VANCOUVER, BC, May 2, 2025 /PRNewswire/ -- May 2, 2025 – Sydney, Australia
Highlights
- Permitting of the Shaakichiuwaanaan Project is on schedule and progressing well.
- The Company has formally commenced the Federal permitting process for the Project, with the submission of its Initial Project Description to the Impact Assessment Agency of Canada (IAAC).
- The IAAC and Cree Nation Government have confirmed that the submitted documentation meets the necessary requirements, allowing the Federal permitting process to formally commence.
- This process will run in parallel with the Provincial permitting process already underway, to align the submission of the Provincial and Federal Environmental and Social Impact Assessments ("ESIA") for late 2025.
- The ESIA submissions will be supported by over three years of robust environmental base line data collection and extensive community consultations.
- Alix Drapack – Executive Vice President ESG to retire from executive duties and act as an advisor to the Company on the project's further development.
Ken Brinsden, Patriot CEO and President, comments: "We are really proud of the teams' efforts to ensure both that the Project remains on track, but also that the quality and extensive work contributing to our upcoming ESIA submissions suits the community's and regulator's needs. It can't be underestimated how much work has already been achieved by Patriot to ensure Shaakichiuwaanaan is well-placed in the global lithium raw material development pipeline. From discovery and establishing a globally significant resource, to moving the Project to the upcoming mine authorization process in less than 4 years, demonstrates both the quality in the Project and team delivering it.
We also note with interest recent comments in the public domain in respect of federal approvals, minimizing duplication and greater provincial approval cooperation. We intend to maintain close-contact with all the key Government agencies and the Cree, to ensure a diligent and timely approval process for the Project," added Mr. Brinsden.
Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to provide a progress update on the permitting process of the Company's wholly owned Shaakichiuwaanaan Property (the "Property" or "Project"), located in the Eeyou Istchee James Bay region of Quebec. The Shaakichiuwaanaan Property hosts a consolidated Mineral Resource Estimate1 ("MRE") of 80.1 Mt at 1.44% Li2O Indicated and 62.5 Mt at 1.31% Li2O Inferred. The CV5 Spodumene Pegmatite, which forms the bulk of the MRE, is accessible year-round by all-season road and is situated approximately 14 km from a major hydroelectric powerline corridor. The CV13 Pegmatite is located <3 km along geological trend from the CV5 Pegmatite, which hosts additional lithium and tantalum resources as well as a recently discovered zone of cesium mineralisation (see news release dated March 2, 2025).
Federal Project Approval Submissions and ESIA Studies
In February 2025, Patriot submitted its Initial Project Description for the Shaakichiuwaanaan Lithium Project (CV5 Pegmatite) to IAAC, in order to formally initiate the Federal elements to the Project permitting process. The document is available at the following link (Shaakichiuwaanaan Mining Project Initial Project Description).
The Federal Joint Assessment Committee, consisting of representatives of IAAC and the Cree Nation Government, has determined that the Initial Project Description meets the necessary requirements. As such, IAAC has begun its formal planning and comment period, and undertook two public information sessions in February 2025.
A summary of questions was compiled and Patriot has now formally responded, after which IAAC will provide tailored Impact Statement Guidelines for the Project, paving the way for the Federal ESIA submission later this year.
The Federal impact assessment process will run in parallel with the Provincial permitting process for the Project which commenced in 2023, and will leverage the existing provincial process to streamline the federal requirements to the extent possible.
The Company also notes with interest recent comments in the public domain in respect of federal approvals, minimizing duplication and the potential in greater provincial approval cooperation. The Company intends to maintain close-contact with all the key Government agencies and the Cree, to ensure a diligent and timely approval process for the Project.
Provincial Project Approval Submissions and ESIA Studies
In November 2023, Patriot filed a Preliminary Information Statement with the Québec Government (Ministère de l'Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs or "MELCCFP") (see news release dated November 30, 2023). Subsequently, Patriot received the formal guidelines for the Project's ESIA submission (see news dated April 17, 2024).
An amendment was filed with MELCCFP in January 2025 to reflect the change of Project name to Shaakichiuwaanaan and to clarify the hybrid mining approach (using both open pit and underground mining methods) being evaluated in the Feasibility Study for the Project.
Collectively, these inputs now form the basis for the final ESIA documentation and the formal commencement of the Mine Authorisation process later this year.
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| 1 Shaakichiuwaanaan (CV5 & CV13) Mineral Resource Estimate (80.1 Mt at 1.44% Li2O and 163 ppm Ta2O5 Indicated, and 62.5 Mt at 1.31% Li2O and 147 ppm Ta2O5 ppm Inferred) is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.80% Li2O (underground CV13) with an Effective Date of August 21, 2024 (through drill hole CV24-526). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. |
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1 Shaakichiuwaanaan (CV5 & CV13) Mineral Resource Estimate (80.1 Mt at 1.44% Li2O and 163 ppm Ta2O5 Indicated, and 62.5 Mt at 1.31% Li2O and 147 ppm Ta2O5 ppm Inferred) is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.80% Li2O (underground CV13) with an Effective Date of August 21, 2024 (through drill hole CV24-526). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.
Overall Project Approval Summary Position
Over approximately a 3-year period, extensive environmental baseline data collection field programs and community consultations have been completed as planned to underpin the Company's ESIA (supporting both Federal and Provincial processes), for the development of the CV5 Pegmatite.
As a result of the above, the provincial and federal ESIA submissions remain on-track for presentation in the second half of 2025.
Alix Drapack – Executive Vice President ESG has confirmed her desire to retire from executive duties with the Company. The Company wishes Alix all the best for her retirement and is very pleased that she has agreed to provide advisory support to the team for the foreseeable future. This assists in maintaining continuity in the progress of both project approvals and community engagement, while recruitment continues for additional resources in support of the Company's objectives.
Qualified Person
The technical information in this news release that relates to the Shaakichiuwaanaan 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 – Standards of Disclosure for Mineral Projects, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 01968), 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 an Executive and Vice President of Exploration for Patriot Battery Metals Inc. and holds common shares and options in the Company.
About Patriot Battery Metals Inc.
Patriot Battery Metals Inc. is a hard-rock lithium exploration company focused on advancing its district-scale 100%-owned Shaakichiuwaanaan Property (formerly known as Corvette) located in the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round by all-season road and is proximal to regional powerline infrastructure. The Shaakichiuwaanaan Mineral Resource1, which includes the CV5 & CV13 spodumene pegmatites, totals 80.1 Mt at 1.44% Li2O Indicated, and 62.5 Mt at 1.31% Li2O Inferred, and ranks as the largest lithium pegmatite resource in the Americas, and the 8th largest lithium pegmatite resource in the world.
A Preliminary Economic Assessment ("PEA") was announced for the 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.
1 Shaakichiuwaanaan (CV5 & CV13) Mineral Resource Estimate (80.1 Mt at 1.44% Li2O and 163 ppm Ta2O5 Indicated, and 62.5 Mt at 1.31% Li2O and 147 ppm Ta2O5 ppm Inferred) is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.80% Li2O (underground CV13) with an Effective Date of August 21, 2024 (through drill hole CV24-526). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.
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.sedarplus.ca and www.asx.com.au, for available exploration data.
This news release has been approved by the Board of Directors.
"KEN BRINSDEN"
Kenneth Brinsden, President, CEO, & Managing Director
Disclaimer for Forward-looking Information
This news release contains forward-looking statements within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations and plans that allow investors and others to have a better understanding of the Company's business plans and financial performance and condition.
All statements other than statements of historical fact are forward-looking statements that involve risks and uncertainties. Forward-looking statements are typically identified by words such as "on schedule", progressing", "will", "underway", "on-track", "development pipeline", "intend", and similar words or expressions. Forward-looking statements in this release include, but are not limited to, statements on the permitting progress and Project schedule.
Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company's forward-looking information is based include, without limitation, that proposed exploration and mineral resource estimate work on the Property will continue as expected, the accuracy of reserve and resource estimates, the classification of resources between inferred and the assumptions on which the reserve and resource estimates are based, long-term demand for spodumene supply, and that exploration and development results continue to support management's current plans for Property development and expectations for the Project.
Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company's business, any of which could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others, the ability to execute on plans relating to the Company's Project, including the timing thereof. In addition, readers are directed to carefully review the detailed risk discussion in the Company's most recent Annual Information Form filed on SEDAR+, which discussion is incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations.
Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements.
The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements.
Competent Person Statement (ASX Listing Rule 5.23)
The mineral resource estimate in this release was reported by the Company in accordance with ASX Listing Rule 5.8 on August 5, 2024. The Company confirms that, as of the date of this announcement, it is not aware of any new information or data verified by the competent person that materially affects the information included in the announcement and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. The Company confirms that, as at the date of this announcement, the form and context in which the competent person's findings are presented have not been materially modified from the original market announcement.
The production target referred to in this release was reported by the Company in accordance with ASX Listing Rule 5.16 on August 21, 2024. The Company confirms that, as of the date of this announcement, all material assumptions and technical parameters underpinning the production target in the original announcement continue to apply and have not materially changed.
CONTACT: Olivier Caza-Lapointe, Head, Investor Relations – North America, T: +1 (514) 913-5264, E: ocazalapointe@patriotbatterymetals.com
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Patriot Provides Permitting Progress Update on the Shaakichiuwaanaan Lithium Project
