Grid Metals Announces More Positive Lithium Drill Results From Donner Lake

Grid Metals Corp (TSXV:GRDM) (OTCQB:MSMGF) reported results from an additional 12 holes at its Donner Lake Lithium Property, located 150 km northeast of Winnipeg Manitoba. The drilling is part of the maiden 43-101 compliant resource delineation program at Donner Lake. The current phase of drilling at the Main Dyke has now been completed.

Highlights

• Results continue to outline a steeply-dipping LCT-type pegmatite dyke with visible spodumene mineralization.
• All holes drilled to date in the 800m core resource area have hit the Main Dyke and all holes reported to date have returned significant lithium values.
• Sub-parallel spodumene-bearing pegmatites have also been intersected in many of the completed holes in both the footwall and hangingwall of the Main Dyke.
• The Main Dyke remains open at depth and along strike.
• Resource drilling is now commencing at the Northwest Dyke located 1 km to the west to follow up on drilling completed in 2022.
• Drilling for a maiden lithium resource for both the Main and Northwest dykes is on track for completion by the end of March 2023.
• A metallurgical test program involving composite samples from both the Main and Northwest dykes is nearing completion and will be reported on in the near future.
• Donner Lake is currently a 75% / 25% joint venture with Lithium Royalty Corp. Grid has an MOU in place with Tantalum Mining Corporation of Canada Limited focused on creating a toll milling operation to process spodumene-bearing pegmatites from Grid’s Donner Lake Property.
• Assays from the newly reported drill holes at the Main Dyke are shown below.

Above: Table of length-weighted average LiO2 concentrations for drill holes GDL22-26 and GDL22-31 to GDL22-42 drilled on the Main Dyke including results from GDL22-26 which had not been previously released. Interval lengths are apparent widths with true widths generally estimated to represent between 50% and 80% of the reported interval lengths depending on the hole orientation UTM coordinates, azimuth and dip of above holes are tabulated later in this release.

Discussion and Analysis

The Main Dyke resource delineation drilling has confirmed a minimum vertical depth of approximately 350m over a minimum strike length of approximately 800 metres. The Company is pleased to note that the deepest holes completed to date at the Main Dyke continue to show excellent spodumene content and consistent widths.

Resource drilling will now shift to the Northwest Dykes where a ~ 600m strike length has been outlined for delineation.

The Company is pleased to note that it has received initial results from a drone mag survey over the core area at Donner Lake. The survey results will be integrated with lithogeochemical data generated by the 2022 field program to assess and prioritize new exploration targets for the property.

About Donner Lake Lithium

Donner Lake Lithium is a 75%/25% joint venture project between Lithium Royalty Corp and Grid Metals Corp. with Grid Metals as the project operator. Resource drilling at two known LCT spodumene bearing dykes is expected to be competed by end of March 2023 to be followed by an initial NI 43-101 resource estimate. An Advanced Exploration Permit application is being prepared which would enable a bulk sample which planned to be completed at the nearby Tanco Mine – Canada’s only hardrock lithium producer. Grid has a MOU in place with Tanco for possible toll milling at the Tanco Mine.