Shaakichiuwaanaan PROPERTY
Shaakichiuwaanaan Property – Formerly known as Corvette Property, CV5 Spodumene Pegmatite (moving west)
100% owned, large, consolidated land package – 463 claims totalling 23,710 ha – strategically located in the Eeyou Istchee James Bay Region of Quebec, covering ~50 km of prospective lithium pegmatite trend along the La Grande Greenstone Belt.
The Shaakichiuwaanaan Mineral Resource, including both the CV5 and CV13 spodumene pegmatites, is located central to the Property:
An exploration camp at KM-270 of the Trans-Taiga Road, approximately 15 km north of the CV5 Pegmatite, has been constructed by the Company with an 80-person initial capacity.
A Preliminary Economic Assessment (“PEA”) was announced for the Shaakichiuwaanaan Project (CV5 Pegmatite) August 21, 2024, and highlights it as a potential North American Lithium Raw Materials Powerhouse. The PEA outlines the potential for a competitive and globally significant high-grade lithium project targeting up to ~800 ktpa spodumene concentrate using a simple Dense Media Separation (“DMS) only process flowsheet.
The Property lies within Category III lands of the Eeyou Istchee Cree Territory, within the James Bay region of Quebec. The territory falls under the James Bay and Northern Quebec Agreement (JBNQA), which is a modern land claims agreement that sets out a structured process and mechanisms for resource management and development, as well as indigenous peoples’ consultation.
The Consolidated Mineral Resource Estimate for the Shaakichiuwaanaan Project (Effective Date of August 21, 2024), including that of the CV5 Pegmatite on its own, reaffirms it – by a wide margin – as the largest lithium pegmatite Mineral Resource in the Americas and 8th largest globally (peer review details presented in Appendix 1 and Appendix 2). These metrics and context firmly reaffirm and entrench the Project as a Tier 1, world class lithium pegmatite asset.
Significant Exploration Target1 outlines the potential for additional tonnage at the Shaakichiuwaanaan Property :
The potential quantity and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the Exploration Target being delineated as a Mineral Resource. The Exploration Target has been determined based on the interpretation of a consolidated dataset of surface rock sample descriptions and assays, outcrop mapping and descriptions, drill hole logs and core sample assays, geophysical surveys, and remote sensing data. The Company intends to test the validity of the Exploration Target over a several year period, starting in 2025, through systematic diamond drilling of the known spodumene pegmatite clusters and corridors between and proximal.
The information presented that relates to the Exploration Target for the Shaakichiuwaanaan Property/Project 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 Competent Person as defined by JORC, 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 presented.
1 Please refer to news release “Exploration Target for the Shaakichiuwaanaan Lithium Project Outlines District Scale Opportunity, Quebec, Canada”, dated August 5, 2024.
Situated within the La Grande Greenstone Belt, the Shaakichiuwaanaan Project (formerly known as Corvette) hosts significant mineral potential over multiple deposit types. Patriot Battery Metals owns 100% of the 237 km2 land package, covering ~50 km of prospective lithium pegmatite trend.
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 Li-Cs-Ta pegmatites at the Property 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’.
Eight (8) distinct lithium pegmatite clusters have been discovered along the CV Lithium Trend at the Property – CV4, CV5, CV8, CV9, CV10, CV12, CV13, and CV14 – with a significant amount of trend remaining to be evaluated. Each of these clusters includes multiple lithium pegmatite outcrops in close proximity, oriented along the same local trend. The Shaakichiuwaanaan Mineral Resource Estimate (Effective Date of August 21, 2024) includes only the CV5 and CV13 spodumene pegmatites, and remains open.
As of May 2024, the CV5 Spodumene Pegmatite (4.6 km in strike length) has been delineated to within approximately 1.5 km of the CV4 Spodumene Pegmatite to the east, and to within approximately 2.9 km of the CV13 Spodumene Pegmatite (2.3 km in strike length) to the west. The CV12 Spodumene Pegmatite cluster is situated ~2.4 km northwest along strike of CV13. Collectively, this area of the CV Lithium Pegmatite trend extends nearly 15 km, of which 6.9 km is confirmed by drilling to be continuous spodumene pegmatite hosting defined Mineral Resources, with ~8 km of this highly prospective trend remaining to be drill tested.
The scale of LCT pegmatite present along this local trend (CV12 through CV4), as well as the similar mineralogy and very coarse spodumene crystal size, suggests a deeply rooted and common ‘plumbing’ system and source of the lithium mineralized bodies discovered to date. The area of the CV Lithium Trend, extending from CV12 easterly to CV4, is therefore highly prospective with data collected to date suggesting a reasonable potential for lithium pegmatite to be present throughout this trend, and potentially continuously. Due to a veil of glacial till cover, there is poor outcrop exposure, therefore requiring significant drill testing to confirm continuity.
Through the May 2024 drill program at the CV5 Spodumene Pegmatite, nine total individual spodumene pegmatite dykes have been geologically modelled. However, a vast majority of the Mineral Resource is hosted within a single, large, principal spodumene pegmatite dyke (ranging in true thickness from <10 m to >125 m and extending over a strike length of a least 4.6 km), which is flanked on both sides by multiple, subordinate, sub-parallel trending dykes. The CV5 Spodumene Pegmatite, including the principal dyke, is modelled to extend continuously over a lateral distance of at least 4.6 km and remains open along strike at both ends and to depth along a large portion of its length. Drill intercept highlights from CV5 include:
The Shaakichiuwaanaan Mineral Resource Estimate includes the high-grade Nova Zone (CV5) and Vega Zone (CV13), each situated at the base of their respective pegmatite lenses, and traced over a significant distance with multiple drill hole intercepts (core length) ranging from 2 to 25 m (CV5) and 2 to 10 m (CV13) at >5% Li2O, respectively, each within a significantly wider mineralized zone of >2% Li2O. These high-grade zones contain abundant, large spodumene crystals, often decimetre to metre in size.
Through May 2024, approximately 134,000 m (369 holes) of diamond drilling had been completed at the CV5 Spodumene Pegmatite.
The geological model for the CV13 Spodumene Pegmatite interprets a series of flat-lying to moderately dipping (northerly), sub-parallel trending spodumene pegmatite bodies, of which three appear to dominate. Pegmatite true thickness ranges from <5 m to more than 40 m and extends continuously over a collective strike length of at least 2.3 km, and remains open along strike at both ends and to depth along a large portion of its length. The pegmatite bodies are coincident with the apex of a regional structural flexure whereby the pegmatite manifests a west arm trending ~290° and an east arm trending ~230°. Drill intercept highlights from CV13 include:
Through May 2024, approximately 29,000 m (133 holes) of diamond drilling had been completed at the CV13 Spodumene Pegmatite.
Initial drill testing of the CV9 Spodumene Pegmatite was completed in 2023 (18 holes totalling 4,071 m). Results are encouraging and confirm widespread spodumene mineralization is present at depth. The pegmatite intersected is variably mineralized (typically <5% to 15% spodumene content), with strong grades (>1% Li2O) demonstrated over 7 to 10+ m intervals in addition to wider and more moderately mineralized zones (e.g., 30.6 m at 0.80% Li2O in CV23-345).
Drill intercept highlights from CV9 include:
The CV9 Spodumene Pegmatite has been traced by drilling over an ~450 m strike length and remains open at both ends and at depth. Interpreted true widths of the pegmatite, based on drilling, range from <5 m to 80+m, which suggests strong tonnage potential.
Both the CV5 and CV13 spodumene pegmatites are amenable to a Dense Media Separation (“DMS”) only flowsheet.
Shaakichiuwaanaan Property is Strategically Positioned to Feed the Growing Quebec and US markets
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Visual observations relating to the abundance of spodumene crystals logged in the drill core should not be considered a substitute for a laboratory analysis. Assay results are required to determine the grade of mineralisation identified in geological logging.
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“The technical information herein has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed on behalf of the Company by Mr. Darren L. Smith, M.Sc., P.Geo., Executive and Vice President of Exploration for Patriot Battery Metals., a Qualified Person and registered permit holder with the Ordre des Géologues de Québec”