Grid Metals Corp Announces More Lithium Drill Results From Donner Lake

Rhea-AI Summary

Grid Metals Corp (OTCQB:MSMGF) has announced promising results from 12 additional drill holes at its Donner Lake Lithium Property in Manitoba. The drilling, part of a 43-101 compliant resource delineation program, confirmed a steeply-dipping LCT-type pegmatite dyke with visible spodumene. All holes in the core resource area returned significant lithium values, and the Main Dyke remains open at depth. The resource drilling will transition to the Northwest Dyke and is expected to finish by the end of March 2023. A metallurgical test program is also nearing completion.

Positive

• Confirmed a LCT-type pegmatite dyke with visible spodumene.
• All holes in the core area returned significant lithium values.
• Resource drilling is on track for completion by the end of March 2023.

Negative

• None.

TORONTO, ON / ACCESSWIRE / February 22, 2023 / Grid Metals Corp (TSXV:GRDM)(OTCQB:MSMGF) (the "Company") today reported results from an additional 12 holes at its Donner Lake Lithium Property (the "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.

• 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.

Drill hole		Li2O	Interval (m)	From (m)
GDL-22-26		1.7%	1.9	190.0
	and	1.2%	0.8	287.2
	and	2.0%	5.9	291.5
	and	1.6%	2.7	302.8
	GDL22-27 to GDL22-30 previously reported
GDL22-31		1.4%	5.3	187.3
GDL22-32		1.8%	6.1	230.0
GDL22-33		2.1%	1.7	110.3
	and	1.5%	5.9	252.1
GDL22-34		1.5%	3.4	50.8
GDL22-35		1.6%	3.8	175.0
GDL22-36		1.8%	3.5	60.8
GDL22-37		1.8%	7.5	213.5
	including	2.1%	4.0	217.0
GDL22-38		1.7%	3.6	139.4
GDL22-39		Assays pending
GDL22-40		1.7%	3.8	151.5
GDL22-41		1.8%	5.3	178.3
GDL22-42		1.8%	3.3	212.4
	and	1.6%	4.4	295.3

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.

Above: Longitudinal section, looking to the northwest, showing pierce points and selected assay values at the Main Dyke for all completed resource delineation drill holes.

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.

Above: Location of the Donner Lake lithium property in relation to the Tanco Mine, Grid's Makwa and Mayville Ni-Cu-Co-PGM properties and the city of Winnipeg.

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.

QAQC

The exploration program at Donner Lake is being supervised by Carey Galeschuk, P.Geo., who is an experienced lithium geologist with nearly three decades of exploration experience in the Bird River Belt with Grid Metals, Tantalum Mining Corporation of Canada and other companies. Grid Metals applies best practice quality assurance and quality control ("QAQC") protocols on all it's exploration programs. For the Donner Lake Lithium Project drilling program, core was logged and sampled at the Company's core facility located on the Makwa Property. Generally, 1.0 metre sample lengths were used. Samples were bagged and tagged and then transported by secure carrier to the Actlabs (Thunder Bay) laboratory for sample preparation and analysis for lithium, cesium, tantalum and selected major and trace element abundances using a sodium peroxide fusion total digestion method followed by ICP-OES and ICP-MS analysis. The Company is using two lithium + rare metal certified reference materials ("CRMs") and an analytical blank for the program to monitor analytical accuracy and check for cross contamination between samples.

Mr. Galeschuk has reviewed and approved the contents of this press release with respect to NI 43-101 reporting guidelines.

About Grid Metals Corp.

Grid Metals is focused on both lithium and Ni-Cu-PGM in the Bird River area approximately 150 km north east of Winnipeg Manitoba. In addition to activity at Donner Lake the Company has a PEA stage Ni-Cu-PGM-Co project (Makwa-Mayville) undergoing exploration and development activity. The projects are in the traditional territory of the Sagkeeng First Nation.

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:

Robin Dunbar - President, CEO & Director Telephone: 416-955-4773 Email: rd@gridmetalscorp.com
David Black - Investor Relations Email: info@gridmetalscorp.com

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.

Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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.

SOURCE: Grid Metals Corp.

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FAQ

What are the latest drill results from Grid Metals Corp's Donner Lake Lithium Property?

The latest results confirm a LCT-type pegmatite dyke with visible spodumene, with all holes returning significant lithium values.

When will the resource drilling at Donner Lake be completed?

The resource drilling is expected to be completed by the end of March 2023.

What is the significance of the drill results for MSMGF stock?

The confirmed lithium values and ongoing resource delineation may positively influence investor confidence and stock performance for MSMGF.

Is there a metallurgical test program for Donner Lake?

Yes, a metallurgical test program involving composite samples from both the Main and Northwest dykes is nearing completion.