Grid Battery Metals Exploration Team Prepares for its Third Phase of the 2024 Exploration Plan on the Clayton Valley Lithium Project

Rhea-AI Summary

Grid Battery Metals has announced the results of its second phase of exploration at the Clayton Valley Lithium Project in Nevada and plans for the third phase. Key findings include infill soil sample results and data from a magnetotelluric (MT) geophysics survey, which have helped identify potential lithium accumulation sites. The upcoming phase involves a four-hole drill program scheduled for September 2024.

President and CEO Tim Fernback stated that the completed soil sampling and geophysical survey, supervised by Rangefront Geologist Steven McMillin, have led to the identification of four key drill locations. Three holes in the south show potential lithium deposits in claystone and brine, while the northern hole, despite lacking significant soil signatures, shows a promising low-resistivity anomaly.

The company is optimistic about these findings and anticipates further exploration to determine the depth and extent of lithium-bearing deposits.

Positive

• Infill soil sampling and MT geophysics survey completed, identifying potential lithium accumulation sites.
• Four key drill locations identified for lithium deposits in claystone and brine.
• Upcoming four-hole drill program scheduled for September 2024.

Negative

• None.

COQUITLAM, BC / ACCESSWIRE / July 8, 2024 / Grid Battery Metals Inc. (the "Company" or "Grid") (TSXV:CELL)(OTCQB:EVKRF)(FRA:NMK2) announces its results from its second phase of exploration and its plans for the third phase of its spring/summer exploration program at its Clayton Valley Lithium Property near Silver Peak, Nevada, which includes a four-hole drill program planned for September 2024.

At the Clayton Valley Lithium Project, the infill soil sampling exploration work performed by Rangefront Geological ("Rangefront") and supervised by Rangefront Geologist / Company Qualified Person Steven McMillin P.G., has now been completed and results have come back from the assay lab.

Infill Soil Samples Results (Clayton Valley Lithium Project)

Mr. Tim Fernback, Grid President & CEO states "These results, together with the Company's recently completed magnetotelluric (MT) geophysics survey, are geological techniques that should help predict geological structure and possible locations for lithium accumulation within claystone and brine at depth."

Proposed Drill Locations (Clayton Valley Lithium Project)

MT Geophysics Results (Clayton Valley Lithium Project) - 500m MT depth slice

Mr. Steven McMillin P.G. comments "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. Three drill holes in the south were selected by our team based on the combination of geophysics data and soil sample data that point to possible lithium accumulation within claystone and brine. The hole located at the north of the property has no significant soil signature as it is buried by alluvium, but it has a low-resistivity anomaly with a significant depth extent. A claystone dominant host for lithium is hypothesized at this location.

Tim Fernback, Grid President & CEO comments "Now that the soil sampling, geophysical survey programs and 3D Leapfrog model of the subsurface are now complete at Clayton Valley, we have identified these four drilling targets to test for the depth and extent of lithium bearing brine and claystone. We are very excited about the results to date on the property and look forward to our drilling program later this year."

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.

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.

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 phase is Grid Battery Metals in for the Clayton Valley Lithium Project?

Grid Battery Metals is preparing for the third phase of its 2024 exploration plan, which includes a four-hole drill program scheduled for September 2024.

What are the results of the second phase of exploration at the Clayton Valley Lithium Project?

The second phase of exploration at Clayton Valley included infill soil sampling and a magnetotelluric (MT) geophysics survey, identifying potential lithium accumulation in claystone and brine.

What are the planned activities for the third phase of exploration at Clayton Valley?

The third phase of exploration at Clayton Valley involves a four-hole drill program to test for the depth and extent of lithium-bearing brine and claystone.

When is the four-hole drill program at Clayton Valley scheduled?

The four-hole drill program at Clayton Valley is scheduled for September 2024.

What areas will the drill program target in Clayton Valley?

The drill program will target three locations in the south with potential lithium deposits in claystone and brine, and one northern location with a low-resistivity anomaly.