Grid Battery Metals Exploration Team Completes Phase 1 of Its 2024 Exploration Plan on the Clayton Valley Lithium Project

Rhea-AI Summary

Grid Battery Metals has completed Phase 1 of its 2024 exploration plan at the Clayton Valley Lithium Project in Nevada. This phase involved detailed infill soil sampling and a Magnetotelluric (MT) geophysical survey. Samples are now at the lab for analysis. The MT survey, conducted by KLM Geoscience, revealed significant geological features, including a major fault that could indicate lithium-rich areas. The company plans to create a 3D geological model and launch a new drilling program later in the year. Previous exploration included drilling three holes to test for lithium-bearing clays, with mixed results.

Positive

• Completion of Phase 1 of the 2024 exploration plan for Clayton Valley Lithium Project.
• Detailed infill soil sampling data pending analysis.
• MT geophysical survey data shows significant geological features likely indicating lithium-rich areas.
• Plan to develop a 3D geological model and initiate a new drilling program.
• Proximity to North America’s only lithium brine producer (Albemarle ).

Negative

• Previous drilling showed mixed results with some holes terminated early due to poor conditions and high-water flows.
• Dependency on assay lab results for further planning.
• The MT survey results suggest potential complexity in geological structures, which may pose challenges.

COQUITLAM, BC / ACCESSWIRE / May 30, 2024 / Grid Battery Metals Inc. (the "Company" or "Grid") (TSXV:CELL)(OTCQB:EVKRF)(FRA:NMK2) announces that it has completed the first phase of its spring/summer exploration program at its Clayton Valley Lithium Property near Silver Peak, Nevada, which includes a detailed infill soil sampling program and a previously announced MT geophysical survey.

At the Clayton Valley Lithium Project, the Company contracted the services of Rangefront Geological ("Rangefront") to perform both a detailed infill soil sampling of the southern section of the claim block and to oversee a Magnetotelluric ("MT") geophysical survey to obtain information about subsurface resistivity and geology performed by KLM Geoscience LLC ("KLM") over the entire property. The infill soil sampling exploration work has now been completed and samples have been transported to the assay lab pending results. Together these geological techniques should help predict geological structure and possible locations for lithium accumulation. This is part of a methodical and systematic approach to high quality mineral exploration for this highly sought after metal in Nevada and will assist the Company in determining next steps for the overall exploration plan, including but not limited to a subsequent drilling program.

Recent Infill Soil Samples Taken (Clayton Valley Lithium Project)

The MT geophysical survey was performed by the KLM and was overseen by Grid's Qualified Professional, Mr. Steven McMillin P.G.

MT survey profiles

Mr. Steven McMillin P.G. comments "The MT survey was completed over eleven profiles. The results were plotted in horizontal slices at 250m, 500m and 750m with bedrock depths that range from 216 to 406 m within the Grid claims as announced on May 2, 2024. A major northeast fault interpreted from gravity bisects the claim block and is best apparent in the 500m slice even though the slice is below the basin floor. This suggests that the fault may be a fluid conduit at depth. The fault is less apparent in the strong near-surface anomaly in the 250m slice that may reflect a spread of fluids within the basin sediments away from the fault. The 750m depth slice is likely below the basin floor and conductivity is mostly focused near the basin bounding faults".

Tim Fernback, Grid President & CEO comments "Now that the infill detailed soil sampling and MT geophysical survey programs are complete at Clayton Valley, we will gather as a group to interpret the geological data and assay lab results to plan our next steps at Clayton Valley. This next step will likely include a 3D Leapfrog model of the subsurface to identify additional drilling targets, and a subsequent drilling program later in the year to test the depth of the lithium bearing claystone. We are very excited about the results to date on the property."

Prior Exploration Programs

This current work associated with the first phase of the 2024 exploration plan compliments prior exploration work on the Clayton Valley Lithium Project which includes a soil sampling program over the entire property and an initial prior drilling program consisting of three reverse circulation holes totaling 356 meters (1155 feet). The holes were intended to test the presence of lithium bearing clay members of the lakebed sediments. Drillhole RCV-01, drilled to a depth of 130m (425 feet), was designed to twin a geothermal gradient hole drilled by a previous explorer. Results of this hole correlated with the log of the previous hole including intervals of volcanic ash and dark green clay. Hole RCV-02, located approximately 1260 meters north of RCV-01 was drilled to a depth of 135.6m (445 ft) and penetrated a section consisting primarily of rhyolitic volcanic ash and interbedded sediments. It penetrated a 4.5-meter section of dark green clay before entering the metamorphic alluvium. Poor drilling conditions and high-water flows ended the hole before reaching the target depth but after successfully evaluating the lake sediment section. Hole RCV-03, located 3,890m (12,762 ft) north from Hole RCV-01, was designed to look for a perched section of volcanoclastic sediments beneath an alluvial fan. Previous water well logs indicated a layer of clay, ash, and silt beneath the alluvium and above the bedrock. Apparently, this hole was located too close to the pediment and encountered metamorphosed dolomite at a depth of 56 meters (185 feet) and about the projected elevation of the sedimentary section. The hole lost circulation in an apparent karst horizon at 68.5 meters (225 feet) and was terminated at 79.2 meters (260 ft) without regaining sample return.

Grid's Clayton Valley Lithium Project (RC Drilling Locations Identified)

Tim Fernback, Grid President & CEO comments "Clayton Valley Nevada is home to North America's only lithium brine producer (Albemarle Corporation's Silver Peak Mine) and our property is immediately to the west of their lithium property and production facility. Recently, Century Lithium (our neighbor to the east of the Silver Peak Mine) has just released their Positive Feasibility Study by T. Lane et al. (2024). Measured and Indicated resources totaling 1,207.33 million tonnes (Mt) at an average grade of 957 parts per million (ppm) lithium (Li) containing 1.155 Mt of Li or 6.148 Mt of lithium carbonate equivalent (LCE), a 40-year mine life and an after-tax NPV₈ of $3.01 billion. Additional information is in Century Lithium's NI-43-101 byFayram et al. (2020) 43-101 Report.

With the MT survey that has just been completed, together with the results of the planned detailed soil sampling program in the southern area of our Clayton Valley claim block, these results will allow us to determine next steps for our exploration programs later in the year."

It should be noted that results from any adjacent property(s) are not an indication of what may be found on the Company's property(s).

About Rangefront Geological

Elko Nevada-based Rangefront Geological has combined in-depth expertise with cutting-edge technology to provide mining consulting services, contract labor, field crew services, and vehicular support to the mining industry. With services available across North America, Rangefront works closely with its clients to provide high-quality mineral exploration services.

About KLM Geoscience LLC

KLM (https://www.klmgeoscience.com/) is an industry leading, Nevada-based geophysical exploration company. Established in 2014, KLM specializes in a wide array of geophysical methods. Using state of the art equipment, KLM's services include induced polarization (IP), natural-source magnetotellurics (MT, AMT), controlled-source audio-frequency magnetotellurics (CSAMT), passive seismic and magnetic potential field surveys. With a head office location in Nevada, this allows KLM to rapidly mobilize and begin work at a moment's notice throughout the Western United States and beyond. KLM has been a preferred vendor for Grid and its management team for many years.

Qualified Person

Mr. Steven McMillin, P.G. is a Qualified Person as defined by National Instrument 43-101 and has approved the technical information contained within this news release.

About Grid Battery Metals Inc.

Grid Battery Metals Inc. is a Canadian based exploration company whose primary listing is on the TSX Venture Exchange. The Company's maintains a focus on exploration for high value battery metals required for the electric vehicle (EV) market.

www.gridbatterymetals.com.

About Texas Springs Property

The Company owns a 100% interest in the Texas Spring Property which consists of mineral lode claims located in Elko County, Nevada. The Property is in the Granite Range southeast of Jackpot, Nevada, about 73 km north-northeast of Wells, Nevada. The target is a lithium clay deposit in volcanic tuff and tuffaceous sediments of the Humbolt Formation. A Phase 1 exploration program at the Texas Springs Property (Fall 2023) yielded average lithium grades of 2010 ppm, applying a 1,000 ppm cut-off, and up to 5,610 ppm Lithium.

The Texas Spring property adjoins the southern border of the Nevada North Lithium Project - owned by Surge Battery Metals Inc. ("Surge") (TSXV: NILI, OTC: NILIF) and comprised of 725 mineral claims. Surge's first round of drilling identified strongly mineralized lithium bearing clays. The average lithium content within all near surface clay zones intersected in the 2022 drilling program, applying a 1000 ppm cut-off, was 3254 ppm. (Press release March 29, 2023). More recent results have shown higher grade lithium up to 8070 ppm on this property after initial drilling (Press release September 12, 2023). Our exploration results are on-trend with these results.

About Clayton Valley Lithium Project

The Company owns a 100% interest in 113 lithium lode and placer claims covering over 640 hectares in Clayton Valley. Clayton Valley is a down-dropped closed basin formed by the Miocene age Great Basin extension and is still active due to movement along the Walker Lane structural zone. As a result, the basin has preserved multiple layers of lithium bearing volcanic ash, resulting from multiple eruptive events over the past 6 million years including eruptions from the 700,000-year-old Long Valley Caldera system and related events. These ash layers are thought to contribute to the lithium brines extracted by Albemarle and are also likely involved in the formation of the exposed lithium rich clay deposits on the east side of Clayton Valley.

Volt Canyon Lithium Property

The Company owns a 100% interest in 80 placer claims covering approximately 635 hectares of alluvial sediments and clays located 122 km northeast of Tonopah, Nevada.

References

Prefeasibility Study Clayton Valley Lithium Project, Esmerelda County, Nevada, August 5, 2020, Amended March 15, 2021, Todd Fayram MMSA-QP (CMS), Terre A. Lane MMSA-QP (GRE), J.J. Brown, SME-RM (GRE), NI43-101 Technical Report for Century Lithium

Century Lithium Announces Positive Feasibility Study for the Clayton Valley Lithium Project, Nevada, April 29, 2024, Terre A Lane MMSA-QP (GRE), Hamid Samari, Principal Geologist, Todd-Fayram, Sr. V.P Metallurgy-Century Lithium, Alan Drake, Process Engineering, Haiming (Peter)Yuan Principal Geotechnical Engineer, Paul Blauch, Technical Director, Farza Kossari, Cost Estimating Engineer, Century Lithium Press Release.

On Behalf of the Board of Directors

"Tim Fernback"

Tim Fernback, President & CEO

Contact Information:
Email: info@gridbatterymetals.com
Phone: 604-428-5690

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. It should be noted that results from any adjacent property(s) are not an indication of what may be found on the Company's property(s).

SOURCE: Grid Battery Metals Inc.

View the original press release on accesswire.com

FAQ

What did Grid Battery Metals announce on May 30, 2024?

Grid Battery Metals announced the completion of Phase 1 of its 2024 exploration plan at the Clayton Valley Lithium Project.

What is the stock symbol for Grid Battery Metals?

The stock symbol for Grid Battery Metals is EVKRF.

What were the key activities in Phase 1 of Grid Battery Metals' exploration plan?

Key activities included detailed infill soil sampling and a Magnetotelluric (MT) geophysical survey.

What were the results of the MT geophysical survey at Clayton Valley?

The MT geophysical survey revealed significant geological features, including a major fault that could indicate lithium-rich areas.

What are the next steps for Grid Battery Metals in Clayton Valley?

The next steps include developing a 3D geological model and initiating a new drilling program later in the year.

What was the outcome of the previous drilling program at Clayton Valley?

The previous drilling program had mixed results; some holes were terminated early due to poor conditions and high-water flows.

How will the soil sampling and MT survey data be used?

The data will help Grid Battery Metals predict geological structures and identify potential lithium-rich areas for future exploration.