e., outcrops) (Photo 1). Given the
proximity of some lithium pegmatite outcrops to each other at the
various clusters, as well as the shallow till cover, 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 at these clusters 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.
The pegmatites at Corvette, including CV5, are
very coarse-grained and off-white in appearance, with darker
sections commonly composed of mica and smoky quartz, and
occasionally tourmaline. Spodumene is the dominant lithium-bearing
mineral identified at all the lithium occurrences documented to
date. It occurs as typically centimetre to decimetre-scale crystals
that may exceed 1.5 m in length and ranges in colour from
cream-white, to light-grey, to light-green. Minor localized
lepidolite has been observed in core and in a small number of
lithium pegmatite outcrops. The CV5 Spodumene Pegmatite displays
internal fractionation along strike and up/down dip, which is
evidence by variation in mineral abundance including spodumene and
tantalite. This is highlighted by the high-grade Nova Zone, which
has been traced over a strike length of at least 1.1 km – from
drill holes CV23-132 to 108 – and includes multiple drill
intersections ranging from 2 to 25 m (core length) at >5% Li2O
(Figure 19).
The CV5 Spodumene Pegmatite has currently been
delineated to within approximately 1.5 km of the CV4 Spodumene
Pegmatite cluster to the east, and to within approximately 3.8 km
of the CV13 Spodumene Pegmatite cluster to the west (Figure 3).
Based on drilling to date, geological mapping, and interpretation
of geophysical datasets, there is a reasonable potential for some
of these lithium pegmatite clusters to connect subsurface (below
the glacial till), with the various pegmatite outcrops that define
each cluster representing expressions of the mineralized system at
surface.
https://www.globenewswire.com/NewsRoom/AttachmentNg/f75edf31-da67-4bdf-99e9-3d9536885e22
Photo 1: Principal spodumene pegmatite
body outcroping at CV5 (left); typical mineralization from drill
core at CV5 (right).
https://www.globenewswire.com/NewsRoom/AttachmentNg/ed0bb65d-59ec-41fb-8b44-a2ab228e925f
Figure 17: Property geology and mineral
exploration trends.
https://www.globenewswire.com/NewsRoom/AttachmentNg/e1d2ae1f-14d2-45ca-a3ca-f5d528e97015
Figure 18: Spodumene pegmatite clusters
at the Property discovered to date.
Drilling Techniques and Classification
Criteria
The mineral resource estimate for the CV5
Spodumene Pegmatite is supported by 163 diamond drill holes of NQ
(predominant) or HQ size, totalling a collective 56,385 m, and
eleven (11) outcrop channels totalling 63 m. The drilling includes
programs in 2021, 2022, and through the end of the 2023 winter
program (hole CV23-190). The 2021 and 2022 programs utilized
exclusively helicopter transportable drill rigs, with the winter
2023 program utilizing a combination of helicopter transportable
and skid mounted due to the construction of a temporary winter road
for that program.
Each drill hole collar was surveyed with an RTK
tool (Topcon GR5 or Trimble Zephyr 3), except for one (1) which was
surveyed using a handheld GPS (Garmin GPSMAP 64s) only (Table 3).
Downhole deviation surveys for each drill hole were completed with
a Devico DeviGyro tool (2021 holes), or Reflex Gyro Sprint IQ tool
(2022 and 2023 holes). Survey shots were continuous at approximate
3-5 m intervals. The use of the gyro tool system negated potential
deflection issues arising from minor but common pyrrhotite within
the host amphibolite. All collar and downhole deviation data has
been validated by the project geologists on site, and by the
database lead.
Drill core has not been oriented; however,
downhole optical and acoustic televiewer surveys have been
completed on multiple holes to assess overall structure. This data
guided the current geological model supporting this maiden mineral
resource estimate.
Drilling has been completed predominantly along
a grid pattern at typically 100 m spacing; however, tightens to ~50
m in some places (typically over the high-grade Nova Zone), and
widens to ~150 m in a small number of places. Subsurface pegmatite
piece points generally reflect the collar spacing; however, are
subject to typical downhole deviation. The initial drill holes
targeting CV5, completed in 2021, assumed a southerly dip to the
pegmatite and therefore three (3) of four (4) holes were
oriented northerly. However, most holes completed to date are
oriented southerly (typically 158°) to cross-cut perpendicular the
steeply, northerly dipping pegmatite. Drill hole spacing and
orientation is sufficient to support the geological model and
resource classification applied herein.
All drill holes were completed by Fusion Forage
Drilling Ltd. of Hawkesbury, ON. Procedures at the drill followed
industry best practices with drill core placed in either 4 or 5 ft
long flat, square-bottom wooden boxes (except for hole CV22-083
which used half-moon shaped wooden boxes), with the appropriate
hole and box ID noted and block depth markers placed in the box.
Core recovery typically exceeds 90%. Once full, the box was fibre
taped shut with wooden lids at the drill and box slung north by
helicopter to a laydown area on the Trans-Taiga Road (KM270 or
KM277), where they were then transported by truck to Mirage Lodge
for processing.
Channel sampling followed industry best
practices with a 3 to 5 cm wide, saw-cut channel completed across
the pegmatite outcrop as practical, perpendicular to the
interpreted pegmatite strike. Samples were collected at ~1 m
contiguous intervals with the channel bearing noted, and GPS
coordinate collected at the start and end points of the channel.
Channel samples were transported along the same route as drill core
for processing at Mirage Lodge.
https://www.globenewswire.com/NewsRoom/AttachmentNg/a1446e2e-5e06-4f93-a7c4-0aeb4cc33b53
Figure 19: Diamond drill hole locations
at the CV5 Spodumene Pegmatite, which form the basis of the maiden
mineral resource estimate.
Sampling and Sub-Sampling
Techniques
Core sampling protocols met industry standard
practices. Upon receipt at the core shack at Mirage Lodge, all
drill core is pieced together, oriented to maximum foliation, metre
marked, geotechnically logged (TCR, RQD, ISRM, and Q-Method (since
mid-winter 2023)), alteration logged, geologically logged (rock
type), and sample logged on an individual sample basis. Wet and dry
core box photos are also collected of all core drilled, regardless
of perceived mineralization. Specific gravity measurements of
entire pegmatite samples were collected at systematic intervals
(approximately 1 SG measurement every 4-5 m) using the water
immersion method.
Core sampling was guided by rock type as
determined during geological logging (i.e., by a geologist). All
pegmatite intervals were sampled in their entirety, regardless of
whether spodumene mineralization was noted or not (in order to
ensure an unbiased sampling approach) in addition to ~1 to 3 m of
sampling into the adjacent host rock (dependent on pegmatite
interval length) to “bookend” the sampled pegmatite. The minimum
individual sample length is typically 0.3-0.5 m and the maximum
sample length is typically 2.0 m. Targeted individual pegmatite
sample lengths are 1.0 m. All drill core was saw-cut, using an
Almonte automatic core saw in 2022 and 2023, with one half-core
collected for assay, and the other half-core remaining in the box
for reference.
Channels were geologically logged upon
collection on an individual sample basis; however, were not
geotechnically logged. Channel recovery was effectively 100%.
The logging of drill core and channels was
qualitative by nature, and included estimates of spodumene grain
size, inclusions, and model mineral estimates. These logging
practices meet or exceed current industry standard practices and
are of appropriate detail to support a mineral resource estimation
and disclosure herein.
All core samples were bagged and sealed
individually, and then placed in large supersacs for added
security, palleted, and shipped by third party transport, or
directly by representatives of the Company, to the designated
sample preparation laboratory (Activation Laboratories Ltd.
(“Activation Laboratories”) in Ancaster, ON, in 2021, SGS Canada
Inc. (“SGS Canada”) in Lakefield, ON, in 2022 and 2023, and SGS
Canada in Val-d’Or, QC, in 2023) being tracked during shipment
along with chain of custody documentation. Upon arrival at the
laboratory, the samples were cross-referenced with the shipping
manifest to confirm all samples were accounted for and had not been
tampered with.
Sample Analysis Method
Core samples collected from 2021 drill holes
were shipped to Activation Laboratories in Ancaster, ON, for
standard sample preparation (code RX1) which included crushing to
80% passing 10 mesh, followed by a 250 g riffle split and
pulverizing to 95% passing 105 microns. All 2021 core sample pulps
were analyzed, at the same lab, for multi-element (including
lithium) by four-acid digestion with ICP-OES finish (package 1F2)
and tantalum by INAA (code 5B), with any samples returning
>8,000 ppm Li by 1F2 reanalyzed for Li by code 8-4 Acid ICP
Assay. Activation Laboratories is a commercial lab with the
relevant accreditations (ISO 17025) and is independent of the
Company.
Core samples collected from 2022 and 2023 drill
holes CV22-015 through CV23-107 were shipped to SGS Canada’s
laboratory in either Lakefield, ON (vast majority), Sudbury, ON
(CV22-028, 029, 030), or Burnaby, BC (CV22-031, 032, 033, and 034),
for standard sample preparation (code PRP89) which included drying
at 105°C, crush to 75% passing 2 mm, riffle split 250 g, and
pulverize 85% passing 75 microns. Core samples collected from 2023
drill holes CV23-108 through 190 were shipped to SGS Canada’s
laboratory in Val-d’Or, QC, for standard sample preparation (code
PRP89). All 2022 and 2023 core sample 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). SGS Canada is a commercial lab
with the relevant accreditations (ISO 17025) and is independent of
the Company.
A Quality Assurance / Quality Control (QAQC)
protocol following industry best practices was incorporated into
the drill programs 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% each. 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 at a secondary lab (SGS Canada in 2021, and ALS Canada
in 2022 and 2023).
All channel samples collected were shipped to
SGS Canada’s laboratory in Lakefield, ON, for standard preparation.
Pulps were analyzed at SGS Canada’s laboratory in either Lakefield,
ON, (2017), or Burnaby, BC (2022), for multi-element (including Li
and Ta) using sodium peroxide fusion with ICP-AES/MS finish. A QAQC
protocol following industry best practices was incorporated into
the channel programs and included systematic insertion of quartz
blanks and certified reference materials into sample batches.
Criteria Used for
Classification
The Corvette resource classification has been
completed in accordance with the JORC 2012 reporting guidelines.
All reported mineral resources have reasonable prospects for
eventual economic extraction.
Blocks were considered as inferred when the
drill spacing was 140 m or lower and meeting the minimum estimation
criteria parameters. There is no indicated or measured classified
blocks. Smaller pegmatite dykes with lower level of information /
confidence were also not classified.
Classification volumes are created around
contiguous blocks at the stated spacing criteria with consideration
for the selected mining method. The mineral resource estimates
appropriately reflect the view of the Competent Person.
Estimation Methodology
Compositing was done every 1.0 m. Unsampled
intervals were assigned a grade of 0.0005% Li and 0.25 ppm Ta.
Capping was done after compositing. Based on the statistical
analysis capping varies by lithological domain. For the
spodumene-rich domain within the CV5 principal pegmatite, no
capping was required for Li2O but Ta2O5 was capped at 1,500 ppm.
For the feldspar-rich domain within the CV5 principal pegmatite, a
capping of 2% Li2O and 1,500 ppm Ta2O5 was applied. For the
parallel dykes a capping of 4% Li2O and 1,000 ppm Ta2O5 was
applied.
Variography was done both in Leapfrog Edge and
Supervisor. For Li2O, a well-structured variogram model was
obtained for the CV5 principal pegmatite’s spodumene-rich domain.
For the CV5 principal pegmatite, both domains (spodumene-rich and
feldspar-rich domains) were estimated using ordinary kriging (OK),
using Leapfrog Edge and validated using Datamine Studio RM.
For Ta2O5, the spodumene-rich domain and the
feldspar-rich domain within CV5 principal pegmatite did not yield
well-structured variograms. Therefore, Ta2O5 was estimated using
Inverse Distance Square (ID2).
The remaining pegmatite dykes (7) domains did
not yield well-structured variograms for either Li2O and Ta2O5 and
therefore were estimated using Inverse Distance Square (ID2), also
using Leapfrog Edge.
Three (3) orientated search ellipsoids were used
to select data and interpolate Li2O and Ta2O5 grades in
successively less restrictive passes. The ellipse sizes and
anisotropies were based on the variography, drillhole spacing, and
pegmatite geometry. The ellipsoids were 67.5 m x 45 m x
7.5 m, 135 m x 90 m x 15 m, and 180 m x
120 m x 20 m. A minimum of five (5) composites and a
maximum of twelve (12) composites were selected during
interpolation with a minimum of two (2) holes needed to interpolate
during the first two (2) passes. For the third pass a minimum of
three (3) composites with a maximum of fifteen (15) without a
minimum per hole was used. Variable search ellipse orientations
(dynamic anisotropy) were used to interpolate for the seven (7)
parallel dykes. Spatial anisotropy of the dykes is respected during
estimation using Leapfrog Edge’s Variable Orientation tool. The
search ellipse follows the trend of the central reference plane of
each dyke.
Parent cells of 10 m x 5 m x 5 m, subblocked
four (4) times in each direction (for minimum subcells of 2.5 m in
x, 1.25 m in y, and 1.25 m in z were used. Subblocks are triggered
by the geological model. Li2O and Ta2O5 grades are estimated on the
parent cells and automatically populated to subblocks.
The block model is rotated around the Z axis
(Leapfrog 340°).
Fe grades were assigned to the block model based
on the median value of individual lithologies.
Hard boundaries between all the pegmatite
domains were used for all Li2O and Ta2O5 estimates.
The mineral resource estimate includes blocks
within the pit shell above the cut-off grade of 0.40% Li2O.
Validation of the block model was performed
using Swath Plots in each of the three (3) axes, nearest neighbours
grade estimates, global means comparisons, and by visual inspection
in 3D and along plan views and cross-sections.
Cut-off Grade and Basis for
Selection
The cut-off grade (COG) adopted for the mineral
resource estimate is 0.40% Li2O. It has been determined based on
operational cost estimates, primarily through benchmarking, for
mining (open-pit methods), tailings management, G&A, and
concentrate transport costs from the mine site to Becancour, QC, as
the base case. Process recovery assumed a Dense Media Separation
(DMS) only operation at 70% overall recovery into a 5.5% Li2O
spodumene concentrate. A spodumene concentrate price of US $1,500
was assumed with USD/CAD exchange rate of 0.76. A royalty of 2% was
applied.
Mining & Metallurgical Methods and
Parameters, and Other Modifying Factors Considered
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 extraction scenario constraint retained for
the maiden mineral resource estimate at the CV5 Spodumene Pegmatite
is open-pit. Only material included in the pit shell is included in
the mineral resource statement. A pit slope of 45° was assumed,
resulting in a strip ratio of 6 (waste to minable resource).
The metallurgical assumptions are supported by
metallurgical test programs completed by SGS Canada at their
Lakefield, ON, facility. The testwork included Heavy Liquid
Separation (HLS) and magnetics, which has produced 6+% Li2O
spodumene concentrates at >70% recovery. A subsequent Dense
Media Separation (DMS) test on CV5 Spodumene Pegmatite material
returned a spodumene concentrate grading 5.8% Li2O at 79% recovery,
strongly indicating potential for a DMS only operation to be
applicable. For the mineral resource pit shell, an overall recovery
of 70% to produce a 5.5% Li2O spodumene concentrate was used.
Various mandates required for advancing the
Project towards economic studies have been initiated, including but
not limited to, environmental baseline, metallurgy, geomechanics,
hydrogeology, hydrology, stakeholder engagement, geochemical
characterization, as well as concentrate transport and logistical
studies.
Qualified/Competent Person
The information in this news release that
relates the mineral resource estimate for the CV5 Spodumene
Pegmatite, as well as other relevant technical information for the
Corvette Property, is based on, and fairly represents, information
compiled by Mr. Todd McCracken, P.Geo., who is a Qualified Person
as defined by NI 43-101, and member in good standing with the Ordre
des Géologues du Québec and with the Professional Geoscientists of
Ontario. Mr. McCracken has reviewed and approved the technical
information in this news release.
Mr. McCracken is Director – Mining & Geology
– Central Canada, of BBA Inc. and is independent of the Company.
Mr. McCracken does not hold any securities in the Company.
Mr. McCracken 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.
McCracken consents to the inclusion in this news release of the
matters based on his information in the form and context in which
it appears.
Table 3: Attributes for drill holes
completed at the CV5 Spodumene Pegmatite.
https://www.globenewswire.com/NewsRoom/AttachmentNg/b15d36f0-f8a5-4d1b-9dcc-8c7b2552eee8
https://www.globenewswire.com/NewsRoom/AttachmentNg/e74afb9b-fa9e-4a58-93b7-cc7bfc1827d4
https://www.globenewswire.com/NewsRoom/AttachmentNg/ac865755-5e77-4625-91a6-9270b2254948
Appendix 1 – JORC Code 2012 Table 1
information required by ASX Listing Rule 5.8.2
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
specialized 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 mineralization 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 pulverized 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 mineralization types (eg submarine nodules)
may warrant disclosure of detailed information.
|
- Core sampling
protocols met 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 to 3 m of sampling into the adjacent host
rock (dependent on pegmatite interval length) to “bookend” the
sampled pegmatite.
- The minimum
individual sample length is typically 0.3-0.5 m and the
maximum sample length is typically 2.0 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 from 2021 drill holes were shipped to Activation
Laboratories in Ancaster, ON, for standard sample preparation (code
RX1) which included crushing to 80% passing 10 mesh, followed by a
250 g riffle split and pulverizing to 95% passing 105 microns. All
2021 core sample pulps were analyzed, at the same lab, for
multi-element (including lithium) by four-acid digestion with
ICP-OES finish (package 1F2) and tantalum by INAA (code 5B), with
any samples returning >8,000 ppm Li by 1F2 reanalyzed for
Li by code 8-4 Acid ICP Assay.
- Core samples
collected from 2022 and 2023 drill holes CV22-015 through CV23-107
were shipped to SGS Canada’s laboratory in either Lakefield, ON
(vast majority), Sudbury, ON (CV22-028, 029, 030), or Burnaby, BC
(CV22-031, 032, 033, and 034), for standard sample preparation
(code PRP89) which included drying at 105°C, crush to 75% passing 2
mm, riffle split 250 g, and pulverize 85% passing 75 microns. Core
samples collected from 2023 drill holes CV23-108 through 190 were
shipped to SGS Canada’s laboratory in Val-d’Or, QC, for standard
sample preparation (code PRP89). All 2022 and 2023 core sample
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).
- Channel
sampling followed best industry practices with a 3 to 5 cm wide,
saw-cut channel completed across the pegmatite as practical,
perpendicular to the interpreted pegmatite strike. Samples were
collected at ~1 m contiguous intervals with the channel bearing
noted, and GPS coordinate collected at the start and end points of
the channel.
- All channel
samples collected were shipped to SGS Canada’s laboratory in
Lakefield, ON, for standard preparation. Pulps were analyzed at SGS
Canada’s laboratory in either Lakefield, ON, (2017), or Burnaby, BC
(2022), for multi-element (including Li and Ta) using sodium
peroxide fusion with ICP-AES/MS finish.
|
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 was not
oriented; however, downhole OTV-ATV surveys were completed to
various depths on twenty-one (21) holes to assess overall
structure.
- The quality of
the channel sampling allowed the channels to be treated as
horizontal drill holes for the purposes of modelling and resource
estimation.
|
Drill sample recovery |
- Method of
recording and assessing core and chip sample recoveries and results
assessed.
- Measures taken
to maximize 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 TCR, RQD, ISRM, and Q-Method (since mid-winter 2023).
Core recovery is very good and typically exceeds 90%.
- Channel samples
were not geotechnically logged. Channel recovery was effectively
100%.
|
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 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 of pegmatite are also
collected at systematic intervals (approximately 1 SG measurement
every ~4.5 m) for all pegmatite drill core using the water
immersion method.
- Channel samples
were geologically logged upon collection on an individual sample
basis.
- The logging is
qualitative by nature, and includes estimates of spodumene grain
size, inclusions, and model mineral estimates.
- These logging
practices meet or exceed current industry standard practices and
are of appropriate detail to support a mineral resource
estimation.
|
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 maximize
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 and
channel 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.
- Channels were
saw-cut with the full channel being sent for analysis at ~1 m
sample intervals.
- Sample sizes
are appropriate for the material being assayed.
- A Quality
Assurance / Quality Control (QAQC) protocol following industry best
practices was incorporated into the program and included systematic
insertion of quartz blanks and certified reference materials (CRMs)
into sample batches, as well as collection of quarter-core
duplicates, at a rate of approximately 5% each. 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 at a secondary lab.
- A QAQC protocol
for the channel samples included insertion of quartz blanks and
CRMs into sample batches.
- 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 from 2021 drill holes were shipped to Activation
Laboratories in Ancaster, ON, for standard sample preparation (code
RX1) which included crushing to 80% passing 10 mesh, followed by a
250 g riffle split and pulverizing to 95% passing 105 microns. All
2021 core sample pulps were analyzed, at the same lab, for
multi-element (including lithium) by four-acid digestion with
ICP-OES finish (package 1F2) and tantalum by INAA (code 5B), with
any samples returning >8,000 ppm Li by 1F2 reanalyzed for
Li by code 8-4 Acid ICP Assay.
- Core samples
collected from 2022 and 2023 drill holes CV22-015 through CV23-107
were shipped to SGS Canada’s laboratory in either Lakefield, ON
(vast majority), Sudbury, ON (CV22-028, 029, 030), or Burnaby, BC
(CV22-031, 032, 033, and 034), for standard sample preparation
(code PRP89) which included drying at 105°C, crush to 75% passing 2
mm, riffle split 250 g, and pulverize 85% passing 75 microns. Core
samples collected from 2023 drill holes CV23-108 through 190 were
shipped to SGS Canada’s laboratory in Val-d’Or, QC, for standard
sample preparation (code PRP89). All 2022 and 2023 core sample
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).
- All channel
samples collected were shipped to SGS Canada’s laboratory in
Lakefield, ON, for standard preparation. Pulps were analyzed at SGS
Canada’s laboratory in either Lakefield, ON (2017), or Burnaby, BC
(2022), for multi-element (including Li and Ta) using sodium
peroxide fusion with ICP-AES/MS finish. 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 and used as basis for the mineral resource
estimate at CV5, samples have passed QAQC review by the laboratory,
the Company, and Competent Person as noted herein.
|
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 2.153, LCE (i.e., Li2CO3) = Li2O x
2.473, and Ta2O5 = Ta x 1.221.
|
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 (Topcon
GR5 or Trimble Zephyr 3), with the vast majority being
RTK.
- 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, including mineral
resource estimation.
|
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
collar spacing is dominantly grid based at ~100 m; however,
tightens to ~50 m in multiple areas, and widens to ~150 m in a
small number of areas. Subsurface pegmatite piece points generally
reflect the collar spacing; however, are subject to typical
downhole deviation.
- Based on the
nature of the mineralization and continuity in geological
modelling, the drill hole spacing is 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, and extends several metres into the host rock.
- Sample
compositing has not been applied in grade-width calculations
disclosed.
|
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 mineralized 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 principal
mineralized body is relatively undeformed and very competent,
although likely has some meaningful structural control.
- The principal
mineralized body and adjacent lenses are 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 (at the appropriate spacing) in any particular
drill-fence.
|
Sample security |
- The measures
taken to ensure sample security.
|
- Samples were
collected by Company staff or its consultants following project
specific protocols governing sample collection and handling. Core
samples were bagged, placed in large supersacs for added security,
palleted, and shipped by third party transport, or directly by
representatives of the Company, to the designated sample
preparation laboratory (Ancaster, ON, in 2021, Lakefield, ON, in
2022 and 2023, and Val-d’Or, QC, in 2023) being tracked during
shipment along with chain of custody documents. 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 were evaluated for tampering. On several
occasions in 2022, SGS Canada shipped samples to a different SGS
Canada facility for preparation than was intended by the
Company.
|
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 a
technical report titled “NI 43-101 Technical Report on the Corvette
Property, Quebec, Canada”, by Alex Knox, M.Sc., P.Geol., Issue Date
of June 27th, 2022.)
- A review of the
sample procedures through the Company’s 2023 winter drill program
was completed by an independent Competent Person with respect to
the CV5 Pegmatite’s maiden mineral resource estimate and deemed
adequate and acceptable to industry best practices (to be discussed
in a forthcoming NI 43-101 Technical Report based on the
announcement herein).
- The Competent
Person for this mineral resource estimate, Todd McCracken, P, Geo.,
of BBA Inc., has reviewed the dataset, protocols, and procedures
provided by the Company and considers them to be at or exceed
industry standard best practices.
- 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 |
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 CDC claims located in the James Bay
Region of Quebec, with Patriot Battery Metals Inc. the registered
title holder for all of the claims. The Property’s northern border
is located within approximately 6 km to the south of the
Trans-Taiga Road and powerline infrastructure corridor. The CV5
Spodumene Pegmatite is located approximately 13 km south of
KM270 on the Trans-Taiga Road.
- 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 atypically 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 (typically mid-April to mid-May) where
the communities request helicopter flying not be completed, and
potentially wildfires depending on the season, scale, and
location.
- Claim expiry
dates range from September 2023 to July 2025.
|
Exploration done by other parties |
- Acknowledgment
and appraisal of exploration by other parties.
|
- No core assay
results from other parties are disclosed herein. A summary of
publicly available information on mineral resource estimates for
peer deposits/projects is presented herein for context.
- The most recent
independent Property review was a technical report titled “NI
43-101 Technical Report on the Corvette Property, Quebec, Canada”,
by Alex Knox, M.Sc., P.Geol., Issue date of June 27th, 2022.
- A NI 43-101
Technical Report on the mineral resource estimate announced herein,
completed by an independent third-party (BBA Inc.), will be filed
on SEDAR within the next 45 days.
|
Geology |
- Deposit type,
geological setting and style of mineralization.
|
- The Property
overlies a large portion of 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 host to rocks of the Guyer Group
(amphibolite, iron formation, intermediate to mafic volcanics,
peridotite, pyroxenite, komatiite, as well as felsic volcanics).
The amphibolite rocks that trend east-west (generally steeply 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, in addition to
metasediments of the Marbot Group (conglomerate, wacke). 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 –
Golden Trend (gold), Maven Trend (copper, gold, silver), and CV
Trend (lithium, tantalum). The CV5 Spodumene Pegmatite is situated
within the CV Trend. Lithium mineralization at the Property,
including at CV5, is observed to occur within quartz-feldspar
pegmatite, which may be 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, including CV5, are categorized as 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 and at CV5,
with no significant petalite, lepidolite, lithium-phosphate
minerals, or apatite present. The pegmatites 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 included within the
geological model underpinning the maiden mineral resource estimate
for CV5 are available with a table herein this news announcement,
as well as on the Company’s website.
- Core assay
grade-width calculations for all pegmatite intervals >2 m are
available in excel format for download from the Company’s website.
Pegmatite grade-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 for core sample
assays reported.
- 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, with relevant
intervals typically indicated where assays are reported.
- No metal
equivalents have been reported.
|
Relationship between mineralization widths and intercept
lengths |
- These
relationships are particularly important in the reporting of
Exploration Results.
- If the geometry
of the mineralization 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 on a hole-by-hole basis as CV5 is drilled.
However, current interpretation supports a principal, large
pegmatite body of near vertical to steeply dipping orientation,
flanked by several subordinate pegmatite lenses (collectively, the
‘CV5 Spodumene Pegmatite’)
- All reported
widths are core length. True widths are not calculated for each
hole due to the relatively wide drill spacing at this stage of
delineation, and the unusual and irregular nature of the principal
pegmatite body. As such, true widths may vary widely from hole to
hole based on the drill hole angle and the highly irregular nature
of the pegmatite body(s), which tends 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 (at the appropriate spacing) have been drilled in any
particular drill-fence. As the drill spacing tightens, true widths
will be able to be estimated with a more reasonable certainty.
Therefore, all reported widths are core length (i.e., apparent
width).
|
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.
- Results for
pegmatite intervals <2 m are not 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 and
CV13 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 (informally known as Lac
Bruno). The lake depth ranges from <2 m to approximately 18 m,
although the majority of the CV5 Spodumene Pegmatite, as delineated
to date, is overlain by typically <2 to 10 m of water.
- The Company has
completed preliminary metallurgical testing comprised of HLS and
magnetic testing, which has produced 6+% Li2O spodumene
concentrates at >70% recovery on both CV5 and CV13 pegmatite
material, indicating DMS as a viable primary process approach, and
that both CV5 and CV13 could potentially feed the same process
plant. A DMS test on CV5 Spodumene Pegmatite material returned a
spodumene concentrate grading 5.8% Li2O at 79% recovery, strongly
indicating potential for a DMS only operation to be
applicable.
- Various
mandates required for advancing the Project towards economic
studies have been initiated, including but not limited to,
environmental baseline, 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 Spodumene Pegmatite and adjacent
subordinate lenses. At CV5, mineralization remains open along
strike, and to depth along a significant portion of its length.
Drilling is also anticipated to continue at the CV13 Spodumene
Pegmatite cluster as well as other spodumene pegmatite clusters at
the Property. A maiden mineral resource estimate is planned for
CV13 in 2024.
|
Section 3 – Estimate and Reporting of
Mineral Resources
Criteria |
JORC Code explanation |
Commentary |
Database integrity |
- Measures taken to ensure that data
has not been corrupted by, for example, transcription or keying
errors, between its initial collection and its use for Mineral
Resource estimation purposes.
- Data validation procedures
used.
|
- Data capture utilizes MX Deposit
database software whereby core logging data is entered directly
into the software for storage, including direct import of
laboratory analytical certificates as they are received. Collar and
downhole deviation surveys are also validated and stored in MX
Deposit database software. The Company employs various on-site and
post initial QAQC protocols to ensure data integrity and
accuracy.
- Drill hole collar points were
validated against LiDAR topographic data.
- The drill hole database was further
validated by the independent Competent Person for the mineral
resource estimate, including missing sample intervals, overlapping
intervals, and various missing data (survey, collar coordinates,
assays, rock type, etc.)
- An 94% audit of the analytical
certificates versus the assays present in the database was also
completed.
- No significant
errors in the database were discovered. The database is considered
validated and of high quality, and therefore sufficient to support
the mineral resource estimate.
|
Site visits |
- Comment on any site visits
undertaken by the Competent Person and the outcome of those
visits.
- If no site visits have been
undertaken indicate why this is the case.
|
- Todd McCracken (Competent Person)
of BBA Inc., completed a site visit to the Property from April 7 to
11, 2023.
- Core from various drill holes from
the 2023 program was viewed and core processing protocols reviewed
with site geologists. Drilling was active during the site
visit.
- Several CV5 Pegmatite outcrops were
visited, and various collar locations were visited and GPS
coordinates checked against the database.
- Pulp samples were collected for
check analysis from holes selected by the Competent Person. Samples
were analyzed by ALS Canada using the similar laboratory and
methods as the Company.
- No significant issues were found
with the protocols practiced on site. The Competent Person
considers the QAQC and procedures adopted by the Company to be of
high standard.
|
Geological interpretation |
- Confidence in (or conversely, the
uncertainty of) the geological interpretation of the mineral
deposit.
- Nature of the data used and of any
assumptions made.
- The effect, if any, of alternative
interpretations on Mineral Resource estimation.
- The use of geology in guiding and
controlling Mineral Resource estimation.
- The factors affecting continuity
both of grade and geology.
|
- The geological model was built in
Leapfrog Geo using MX Deposit database exports in .csv format,
through an iterative and interpretive process by Project Geologists
and VP Exploration, and validated by the Competent Person.
- The deposit (i.e., pegmatite) was
geologically modelled as an intrusive for the principal pegmatite
body (1), and as a vein for adjacent lenses (7). A combination of
implicit and explicit modelling methods were used, defined by
geologically logged drill intersections, channel samples, and
outcrop mapping, with external geological controls, including
measured contact orientations, cross-sectional polylines, and
surface polyline controls to ensure the model follows geological
interpretation, validation, and reasonable extensions along trend
and dip.
- The geological model was further
domain modelled using rock types and assays.
- The geological interpretation is
robust. Alternative interpretations are unlikely to materially
alter the mineral resource estimate.
- Drilling
density is the primary factor in assessing the interpreted
continuity of both grade and geology. The current drill density is
sufficient to support the mineral resource estimate. The
controlling factors on mineralization are not fully understood but
meaningful structural control is assumed.
|
Dimensions |
- The extent and variability of the
Mineral Resource expressed as length (along strike or otherwise),
plan width, and depth below surface to the upper and lower limits
of the Mineral Resource.
|
- The CV5 mineral resource estimate
includes multiple individual spodumene pegmatite dykes that have
been modelled. However, approximately 93% of the mineral resource
is hosted within a single, large, principal pegmatite dyke, which
is flanked on both sides by multiple, subordinate, sub-parallel
trending dykes. The principal dyke at CV5 is geologically modelled
to extend continuously over a lateral distance of at least
3.7 km and remains open along strike at both ends and to depth
along a large portion of its length. The block model for the
mineral resource estimate extends over a strike length of
approximately 3.4 km where a pit constrained, inferred level of
confidence is assigned.
- The width of the currently known
mineralized corridor is approximately 500 m, with spodumene
pegmatite intersected as deep as ~430 m in CV23-156 (vertical depth
from surface).
- The pegmatite dykes at CV5 trend
south-southwest (approximately 340°/070° RHR), and therefore dip
northerly, which is opposite to the host amphibolites,
metasediments, and ultramafics which steeply dip southerly.
- The principal
dyke ranges from ~8 m to ~130 m in true width, and may pinch and
swell aggressively along strike, as well as up and down dip. It is
primarily the thickest at near-surface to moderate depths (<225
m), forming a relatively bulbous, elongated shape, which may flair
to surface and to depth variably along its length.
|
Estimation and modelling techniques |
- The nature and appropriateness of
the estimation technique(s) applied and key assumptions, including
treatment of extreme grade values, domaining, interpolation
parameters and maximum distance of extrapolation from data points.
If a computer assisted estimation method was chosen include a
description of computer software and parameters used.
- The availability of check
estimates, previous estimates and/or mine production records and
whether the Mineral Resource estimate takes appropriate account of
such data.
- The assumptions made regarding
recovery of by-products.
- Estimation of deleterious elements
or other non-grade variables of economic significance (eg sulphur
for acid mine drainage characterisation).
- In the case of block model
interpolation, the block size in relation to the average sample
spacing and the search employed.
- Any assumptions behind modelling of
selective mining units.
- Any assumptions about correlation
between variables.
- Description of how the geological
interpretation was used to control the resource estimates.
- Discussion of basis for using or
not using grade cutting or capping.
- The process of validation, the
checking process used, the comparison of model data to drill hole
data, and use of reconciliation data if available.
|
- Compositing was done every 1.0 m.
Unsampled intervals were assigned a grade of 0.0005% Li and 0.25
ppm Ta. Capping was done after compositing. Based on the
statistical analysis capping varies by lithological domain. For the
spodumene-rich domain within the CV5 principal pegmatite, no
capping was required for Li2O but Ta2O5 was capped at 1,500 ppm.
For the feldspar-rich domain within the CV5 principal pegmatite, a
capping of 2% Li2O and 1,500 ppm Ta2O5 was applied. For the
parallel dykes a capping of 4% Li2O and 1,000 ppm Ta2O5 was
applied.
- Variography was done both in
Leapfrog Edge and Supervisor. For Li2O, a well-structured variogram
model was obtained for the CV5 principal pegmatite’s spodumene-rich
domain. For the CV5 principal pegmatite, both domains
(spodumene-rich and feldspar-rich domains) were estimated using
ordinary kriging (OK), using Leapfrog Edge and validated using
Datamine Studio RM. For Ta2O5, the spodumene-rich domain and the
feldspar-rich domain within CV5 principal pegmatite did not yield
well-structured variograms. Therefore, Ta2O5 was estimated using
Inverse Distance Square (ID2). The remaining pegmatite dykes (7)
domains did not yield well-structured variograms for either Li2O
and Ta2O5 and therefore were estimated using Inverse Distance
Square (ID2), also using Leapfrog Edge.
- Three (3) orientated search
ellipsoids were used to select data and interpolate Li2O and Ta2O5
grades in successively less restrictive passes. The ellipse sizes
and anisotropies were based on the variography, drillhole spacing,
and pegmatite geometry. The ellipsoids were 67.5 m x 45 m x 7.5 m,
135 m x 90 m x 15 m, and 180 m x 120 m x 20 m. A minimum of five
(5) composites and a maximum of twelve (12) composites were
selected during interpolation with a minimum of two (2) holes
needed to interpolate during the first two (2) passes. For the
third pass a minimum of three (3) composites with a maximum of
fifteen (15) without a minimum per hole was used.
- Variable search ellipse
orientations (dynamic anisotropy) were used to interpolate for the
seven (7) parallel dykes. Spatial anisotropy of the dykes is
respected during estimation using Leapfrog Edge’s Variable
Orientation tool. The search ellipse follows the trend of the
central reference plane of each dyke.
- Parent cells of 10 m x 5 m x 5 m,
subblocked four (4) times in each direction (for minimum subcells
of 2.5 m in x, 1.25 m in y, and 1.25 m in z were used. Subblocks
are triggered by the geological model. Li2O and Ta2O5 grades are
estimated on the parent cells and automatically populated to
subblocks.
- The block model is rotated around
the Z axis (Leapfrog 340°).
- Fe grades were assigned to the
block model based on the median value of individual
lithologies.
- Hard boundaries between all the
pegmatite domains were used for all Li2O and Ta2O5 estimates.
- The mineral resource estimate
includes blocks within the pit shell above the cut-off grade of
0.40% Li2O.
- Validation of the block model was
performed using Swath Plots in each of the three (3) axes, nearest
neighbours grade estimates, global means comparisons, and by visual
inspection in 3D and along plan views and cross-sections.
|
Moisture |
- Whether the tonnages are estimated
on a dry basis or with natural moisture, and the method of
determination of the moisture content.
|
- Tonnages are reported on a dry
basis.
|
Cut-off parameters |
- The basis of the adopted cut-off
grade(s) or quality parameters applied.
|
- The adopted cut-off grade is 0.40%
Li2O and determined based on operational cost estimates, primarily
through benchmarking, for mining ($7.00/t for minable resource or
waste; $4.00/t for overburden material), processing ($57.84/t),
tailings management ($8.00/t), G&A ($7.00/t), and concentrate
transport costs ($287/t mine site to Becancour, QC). Process
recovery assumed a Dense Media Separation (DMS) only operation at
70% overall recovery into a 5.5% Li2O spodumene concentrate. A
spodumene concentrate price of US $1,500 was assumed with USD/CAD
exchange rate of 0.76. A royalty of 2% was applied.
|
Mining factors or assumptions |
- Assumptions made regarding possible
mining methods, minimum mining dimensions and internal (or, if
applicable, external) mining dilution. It is always necessary as
part of the process of determining reasonable prospects for
eventual economic extraction to consider potential mining methods,
but the assumptions made regarding mining methods and parameters
when estimating Mineral Resources may not always be rigorous. Where
this is the case, this should be reported with an explanation of
the basis of the mining assumptions made.
|
- Open-pit mining method is assumed
with a pit slope of 45°.
- The mineral resources are reported
as in-situ tonnes and grade.
|
Metallurgical factors or assumptions |
- The basis for assumptions or
predictions regarding metallurgical amenability. It is always
necessary as part of the process of determining reasonable
prospects for eventual economic extraction to consider potential
metallurgical methods, but the assumptions regarding metallurgical
treatment processes and parameters made when reporting Mineral
Resources may not always be rigorous. Where this is the case, this
should be reported with an explanation of the basis of the
metallurgical assumptions made.
|
- The processing
assumptions are based on HLS and magnetic testing, which has
produced 6+% Li2O spodumene concentrates at >70% recovery,
indicating DMS as a viable primary process approach at CV5. This is
supported by a subsequent DMS test, which returned a spodumene
concentrate grading 5.8% Li2O at 79% recovery.
- The pit shell
in-put used a 70% recovery to generate a 5.5% Li2O spodumene
concentrate
|
Environmental factors or assumptions |
- Assumptions made regarding possible
waste and process residue disposal options. It is always necessary
as part of the process of determining reasonable prospects for
eventual economic extraction to consider the potential
environmental impacts of the mining and processing operation. While
at this stage the determination of potential environmental impacts,
particularly for a greenfields project, may not always be well
advanced, the status of early consideration of these potential
environmental impacts should be reported. Where these aspects have
not been considered this should be reported with an explanation of
the environmental assumptions made.
|
- The CV5 Spodumene Pegmatite is in
the early stages of evaluation with this mineral resource estimate
the first for the Corvette Project.
- A conventional tailings management
facility and no material adverse environmental impediments are
assumed.
- No environmental assessment has
been completed for the Project.
|
Bulk density |
- Whether assumed or determined. If
assumed, the basis for the assumptions. If determined, the method
used, whether wet or dry, the frequency of the measurements, the
nature, size and representativeness of the samples.
- The bulk density for bulk material
must have been measured by methods that adequately account for void
spaces (vugs, porosity, etc), moisture and differences between rock
and alteration zones within the deposit.
- Discuss assumptions for bulk
density estimates used in the evaluation process of the different
materials.
|
- Density of the
pegmatite was estimated using a linear regression function derived
from 1,408 SG field measurements (1 sample every ~4.5 m) and Li2O
grade. The regression function (SG= 0.0709 x Li2O% + 2.6217) was
used for all pegmatite blocks. Non-pegmatite blocks were assigned a
fixed SG based on the field measurement median value (granite =
2.7), amphibolite group = 2.95, ultramafic = 2.92, overburden =
2.00).
|
Classification |
- The basis for the classification of
the Mineral Resources into varying confidence categories.
- Whether appropriate account has
been taken of all relevant factors (ie relative confidence in
tonnage/grade estimations, reliability of input data, confidence in
continuity of geology and metal values, quality, quantity and
distribution of the data).
- Whether the result appropriately
reflects the Competent Person’s view of the deposit.
|
- The CV5 resource classification is
in accordance with the JORC 2012 reporting guidelines. All reported
mineral resources have reasonable prospects for eventual economic
extraction.
- Blocks were considered as inferred
when the drill spacing was 140 m or lower and meeting the minimum
estimation criteria parameters. There is no indicated or measured
classified blocks. Smaller pegmatite dykes with lower level of
information / confidence were also not classified.
- Classification volumes are created
around contiguous blocks at the stated spacing criteria with
consideration for the selected mining method.
- The classification of the mineral
resource estimate is appropriate and reflects the view of Competent
Person (Todd McCracken).
|
Audits or reviews |
- The results of any audits or
reviews of Mineral Resource estimates.
|
- The mineral resource estimate has
been reviewed internally by BBA Inc. as part of its regular
internal review process.
- There has been no external audit of
the mineral resource estimate.
|
Discussion of relative accuracy/ confidence |
- Where appropriate a statement of
the relative accuracy and confidence level in the Mineral Resource
estimate using an approach or procedure deemed appropriate by the
Competent Person. For example, the application of statistical or
geostatistical procedures to quantify the relative accuracy of the
resource within stated confidence limits, or, if such an approach
is not deemed appropriate, a qualitative discussion of the factors
that could affect the relative accuracy and confidence of the
estimate.
- The statement should specify
whether it relates to global or local estimates, and, if local,
state the relevant tonnages, which should be relevant to technical
and economic evaluation. Documentation should include assumptions
made and the procedures used.
- These statements of relative
accuracy and confidence of the estimate should be compared with
production data, where available.
|
- The Competent Person is of the
opinion that the mineral resource for the CV5 Spodumene Pegmatite
at the Corvette Lithium Project appropriately consider modifying
factors and have been estimated using industry best practices.
- The accuracy of the estimate within
this mineral resource is determined by yet not limited to;
geological confidence including understanding the geology, deposit
geometry, drill spacing.
- Dilution and recovery factors are
based on industry best practice assumptions.
- As always, changes in commodity
price and exchange rate assumptions will have an impact on optimal
size of the open-pit.
- Changes in current environmental or
legal regulations may affect the operational parameters (cost,
mitigation measures).
- The mineral resource estimate is a
pit constrained estimate.
|
Appendix 2: Sources for Figure 1
(tonnage vs grade – the Americas) & Figure 2
(tonnage vs grade – world)
Company name |
Stock Ticker |
Project Name |
Source |
Liontown Resources |
LTR |
Kathleen Valley |
ASX announcement dated April 8, 2021 |
Liontown Resources |
LTR |
Buldania |
ASX announcement dated November 8, 2019 |
Pilbara Minerals |
PLS |
Pilgangoora |
ASX announcement dated October 13, 2022 |
Alita Resources |
A40 |
Bald Hill |
ASX announcement dated June 6, 2018 |
Livent / IQ |
AKE |
Whabouchi |
ASX announcement dated May 10, 2023 |
Allkem |
AKE |
James Bay |
ASX announcement dated May 10, 2023 |
Allkem |
AKE |
Mt Cattlin |
ASX announcement dated May 10, 2023 |
European Lithium |
EUR |
Wolfsberg |
ASX announcement dated December 1, 2021 |
AVZ Minerals |
AVZ |
Manono |
ASX announcement dated May 24, 2021 |
Critical Elements |
CRE |
Rose |
NI 43-101 technical report dated July 26, 2022 |
Atlantic Lithium |
ALL |
Ewoyaa |
AIM announcement dated February 1, 2023 |
Talison JV |
IGO |
Greenbushes |
ASX announcement dated July 29, 2022 |
MARBL JV |
MIN |
Wodgina |
ASX announcement dated October 7, 2022 |
Albemarle |
ALB |
Kings Mountain |
SEC filing dated February 15, 2023 |
Mineral Resources |
MIN |
Mt Marion |
ASX announcement dated October 7, 2022 |
SQM / Wesfarmers |
SQM |
Mt. Holland |
Annual Report 2022 |
Leo Lithium |
LLL |
Goulamina |
ASX announcement dated June 20, 2022 |
Sayona Mining |
SYA |
Authier |
ASX announcement dated April 14, 2023 |
Sayona Mining |
SYA |
NAL |
ASX announcement dated April 14, 2023 |
Sayona Mining |
SYA |
Moblan |
ASX announcement dated April 17, 2023 |
Prospect Resources |
PSC |
Arcadia |
ASX announcement dated October 11, 2021 |
AMG Lithium |
AMG |
Mibra |
Euronext announcement dated April 3, 2017 |
Sibanye-Stillwater |
SSW |
Keliber |
JSE announcement dated February 17, 2023 |
Premier African Minerals |
PREM |
Zulu |
AIM announcement dated June 6, 2017 |
Frontier Lithium |
FL |
PAK (+Spark) |
NI 43-101 technical report dated May 9, 2022 |
Sigma Lithium |
SGML |
Grota do Cirilo |
TSX.V announcement dated December 4, 2022 |
Piedmont Lithium |
PLL |
Carolina |
ASX announcement dated October 21, 2021 |
Sinomine (Bikita Minerals) |
(private) |
Bikita |
SZ Announcement dated April 25, 2023 |
Delta Lithium |
RDT |
Mt Ida |
ASX announcement dated October 19, 2022 |
Avalon Advanced Materials |
AVL |
Separation Rapids |
TSX.V announcement dated August 21, 2018 |
Andrada Mining |
ATM |
Uis |
AIM announcement dated February 6, 2023 |
Global Lithium |
GL1 |
Manna |
ASX announcement dated December 15, 2022 |
Global Lithium |
GL1 |
Marble Bar |
ASX announcement dated December 15, 2022 |
Snow Lake Resources |
SLR |
Thompson Brothers |
SEC filing effective June 9, 2021 |
Latin Resources |
LRS |
Colina |
ASX announcement dated June 20, 2023 |
Essential Metals |
ESS |
Dome North |
ASX announcement dated December 20, 2022 |
Kodal Minerals |
KOD |
Bougouni |
AIM announcement dated January 27, 2020 |
Savannah Resources |
SAV |
Mina Do Barroso |
AIM announcement dated 31 May 2019 |
Zinnwald Lithium |
(private) |
Zinnwald |
NI 43-101 technical report 31 May 2019 |
Rock Tech Lithium |
RCK |
Georgia Lake |
TSX.V announcement dated 21 April 2021 |
Core Lithium |
CXO |
Finniss |
ASX announcement dated 18 April 2023 |
Appendix 3: Mineral resource details for
deposits/projects noted in Figure 1 & Figure 2.
Company Name |
Project Name |
Region |
Stage |
Category |
Tonnage (Mt) |
Grade(Li2O) |
Liontown Resources |
Kathleen Valley |
APAC |
Development |
Measured |
20.0 |
1.32 |
% |
|
|
|
|
Indicated |
109.0 |
1.37 |
% |
|
|
|
|
Inferred |
27.0 |
1.27 |
% |
Liontown Resources |
Buldania |
APAC |
Development |
Measured |
- |
- |
|
|
|
|
|
Indicated |
9.1 |
0.98 |
% |
|
|
|
|
Inferred |
5.9 |
0.95 |
% |
Pilbara Minerals |
Pilgangoora |
APAC |
Production |
Measured |
19.0 |
1.40 |
% |
|
|
|
|
Indicated |
187.0 |
1.20 |
% |
|
|
|
|
Inferred |
99.0 |
1.10 |
% |
Alita Resources |
Bald Hill |
APAC |
Production |
Measured |
- |
- |
|
|
|
|
|
Indicated |
14.4 |
1.02 |
% |
|
|
|
|
Inferred |
12.1 |
0.90 |
% |
Livent / IQ |
Whabouchi |
Americas |
Development |
Measured |
17.7 |
1.60 |
% |
|
|
|
|
Indicated |
20.8 |
1.33 |
% |
|
|
|
|
Inferred |
17.2 |
1.29 |
% |
Allkem |
James Bay |
Americas |
Development |
Measured |
- |
- |
|
|
|
|
|
Indicated |
40.3 |
1.40 |
% |
|
|
|
|
Inferred |
- |
- |
|
Allkem |
Mt Cattlin |
APAC |
Production |
Measured |
0.1 |
1.00 |
% |
|
|
|
|
Indicated |
11.4 |
1.31 |
% |
|
|
|
|
Inferred |
1.3 |
1.30 |
% |
European Lithium |
Wolfsberg |
EMEA |
Development |
Measured |
4.3 |
1.13 |
% |
|
|
|
|
Indicated |
5.4 |
0.95 |
% |
|
|
|
|
Inferred |
3.1 |
0.90 |
% |
AVZ Minerals |
Manono |
EMEA |
Development |
Measured |
100.0 |
1.67 |
% |
|
|
|
|
Indicated |
174.0 |
1.65 |
% |
|
|
|
|
Inferred |
128.0 |
1.65 |
% |
Critical Elements |
Rose |
Americas |
Development |
Measured |
- |
- |
|
|
|
|
|
Indicated |
31.5 |
0.91 |
% |
|
|
|
|
Inferred |
2.7 |
0.77 |
% |
Atlantic Lithium |
Ewoyaa |
EMEA |
Development |
Measured |
3.5 |
1.37 |
% |
|
|
|
|
Indicated |
24.5 |
1.25 |
% |
|
|
|
|
Inferred |
7.4 |
1.16 |
% |
Talison JV |
Greenbushes |
APAC |
Production |
Measured |
0.5 |
3.20 |
% |
|
|
|
|
Indicated |
249.4 |
1.80 |
% |
|
|
|
|
Inferred |
110.3 |
1.00 |
% |
MARBL JV |
Wodgina |
APAC |
Production |
Measured |
- |
- |
|
|
|
|
|
Indicated |
196.9 |
1.17 |
% |
|
|
|
|
Inferred |
62.3 |
1.16 |
% |
Albemarle |
Kings Mountain |
Americas |
Development |
Measured |
- |
- |
|
|
|
|
|
Indicated |
46.8 |
1.37 |
% |
|
|
|
|
Inferred |
42.9 |
1.10 |
% |
Mineral Resources |
Mt Marion |
APAC |
Production |
Measured |
- |
- |
|
|
|
|
|
Indicated |
21.4 |
1.54 |
% |
|
|
|
|
Inferred |
30.0 |
1.38 |
% |
SQM / Wesfarmers |
Mt. Holland |
APAC |
Development |
Measured |
71.0 |
1.57 |
% |
|
|
|
|
Indicated |
107.0 |
1.51 |
% |
|
|
|
|
Inferred |
8.0 |
1.44 |
% |
Leo Lithium |
Goulamina |
EMEA |
Development |
Measured |
13.1 |
1.59 |
% |
|
|
|
|
Indicated |
89.2 |
1.43 |
% |
|
|
|
|
Inferred |
108.6 |
1.30 |
% |
Sayona Mining |
Authier |
Americas |
Development |
Measured |
6.0 |
0.98 |
% |
|
|
|
|
Indicated |
8.1 |
1.03 |
% |
|
|
|
|
Inferred |
2.9 |
1.00 |
% |
Sayona Mining |
NAL |
Americas |
Production |
Measured |
1.0 |
1.19 |
% |
|
|
|
|
Indicated |
24.0 |
1.23 |
% |
|
|
|
|
Inferred |
33.0 |
1.23 |
% |
Sayona Mining |
Moblan |
Americas |
Development |
Measured |
6.3 |
1.46 |
% |
|
|
|
|
Indicated |
43.6 |
1.16 |
% |
|
|
|
|
Inferred |
21.0 |
1.02 |
% |
Prospect Resources |
Arcadia |
EMEA |
Development |
Measured |
15.8 |
1.12 |
% |
|
|
|
|
Indicated |
45.6 |
1.06 |
% |
|
|
|
|
Inferred |
11.2 |
0.99 |
% |
AMG Lithium |
Mibra |
Americas |
Production |
Measured |
3.4 |
1.00 |
% |
|
|
|
|
Indicated |
16.9 |
1.07 |
% |
|
|
|
|
Inferred |
4.2 |
1.03 |
% |
Sibanye-Stillwater |
Keliber |
EMEA |
Development |
Measured |
10.2 |
0.96 |
% |
|
|
|
|
Indicated |
3.9 |
1.06 |
% |
|
|
|
|
Inferred |
3.3 |
0.83 |
% |
Premier African Minerals |
Zulu |
EMEA |
Development |
Measured |
- |
- |
|
|
|
|
|
Indicated |
- |
- |
|
|
|
|
|
Inferred |
20.1 |
1.06 |
% |
Frontier Lithium |
PAK |
Americas |
Development |
Measured |
1.3 |
2.14 |
% |
|
|
|
|
Indicated |
24.7 |
1.59 |
% |
|
|
|
|
Inferred |
32.5 |
1.41 |
% |
Sigma Lithium |
Grota do Cirilo |
Americas |
Production |
Measured |
37.1 |
1.43 |
% |
|
|
|
|
Indicated |
39.9 |
1.43 |
% |
|
|
|
|
Inferred |
8.6 |
1.43 |
% |
Piedmont Lithium |
Carolina |
Americas |
Development |
Measured |
- |
- |
|
|
|
|
|
Indicated |
28.2 |
1.11 |
% |
|
|
|
|
Inferred |
15.9 |
1.02 |
% |
Sinomine (Bikita Minerals) |
Bikita |
EMEA |
Production |
Measured |
21.7 |
1.17 |
% |
|
|
|
|
Indicated |
12.5 |
1.09 |
% |
|
|
|
|
Inferred |
6.1 |
1.08 |
% |
Delta Lithium |
Mt Ida |
APAC |
Development |
Measured |
- |
- |
|
|
|
|
|
Indicated |
3.3 |
1.40 |
% |
|
|
|
|
Inferred |
9.3 |
1.10 |
% |
Avalon Advanced Materials |
Separation Rapids |
Americas |
Development |
Measured |
3.4 |
1.43 |
% |
|
|
|
|
Indicated |
5.0 |
1.39 |
% |
|
|
|
|
Inferred |
1.8 |
1.35 |
% |
Andrada Mining |
Uis |
EMEA |
Development |
Measured |
21.0 |
0.72 |
% |
|
|
|
|
Indicated |
17.0 |
0.73 |
% |
|
|
|
|
Inferred |
43.0 |
0.73 |
% |
Global Lithium |
Manna |
APAC |
Development |
Measured |
- |
- |
|
|
|
|
|
Indicated |
18.5 |
1.03 |
% |
|
|
|
|
Inferred |
14.2 |
0.97 |
% |
Global Lithium |
Marble Bar |
APAC |
Development |
Measured |
- |
- |
|
|
|
|
|
Indicated |
3.8 |
0.97 |
% |
|
|
|
|
Inferred |
14.2 |
1.01 |
% |
Snow Lake Resources |
Thompson Brothers |
Americas |
Development |
Measured |
- |
- |
|
|
|
|
|
Indicated |
9.1 |
1.00 |
% |
|
|
|
|
Inferred |
2.0 |
0.98 |
% |
Latin Resources |
Colina |
Americas |
Development |
Measured |
0.4 |
1.34 |
% |
|
|
|
|
Indicated |
29.7 |
1.37 |
% |
|
|
|
|
Inferred |
15.0 |
1.22 |
% |
Essential Metals |
Dome North |
EMEA |
Development |
Measured |
- |
- |
|
|
|
|
|
Indicated |
8.6 |
1.23 |
% |
|
|
|
|
Inferred |
2.6 |
0.92 |
% |
Kodal Minerals |
Bougouni |
EMEA |
Development |
Measured |
- |
- |
|
|
|
|
|
Indicated |
11.6 |
1.13 |
% |
|
|
|
|
Inferred |
9.7 |
1.08 |
% |
Savannah Resources |
Mina Do Barroso |
EMEA |
Development |
Measured |
6.6 |
1.10 |
% |
|
|
|
|
Indicated |
11.8 |
1.00 |
% |
|
|
|
|
Inferred |
9.6 |
1.10 |
% |
Zinnwald Lithium |
Zinnwald |
EMEA |
Development |
Measured |
18.5 |
0.78 |
% |
|
|
|
|
Indicated |
17.0 |
0.73 |
% |
|
|
|
|
Inferred |
4.9 |
0.76 |
% |
Rock Tech Lithium |
Georgia Lake |
Americas |
Development |
Measured |
- |
- |
|
|
|
|
|
Indicated |
10.6 |
0.88 |
% |
|
|
|
|
Inferred |
4.2 |
1.00 |
% |
Core Lithium |
Finniss |
APAC |
Production |
Measured |
7.0 |
1.45 |
% |
|
|
|
|
Indicated |
12.4 |
1.33 |
% |
|
|
|
|
Inferred |
11.3 |
1.21 |
% |
Patriot Battery Metals |
Corvette |
Americas |
Development |
Measured |
- |
- |
|
|
|
|
|
Indicated |
- |
- |
|
|
|
|
|
Inferred |
109.2 |
1.42 |
% |
- APAC =
Asia-Pacific; EMEA = Europe, Middle East, and Africa; Americas =
North America, and South America
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, and proximal to regional road and
powerline infrastructure. The Corvette Property hosts the CV5
Spodumene Pegmatite with a maiden inferred mineral resource
estimate of 109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 (at a
cut-off of 0.40% Li2O), and ranks as the largest lithium pegmatite
resource in the Americas, and is the 8th largest lithium pegmatite
resource in the world. Additionally, the Corvette Property hosts
multiple other spodumene pegmatite clusters that remain to be drill
tested, as well as more than 20 km of prospective trend that
remain to be assessed.
Mineral resources are not minerals reserves as
they do not have demonstrated economic viability. The Effective
Date of the mineral resource estimate is June 25, 2023 (through
drill hole CV23-190).
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.
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