Grid Metals Corp Announces Strong Second Wave of Results From the Main Dyke Lithium Drilling

TORONTO, ON / ACCESSWIRE / February 2, 2023 / Grid Metals Corp (TSXV:GRDM)(OTCQB:MSMGF) (the “Company”) today announced results from an additional five (5) drill holes on its Donner Lake Lithium Property (the “Property”), located in the Bird River Greenstone Belt of southeastern Manitoba. The drill holes are part of an ongoing Main Dyke resource delineation drill program. All delineation holes from the current campaign have intersected significant, high-grade lithium values ​​in the Main Dyke and locally in at least three proximal subparallel dykes that were previously unknown. Donner Lake is currently a 75%/25% joint venture with Lithium Royalty Corp. Grid has entered into a letter of intent with Tantalum Mining Corporation of Canada Limited focused on establishing a toll milling operation to process spodumene bearing pegmatites from Grid’s Donner Lake property.

Highlights from the five new Main Dyke drill holes are presented below.

Above: Table of length weighted average LiO2 concentrations for drill holes GDL22-25 through GDL22-30 drilled on the Main Dyke (analysis pending for GDL22-26). Interval lengths are estimated to be between 50% and 80% of the true width of the reported spodumene-rich pegmatite intervals.

“We are pleased to continue to see high-grade lithium values ​​from our resource drilling in the Main Dyke, which is successfully tracing the Main Dyke to a significant depth,” said Robin Dunbar, President and CEO of Grid. “The Main Dyke to date has been very consistent in core drilling with a resource of approximately 800m. While we have many other exploration targets at Donner Lake, we are currently focused on delineating an initial resource for the property from both the Main and Northwest Dykes .” he added.

above: Completed and Proposed Drill Holes at Main and Northwest Dykes. The area south of the Diorite Unit at Main Dyke (B) is considered a highly prospective follow-up exploration target. The white polygons represent the current focus for the initial resource delineation drilling. The area between the Main and Northwest Dykes (A) is also considered prospective for the discovery of additional pegmatites. The base image is the apparent resistivity depth slice 100m below surface taken from a historical VTEM survey. Areas of low resistivity (cold/blue colors) are known to be associated with potential mafic host rocks such as basalt and gabbro.

discussion and analysis

This news release reports drill holes GDL22-25 through GDL22-30 (assays pending for GDL22-26). Grid has now drilled 19 holes as part of resource definition drilling at the Main Dyke. Several other exploration holes have been drilled to attempt to extend the strike extent of the Main Dyke and to provide an initial test of the mapped area occupied by the nearby Southwest Dykes.

Key findings so far include:

• To date, the Main Dyke shows excellent continuity of apparent spodumene grade within a core zone approximately 800 meters in strike length.
• Drilling is also locally encountering one or more narrower spodumene-rich pegmatites in the immediate (ie, within <50m) hanging wall and footwall of the Main Dyke.
• Mineralization consists of coarse grained spodumene blades (see attached image) and smaller quartz-spodumene outgrowths (“SQUI”).

program schedules

Over the next approximately 2 months, the Company plans to complete the initial resource delineation drill program at the Main Dyke and Northwest Dyke. Resource drilling at Northwest Dyke will include infill and extension holes to expand on results from the 15 drill holes completed during the previous winter drilling campaign. A number of exploration targets near Main Dyke and Northwest Dyke are also being evaluated and may also be drilled prior to the completion of the current campaign. In particular, the southwest extension of the Main Dyke (south of the diorite unit shown in the map above) and the main gap area between the Main and Northwest Dykes – which is deep-lying, bog-covered and poorly exposed – are considered such immediate exploration drilling priorities.

Additional work currently in progress on the Donner Lake property includes:

• a metallurgical test program at the XPS laboratory in Sudbury, which is nearing completion;
• a drone magnetic geophysical survey to guide future exploration; and,
• Integrate lithogeochemical sampling results from the 2022 field program with geophysical data to guide future exploration activities.

Preparation of an Advanced Exploration Permit (AEP) application and associated environmental studies are ongoing with the application nearing completion. Approval of the AEP application would allow the Company to conduct a bulk sampling program at Donner Lake. The bulk sample materials would be sent to the nearby Tanco spodumene concentrator for processing as contemplated in the recently signed Memorandum of Understanding with Tanco. The Tanco mine is located approximately 50 km by road from the Donner Lake property and is currently Canada’s only producer of spodumene concentrate.

Above: Main Dyke in GDL22-28 (252.22 to 259.20m @ 1.62% Li2O over 6.98m)

Above: Close-up of the Main Dyke in GDL22-28 (252.22 to 259.20m grading 1.62% Li2O over 6.98m) with coarse-grained white spodumene crystals hosted in a matrix of gray quartz and albite.

QAQK

The exploration program at Donner Lake is being overseen by Carey Galeschuk, P.Geo., a veteran lithium geologist with nearly three decades of exploration experience in the Bird River Belt with Grid Metals, Tantalum Mining Corporation of Canada and others. Grid Metals employs best practice Quality Assurance and Quality Control (“QAQC”) protocols in all of its exploration programs. The Donner Lake Lithium Project drill program was core logged and sampled at the Company’s core facility on the Makwa Property. Generally, sample lengths of 1.0 meter were used. Samples were bagged and labeled and then shipped using secure carrier to Actlabs laboratory (Thunder Bay) for sample preparation and assay for lithium, cesium, tantalum and selected major and trace elements using a sodium peroxide fusion total digestion method followed by ICP-OES analyze and ICP-MS analysis. The Company uses two Lithium + Rare Metals Certified Reference Materials (“CRMs”) and an analytical blank for the program to monitor analytical accuracy and check for cross-contamination between samples.

Mr. Galeschuk has reviewed and approved the contents of this news release in accordance with NI 43-101 reporting guidelines.

About Grid Metals Corp.

Grid Metals is focused on both lithium and Ni-Cu-PGM in the Bird River area, approximately 150 km northeast of Winnipeg, Manitoba. In addition to activities at Donner Lake, the Company has a PEA stage Ni-Cu-PGM-Co project (Makwa-Mayville) which is undergoing exploration and development activities.

On behalf of the Board of Directors of Grid Metals Corp.

For more information about the company, visit the company’s website at www.gridmetalscorp.com or contact:

Robin Dunbar – President, CEO and Director Phone: 416-955-4773 Email: [email protected]
David Black – Investor Relations Email: [email protected]

We’re looking for a safe haven. This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (collectively, “forward-looking statements”). Such forward-looking statements include the Company’s completion of proposed financial transactions, sale of royalties and ownership interests. the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements expressed or implied by such forward-looking statements. These factors include, among others, risks and uncertainties related to potential political risks, uncertainty in production and capital cost estimates and the possibility of unanticipated costs and expenses, physical risks associated with mining operations, metallurgical risks, currency fluctuations and price fluctuations of nickel, cobalt, copper and others metals, the completion of economic assessments, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing in a timely manner, and other risks and uncertainties, including those described in the Company’s Discussion and Analysis of management for the most recent fiscal period and material change reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been and will not be registered in the United States Securities Act 1933as amended, and such securities may not be offered or sold in the United States absent US registration or an applicable exemption from US registration requirements.

Hole ID	Easting (m)	high value (m)	height (m)	azimuth	Dive	length (m)
GDL22-25	317377	5610245	302	147	-49	278
GDL22-27	317352	5610185	303	147	-48	254
GDL22-28	317352	5610185	303	147	-64	272
GDL22-29	317264	5610157	305	147	-45	269
GDL22-30	317264	5610157	305	147	-58	296

Above: Specifications for drill holes reported in this news release. East and North coordinates are based on a NAD83 UTM Zone 15N projection.

SOURCE: Grid Metals Corp.

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