Grid Metals Corp. Reports Makwa Project Advancing to Drill Stage
Grid Metals Corp (OTCQB:MSMGF) has announced progress at its Makwa nickel project in Manitoba, following a December 2024 Joint Venture Agreement with Teck Resources. Under the agreement, Teck can earn up to 70% interest by investing $17.3 million ($15.7M in project expenditures and $1.6M in cash/equity).
The company has completed aerial geophysical surveying, identifying several high-priority anomalies potentially indicating massive sulphide deposits. A notable surface sample from the Ore Fault area yielded 5.97% Ni and 0.45% Co. Teck has confirmed funding for an initial 2,500m drilling program.
The survey, conducted by Geotech , covered 1,192-line km using their 30 Hz VTEM MAX system, with additional 245-line km test flights using a new 15 Hz system. Drilling is expected to commence in late summer 2025, pending permits.
Grid Metals Corp (OTCQB:MSMGF) ha annunciato progressi nel suo progetto nickel di Makwa in Manitoba, a seguito di un Accordo di Joint Venture con Teck Resources nel dicembre 2024. In base all'accordo, Teck può acquisire fino al 70% di interesse investendo 17,3 milioni di dollari (15,7 milioni di dollari in spese di progetto e 1,6 milioni in contante/equità).
L'azienda ha completato un'indagine geofisica aerea, identificando diverse anomalie ad alta priorità che potrebbero indicare depositi di solfuri massivi. Un campione di superficie significativo dall'area dell'Ore Fault ha mostrato 5,97% Ni e 0,45% Co. Teck ha confermato il finanziamento per un programma di perforazione iniziale di 2.500 metri.
L'indagine, condotta da Geotech, ha coperto 1.192 km di linee utilizzando il loro sistema VTEM MAX a 30 Hz, con ulteriori 245 km di voli di prova utilizzando un nuovo sistema a 15 Hz. Si prevede che la perforazione inizi alla fine dell'estate 2025, in attesa dei permessi.
Grid Metals Corp (OTCQB:MSMGF) ha anunciado avances en su proyecto de níquel Makwa en Manitoba, tras un Acuerdo de Joint Venture con Teck Resources en diciembre de 2024. Según el acuerdo, Teck puede obtener hasta un 70% de interés invirtiendo 17,3 millones de dólares (15,7 millones en gastos del proyecto y 1,6 millones en efectivo/equidad).
La empresa ha completado un levantamiento geofísico aéreo, identificando varias anomalías de alta prioridad que podrían indicar depósitos masivos de sulfuros. Una muestra significativa de superficie del área de Ore Fault arrojó 5,97% Ni y 0,45% Co. Teck ha confirmado financiamiento para un programa inicial de perforación de 2,500 m.
El levantamiento, realizado por Geotech, cubrió 1,192 km de líneas utilizando su sistema VTEM MAX a 30 Hz, con 245 km adicionales de vuelos de prueba utilizando un nuevo sistema de 15 Hz. Se espera que la perforación comience a finales del verano de 2025, a la espera de permisos.
그리드 메탈스 코퍼레이션 (OTCQB:MSMGF)은 2024년 12월 테크 리소스와의 공동 투자 계약에 따라 매니토바의 막와 니켈 프로젝트에서 진전을 발표했습니다. 계약에 따라 테크는 1,730만 달러(프로젝트 비용 1,570만 달러 및 현금/지분 160만 달러)를 투자하여 최대 70%의 지분을 취득할 수 있습니다.
회사는 항공 지구물리학 조사를 완료하고, 잠재적으로 대규모 황화물 매장지를 나타낼 수 있는 여러 고우선순위 이상 징후를 확인했습니다. 오르 폴트 지역의 주목할 만한 표면 샘플에서 5.97% Ni 및 0.45% Co가 나왔습니다. 테크는 초기 2,500m 시추 프로그램에 대한 자금을 확인했습니다.
지조사는 Geotech에 의해 수행되었으며, 30 Hz VTEM MAX 시스템을 사용하여 1,192라인 km를 커버했으며, 새로운 15 Hz 시스템을 사용하여 추가로 245라인 km의 시험 비행을 수행했습니다. 시추는 2025년 여름 말에 시작될 것으로 예상되며, 허가를 기다리고 있습니다.
Grid Metals Corp (OTCQB:MSMGF) a annoncé des progrès sur son projet de nickel de Makwa au Manitoba, suite à un accord de coentreprise avec Teck Resources en décembre 2024. Selon l'accord, Teck peut acquérir jusqu'à 70 % d'intérêt en investissant 17,3 millions de dollars (15,7 millions de dollars en dépenses de projet et 1,6 million en espèces/équité).
L'entreprise a complété une enquête géophysique aérienne, identifiant plusieurs anomalies de haute priorité pouvant indiquer des dépôts de sulfures massifs. Un échantillon de surface notable de la zone de l'Ore Fault a montré 5,97 % Ni et 0,45 % Co. Teck a confirmé le financement pour un programme de forage initial de 2 500 m.
L'enquête, réalisée par Geotech, a couvert 1 192 km de lignes en utilisant leur système VTEM MAX à 30 Hz, avec 245 km supplémentaires de vols d'essai utilisant un nouveau système à 15 Hz. Le forage devrait commencer à la fin de l'été 2025, sous réserve des permis.
Grid Metals Corp (OTCQB:MSMGF) hat Fortschritte bei seinem Makwa-Nickelprojekt in Manitoba bekannt gegeben, nach einer Joint-Venture-Vereinbarung mit Teck Resources im Dezember 2024. Laut der Vereinbarung kann Teck bis zu 70% Interesse erwerben, indem es 17,3 Millionen Dollar investiert (15,7 Millionen Dollar in Projektkosten und 1,6 Millionen Dollar in bar/eigenkapital).
Das Unternehmen hat eine Luftgeophysikalische Untersuchung abgeschlossen, die mehrere hochpriorisierte Anomalien identifiziert hat, die möglicherweise massive Sulfidvorkommen anzeigen. Eine bemerkenswerte Oberflächenprobe aus dem Ore Fault-Gebiet ergab 5,97% Ni und 0,45% Co. Teck hat die Finanzierung für ein anfängliches Bohrprogramm von 2.500 m bestätigt.
Die Untersuchung, die von Geotech durchgeführt wurde, deckte 1.192 Linien-km mit ihrem 30 Hz VTEM MAX-System ab, mit zusätzlichen 245 Linien-km Testflügen unter Verwendung eines neuen 15 Hz-Systems. Es wird erwartet, dass die Bohrungen Ende Sommer 2025 beginnen, vorbehaltlich der Genehmigungen.
- Strategic partnership with major mining company Teck Resources, providing $17.3M potential investment
- High-grade surface samples showing 5.97% Ni and 0.45% Co
- Completed extensive geophysical survey identifying multiple high-priority drilling targets
- Confirmed 2,500m drilling program funded by Teck
- Drilling program subject to pending permits and regulatory approvals
- Project still in early exploration phase with no proven reserves
TORONTO, ON / ACCESS Newswire / April 3, 2025 / Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) ("Grid" or the "Company") is pleased to provide an update at its Makwa nickel project in southeastern Manitoba where an Option and Joint Venture Agreement (the "Agreement") with Teck Resources Limited ("Teck") was announced in December 2024. Teck can earn up to a
Highlights
Aerial geophysical surveying has been completed at Makwa and has identified a number of high priority geophysical anomalies interpreted to represent potential massive sulphide accumulations.
Teck has confirmed its intention to advance the Agreement through initial drilling of a high priority target area with a phase one program of approximately 2,500 m.
Geophysical modelling and a massive sulfide targeting drill program are being finalized with drilling planned to commence following receipt of applicable exploration permits. Several of the anomalies are associated with high-grade surface mineralization. For example at the Ore Fault area a 2024 grab sample of semi-massive sulphide in outcrop (# 753459 ) assayed
5.97% Ni and0.45% Co.
Robin Dunbar, Grid's CEO & President, stated, "Over the past two years, Grid has completed the consolidation of the central portion of the Bird River greenstone belt, announced Teck as a strategic partner, and has identified initial drill targets from the recently completed state of the art geophysical survey. We are pleased that Teck has confirmed funding to test the preliminary drill targets identified to complete drilling as soon as possible. Following receipt and interpretation of the final geophysical data, we intend to provide a detailed update on the scope and objectives of the initial drilling program."
Completion of Geophysical Survey
A helicopter-supported time domain EM and magnetic survey was completed over the Makwa property. The survey was completed by Geotech Ltd. using their 30 Hz VTEM MAX system. A total of 1,192-line km was completed in two blocks. In addition, Geotech Ltd. completed test flights totalling 245-line km over a portion of the primary survey area using a new 15 Hz system.
Geophysical Modelling and Drill Program
A detailed evaluation of the new geophysical results is underway. This review will define the initial drill targets and guide field work planning and permitting efforts over the coming weeks. Grid and Teck have formed a Technical Committee to review and approve work plans and budgets for the project. The two parties expect to enter into a Technical Services Agreement to govern Grid assuming the role of Manager. Details of the first-year exploration plan are expected to be released over the next few weeks. Depending on permitting and logistics, drilling on one or more priority EM anomalies is likely to commence toward the end of the summer.
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
Brandon Smith - Chief Development Officer - bsmith@gridmetalscorp.com
David Black - Investor Relations Email: info@gridmetalscorp.com
Qualified Persons Statements
Dr. Dave Peck, P.Geo., the VP Exploration of Grid, is the Qualified Person for purposes of National Instrument 43-101 and has reviewed and approved the technical content of this release.
About Grid Metals Corp.
Grid Metals is focused on exploration and development in southeastern Manitoba with four key projects in the Bird River area.
The Makwa Property (Ni-Cu-PGM-Co), which is subject to an Option and Joint Venture Agreement with Teck Resources Limited ("Teck"). Teck can earn up to a
70% interest in Makwa by incurring a total of CAD$17.3 million , comprising project expenditures (CAD$15.7 million ) and cash payments or equity participation (CAD$1.6 million ) with Grid. Makwa is located on the south arm of the Bird River Greenstone Belt.The Mayville Property (Cu-Ni) is located on the north arm of the Bird River Greenstone Belt. The property is owned subject to a minority interest.
The Donner Property (Li-Cs) is adjacent to the Mayville Property, and Grid owns
75% of the project. Grid announced a cesium purchase agreement with Tanco on February 18, 2025.The Falcon West Property (Li-Cs) is located 110 km east of Winnipeg along the Trans-Canada highway and contains highly anomalous cesium values in a number of historical drill holes including 3.3 m at
10.3% Cs2O and 3.2 m at4.6% Cs2O.
All of the Company's southeastern Manitoba projects are located on the ancestral lands of the Sagkeeng First Nation with whom the Company maintains an Exploration Agreement.
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.
SOURCE: Grid Metals Corp.
View the original press release on ACCESS Newswire
FAQ
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