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Patriot Announces Final Core Assay Results from its 2023 Winter Drill Program, including 108.0 m at 2.44% Li2O, at the CV5 Pegmatite, Corvette Property, Quebec, Canada

Highlights

  • Additional high-grade intersections at the Nova Zone, which has been defined over a strike length of at least 1.1 km.
    • 108.0 m at 2.44% Li2O (195.5 m to 303.5 m), including 37.5 m at 3.58% Li2O, or 16.0 m at 4.08% Li2O (CV23-181).
    • 115.3 m at 1.81% Li2O (175.0 m to 290.3 m), including 89.6 m at 2.20% Li2O (CV23-177).
  • Wide widths and strong grades in most westwardly drill hole completed to date at the CV5 Pegmatite  – 78.9 m at 1.00% Li2O, including 34.8 m at 1.40% Li2O (CV23-184).
  • Wide widths and strong grades in final drill hole completed during the 2023 winter drill program –139.2 m at 1.26% Li2O, including 36.2 m at 1.74% Li2O (CV23-190).
  • Wide widths and strong grades returned in one of the most eastwardly drill holes completed to date at the CV5 Pegmatite, highlighting the strong potential of area – 36.0 m at 1.36% Li2O, including 17.0 m at 2.31% Li2O (CV23-165).
  • All core sample assay results for drill holes completed during the 2023 drill winter program have now been reported.
  • The Company is anticipating an announcement in a few weeks time for the initial mineral resource estimate at CV5, which will include all drill holes completed through April 17, 2023 (i.e., the recently completed winter drill program).

Darren L. Smith, Patriot Vice President of Exploration, comments: “These final core assay results from the recently completed winter program continue to outpace the industry norm. The CV5 Pegmatite has grown considerably over this program – from 2.2 km to 3.7 km, drill hole to drill hole – with some of the highest grades reported to date at CV5, including numerous significant intervals over 5% Li2O. As we wait for the wildfire situation in Quebec to abate, the team is steadfast focused on delivering an initial mineral resource estimate for CV5 in the coming weeks, which will include all drill holes from the 2023 winter program.”

Blair Way, Company President and CEO, comments: “We are very pleased to have received the last batch of assay results from the winter drill program which means our imminent release of the resource remains on track. I am confident that the upcoming maiden resource will demonstrate the significance of the Corvette discovery to the evolving North American and European lithium raw materials markets.”

Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce core assays for the final set of drill holes completed as part of the 2023 winter drill program at its wholly owned Corvette Property (the “Property”), located in the Eeyou Istchee James Bay region of Quebec. The winter phase of the 2023 drill campaign was focused on the CV5 Pegmatite, located approximately 13.5 km south of the regional and all‑weather Trans-Taiga Road and powerline infrastructure.

Core assays, for the drill holes reported herein (Figure 1), cover the CV5 Pegmatite’s recently defined eastward extension (see news releases dated February 5 and March 23, 2023) (Figure 2), the high-grade Nova Zone (see news release dated May 16, 2023) (Figure 2), and the recently defined westward extension (see news release dated May 1, 2023) (Figure 3).

Drill hole CV23-181 and 177 targeted further delineation of the Nova Zone with both returning wide and high-grade intercepts – 108.0 m at 2.44% Li2O, including 37.5 m at 3.58% Li2O or 16.0 m at 4.08% Li2O (CV22-181), and 115.3 m at 1.81% Li2O, including 89.6 m at 2.20% Li2O (CV23‑177). The high-grade Nova Zone has been traced over a strike length of at least 1.1 km – from drill holes CV23-132 to 108 (Figures 1 and 2) and includes multiple drill intersections of 5+ m at >5% Li2O, demonstrating the high-grade tenure of this sub-set of the Corvette discovery.

As the Company works towards extension of the Corvette discovery, core assay results for the most westwardly drill hole completed to date at the CV5 Pegmatite – CV23-184 – demonstrates high-grades and wide widths persist in this direction (78.9 m at 1.00% Li2O, including 34.8 m at 1.40% Li2O), with mineralization remaining open. The Company intends to continue step-out drilling along strike of CV23-184 during the summer-fall drill program (Figure 3). Additionally, drill hole CV23-190, the final hole of the 2023 winter program, also completed over the western areas of CV5, returned strong grades over wide widths – 139.2 m at 1.26% Li2O, including 18.1 m at 2.02% Li2O and 36.2 m at 1.74% Li2O. This drill hole was completed in the opposite direction (northerly) to the normal drill hole orientation (southerly) at CV5 and demonstrates the near-surface bulbous nature of the pegmatite in this area, where it is interpreted to exceed 100 m true thickness.

Assay results to date over the far eastern portions of CV5 have returned variable grades and widths of lithium mineralized pegmatite (see news release dated June 14, 2023). These include 51.2 m at 0.59% Li2O, including 10.1 m at 0.87% Li2O and 9.3 m at 0.91% Li2O (CV23‑154), and 27.5 m at 0.40% Li2O, including 3.2 m at 2.22% Li2O (CV23-156). However, results of drill hole CV23‑165, as reported herein (36.0 m at 1.36% Li2O, including 17.0 m at 2.31% Li2O), are very significant and demonstrate the common nature of lithium pegmatites, where high grades may be immediately proximal to low to moderate grades. Further, this drill hole (CV23-165) returned six (6) samples greater than 4% Li2O, and three (3) samples greater than 5% Li2O, including an interval of 2.2 m at 5.02% Li2O. These grades are on par with those typically confined to the Nova Zone and outline the considerable potential in this eastward area.

Drill hole CV23-165 was completed at the very eastern margins of the CV5 Pegmatite drilled to date and highlight the potential for wide widths at strong grade to continue in this direction, where the pegmatite remains open up-dip, down-dip, and along strike eastwardly (Figure 2).

Through the 2023 winter drill program, the CV5 Pegmatite has been traced continuously by drilling (at approximately 50 to 150 m spacing) as a principally continuous spodumene-mineralized pegmatite body 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. This marks a 1.5 km extension of the known mineralized pegmatite along strike since the end of 2022 (2.2 km), and 2.9 km since the end of 2021 (0.8 km). For added perspective, this growth in strike length since the initial drill program in 2021 is presented in Figure 4.

As previously announced, the Company is advancing towards an initial mineral resource estimate for the CV5 Pegmatite. All core sample assays have now been received from the lab with the drilling dataset undergoing final validation and geological model on the final revision. The next steps in the process include geostatistics on the validated database followed by creation of the block model and interpolation of the lithium and tantalum grades, resource classification, determination of an appropriate cut-off grade and pit parameters, and finally constraining the block model with a pit to determine the official mineral resource estimate numbers. At this time, the Company anticipates an announcement on the mineral resource estimate in a few weeks time.

Core sample assay results for drill holes reported herein are presented in Table 1. Drill hole locations are available from the Company’s website as well as the news release dated May 16, 2023. Select core photos are presented in Figures 5, 6, and 7.

Figure 1: Drill holes completed at the CV5 Pegmatite through the 2023 winter drill program.

Figure 2: Drill holes completed at the CV5 Pegmatite through the 2023 winter drill program – east-central, and eastern areas.

Figure 3: Drill holes completed at the CV5 Pegmatite through the 2023 winter drill program –western area.

Figure 4: Growth of the CV5 Pegmatite since discovery hole in late 2021.

Table 1: Mineralized intercept summary for drill holes reported herein from the 2023 winter program

Figure 5: High-grade (4+% Li2O) spodumene pegmatite from the Nova Zone in drill hole CV23‑181.

Figure 6: High-grade (~1.9% Li2O) spodumene pegmatite in drill hole CV23‑184, the most westwardly drill hole completed to date at CV5.

Figure 7: High-grade (+2.0% Li2O) spodumene pegmatite in drill hole CV23‑165, including intersection of 2.2 m at 5.02% Li2O (417.6 m to 419.8 m), one of the most eastwardly drill holes completed to date at CV5.

Quality Assurance / Quality Control (QAQC)

A Quality Assurance / Quality Control protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches, as well as collection of quarter-core duplicates, at a rate of approximately 5%. Additionally, analysis of pulp-split and coarse-split sample duplicates were completed to assess analytical precision at different stages of the laboratory preparation process, and external (secondary) laboratory pulp-split duplicates were prepared at the primary lab for subsequent check analysis and validation.

All core samples collected were shipped to SGS Canada’s laboratory in Val-d’Or, QC, for standard sample preparation (code PRP89) which includes drying at 105°C, crush to 75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. The pulps were shipped by air to SGS Canada’s laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50).

About the CV Lithium Trend

The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company in 2017 and spans more than 25 km across the Corvette Property. The core area includes an approximate 3.7 km long spodumene pegmatite (the ‘CV5 Pegmatite’) and multiple proximal secondary spodumene pegmatite lenses.

To date, six (6) distinct clusters of lithium pegmatite have been discovered across the Corvette Property – CV5 Pegmatite and associated lenses, CV4, CV8/12, CV9, CV10, and CV13. Given the proximity of some pegmatite outcrops to each other, as well as the shallow till cover in the area, it is probable that some of the outcrops may reflect a discontinuous surface exposure of a single, larger pegmatite ‘outcrop’ subsurface. Further, the high number of well-mineralized pegmatites along the trend indicate a strong potential for a series of relatively closely spaced/stacked, sub-parallel, and sizable spodumene-bearing pegmatite bodies, with significant lateral and depth extent, to be present.

Qualified/Competent Person

The information in this news release that relates to exploration results for the Corvette Property is based on, and fairly represents, information compiled by Mr. Darren L. Smith, M.Sc., P.Geo., who is a Qualified Person as defined by National Instrument 43-101, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 1968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 87868). Mr. Smith has reviewed and approved the technical information in this news release.

Mr. Smith is Vice President of Exploration for Patriot Battery Metals Inc. and a Senior Geologist and Project Manager with Dahrouge Geological Consulting Ltd. Mr. Smith holds common shares and options in the Company.

Mr. Smith has sufficient experience, which is relevant to the style of mineralization, type of deposit under consideration, and to the activities being undertaken to qualify as a Competent Person as described by the JORC Code, 2012. Mr. Smith consents to the inclusion in this news release of the matters based on his information in the form and context in which it appears.

About Patriot Battery Metals Inc.

Patriot Battery Metals Inc. is a hard-rock lithium exploration company focused on advancing its district-scale 100% owned Corvette Property located in the Eeyou Istchee James Bay region of Quebec, Canada. The Corvette Property is one of the largest and highest-grade hard rock lithium projects being explored, with over 50 kilometres of strike length over a 214 square kilometre land package and over 70 lithium bearing pegmatite outcrops identified to date.

The Corvette Property is situated proximal to the all-weather Trans Taiga Road and Hydro-Québec power line infrastructure in the Eeyou Istchee James Bay region of Quebec. The Property hosts significant lithium potential highlighted by the CV5 Pegmatite, which has been traced by drilling over a strike length of at least 3.7 km with spodumene pegmatite encountered as deep as 425 m vertical depth.

For further information, please contact us at info@patriotbatterymetals.com or by calling +1 (604) 279-8709,or visit www.patriotbatterymetals.com. Please also refer to the Company’s continuous disclosure filings, available under its profile at www.sedar.com and www.asx.com.au, for available exploration data.

This news release has been approved by the Board of Directors,

BLAIR WAY

Blair Way, President, CEO, & Director

Disclaimer for Forward-Looking Information

This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties, including without limitation statements with respect to potential continuity of pegmatite bodies, and mineral resource estimate preparation. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the results of further exploration and testing, and other risks detailed from time to time in the filings made by the Company with securities regulators, available at www.sedar.com and www.asx.com.au.  The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

No securities regulatory authority or stock exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release.

Appendix 1 – JORC Code 2012 Table 1 information required by ASX Listing Rule 5.7.1

Section 1 – Sampling Techniques and Data

Criteria JORC Code explanation Commentary
Sampling techniques ·     Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

·     Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

·     Aspects of the determination of mineralisation that are Material to the Public Report.

·     In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

·     Core sampling protocols met or exceeded industry standard practices.

·     Core Sampling is guided by lithology as determined during geological logging (i.e., by a geologist). All pegmatite intervals are sampled in their entirety (half-core), regardless if spodumene mineralization is noted or not (in order to ensure an unbiased sampling approach) in addition to ~1-3 m of sampling into the adjacent  host rock (dependent on pegmatite interval length) to “bookend” the sampled pegmatite.

·     The minimum individual sample length is 0.3 m and the maximum sample length is 3.0 m. Targeted individual pegmatite sample lengths are 1.0 m.

·     All drill core is oriented to maximum foliation prior to logging and sampling and is cut with a core saw into half-core pieces, with one half-core collected for assay, and the other half-core remaining in the box for reference.

·     Core samples collected were shipped to SGS Canada’s laboratory in Val-d’Or, QC, for standard sample preparation (code PRP89) which includes drying at 105°C, crush to 75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. The pulps were shipped by air to SGS Canada’s laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50).

Drilling techniques ·     Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). ·     NQ or HQ size core diamond drilling was completed for all holes. Core is not oriented; however, downhole OTV-ATV surveys have been completed on some prior holes to assess overall structure.
Drill sample recovery ·     Method of recording and assessing core and chip sample recoveries and results assessed.

·     Measures taken to maximise sample recovery and ensure representative nature of the samples.

·     Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

·     All drill core was geotechnically logged following industry standard practices, and includes total core recovery, fracture recording, ISRM rock strength and weathering, and RQD. Core recovery is very good and typically exceeds 90%.
Logging ·     Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

·     Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

·     The total length and percentage of the relevant intersections logged.

·     Upon receipt at the core shack, all drill core received is pieced together, oriented to maximum foliation, metre marked, geotechnically logged (including structure), alteration logged, geologically logged, and sample logged on an individual sample basis. Core box photos are also collected of all core drilled, regardless of perceived mineralization. Specific gravity measurements are also collected at systematic intervals for all drill core.

·     These logging practices meet or exceed current industry standard practices and are of appropriate detail to support a mineral resource estimation.

·     The logging is qualitative by nature, and includes estimates of spodumene grain size, inclusions, and model mineral estimates.

Sub-sampling techniques and sample preparation ·     If core, whether cut or sawn and whether quarter, half or all core taken.

·     If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

·     For all sample types, the nature, quality and appropriateness of the sample preparation technique.

·     Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

·     Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

·     Whether sample sizes are appropriate to the grain size of the material being sampled.

·     Drill core sampling follows industry best practices. Drill core was saw cut with half-core sent for geochemical analysis and half-core remaining in the box for reference. The same side of the core was sampled to maintain representativeness. Additionally, several intervals over several holes have had quarter-core samples collected for mineral processing programs, thus leaving only a quarter-core in the box for reference over these intervals.

·     Sample sizes are appropriate for the material being assayed.

·     A Quality Assurance / Quality Control protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches, as well as collection of quarter-core duplicates, at a rate of approximately 5%. Additionally, analysis of pulp-split and course-split sample duplicates were completed to assess analytical precision at different stages of the laboratory preparation process, and external (secondary) laboratory pulp-split duplicates were prepared at the primary lab for subsequent check analysis and validation.

·     All protocols employed are considered appropriate for the sample type and nature of mineralization and are considered the optimal approach for maintaining representativeness in sampling.

Quality of assay data and laboratory tests ·     The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

·     For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

·     Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

·     Core samples collected were shipped to SGS Canada’s laboratory in Val-d’Or, QC, for standard sample preparation (code PRP89) which includes drying at 105°C, crush to 75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. The pulps were shipped by air to SGS Canada’s laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50).

·     The assay techniques are considered appropriate for the nature and type of mineralization present, and result in a total digestion and assay for the elements of interest.

·     The Company relies on both its internal QAQC protocols (systematic quarter-core duplicates, blanks, certified reference materials, and external checks), as well as the laboratory’s internal QAQC.

·     For assay results disclosed, samples have passed QAQC review.

Verification of sampling and assaying ·     The verification of significant intersections by either independent or alternative company personnel.

·     The use of twinned holes.

·     Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

·     Discuss any adjustment to assay data.

·     Intervals are reviewed and compiled by the VP Exploration and Project Managers prior to disclosure, including a review of the Company’s internal QAQC sample analytical data.

·     No twinned holes have been completed, apart from CV23-166, which was re-collared as a different core size, as well as some holes that were lost prior to hitting their target depth, which were re-collared a few metres adjacent.

·     Data capture utilizes MX Deposit software whereby core logging data is entered directly into the software for storage, including direct import of laboratory analytical certificates as they are received. The Company employs various on-site and post QAQC protocols to ensure data integrity and accuracy.

·     Adjustments to data include reporting lithium and tantalum in their oxide forms, as it is reported in elemental form in the assay certificates. Formulas used are Li2O = Li x 2.1527, and Ta2O5 = Ta x 1.2211

Location of data points ·     Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

·     Specification of the grid system used.

·     Quality and adequacy of topographic control.

·     Each drill hole’s collar has been surveyed with a handheld GPS or RTK (Topcon GR5 or Trimble Zephyr 3).

·     The coordinate system used is UTM NAD83 Zone 18.

·     The Company completed a property-wide LiDAR and orthophoto survey in August 2022, which provides high-quality topographic control.

·     The quality and accuracy of the topographic controls are considered adequate for advanced stage exploration and development.

Data spacing and distribution ·     Data spacing for reporting of Exploration Results.

·     Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

·     Whether sample compositing has been applied.

·     Drill hole spacing is dominantly at ~100 m; however, tightens to ~50 m in some places, and widens to ~150 in a small number of places.

·     Based on the nature of the mineralization and continuity in geological modelling, it is believed that a 100 m spacing will be sufficient to support a mineral resource estimate.

·     Core sample lengths typically range from 0.5 to 1.5 m and average ~1 m. Sampling is continuous within all pegmatite encountered in drilling.

·     Sample compositing has not been applied

Orientation of data in relation to geological structure ·     Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

·     If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

·     No sampling bias is anticipated based on structure within the mineralized body.

·     The mineralized body is relatively undeformed and very competent, although likely has some meaningful structural control.

·     The mineralized body is steeply dipping resulting in oblique angles of intersection with true widths varying based on drill hole angle and orientation of pegmatite at that particular intersection point. i.e. The dip of the mineralized pegmatite body has variations in a vertical sense and along strike, so the true widths are not always apparent until several holes have been drilled in any particular drill-fence.

Sample security ·     The measures taken to ensure sample security. ·     Samples were collected by Company staff or its consultants following specific protocols governing sample collection and handling. Core samples were bagged, placed in large supersacs for added security, palleted, and shipped directly to Val-d’Or, QC, being tracked during shipment along with Chain of Custody. Upon arrival at the laboratory, the samples were cross-referenced with the shipping manifest to confirm all samples were accounted for. At the laboratory, sample bags are evaluated for tampering.
Audits or reviews ·     The results of any audits or reviews of sampling techniques and data. ·     A review of the sample procedures for the Company’s 2021 fall drill program (CF21-001 to 004) and 2022 winter drill program (CV22-015 to 034) was completed by an Independent Qualified Person and deemed adequate and acceptable to industry best practices (discussed in an “NI 43-101 Technical Report on the Corvette Property, Quebec, Canada”, Issue date of June 27th, 2022.) Additionally, the Company continually reviews and evaluates its procedures in order to optimize and ensure compliance at all levels of sample data collection and handling.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status ·     Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

·     The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

·     The Corvette Property is comprised of 417 claims located in the James Bay Region of Quebec with all claims registered to the Company. The Property is located approximately 10-15 km south of the Trans-Taiga Road and powerline infrastructure corridor.

·     The Company holds 100% interest in the Property subject to various royalty obligations depending on original acquisition agreements. DG Resources Management holds a 2% NSR (no buyback) on 76 claims, D.B.A. Canadian Mining House holds a 2% NSR on 50 claims (half buyback for $2M) and Osisko Gold Royalties holds a sliding scale NSR of 1.5-3.5% on precious metals, and 2% on all other products, over 111 claims.

·     The Property does not overlap any 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 (April 20th to May 20th) where the communities request helicopter flying be completed.

·     Claim expiry dates range from September 2023 to July 2025.

Exploration done by other parties ·     Acknowledgment and appraisal of exploration by other parties. ·     No assay results from other parties are disclosed herein.

·     The most recent independent Property review was a NI 43-101 Technical Report on the Corvette Property, Quebec, Canada”, Issue date of June 27th, 2022.

Geology ·     Deposit type, geological setting and style of mineralisation. ·       The Property is situated within the Lac Guyer Greenstone Belt, considered part of the larger La Grande River Greenstone Belt and is dominated by volcanic rocks metamorphosed to amphibolite facies. The claim block is dominantly underlain by the Guyer Group (basaltic amphibolite, iron formation) and the Corvette Formation (amphibolite of intermediate to mafic volcanics). Several occurrences of ultramafic rocks (peridotite, pyroxenite, komatiite) as well as felsic volcanics (tuffs) are also mapped over areas of the Property. The basaltic amphibolite rocks that trend east-west (generally south dipping) through this region are bordered to the north by the Magin Formation (conglomerate and wacke) and to the south by an assemblage of tonalite, granodiorite, and diorite. Several regional-scale Proterozoic gabbroic dykes also cut through portions of the Property (Lac Spirt Dykes, Senneterre Dykes).

·       The geologic setting is prospective for gold, silver, base metals, platinum group elements, and lithium over several different deposit styles including orogenic gold (Au), volcanogenic massive sulfide (Cu, Au, Ag), komatiite-ultramafic (Au, Ag, PGE, Ni, Cu, Co), and pegmatite (Li, Ta).

·       Exploration of the Property has outlined three primary mineral exploration trends crossing dominantly east-west over large portions of the Property – Maven Trend (copper, gold, silver), Golden Trend (gold), and CV Trend (lithium, tantalum). Lithium mineralization at the Property is observed to occur within quartz-feldspar pegmatite (LCT Pegmatites), often exposed at surface as high relief ‘whale-back’ landforms. The pegmatite is often very coarse-grained and off-white in appearance, with darker sections commonly composed of mica and smoky quartz, and occasional tourmaline.

·       The lithium pegmatites at Corvette are LCT Pegmatites. Core assays and ongoing mineralogical studies, coupled with field mineral identification and assays, indicate spodumene as the dominant lithium-bearing mineral on the Property, with no significant petalite, lepidolite, lithium-phosphate minerals, or apatite present. The pegmatites at Corvette also carry significant tantalum values with tantalite indicated to be the mineral phase.

Drill hole Information ·     A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

easting and northing of the drill hole collar

elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar

dip and azimuth of the hole

down hole length and interception depth

hole length.

·     If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

·     Drill hole attribute information for the drill holes with core assay data announced herein are available on the Company’s website and in news released dated May 16, 2023.

·     Grade over width calculations for assays of intervals of <2 m are not typically presented as they are considered insignificant.

 

Data aggregation methods ·     In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

·     Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

·     The assumptions used for any reporting of metal equivalent values should be clearly stated.

·     Length weighted averages were used to calculate grade over width.

·     No specific grade cap or cut-off was used during grade width calculations. The lithium and tantalum average of the entire pegmatite interval is calculated for all pegmatite intervals over 2 m core length, as well as higher grade zones at the discretion of the geologist. Pegmatites have inconsistent mineralization by nature, resulting in most intervals having a small number of poorly mineralized samples throughout the interval included in the calculation. Non-pegmatite internal dilution is limited to typically <3 m where relevant intervals indicated where assays are reported.

·     No metal equivalents have been reported.

Relationship between mineralisation widths and intercept lengths ·     These relationships are particularly important in the reporting of Exploration Results.

·     If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

·     If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).

·     Geological modelling is ongoing; however, current interpretation supports a large pegmatite body (CV5) of near vertical to steeply dipping orientation, flanked by several secondary pegmatite lenses.

·     All reported widths are core length. True widths are not well constrained and may vary widely from hole to hole based on the drill hole angle and the highly variable nature of pegmatite bodies, which tend to pinch and swell aggressively along strike and to depth. i.e.  The dip of the mineralized pegmatite body has variations in a vertical sense and along strike, so the true widths are not always apparent until several holes have been drilled in any particular drill-fence.

Diagrams ·     Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. ·     Please refer to the figures included herein as well as those posted on the Company’s website.
Balanced reporting ·     Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. ·     Please refer to the table(s) included herein as well as those posted on the Company’s website.

·     Results for every individual pegmatite interval that is greater than 2 m has been reported.

Other substantive exploration data ·     Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. ·     The Company is currently completing baseline environmental work over the CV5 Pegmatite area. No endangered flora or fauna have been documented over the Property to date, and several sites have been identified as potentially suitable for mine infrastructure.

·     The Company has completed a bathymetric survey over the shallow glacial lake which overlies a portion of the mineralized body. The lake depth ranges from <2 m to approximately 18 m, and is typically less than 10 m over the mineralized body.

·     The Company has completed preliminary metallurgical testing comprised of HLS and magnetic testing, which has produced 6+% Li2O spodumene concentrates at >70% recovery. A DMS test followed returning a spodumene concentrate grading 5.8% Li2O at 79% recovery. The data suggests potential for a DMS only operation to be applicable to the project.

·     Various mandates required for advancing the Project towards economic studies have been initiated, including but not limited to, metallurgy, geomechanics, hydrogeology, hydrology, stakeholder engagement, geochemical characterization, as well as transportation and logistical studies.

Further work ·     The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

·     Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

·     The Company intends to continue drilling the pegmatites of the Corvette Property, focused on the CV5 Pegmatite and adjacent secondary lenses. The mineralized pegmatites remain open along strike, and to depth at most locations along strike. Drilling is also anticipated to continue at the CV13 pegmatite cluster as well as other pegmatite clusters at the Property. The details of these programs are still being developed. An initial mineral resource estimate is anticipated to be completed for the CV5 Pegmatite in 2023.

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