Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSXV: PMET) (OTCQB: PMETF) (FSE: R9GA) is pleased to announce that it has increased its land position at its Eastmain Project, located in the Eeyou Istchee James Bay region, Quebec, through the acquisition of a 100% interest in two (2) proximal claim blocks. The new claim blocks total 73 claims (3,851.5 ha) and are located immediately adjacent to Alkem Limited's James Bay Lithium Project, and on strike of the James Bay Lithium Deposit (Figure 1), within the prospective Eastmain Greenstone Belt.
Blair Way, Company President and CEO comments, "These claims are a very complimentary addition to our Eastmain Project and the other non-core lithium properties the Company holds. As we continue to be focused on aggressive advancement of our Corvette Project, we are also evaluating opportunities and approaches for unlocking the value these non-core assets hold for our shareholders."
The Company acquired a 100% interest in the new Eastmain claims by way of a Purchase and Sale Agreement whereby the Company paid an aggregate $500,000 cash (CAD) and issued 120,000 common shares in the capital of the Company. There are no royalty rights associated with the acquisition.
The Agreement has been accepted by the TSX Venture Exchange on October 27, 2023. The issued shares are subject to a statutory hold period of four months and one day from issuance. No finder's fees or commissions were paid in connection with the acquisition.
Collectively, the Eastmain Project, now consisting of four (4) blocks totaling 86 claims (4,538.0 ha), forms part of the Company's non-core lithium asset portfolio which includes the Pontax (100%), Lac du Beryl (100%), and Hidden Lake (40%) properties. To date, lithium pegmatite has been confirmed at Hidden Lake and Pontax, with significant lithium exploration potential present throughout its non-core property portfolio.
