Patriot Drills 1.25% Li2O over 96.9 m in First Drill Hole of Summer Program, and Extends Strike Length of Pegmatite to 1.9 km, Corvette, Quebec - Seite 2

To date, a total of 10,355 m (36 holes) have now been completed over the 2022 drill campaign, including 6,010 m (16 holes) as part of the summer program – drill holes CV22-035 through 050. Core assay results are announced herein for the first two (2) drill holes of the summer program (CV22-035 and 036). Results include well-mineralized intercepts of 1.25% Li₂O and 118 ppm Ta₂O₅ over 96.9 m, including 2.53% Li₂O and 130 ppm Ta₂O₅ over 27.0 m (CV22-035), and 1.38% Li₂O and 99 ppm Ta₂O₅ over 27.0 m, and 2.00% Li₂O and 167 ppm Ta₂O₅ over 7.3 m (CV22-036).

The Company is also pleased to report that the summer drilling has now traced the principal spodumene-bearing pegmatite body from the CV5 outcrop to the CV6 outcrop, a distance of approximately 500 m. The main pegmatite body has now been traced through drilling over a strike length of approximately 1,900 m, extending from the CV6 outcrop to south of the CV1 outcrop, and remains open in all directions.

A summary of the summer program’s lithium (and tantalum) intercepts for the two (2) drill holes reported herein is presented in Table 1 and drill hole locations in Figure 1. Select drill core photos are presented in Figure 2. A summary of the 2021 and 2022 winter drill results may be found on the Company’s website.

Table 1: Mineralized drill intercept summary for drill holes completed as part of the 2022 summer program
https://www.globenewswire.com/NewsRoom/AttachmentNg/9794736c-c4d1-4530 ...

Drill hole CV22-035 was collared approximately 200 m along strike to the west-southwest of drill hole CV22-017 (2.22% Li₂O over 70.1 m – see news released dated May 24^th, 2022) and targeted the main pegmatite body at depth (Figure 1). The hole returned a wide intercept of mineralized pegmatite assaying 1.25% Li₂O and 118 ppm Ta₂O₅ over 96.9 m, including 2.53% Li₂O and 130 ppm Ta₂O₅ over 27.0 m. The interval included three (3) individual 1-m samples over 4% Li₂O including a peak of 5.38% Li₂O. The drill hole also collared in mineralized pegmatite (CV2 outcrop) assaying 0.62% Li₂O and 155 Ta₂O₅ over 2.5 m. The CV2 Pegmatite is interpreted to be a relatively narrow (<5 m wide), mineralized pegmatite dyke trending sub-parallel to the main body (Figure 1). The CV2 Pegmatite has not been significantly drill tested and is interpreted to continue eastwardly towards the CV7 outcrop, potentially forming a single continuous body sub-surface.