TORONTO, ON / ACCESSWIRE / March 1, 2024 / Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) ("Grid" or the "Company") is pleased to announce a corporate update of its activities and that it is participating in the upcoming 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 kilometer 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 towards 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 towards 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
Grid Metals will be exhibiting on site at the PDAC from March 3-6 and invites interested parties to stop by booth number 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 am in Room 801B at the Metro Toronto Convention Centre.
For more information or to attend the conference, please visit the PDAC 2024 Convention website (https://www.pdac.ca/convention).
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, Manitoba. Grid has a 75% 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 an MOU with Tantalum Mining Corporation of Canada Limited who operates the nearby producing Tanco Mine which is one of only two lithium-producing mines in Canada. In addition to the 100%-owned Falcon West Lithium Project, the Company controls the PEA stage Makwa-Mayville Ni-Cu-PGM-Co project. Grid's properties are located in the traditional territory of the Sagkeeng First Nation.
Dr. Dave Peck P. Geo 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.
On Behalf of the Board of Grid Metals Corp.
For more information about the Company, please see the Company website at www.gridmetalscorp.com or contact:
We seek safe harbour. This news 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) (together, "forward-looking statements"). Such forward-looking statements include the Company's closing of the proposed financial transactions, sale of royalty and property interests. the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward- looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risk, uncertainty of production and capital costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, metallurgical risk, currency fluctuations, fluctuations in the price of nickel, cobalt, copper and other metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Management Discussion and Analysis for the most recent financial period and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.
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This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
