Patriot Battery Metals Achieves Initial 25% Earn-In from O3 Mining for the FCI Property, James Bay, QC

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.