Grid Metals Corp. Provides Update on Exploration Activities at Bannockburn Nickel and East Bull Lake Palldium Properties
TORONTO, August 3, 2021 - Grid Metals Corp. (the "Company") (TSXV:GRDM) (OTCQB:MSMGF) is pleased to provide a shareholder update for its projects located in Ontario Canada. The drill program at Bannockburn Nickel is completed and the Company is awaiting assay results from the remaining seven drill holes submitted for assay. At the East Bull Lake Palladium Property first results from a sampling program over new prospective drill target areas are now pending with select samples expected in early August. At East Bull seven target areas are being field investigated in the summer field program which will assist in targeting for the upcoming phase of drilling. Bannockburn Nickel Project
DRILL ASSAYS PENDING
The Company recently completed an eight-hole drill program at Bannockburn where the exploration target is bulk tonnage disseminated nickel mineralization in a serpentinized ultramafic complex. Previous drilling defined a >1 km trend of disseminated nickel sulfide mineralization referred to as the B Zone. The geology and nickel grade x thickness observed at the B Zone is analogous to that reported from Canada Nickel Company's Crawford Nickel project - also located in the Timmins Mining District. The first drill hole was rush assayed and returned 296 metres averaging 0.28% nickel (see Company's June 28th, 2021 news release for details). All of the completed holes intersected between 200 and 350 metres of the target host ultramafic. Results from the remaining seven holes are pending and will be released as soon as possible.
Mineralogical analysis to determine the type and abundance of nickel sulfides present will be initiated after all assay results have been received. The Company hopes to discover a significant near-surface nickel sulfide resource on the B Zone trend, targeting a pit constrained resource of over 100 million tonnes of near surface mineralization containing at least 200 Kt of potentially recoverable nickel.
East Bull Lake Palladium Property.
PALLADIUM COPPER SAMPLES FROM NEW ZONES - ASSAYS PENDING
A three-month field program of detailed surface sampling commenced in early July at East Bull. The program will cover several multi-km long trends of coincident geophysical anomalies and historical anomalous palladium grades - each of which is a prospective drill target for the upcoming drill program. Results from the field program will used to guide the next phase of drilling that is expected to commence early this fall.
The initial phase of sampling is focused on the East Lobe of the intrusion and yielded a total of 225 surface samples along a ~ 2 km trend with further sampling to come over previously unmapped portions of the East Lobe. Initial assay results from selected samples are expected early in August.
Drill targets continue to be prioritized however the next phase of drilling at East Bull Lake will likely include several holes into the highly prospective East Lobe as well as extension drilling on the recently defined Central Parisien Lake Zone, which remains open for 2 km to the west. In all there are seven target areas that will be further field reviewed and sampled during the current summer program.
Other activities at East Bull Lake include an initial metallurgical test program that is nearing completion at an independent laboratory. The metallurgical test program will test for level of recovery of palladium, platinum, gold, copper and nickel as well as concentrate grades of the laboratory flotation product. The Company views this early stage metallurgical testing as a significant determinant of the prospectivity of East Bull.
Also at East Bull the Company has submitted select samples from the 2020 and 2021 drilling for rhodium analysis.
Dr. Dave Peck, P.Geo., has reviewed and approved the technical content of this release for purposes of National Instrument 43-101.
About Grid Metals Corp.
Grid Metals Corp. is an exploration and development Company that has three projects focused on Nickel Copper-PGM-Cobalt. In addition to the East Bull Lake Palladium and Bannockburn Nickel properties Grid has a PEA stage Ni-Cu-PGM-Co project (Makwa- Mayville) in southeastern Manitoba. Grid has signed exploration agreements at all three of its properties with the affected First Nations.
To find out more about Grid Metals Corp., please visit www.gridmetalscorp.com.
On Behalf of the Board of Grid Metals Corp.
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 may include the Company's plans for its properties, 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.
SOURCE: Grid Metals Corp.