Grid Metals Announces Final Drill Results from Donner Lake Supporting a Maiden Resource Estimate by the End of June

Grid Metals Corp. (TSXV:GRDM) (OTCQB:MSMGF) announced final drill results from the completion of the Northwest Dyke drill program at the Donner Lake Lithium Property in Manitoba, Canada. Grid Metals has received all assays from the winter drilling program which will be incorporated into the upcoming maiden resource estimate expected before the end of Q2/23. SGS Canada has been retained to complete the estimate which will include both the Main and Northwest Dykes.

Highlights:

Visible spodumene mineralization noted in all drill holes in the core area of the dyke.
Northwest Dyke remains open at depth and along strike to the south (current strike length of approximately 715 meters). Apparent widths of up to 10 meters identified at 185 meters below surface. The Northwest Dyke is exposed at surface and recent resource drilling has projected the lithium bearing pegmatite to at least 300 meters below surface.

Drilling highlights include:

GDL 23-68: 5.9 m of 1.59% Li2O starting at 14.5 m
GLD 23-74: 6.9 m of 1.56% Li2O starting at 59.1 m
GDL 23-78: 10.7 m of 1.13% Li2O starting at 185.2 m
GDL 23-81: 6.7 m of 1.60% Li2O starting at 54.2 m
GDL 23-84: 5.0 m of 1.37% Li2O starting at 262.7 m

“We are pleased to report the final assays from the recently completed Northwest Dyke drill program. The results highlight strong continuity of mineralization across the core area of the dyke with the pegmatite remaining open at depth and to the south along strike. We look forward to releasing a maiden resource estimate at Donner Lake before the end of this quarter that will include the 2023 resource drilling at both the Main and Northwest dykes.”Robin Dunbar, CEO, Grid Metals

Following on drilling competed in 2022, the 2023 NW Dyke resource drilling program included 19 holes for a total of 4,379 meters. Analytical results are shown in Table 1. The Company has rapidly progressed the Donner Lake Lithium Project to the resource estimation stage in just over a year since the start of drilling in February 2022. In total 66 resource drill holes were completed in 2023 for a total of 17,696 meters at the Main Dyke and Northwest Dyke.

Table 1: Assay Results of the 2023 drilling at the Northwest Dyke – Donner Lake Lithium Project

True width of drill intercepts are between 50-80% of apparent width.

Project Plans

Discussions with Tanco are ongoing to enable toll mining of Donner Lake ore at the Tanco Mine site – one of two producing lithium mines in Canada. The company has new geochemical and geophysical survey data to define several new exploration targets on the property that will be validated and explored this upcoming field season prior to initial drill testing.

SGS Canada Inc. has been retained by Grid Metals to complete a resource estimate in compliance with National Instrument 43-101. The company has completed an initial metallurgical testwork program at XPS Metallurgical Laboratories with results expected shortly. The company plans to formally submit an Advanced Exploration Permit to the Manitoba government which would allow for the completion of a bulk sample at Donner Lake.

The company has also sent test sample work to the Tanco Mine to ensure there is metallurgical congruency for the pending bulk sample. The company has a pre-production MOU with Tantalum Mining Corporation of Canada (“Tanco”) (see October 17, 2023 press release).

Figure 1: Donner Lake Plan Map with 2023 Drill Hole and Cross Section Locations

Figure 2: Northwest Dyke Cross Section (A – A’) Apparent width of interval shown.

Duane Hope

Duane Hope is a Partner at Capital 10X, he brings over 15 years of communications and research experience to the firm. His research and writing has appeared in publications for North American, European and Asian audiences.