(Formerly known as Corvette)
Shaakichiuwaanaan PROPERTY
Shaakichiuwaanaan Property – Formerly known as Corvette Property, CV5 Spodumene Pegmatite (moving west)
LOCATION:
Eeyou Istchee James Bay Region of Quebec
Top-Tier Mining Jurisdiction Near Existing Infrastructure
100% owned, large, consolidated land package – 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:
- Accessible year round by all-season road
- ~14 km from existing hydropower lines
- ~50 km from La Grande-4 hydropower station
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.
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PRELIMINARY ECONOMIC ASSESSMENT (CV5 PEGMATITE)
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.
PERMITTING: PROVEN PATHWAY
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.
MINERAL RESOURCE ESTIMATE (CV5 and CV13 pegmatites)
The Consolidated MRE for the Shaakichiuwaanaan Project, the third MRE for the Project, continues to reaffirm it as the largest lithium pegmatite Mineral Resource in the Americas and 8th largest globally (peer review details presented in Appendix 1). Additionally, the MRE now ranks as the largest lithium pegmatite Indicated Mineral Resource in the Americas. These metrics and context entrench the Project as a Tier 1, world-class lithium pegmatite asset.
NI 43-101 Mineral Resource Statement for the Shaakichiuwaanaan Project.
- 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 Engineering Ltd. The Effective Date of the estimate is January 6, 2025 (through drill hole CV24-787).
- Estimation was completed using a combination of inverse distance squared (ID2) and ordinary kriging (OK) for CV5 and inverse distance squared (ID2) for CV13 in Leapfrog Edge software with dynamic anisotropy search ellipse on specific domains.
- Drill hole composites at 1 m in length. Block size is 10 m x 5 m x 5 m with sub-blocking.
- Both underground and open-pit conceptual mining shapes were applied as constraints to demonstrate reasonable prospects for eventual economic extraction. Cut-off grades for open-pit constrained resources are 0.40% Li2O for both CV5 and CV13, and for underground constrained resources are 0.60% Li2O for CV5 and 0.70% Li2O for CV13. Open-pit and underground Mineral Resource constraints are based on a long-term average spodumene concentrate price of US$1,500/tonne (6% basis FOB Bécancour) and an exchange rate of 0.70 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 (both CV5 & CV13) were estimated using a linear regression function (SG = 0.0674x (Li2O% + 0.81 x B2O3%) + 2.6202) derived from the specific gravity (“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.
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EXPLORATION TARGET
Significant Exploration Target1 outlines the potential for additional tonnage at the Shaakichiuwaanaan Property:
- 146 to 231 Mt at 1.0 to 1.5% Li2O.
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.
- Exploration Target is in addition to (i.e., does not include) the Shaakichiuwaanaan Mineral Resource Estimate announced concurrently.
- Exploration Target only considers the CV Lithium Trend and immediately proximal areas.
- Completed by BBA Engineering Ltd., a consultant independent of the Company.
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.
GEOLOGY
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’.
LITHIUM PEGMATITES
To date, nine (9) distinct lithium pegmatite clusters have been reported along the CV Lithium Trend at the Property – CV4, CV5, CV8, CV9, CV10, CV12, CV13, CV14, and CV15 – 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 January 6, 2025) includes only the CV5 and CV13 spodumene pegmatites, and remains open.
The CV5 and CV13 pegmatites are situated along the same geological trend, with approximate strike lengths of 4.6 km and 2.5 km, respectively – as defined by drilling to date and which remain open – and are separated by a distance of ~2.6 km. The MRE covers ~6.9 km of the ~7.1 km of defined pegmatite trend and remains open.
The pegmatites at the Property, including CV5 and CV13, 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 range in colour from cream-white, to light-grey, to light-green. Additionally, two significant zones of cesium have been identified at the CV13 Pegmatite.
CV5 Spodumene Pegmatite:
Through the May 2024 drill program, multiple individual spodumene pegmatite dykes have been geologically modelled at the CV5 Pegmatite. However, a vast majority 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 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 CV13 include:
- 156.9 m at 2.12% Li2O, including 25.0 m at 5.04% Li2O or 5.0 m at 6.36% Li2O (CV22-083)
- 186.0 m at 1.08% Li2O, including 11.3 m at 4.27% Li2O (CV24-704)
- 142.9 m at 1.77% Li2O, including 35.2 m at 3.36% Li2O (CV24-719)
- 153.8 m at 2.00% Li2O, including 55.4 m at 3.42% Li2O (CV24-733)
- 83.7 m at 3.13% Li2O, including 19.8 m at 5.28% Li2O and 5.1 m at 5.17% Li2O (CV23-105)
- 52.2 m at 3.34% Li2O, including 15.0 m at 5.10% Li2O (CV22-093)
- 131.2 m at 1.96% Li2O, including 57.0 m at 2.97% Li2O (CV22-100)
- 159.7 m at 1.65% Li2O, including 37.0 m at 3.04% Li2O (CV22-042)
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.
CV13 Spodumene Pegmatite :
The geological model underpinning the MRE 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. 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°.
The CV13 Pegmatite ranges in true thickness from <5 m to more than 40 m and extends continuously over a collective strike length of approximately 2.5 km, along its west and east arms. The CV13 Spodumene Pegmatite, which includes all proximal pegmatite lenses, remains open along strike at both ends and to depth along a significant portion of its length.
Drill intercept highlights from CV13 include:
- 51.7 m at 1.77% Li2O, including 9.7 m at 5.16% Li2O (CV24-525)
- 34.4 m at 2.90% Li2O, including 21.9 m at 3.58% Li2O (CV24-470)
- 33.4 m at 2.40% Li2O, including 11.1 m at 4.33% Li2O, and 17.6 m at 1.89% Li2O, including 5.6 m at 3.40% Li2O (CV24-507)
- 43.2 m at 1.10% Li2O, including 12.9 m at 3.06% Li2O (CV24-498)
In addition to lithium, wide and high-grade cesium in drill hole has been discovered at the CV13 Pegmatite – Vega and Rigel zones. Drill results include:
Vega Zone
- 18.1 m at 2.71% Cs2O, including 7.4 m at 5.45% Cs2O (CV24-754).
- 11.1 m at 4.87% Cs2O, including 7.1 m at 7.39% Cs2O (CV24-520).
- 5.7 m at 4.97% Cs2O, including 3.0 m at 8.20% Cs2O (CV24-525).
- 3.0 m at 9.43% Cs2O, including 1.0 m at 22.41% Cs2O (Channel CH23-069).
Rigel Zone
- 5.9 m at 11.19% Cs2O, including 1.0 m at 22.69% Cs2O (CV23-271).
- 5.0 m at 13.32% Cs2O, including 2.0 m at 22.90% Cs2O (CV23-255).
- 3.2 m at 10.24% Cs2O, including 1.1 m at 26.61% Cs2O (CV23-204).
CV9 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:
- 99.9 m at 0.39% Li2O, including 30.6 m at 0.80% Li2O (CV23-345)
- 15.7 m at 0.76% Li2O, including 10.8 m at 1.00% Li2O (CV23-267)
- 17.9 m at 0.69% Li2O, including 8.6 m at 1.03% Li2O (CV23-310)
- 7.7 m at 1.35% Li2O (CV23-333)
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.
MINERALOGY & PROCESSING
Both the CV5 and CV13 spodumene pegmatites are amenable to a Dense Media Separation (“DMS”) only flowsheet.
- Consistently large spodumene crystals typically decimetre-scale in size.
- Coarse-grained spodumene liberates effectively at ~6.5 mm and ~9.5 mm crush sizes.
- Low Fe2O3 present, ~0.65% in concentrate: iron is key impurity to evaluate.
- Significant metallurgical test work programs have been completed and indicates a >5.5% Li2O spodumene concentrate at high recovery (>70%) may be produced using only Dense Media Separation.
MARKET
Shaakichiuwaanaan Property is Strategically Positioned to Feed the Growing Quebec and US markets
PROGRAM PHOTOS
CV5 2025 winter DRILL PROGRAM
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CV5 2024 FALL DRILL PROGRAM
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CV5 2023 SUMMER / FALL DRILL PROGRAM
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CV5 2022 SUMMER DRILL PROGRAM
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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.
CV Lithium Trend Drill Data (THROUGH MAY 2024)
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