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Grid Outlines 4 km Copper 'Corridor' at the MM Copper/Nickel Project; Prepares to Commence Drilling

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Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) has announced results from its ongoing exploration program at the MM copper/nickel project in southeastern Manitoba. The company has confirmed surface copper/nickel mineralization over a ~4 km long target trend associated with the Eagle gabbro. Highlights include:

- Twelve bedrock grab samples returned copper grades of 0.5-1.3% with associated nickel, cobalt, and precious metal values.
- Mineralization is associated with a prominent magnetic anomaly.
- Drilling is expected to commence this Fall, fully funded.
- A large airborne magnetic-EM survey and ground IP orientation survey are planned.
- Initial drilling will focus on the New Manitoba deposit, acquired in 2023.

The Eagle gabbro is part of the >20 km long Mayville-Eagle complex, which hosts Grid's 32.0 Mt Mayville Cu-Ni (PGM) deposit. The company aims to apply modern exploration methods to discover new magmatic sulfide resources in this mineral-rich area.

Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) ha annunciato i risultati del suo programma di esplorazione in corso presso il progetto di rame/nickel MM nel sud-est del Manitoba. L'azienda ha confermato la mineralizzazione di rame/nickel in superficie su un trend target lungo circa 4 km associato al gabbro Eagle. I punti salienti includono:

- Dodici campioni a roccia madre hanno restituito gradi di rame dell'0.5-1.3% con valori associati di nickel, cobalto e metalli preziosi.
- La mineralizzazione è associata a un'anomalia magnetica prominente.
- Si prevede che le perforazioni inizieranno questo autunno, totalmente finanziate.
- Sono previsti un ampio rilievo magnetico-EM aereo e un rilievo orientativo IP a terra.
- La perforazione iniziale si concentrerà sul giacimento New Manitoba, acquisito nel 2023.

Il gabbro Eagle è parte del complesso Mayville-Eagle lungo oltre 20 km, che ospita il giacimento Cu-Ni (PGM) Mayville di 32,0 Mt di Grid. L'azienda mira ad applicare metodi di esplorazione moderni per scoprire nuove risorse di solfuri magmatici in quest'area ricca di minerali.

Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) ha anunciado resultados de su programa de exploración en curso en el proyecto de cobre/níquel MM en el sureste de Manitoba. La compañía ha confirmado la mineralización de cobre/níquel en superficie sobre una tendencia objetivo de aproximadamente 4 km asociada con el gabbro Eagle. Los aspectos más destacados incluyen:

- Doce muestras de roca madre reportaron grados de cobre del 0.5-1.3% con valores asociados de níquel, cobalto y metales preciosos.
- La mineralización está asociada con una anomalia magnética prominente.
- Se espera que la perforación comience este otoño, totalmente financiada.
- Se planea un gran levantamiento magnético-EM aéreo y un levantamiento de orientación IP en tierra.
- La perforación inicial se centrará en el depósito New Manitoba, adquirido en 2023.

El gabbro Eagle es parte del complejo Mayville-Eagle, que se extiende por más de 20 km y alberga el depósito Cu-Ni (PGM) Mayville de 32,0 Mt de Grid. La empresa busca aplicar métodos de exploración modernos para descubrir nuevos recursos de sulfuro magmático en esta área rica en minerales.

Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF)는 매니토바 남동부에 있는 MM 구리/니켈 프로젝트의 진행 중인 탐사 프로그램에서 결과를 발표했습니다. 이 회사는 표면 구리/니켈 광물화를 확인했습니다 약 4 km 길이의 목표 추세와 함께 Eagle 가브로에 연관되어 있습니다. 주요 내용은 다음과 같습니다:

- 12개의 본암 샘플에서 구리 함량이 0.5-1.3%로 나타났으며, 니켈, 코발트 및 귀금속의 값이 포함되어 있습니다.
- 광물화는 두드러진 자기 이상과 관련이 있습니다.
- 드릴링은 이번 가을에 시작될 예정이며, 완전히 자금이 지원됩니다.
- 대규모 공중 자기-EM 조사 및 지상 IP 방향 조사 계획이 있습니다.
- 초기 드릴링은 2023년에 인수된 New Manitoba 광산에 집중됩니다.

Eagle 가브로는 20 km가 넘는 Mayville-Eagle 복합체의 일부로, 여기에는 Grid의 32.0 Mt Mayville Cu-Ni (PGM) 광산이 포함되어 있습니다. 이 회사는 이 광물 자원이 풍부한 지역에서 현대적인 탐사 방법을 적용하여 새로운 마그마 황화물 자원을 발견하는 것을 목표로 하고 있습니다.

Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) a annoncé les résultats de son programme d'exploration en cours au projet de cuivre/nickel MM dans le sud-est du Manitoba. La société a confirmé la minéralisation de cuivre/nickel à la surface sur une tendance ciblée d'environ 4 km associée au gabbro Eagle. Les points saillants incluent :

- Douze échantillons de roche-mère ont montré des teneurs en cuivre de 0,5 à 1,3% avec des valeurs associées de nickel, de cobalt et de métaux précieux.
- La minéralisation est associée à une anomali magnétique prononcée.
- Le forage devrait commencer cet automne, entièrement financé.
- Une vaste enquête magnétique-EM aérienne et une enquête d'orientation IP au sol sont prévues.
- Le forage initial sera axé sur le dépôt New Manitoba, acquis en 2023.

Le gabbro Eagle fait partie du complexe Mayville-Eagle de plus de 20 km, qui abrite le gisement Cu-Ni (PGM) de 32,0 Mt de Grid. La société vise à appliquer des méthodes modernes d'exploration pour découvrir de nouvelles ressources de sulfures magmatiques dans cette zone riche en minéraux.

Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) hat Ergebnisse aus seinem laufenden Explorationsprogramm im MM Kupfer/Nickel-Projekt im Südosten von Manitoba bekannt gegeben. Das Unternehmen hat die mineralischen Kupfer/Nickel-Vorkommen an der Oberfläche bestätigt über einen ca. 4 km langen Zieltrends, der mit dem Eagle Gabbro assoziiert ist. Folgendes wurde hervorgehoben:

- Zwölf Gesteinsproben ergaben Kupfergehalte von 0,5-1,3% mit zugehörigen Werten für Nickel, Kobalt und Edelmetalle.
- Die Mineralisierung ist mit einer ausgeprägten magnetischen Anomalie verbunden.
- Es wird erwartet, dass das Bohren diesen Herbst beginnt und vollständig finanziert ist.
- Eine umfangreiche Luftmagnetik-EM-Untersuchung und eine geerdete IP-Orientierungsstudie sind geplant.
- Das erste Bohren wird sich auf das New Manitoba-Vorkommen konzentrieren, das 2023 erworben wurde.

Das Eagle Gabbro ist Teil des über 20 km langen Mayville-Eagle-Komplexes, der das 32,0 Mt Mayville Cu-Ni (PGM) Vorkommen von Grid beherbergt. Das Unternehmen beabsichtigt, moderne Explorationsmethoden anzuwenden, um neue magmatische Sulfideressourcen in diesem mineralreichen Gebiet zu entdecken.

Positive
  • Confirmation of surface copper/nickel mineralization over a 4 km long target trend
  • High-grade copper samples (0.5-1.3%) with associated nickel, cobalt, and precious metals
  • Planned commencement of fully-funded drilling program in Fall 2024
  • Large airborne magnetic-EM survey and ground IP orientation survey planned to enhance exploration efforts
  • Consolidation of major copper/nickel deposits in the Bird River greenstone belt, providing exploration opportunities
Negative
  • None.

TORONTO, ON / ACCESSWIRE / October 3, 2024 / Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) ("Grid" or the "Company") is pleased to provide results from its ongoing exploration program at its MM copper/nickel project located in southeastern Manitoba. The program has recently been focused on the Eagle Gabbro - host to the historical New Manitoba Cu-Ni sulfide deposit that was acquired by Grid last year. The Company is preparing to commence its inaugural exploration drilling program at Eagle as well as a new round of ground and airborne geophysical surveys over the entirety of its highly prospective Mayville East - Eagle target area.

Highlights

  • Surface copper/nickel mineralization confirmed in numerous outcrops over a ~4 km long target trend associated with a gabbroic intrusive known as the 'Eagle gabbro.' The Eagle gabbro is located at the eastern end of the >20 km long Mayville-Eagle complex - host to the Company's 32.0 Mt Mayville Cu-Ni (PGM) deposit1. Mineralization from twelve bedrock grab samples collected during the current field campaign returned copper grades in the range 0.5-1.3% with associated nickel, cobalt and precious metal values.

  • Mineralization discovered to date is associated with a prominent magnetic anomaly.

  • Drilling is expected to commence this Fall following receipt of exploration permits and the program is fully-funded.

  • A large airborne magnetic-EM survey is planned for the highly prospective eastern part of the Mayville-Eagle complex, including the Eagle gabbro target area.

  • A ground IP orientation survey is also planned to cover the best exposed, well-mineralized segments of the Eagle gabbro.

  • The initial area of drilling is planned for the New Manitoba deposit2 located at the southeast end of the Eagle gabbro. This part of the property was acquired in 2023 and has seen very limited exploration subsequent to drilling in the 1950s.

Dr. Dave Peck, P. Geo., Grid's Vice President of Exploration, stated "Our consolidation of the major copper/nickel deposits and occurrences within the Bird River greenstone belt, completed last year, has provided the first opportunity for any Company to apply modern exploration methods and concepts to the discovery of new massive and disseminated magmatic sulfide resources on all of the prospective ground in this extremely well-endowed mineral belt. Our field review and compilation work has shown the that Eagle gabbro, part of the ~20 km long Mayville-Eagle Complex located in the northeast part of the belt, is a prime initial target area for delineating additional Mayville-style, near surface, copper-dominant magmatic sulfide mineralization."

Figure 1: Map of Grid Metals Corp. Bird River Greenstone Belt Property holdings (MM Cu-Ni Project) in SE Manitoba located 150 northeast of Winnipeg. The north arm hosts the Mayville Cu-Ni Deposit1 (32 Mt with 0.40% Cu and 0.16% Ni) and the ~4km long Eagle gabbro target that includes the New Manitoba deposit (red oval). The south arm hosts the Makwa Ni-Cu Deposit3 (14.2 Mt with 0.48%Ni and 0.11% Cu). Other deposits in the belt include the Page and Ore Fault Deposits (optioned by Grid in 2023).

Figure 2: Chalcopyrite/pyrrhotite mineralization from the Eagle gabbro.

About the Eagle Gabbro

The Eagle gabbro is a >4 km long, northwest trending mafic intrusive body located at the eastern end of the Mayville-Eagle Complex in the northernmost portion of the Bird River Greenstone Belt (see Figure 3). Magmatic sulfide mineralization observed in the Eagle gabbro is copper dominant with nickel, gold, cobalt and PGM values. Mineralization predominantly occurs as disseminated sulfides with local occurrences of net-textured and semi-massive sulfides.

The Eagle gabbro trend contains the historical New Manitoba deposit which was optioned by Grid in 2023. A historical resource was defined at the New Manitoba area2 by drilling completed in the 1950's (Manitoba Mineral Inventory Card #217). Additional confirmation drilling was completed in 2009. One of the 2009 drill holes (hole CL09-06) intersected 24.5m averaging 0.77% Cu and 0.37% Ni from 55.5m down hole in the interpreted northern extension to the New Manitoba deposit (see Manitoba Mines Branch Assessment Report #74825). ( true width not determinable)

The New Manitoba area sits approximately 8 km to the southeast of Grid's Mayville deposit, which contains 32.0 million tonnes of pit-constrained indicated resources at 0.61% CuEq1. The Mayville deposit remains open at depth and along strike as demonstrated by hole MAY23-03 that was completed in March of last year and drilled below the current pit constrained resource. This hole intersected 147.6m (from 305.4m) with 0.41% Cu and 0.14% Ni including a 51.0m section averaging 0.63% Cu and 0.20% Ni(from 402.0m) and a higher-grade interval of 10.0m with 1.27% Cu and 0.45% Ni (from 409.0m).The estimated true width of the intercept was approximately 90m.The sulfide textures, metal grades, metal rations and host rock mineralogy are very similar to that seen in outcrops of the New Manitoba deposit.

Highlights from the ongoing field work at the Eagle gabbro include:

  • Grab samples taken from intermittent outcrop of the Eagle gabbro were focused on better exposed areas including the New Manitoba deposit (~300m strike length) and the Acme Zone (~400m strike length) (see Figure 4).

  • Mineralization from twelve bedrock grab samples collected early in the current field campaign returned copper grades in the range 0.5-1.3% along with associated nickel and precious metal values. Additional assays are pending.

  • The base metal grades and ratios observed in the 2024 field samples are strongly similar to those reported from core samples from diamond drill holes completed in the New Manitoba area in the 1950s, 1970s, and 2009.

  • The metals suite (Cu+Ni+Co+Au+PGM) from the Eagle and Acme samples were found to be similar to that found elsewhere in the 20km east-west Mayville Complex (the north arm of the Bird River Greenstone Belt).

Table 1. Analytical results for selected grab sample collected during the early part of the 2024 field campaign from the Eagle gabbro.

Magmatic Sulfide Mineralization

Sample#

Area

Easting

Northing

Source

Cu (%)

Ni (%)

Co (%)

Pd (g/t)

Pt (g/t)

Au (g/t)

Description

C753229

New Manitoba

324445

5608702

Outcrop

1.32

0.21

0.02

0.10

0.06

0.12

Dissem slfd in gabbro

C753231

New Manitoba

324460

5608705

Outcrop

1.17

0.30

0.02

0.08

0.03

0.09

Dissem slfd in gabbro

1321645

Acme

323571

5610347

Outcrop

1.23

0.08

0.01

0.14

0.09

0.22

Dissem slfd in gabbro

171508

Acme

323620

5610192

Outcrop

0.98

0.19

0.01

0.15

0.05

0.18

Dissem slfd in gabbro

170862

Acme

323633

5610185

Outcrop

0.80

0.07

0.00

0.08

0.02

0.19

Dissem slfd in gabbro

1321887

Acme

323513

5610457

Trench

0.74

0.17

0.01

0.12

0.04

0.23

Dissem slfd in gabbro

171507

Acme

323626

5610192

Outcrop

0.71

0.15

0.01

0.12

0.04

0.11

Dissem slfd in gabbro

1321642

Acme

323650

5610336

Outcrop

0.69

0.07

0.01

0.10

0.04

0.14

Dissem slfd in gabbro

1321643

Acme

323650

5610336

Outcrop

0.65

0.08

0.01

0.11

0.05

0.15

Dissem slfd in gabbro

171538

Acme

323015

5610656

Outcrop

0.55

0.21

0.01

0.15

0.07

0.11

Dissem slfd in gabbro

Figure 3. Mayville-Eagle project area on colour shaded total magnetic intensity background image. The most recent drilling results from the area are shown (Mayville deposit - Grid Metals, 2023); New Manitoba - Clifton Star Resources, 2009).

Figure 4. Outline of interpreted extent of the Eagle gabbro (black outline) - host to the New Manitoba deposit and the Acme Zone, on colour shaded total magnetic intensity background image. Coloured circles are copper grades from initial 2024 grab samples. New Manitoba area was drilled in the 1950's with follow up in the 1970's and 2009 (see Footnote 2).

The MM Property and Bird River Greenstone Belt

  • Grid's MM copper/nickel project comprises 22,678 hectares of mineral rights in the Bird River Greenstone Belt, approximately 150 northeast of Winnipeg.

  • The Bird River Belt contains significant deposits of copper-nickel sulfide mineralization, disseminated to massive stratiform chromite mineralization, low-sulfide PGM mineralization and volcanic-hosted massive Cu-Zn sulfide mineralization. It has been shown to be analogous to the McFaulds Lake ("Ring of Fire") Greenstone Belt in northern Ontario (Source: Geological Survey of Canada Open File Report 8722).

  • The current NI 43-101 resources include Mayville (32.0 Mt with 0.40%Cu and 0.14% Ni) and Makwa (14.2 Mt with 0.48% Ni and 0.11% Cu). The exploration target/model features two complementary goals, namely: (1) Define near surface resources of +75Mt to support a large-scale concentrator fed by multiple open pits; and, (2) Discover and delineate new high-grade massive Cu-Ni-PGE deposits.

  • In 2023, Grid acquired significant additional ground in the greenstone belt which included the historical New Manitoba deposit along with the Ore Fault and Page Deposits.

  • The northern (Mayville arm) claims host copper dominant magmatic sulfide mineralization, including the Mayville Deposit, along with significant chromite and PGM mineralization.

  • The southern (Makwa arm) properties host nickel dominant magmatic sulfide mineralization including the Makwa, Page and Ore Fault deposits.

  • The mineralization at MM is predominantly magmatic sulfide and considerable metallurgical testwork completed by the Company indicates that conventional flotation processing can produce saleable copper and nickel concentrates.

  • The Bird River Belt and the MM Property are located in the ancestral territory of the Sagkeeng First Nation with whom Grid has an exploration agreement.

Footnotes

1The Mayville deposit hosts a pit-constrained indicated mineral resource of 32.0 million tonnes with 0.40% Cu and 0.16% Ni. See "NI 43-101 Technical Report on the Updated Mineral Resources Estimate of the Makwa-Mayville (MM) Project, Manitoba, Canada" prepared by Micon International for Grid Metals Corp. (June 14, 2024).

2The New Manitoba deposit is an outcropping disseminated magmatic sulfide deposit featuring a near surface, historical resource estimate of 1.8Mt at 0.75% Cu and 0.33% Ni (Manitoba Mineral Inventory Card #217). The resource was estimated from drilling completed in the 1950s and covers a strike length of ~300 metres and a vertical extent of ~150m. Note that the Company has not been able to verify this historical estimate as relevant and the historical estimate should not be relied on.

3 The Makwa deposit hosts an indicated mineral resource of 14.2 million tonnes with 0.48% Ni including a higher-grade core zone of 4.8 million tonnes with 0.89% Ni. See June 2024 Technical Report, referenced above.

Quality Assurance and Quality Control

Grid Metals applies best practice quality assurance and quality control ("QAQC") protocols on all of its exploration programs. For the 2024 bedrock sampling program at the MM project and the 2023 drill program at the Mayville property, surface grab or drill core samples were bagged and tagged and then transported by secure carrier to the Actlabs (Thunder Bay) laboratory for sample preparation and analysis for nickel, copper, cobalt and selected major and trace element abundances using a multi-acid digestion method followed by ICP-OES analysis. Samples were also analyzed for Pd, Pt and Au using a lead collection 30 g fire assay method followed by ICP-OES analysis. The Company is using two certified reference materials ("CRMs") and one analytical blank for the MM exploration project to monitor analytical accuracy and check for cross contamination between samples. The analytical results for the two CRMs and the blank for MAK22-02 results reported here did not show any significant bias compared to the certified values and the fell within the acceptable limits of variability.

Qualified Persons Statements

Dr. Dave Peck, P.Geo., 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 both lithium and copper/nickel projects in the Bird River area, approximately 150 km northeast of Winnipeg Manitoba. The MM Project consists of the Makwa and Mayville deposits and covers a substantial portion of the Makwa and Mayville Complex which are part of the Bird River Greenstone Belt. MM is a resource-stage project undergoing exploration and development work. The Donner lithium project is a 75% owned property subject to a joint venture agreement. Grid has a lease agreement on the True North mill where it rights to process feed from Donner. Grid also has an MOU with Tantalum Mining Corporation of Canada Limited who operates the nearby producing Tanco Mine.

All of the Company's southeastern Manitoba projects are located on the Traditional Lands of the Sagkeeng First Nation with whom the Company maintains an Exploration Agreement.

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

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 accesswire.com

FAQ

What is the length of the copper/nickel mineralization trend discovered by Grid Metals (MSMGF) at the MM project?

Grid Metals has confirmed surface copper/nickel mineralization over a ~4 km long target trend associated with the Eagle gabbro at its MM copper/nickel project in southeastern Manitoba.

What were the copper grades from the bedrock grab samples collected by Grid Metals (MSMGF) at the Eagle gabbro?

Twelve bedrock grab samples collected during the current field campaign at the Eagle gabbro returned copper grades in the range of 0.5-1.3% with associated nickel, cobalt, and precious metal values.

When does Grid Metals (MSMGF) plan to commence drilling at the MM copper/nickel project?

Grid Metals expects to commence drilling at the MM copper/nickel project in Fall 2024, following receipt of exploration permits. The drilling program is fully funded.

What geophysical surveys does Grid Metals (MSMGF) plan to conduct at the MM project?

Grid Metals plans to conduct a large airborne magnetic-EM survey for the eastern part of the Mayville-Eagle complex, including the Eagle gabbro target area. Additionally, a ground IP orientation survey is planned to cover the best exposed, well-mineralized segments of the Eagle gabbro.

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