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Grid Metals Corp
Symbol GRDM
Shares Issued 203,926,164
Close 2024-04-26 C$ 0.07
Market Cap C$ 14,274,831
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Grid Metals drills 1.65 m of 4.69% Li2O at Falcon West

2024-04-29 11:09 ET - News Release

Mr. Robin Dunbar reports

GRID METALS INTERSECTS HIGH-GRADE LITHIUM VALUES INCLUDING 4.7% LI2O AT MAIDEN FALCON WEST DRILL PROGRAM

Grid Metals Corp. has released results from its maiden drill program at the 100-per-cent-owned Falcon West lithium property, which is located approximately 110 kilometres east of Winnipeg, Man., and 100 km south of the company's Donner Lake lithium property. Drilling (26 drill holes completed) occurred at two locations approximately 750 metres apart. The drill program was the first to focus on lithium mineralization since the 1950s. Drilling intersected significant values of lithium, tantalum, cesium and rubidium, confirming the presence of a highly fractionated, rare-metal-enriched pegmatite system.

Highlights:

  • Several holes, drilled in two areas (ArtDon and Lucy targets) that sit 750 metres apart, intersected multiple intervals of lithium-enriched, highly fractionated lithium-cesium-tantalum-type pegmatite within a few metres to tens of metres from surface.
  • Very coarse white spodumene is associated with the highest-grade lithium intersections.
  • High-grade lithium intersections contain percentage levels of cesium and rubidium and highly anomalous tantalum, reflecting the presence of a Tanco-type, highly fractionated pegmatite system.
  • These intersections occur within a greater-than-100-metre-wide and up-to-100-metre-deep complex pegmatite unit that is traceable along strike with magnetics for greater than three km.
  • The complex pegmatite unit encountered at the target area occupies the western portion of a major, craton-scale tectonic boundary zone that has seen very limited, previous lithium exploration.
  • Grid Metals' Falcon West claims cover over 90 km of strike of this highly prospective boundary zone.

At the ArtDon target (west area), notable intersections include:

  • 3.7 metres grading 2.83 per cent Li2O (lithium oxide) in hole ADL24-21 (from 4.4 metres depth);
  • 4.3 metres grading 2.82 per cent Li2O in hole ADL24-22 (from 1.25 metres) including 1.7 metres grading 4.69 per cent Li2O, followed by a second interval of six metres grading 1.17 per cent Li2O (from 20.3 metres).

At the Lucy target (east area), highlights include:

  • 13.9 metres grading 0.73 per cent Li2O (from 5.8 metres) and 3.6 metres grading 1.11 per cent Li2O (from 34.1 metres) in drill hole ADL24-01;
  • Five metres grading 1.07 per cent Li2O in hole ADL24-02 (from 13.2 metres);
  • 5.8 metres grading 1.32 per cent Li2O in drill hole ADL24-09 (from 19.9 metres);
  • 5.1 metres grading 1.07 per cent Li2O in drill hole ADL24-11 (from 29 metres).

Discussion and analysis

The drill results from the ArtDon and Lucy areas (ArtDon-Lucy or ADL target) include a number of shallow (that is, one to 30 m deep), high-grade intercepts of lithium, cesium, tantalum and rubidium hosted in highly fractionated, complex pegmatites.

Drill highlights include multiple intersections in the 1-to-2-per-cent Li2O range over several metres in both areas with maximum Li2O grades of 4.69 per cent Li2O over 1.65 metres in hole ADL24-22 from the ArtDon area. In addition, local strong cesium enrichment that is generally coincident with Li- and spodumene-rich complex pegmatite intervals was seen in several of the new Grid drill holes including peak values of 4.56 per cent Cs2O (cesium monoxide) over 3.20 metres including 7.04 per cent Cs2O over 1.25 metres in hole ADL24-09. Historical hole LU12-02 drilled in the same area also intersected Cs-enriched complex pegmatite including 3.3 metres averaging 3 per cent Cs2O.

The new drill results are in general agreement with an undulating, gently dipping complex pegmatite sheet model first presented by Avalon Ventures Ltd. Owing to the presence of extremely coarse spodumene crystals, additional work would be required to better understand the distribution of spodumene within this complex pegmatite system.

Importantly, the Li-enriched (plus/minus Cs, Ta, rubidium) complex pegmatite unit(s) intersected at both the ArtDon and Lucy areas appears to be open in both directions along strike with more drilling required. Warmer-than-normal weather prevented drilling in the approximately 750-metre gap between the east and west area in this program. The favourable geological contact that the pegmatite trend follows is readily identified as a pronounced east-trending magnetic-low anomaly that is evident in a previously completed ground magnetic survey. This magnetic anomaly has a minimum strike length of three km, most of which remains untested by drilling, and remains open in both directions. In turn, this complex pegmatite corridor corresponds to the cratonic-scale tectonic boundary between the Winnipeg River and Wabigoon subprovinces of the Western Superior province. Future exploration programs will focus on identifying additional near-surface LCT-type pegmatites along the 90 km long prospective lithium/cesium/tantalum corridor occurring on Grid's Falcon West property.

Future plans

The Falcon West belt has excellent access and location and the majority of the favourable geological contact at Falcon is unexplored for lithium. Grid expects that with improved lithium prices and sentiment, it will devote more exploration dollars to establishing minable zones of near-surface lithium mineralization at Falcon West.

Quality assurance/quality control

The company's continuing exploration program at the Falcon West lithium property is being supervised by Carey Galeschuk, PGeo, who is an experienced lithium geologist with nearly three decades of exploration experience in the Bird River greenstone belt with Grid Metals, Tantalum Mining Corp. of Canada and other companies. Grid Metals applies best practice quality assurance and quality control (QAQC) protocols on all its exploration programs. For the January to March, 2024, ArtDon-Lucy drilling program, all core was logged and sampled at the company's core facility located on the Makwa property. Generally, one-metre sample lengths were used. Samples were bagged and tagged and then transported by secure carrier to the Actlabs (Thunder Bay) laboratory for sample preparation and analysis for lithium, cesium, tantalum, and selected major and trace element abundances using a sodium peroxide fusion total digestion method followed by inductively coupled plasma optical emission spectroscopy and inductively coupled plasma mass spectrometry analysis. The company is using two lithium plus rare metal certified reference materials (CRMs) and an analytical blank for the program to monitor analytical accuracy and check for cross contamination between samples.

Mr. Galeschuk, PGeo, is the qualified person for Grid Metals for this press release and has reviewed and approved the contents of this press release with respect to National Instrument 43-101 reporting guidelines.

About Falcon West

Falcon West is a belt-scale exploration opportunity for lithium located in Grid Metals' area of focus in southeastern Manitoba. The ADL target is approximately 110 km from Winnipeg and is transected by the Trans-Canada Highway and a major rail line giving the property direct access to critical infrastructure. Falcon West is part of Grid's strategic goal of building a large lithium (spodumene) resource base in the southeastern Manitoba region that could support long-term spodumene concentrate production to help feed the rapidly expanding North American lithium battery manufacturing sector.

About Grid Metals Corp.

Grid Metals is focused on both lithium and copper/nickel projects in the Bird River area, approximately 150 km northeast of Winnipeg, Man. The Donner Lake lithium project is a 75-per-cent-owned property subject to a joint venture agreement. Grid has a lease agreement on the True North mill where it plans to process feed from Donner Lake. Grid also has a memorandum of understanding with Tantalum Mining which operates the nearby producing Tanco mine. The Makwa Mayville copper/nickel project is a resource-stage project that is undergoing exploration and development work in the Bird River greenstone belt.

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