TORONTO, ON / ACCESSWIRE / October 17, 2024 / Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) ("Grid" or the "Company") is pleased to report the receipt of exploration permits and the commencement of its maiden drill program at the Eagle gabbro, located within the MM copper/nickel project in southeastern Manitoba. 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.
Highlights
Drilling will begin at the historical New Manitoba deposit2 area, located at the southeast end of the Eagle gabbro which has seen very limited exploration subsequent to drilling in the 1950s.
In tandem with the drill program, ground IP and two deep penetrating, high-resolution airborne magnetic-EM surveys will also be completed.
Grid is fully funded to complete the Eagle drill program and geophysical surveys. Initial assays are expected to be received by mid November.
Robin Dunbar, Grid's CEO & President, stated "We are pleased to see the drill rig turning at the prospective Eagle gabbro trend where we see the potential to outline copper-dominant mineralization in several areas over the >4 km target trend being tested. The Eagle gabbro sits entirely outside of our current 32 Mt indicated open-pit resource at Mayville and provides additional resource upside for the MM project. We are looking forward to assays returning early next month and will update the market accordingly."
Figure 1. Mayville-Eagle project area on colour shaded total magnetic intensity background image.
Figure 2. 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.
Drill Program Notes
Drill hole plans are based on 3D modeling of historical drilling results, recent surface sampling and mapping data, magnetic survey data and 3D plate modeling of existing EM survey data.
Footnotes
1 The 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).
2Source: Geological Survey of Canada Open File Report 8722
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 advancing its MM copper/nickel project in the Bird River area, approximately 150 km northeast of Winnipeg Manitoba. The MM Project consists of the Makwa and Mayville deposits with a fully-funded drill program ongoing at the prospective Eagle gabbro which sits outside of the current resource. Grid's other projects in southeastern Manitoba include the Donner lithium project and the Falcon West cesium/lithium project. Grid has a lease agreement on the True North mill where it has rights to process feed from Donner, and 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.
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