Grid Metals Corp Completes 15 Drill Holes at Donner Lake Lithium Project; Drilling Ongoing

Rhea-AI Summary

Grid Metals Corp provided a progress update on its drill program at the Donner Lake Lithium Property in Manitoba, highlighting both resource delineation drilling and exploration efforts. The drilling at the Main Dyke has seen 15 holes completed over approximately 3400 meters. Previous drilling in 2018 returned averages of 1.5% Li2O. In addition, the Northwest Dyke has potential as it remains open along strike and to depth. The Company aims to establish a maiden resource through these efforts, bolstered by positive surface sampling results from additional exploration targets.

Positive

• Completed 15 holes over approximately 3400 meters at Main Dyke.
• Historical drilling returned an average of 1.5% Li2O.
• The Northwest Dyke remains open along strike and to depth.
• Positive surface sampling results from Southwest Dykes indicate potential exploration targets.

Negative

• None.

TORONTO, ON / ACCESSWIRE / November 29, 2022 / Grid Metals Corp (TSXV:GRDM)(OTCQB:MSMGF) (the "Company") today provided a progress update on its drill program at its Donner Lake Lithium Property (the "Property"), located in the Bird River Greenstone Belt of southeastern Manitoba. The program will include resource delineation drilling at the Main and Northwest dykes and a series of exploration holes targeting untested spodumene bearing pegmatites. The Company maintains the near-term goal of establishing a maiden resource from the Main and Northwest dykes via the current drilling program. The property is a 75%/25% joint venture between Grid Metals Corp. and Lithium Royalty Corp.

Drill Program Update

Main Dyke Drilling

The Company currently has two drills in operation on the Main Dyke and 15 holes for approximately 3400 meters have been completed since the start of the drilling several weeks ago. The Main Dyke is being drilled at an average pierce point spacing of 75 to 90 meters and approximate vertical depths of between 100m and 250m. This work will complement shallow drilling completed in 2018 and surface channel sampling completed earlier in 2022. Pegmatite units have been encountered in every hole. The 11 holes completed in the 2018 drilling program returned average grades of 1.5% Li2O over true widths of approximately 3 metres at an average vertical depth of approximately 50 metres and over a strike length of approximately 760 metres. Historical drilling from 1955 on the dyke covered a strike length of 810 metres. The Main Dyke remains open along strike and to depth.

Later in the program resource delineation drilling will also be completed at the Northwest Dyke where fifteen (15) exploration holes were completed by the Company in the first quarter of 2022. The fifteen drill holes cover a strike length of 500 metres and returned intersection depths of <100 to >250 metres. The results of that program indicated that the near surface part of the Northwest Dyke has an average true thickness of ~ 4 metres and an average grade of 1.3% LiO2 (see the Company's July 28, 2022 New Release for details). The Northwest Dyke remains open along strike in both directions and to depth.

Exploration Drilling Plan: Several other exploration targets in the area of the Main and Northwest Dykes are planned to be drilled in the course of the current drill program. Targets include two outcropping dykes systems. At the Southwest Dykes , 19 surface grab samples were taken of the surface pegmatites with 6 samples yielding assay values greater than 0.4% Li2O with the highest assay being 2.93% Li2O (Table 1). The 19 samples were also anomalous in cesium, rubidium, and tantalum. At the South Dykes surface grab samples also returned anomalous lithium values and tantalum values (up to 579 ppm).

The Company expects to generate additional exploration targets for future drilling through the integration of surface prospecting and mapping data , historical and recent lithogeochemical analyses, and 2D and 3D geophysical models of both magnetics and apparent resistivity.

Above: Mapped pegmatite dykes at Donner Lake Lithium Property showing areas of resource drlling and preliminary exploration drill hole locations

Additional Information

The Southwest Dykes were mapped in the summer over an inferred strike length of greater then 250 meters. In the field the dykes were averaging 1.3 meters widths. Fine to coarse grained spodumene blades were noted in the field investigation and assays are provided below. The maximum surface sample Li2O grade was 2.93%. The trend of the pegmatites exposed on surface at the Southwest and South Dykes are is similar to the trends of the Northwest and Main Dykes, i.e., steeply dipping with a northeasterly strike direction.

Above: Assay Table from 2022 field sampling of the Southwest Dykes. Samples are select grab samples taken in the course of geological mapping.

Above: Surface plan map of the Southwest Dykes with selected Li2O% values. Coordinates are based on he NAD83 UTM Zone 15N projection.

Above: Main Pegmatite Dyke with spodumene blades from recently completed drill hole GDL22-31

QAQC

The exploration program at Donner Lake is being supervised by Carey Galeschuk, P.Geo., who is an experienced lithium geologist with nearly 2 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.

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 parametres 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 is the latest update on Grid Metals Corp's drilling at Donner Lake Lithium Property?

Grid Metals Corp has completed 15 drill holes at the Main Dyke, totaling approximately 3400 meters, with positive results indicating lithium mineralization.

How much lithium was found in previous drilling at the Main Dyke of Donner Lake?

Previous drilling in 2018 at the Main Dyke returned an average grade of 1.5% Li2O.

What are the future plans for the Northwest Dyke drilling?

The Company plans to continue resource delineation drilling at the Northwest Dyke, which remains open along strike and to depth.

What were the findings from the surface sampling at the Southwest Dykes?

Surface sampling at the Southwest Dykes returned values greater than 0.4% Li2O, with the highest at 2.93%.