FE BATTERY METALS SAMPLED UP TO 2.58% LITHIUM OXIDE ON NEW LITHIUM PEGMATITE ZONE NEAR THE NORTH AMERICAN LITHIUM MINE

VANCOUVER, BC, Aug. 15, 2023 /CNW/ - FE Battery Metals Ltd. (CSE: FE) (OTCQB: FEMFF) (WKN: A2JC89) ("FE Battery Metals" or the "Company) is pleased to announce the assay results from newly discovered lithium pegmatite zones to the southeast of its main Augustus exploratory drilling area at the Augustus Lithium Property in Quebec, Canada. The assays are from a recently concluded field prospecting, sampling and mapping program completed with a focus on following up drone and airborne geophysical survey targets identified along an approximately 10 km long structural corridor showing four lithium prospects. A total of 74 surface samples were collected during the field program indicating lithium oxide (Li2O) values in the range of less than 15 parts per million (ppm) lithium to 2.58 percent (%) Li2O. There are anomalous values of other rare metals including beryllium (Be), cesium (Cs), Niobium (Nb), rubidium (Rb) and tantalum (Ta). This newly located area sits only 2.9kms from the mineralized pegmatite bodies of Quebec's largest lithium mine, the North American Lithium ("NAL") mine, operated by Sayona Mining Ltd.

• A total of 26 samples were collected from Augustus East pegmatites near the NAL mine, out of which 11 samples have over 1% Li2O and two samples over 2% Li2O with a maximum of 2.58% Li2O. Additionally, 3 samples are over 0.50% Li2O.
• Ten samples collected from Mc Neely prospect showing moderate to low values of lithium oxide.
• Ten samples were collected from the Canadian Lithium / Beluga prospect indicating lithium values in the range of 15ppm to 2.37% Li2O. The purpose of this sampling was to locate new lithium pegmatites and find extension of the Beluga prospect.
• 15 samples collected from Baillarge N-E lithium prospect also show low values of lithium oxide.
• Ten samples collected from a new pegmatite outcrop at the Keyboy prospect showed lithium values in the range of less than 15 ppm to 4,350 ppm (0.94% Li2O).

For a detailed summary of assay highlights from our surface sample program please visit https://febatterymetals.com/en/news/2023/.

Gurminder Sangha, CEO of FE stated "The Company is thrilled about these remarkable assay results from our recent exploration efforts in the lithium-rich region of Quebec, Canada. Importantly, this newly discovered lithium-rich area is located a mere 2.9 kilometers from the mineralized pegmatite bodies of Quebec's largest lithium mine, the North American Lithium ("NAL") mine. The Company is carrying out an extensive prospecting, mapping, and sampling program during this summer. We look forward to providing further updates on our progress as we proceed with our exploration efforts in this highly prospective region."

The surface sampling was carried out using a rock saw and other hand tools by cutting about 20-30 cm long, 5 cm wide and 3-5 cm deep cuts in bedrock. The samples were bagged and tagged using best practices and were delivered to Activation Laboratories ("ACTLABS"), Ancaster, Ontario for sample preparation and analyses using laboratories code Ultratrace 7 with sodium peroxide fusion – ICP and ICP / MS. ACTLABS is an independent commercial, accredited ISO Certified Laboratory.

Afzaal Pirzada, P.Geo., Geological Consultant of the Company, and a "Qualified Person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.

ON BEHALF OF THE BOARD OF
FE BATTERY METALS CORP.

"Gurminder Sangha"
Gurminder Sangha
CEO & Director

Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release and has neither approved nor disapproved the contents of this news release.

Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to obtain required approvals. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

SOURCE First Energy Metals Limited

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