GRID METALS CORP. Drilling Highlights:
Results from the final three holes for the February-
Holes 16-18 were drilled to intersect the Northwest Dyke below previously reported drill holes, between 150 and 250 metres vertical depth. Note that the Northwest Dyke intersection lengths reported above do not represent the true thickness of the dyke, which is estimated to typically range from 4 to 8 metres, representing 50-70% of the reported intersection lengths. Complete analytical results for holes GDL22-16, -17 and -18, together with drill hole specifications for these and previously reported holes, are provided in the Appendices accompanying this release. Relative drill hole pierce points into the Northwest Dyke are shown on the accompanying longitudinal section.
Analysis: Phase 1 Drilling Results
The Northwest Dyke has now been traced by drilling for ~600 metres along strike and to a vertical depth of ~250 metres. Grid's 2022 drilling was the first drilling completed at the Northwest Dyke since 1955. The holes were drilled at an average of 100 to150 metre stepouts and demonstrated lateral and vertical continuity. As well the Northwest Dyke remains open to depth and along strike. A total of 15 holes successfully intersected the Northwest Dyke over a strike length of ~600 metres and vertical depths of 50 to 250 metres below surface. Visual logging supported by whole-rock analytical data indicate that the Northwest Dyke is a zoned, LCT-type pegmatite dyke having a near-vertical orientation and showing very consistent Li2O, Ta2O5, Cs2O and Rb2O grades.
Mr.
The Northwest Dyke is the second drill-defined LCT type pegmatite with significant strike length on the
Future drill plans at the Main and Northwest Dykes will involve completing drilling over the known strike length of the two dykes to an approximate vertical depth of 300 metres to enable calculation of a 43-101 compliant mineral resource. It is expected that future resource drilling will be completed in conjunction with drilling of new exploration targets that are being generated from the current field program. Timing of the drill schedule will be released at a later date.
Anomalous Lithium Intersected in the West Dykes
Two additional reconnaissance exploration holes (GDL22-05 and -06) were drilled on the West Dykes - a cluster of mapped pegmatites with very limited historical data. The West Dykes are located 500 metres to the southwest of the Northwest Dyke (see plan map, below). Both holes intersected multiple, narrow felsic dykes with one or more intervals of lithium-rich pegmatite including: 3.6 metres of 0.7% Li2O from 225.0 metres, including a maximum individual sample grade of 0.65 metres of 3.0% Li2O in hole GDL22-05, 1.8 metres averaging >2.0% Li2O (over limit values reported) from 187.3 metres in hole GDL22-06
Ratios of Li-Ta-Cs-Rb are similar to those reported for the Northwest Dyke drill holes. The West Dykes are part of a mapped pegmatite system that has a strike length of ~ 800 meters and is being mapped in detail and sampled as part of an ongoing field program.
About the Donner Lake Lithium Property
The Property is owned 75% by
The Property was acquired by Grid from
Sinomine Canada is currently operating a lithium spodumene circuit at its
The Property has nearby access low-cost renewable power from
There are multiple LCT-type pegmatite dykes on the Property including the Main Dyke that, in 2018, was drill tested by Grid over a ~ 800 m strike length. The dykes are located along a ~9 km long prospective geological contact between the
The Main Dyke and Northwest Dyke together supported a non-compliant historical resource estimate of 3.8 million tons at a grade of 1.28% Li2O (Manitoba Mines Branch Assessment file 91769A). This resource estimate cannot be independently verified by the Company. The Company is preparing to resume drilling to establish a maiden NI 43-101 lithium resource while continuing exploration for other LCT-type pegmatites on the Property.
The Property is significantly underexplored with a large portion of the prospective geology having seen no prior lithium exploration.
The Property is also located on the same geographical footprint as the Company's Mayville M2 Cu-Ni-PGE deposit, which is the larger of two pit-constrained mineral resources that were the subject of the
Amendments To Equity Incentive Plan
The Board of Directors have approved certain amendments to the Equity Incentive Plan of the Company, which were requested by the
1. Deleting the ability to exclude options issued on a takeover or amalgamation in the number authorized under the plan;
2. Removing the power of the Administrator to approve transfers or assignments of incentive awards;
3. Removing the power of the Administrator to accelerate options to persons providing investor relations services;
4. The grant of dividend equivalents will reduce the available pool of shares reserved for RSUs and DSUs, and will be included in 10%/5%/2% grant limits;
5. Except for the investor relations service providers, any acceleration of vesting must be approved by the Exchange first; and,
6. An amendment to any general vesting provisions of an Award will require Exchange approval.
These amendments only affect the Incentive Plan of the Company approved at the last annual meeting of shareholders. The Board of Directors intends to present a new incentive plan which will comply with the new Exchange policy in respect of security based compensation to shareholders at the next annual meeting.
About
Contact:
President
CEO & Director
Telephone: 647 201 6844
Email: rd@gridmetalscorp.com
Investor
Email: info@gridmetalscorp.com
T: 416 955-4773
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