13:56:44 EDT Fri 14 Jun 2024
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or Name

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Grid Metals Corp
Symbol GRDM
Shares Issued 203,876,164
Close 2024-02-29 C$ 0.07
Market Cap C$ 14,271,331
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Grid Metals begins drilling at Donner Lake, Falcon West

2024-03-01 10:46 ET - News Release

Mr. Robin Dunbar reports


Grid Metals Corp. has provided a corporate update of its activities and that it is participating in the Prospectors & Developers Association of Canada's Convention (PDAC) at the Metro Toronto Convention Centre from Sunday, March 3 to Wednesday, March 6, 2024.

Drilling update

The company commenced drill programs in January, 2024, at both its Donner Lake lithium project and its Falcon West lithium project. To date, the company has drilled 20 holes at Donner Lake designed to: (1) upgrade inferred resources to indicated category at the Northwest Dyke; and (2) extend the Main Dyke below the current resource shell.

At Falcon West, the company is targeting the extension of known mineralized zones and the initial definition of mineralization along strike and at depth at the two known mineralized occurrences -- the Lucy and the ArtDon targets. The two target areas are approximately one kilometre apart. Historical drilling at Falcon West has shown evidence of a highly evolved pegmatite system with occurrences of high-grade lithium, cesium and tantalum.

The company will report on the drill results from the programs as they become available.

Other corporate activities

The company is continuing its engagement activities toward final receipt of its advanced exploration permit at Donner Lake. Receipt of the permit will enable site clearing, initial surface infrastructure construction and the extraction of a bulk sample. The province of Manitoba has declared itself to be supportive of development activities and mining of critical metals, provided the proponents have the active support of the affected first nations. The company is conducting its permitting efforts in line with this philosophy.

The company is completing a number of mining, metallurgical and related studies toward completion of a preliminary economic assessment technical report. Results from these studies are expected to be received during the first half of 2024.

The company has applied for $2-million of funding to the Canadian federal government's Critical Minerals Infrastructure Fund (CMIF) to support studies and consultation in relation to its Manitoba lithium projects.

The company has issued 50,000 common shares in relation to the acquisition of the Alan 1 and Alan 2 claims, which comprise part of the Falcon West lithium project. Historical assessment files note significant pegmatite intersections in historical drilling for base metals on the claims. The shares will be subject to a hold period of four months and one day from the date of issue.

PDAC (Prospectors & Developers Association of Canada)

Grid Metals will be exhibiting on site at the PDAC from March 3 to March 6, and invites interested parties to stop by booth No. 2122 in aisle 2100. PDAC is one of the premier mining conferences in the world, bringing companies in the mining and exploration business, suppliers and service providers, investors, and governments together.

Grid has been selected to be a corporate presenter at PDAC and will provide an updated corporate presentation at the investors forum (Electric Materials 2 Session) on March 6, 2024, at 11:14 a.m. in Room 801B at the Metro Toronto Convention Centre.

For more information or to attend the conference, please visit the PDAC 2024 Convention website.

About Grid Metals Corp.

Grid Metals is focused on its Donner Lake lithium project located in the Bird River greenstone belt in southeastern Manitoba, approximately 150 km northeast of Winnipeg, Man. Grid has a 75-pe-cent project interest in Donner Lake and is the project operator subject to a joint venture agreement with a fund controlled by Waratah Capital Advisors. Grid has a lease agreement on the True North mill where it plans to process feed from the Donner Lake property. Grid also has a memorandum of understanding with Tantalum Mining Corp. of Canada Ltd., which operates the nearby producing Tanco mine, which is one of only two lithium-producing mines in Canada. In addition to the 100-per-cent-owned Falcon West lithium project, the company controls the preliminary economic assessment-stage Makwa-Mayville nickel-copper-platinum group metals-cobalt (Ni-Cu-PGM-Co) project. Grid's properties are located in the traditional territory of the Sagkeeng First Nation.

Dr. Dave Peck, PGeo, is the qualified person for the company, and has reviewed and approved the technical content of the release for purposes of National Instrument 43-101.

We seek Safe Harbor.

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