Patriot Battery Metals Achieves Initial 25% Earn-In from O3 Mining for the FCI Property, James Bay, QC
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VANCOUVER, British Columbia, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Patriot Battery Metals Inc. (the “Company” or “Patriot”) (CSE: PMET) (OTCQB: RGDCF) (FSE: R9GA) is pleased to announce it has earned its initial 25% interest, as part of an Option to earn up to 75% interest, in the FCI Property as per the terms of the Option Agreement (the “Agreement”) with O3 Mining Inc. (“O3 Mining”) (see news release dated April 24, 2019). The FCI Property is comprised of two neighboring claim groupings (FCI East and FCE West), for a combined total of 111 claims (5,688 ha), located in the James Bay Region of Quebec, proximal to regional hydro-electric and road infrastructure.
Company President and Director Blair Way comments, “We are very pleased to have earned in the first 25% interest in FCI as we aggressively advance towards earning 50% interest. Patriot Battery Metals is positioned strongly to benefit from the ongoing focus on green technologies, which will result in an insatiable demand for those commodities we are focused on at our flagship Corvette-FCI property.”
O3 Mining’s FCI claim blocks (FCI East and FCI West) form a contiguous land package with the Company’s wholly owned Corvette claim block and are collectively termed the Corvette-FCI Property, totalling 283 claims and 14,496 ha. The Property is situated within the Guyer Group (wacke, iron formation, komatiite, tuffs, amphibolite) of the greater La Grande Greenstone Belt, which trends east-west through the region, approximately 6 to 18 km south of the Trans-Taiga Road and power line corridor.
The Company is nearing completion of its inaugural drill program on the Property and expects core sample assay results for the first few holes to be received in mid-late November. The 2021 drill program has focused on the CV5-6 spodumene pegmatites, part of a more than a 25 km lithium trend (the “CV Lithium Trend”), as well as the Elsass and Lorraine prospects, which form part of the more than 10 km long Maven Copper-Gold-Silver Trend. This drill program is the first drill testing to date along these two highly prospective trends.
Upon completion of the 2021 work programs, the Company expects to have earned a 50% interest in the FCI East and West claim blocks from O3 Mining Inc., having exceeded the minimum $2.25M in exploration expenditures. Under the terms of the Option Agreement, the Company may acquire an additional 25% interest in the FCI East and West claim blocks, for a collective 75% interest, by funding the next $2m in exploration expenditures.
Darren L. Smith, M.Sc., P. Geo., Vice President of Exploration for the Company and Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Patriot Battery Metals Inc.
Patriot Battery Metals Inc. is a mineral exploration company focused on the acquisition and development of mineral projects containing battery, base and precious metals.
The Company’s flagship assets are the wholly owned Corvette Property and the FCI Property (held under Option from O3 Mining Inc.) located in the James Bay Region of Québec, and the 100% owned Freeman Creek Gold Property, located in Idaho, USA.
The Corvette-FCI Property includes the wholly owned Corvette claim block, and the FCI East and West claim blocks held under Option from O3 Mining Inc. The claim blocks are contiguous, and host significant gold-silver-copper-PGE-lithium potential highlighted by the Golden Gap Prospect with grab samples of 3.1 to 108.9 g/t Au from outcrop and 10.5 g/t Au over 7 m in drill hole, the Elsass and Lorraine prospects with 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag in outcrop, and the CV1 Pegmatite Prospect with 2.28% Li2O over 6 m in channel.
The 100% owned Freeman Creek Gold Property hosts two major advanced targets - the Gold Dyke Prospect with a 2020 drill hole intersection of 4.11 g/t Au and 33.0 g/t Ag over 12 m, and the Carmen Creek Prospect with surface sample results including 25.5 g/t Au, 159 g/t Ag, and 9.75% Cu.
In addition, the Company holds the Pontax Lithium-Gold Property, QC; the Golden Silica Property, BC; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.
On Behalf of the Board of Directors,
|“BLAIR WAY”||“ADRIAN LAMOUREUX”|
|Blair Way, President & Director||Adrian Lamoureux, CEO & Director|
Disclaimer for Forward-Looking Information
Statements included in this announcement, including statements concerning our plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release
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