GRID:CC - Grid Battery Expands Land Holdings by Adding a Lithium Exploration Project in Nevada
(TheNewswire)
Coquitlam, BC – TheNewswire - June 26, 2023- Grid Battery MetalsInc. (“formerly NickelRock Resources Inc.”) (the “Company” or “GridBattery”) (TSXV:CELL ) , ( OTC:EVKRF ) ( FRA:NMK2) is pleased to announce the expansion of ourexploration land holdings with the inclusion of a new lithiumexploration project in Nevada, known as the Texas Springs Property.
The Company has entered into a Purchase and SaleAgreement dated June 23, 2023, to a acquire a 100% interest in certainmineral lode claims from Springfield Land Limited Liability (the“Vendor”). The mineral lode claims are located in Elko County, Nevada (the “Transaction”).
Terms of the Transaction:
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The Company agrees to the following:
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(a) reimbursing the staking and recording costs of theVendor in the amount of US$55,000 upon signing the Agreement; and
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(b) issuing to the Vendor or its beneficial owner8,000,000 fully paid and non-assessable common shares in the capitalof the Company upon TSX Venture Exchange (“Exchange”) acceptanceof the Transaction.
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Finder’s fees will be paid in connection with theTransaction in accordance with Exchange Polices and are subject toExchange approval.
All securities issued in connection with theTransaction and finder’s fees are subject to a four month and a dayhold period in accordance with Canadian Securities Laws.
About Texas Springs Property
The Texas Spring Property consists of mineral lodeclaims located in Elko County, Nevada. The Property is in theGranite Range southeast of Jackpot, Nevada, about 73 kmnorth-northeast of Wells, Nevada. The target is a lithium clay depositin volcanic tuff and tuffaceous sediments of the HumboltFormation.
The Texas Spring property adjoins the southern borderof the Nevada North Lithium Project - owned by Surge Battery MetalsInc. (“Surge”) ( TSXV:NILI, OTC: NILIF ) and comprised of 303 mineralclaims. Surge's first round of drilling identified stronglymineralized lithium bearing clays. The average lithium content withinall near surface clay zones intersected in the 2022 drilling program,applying a 1000 ppm cut-off, was 3254 ppm. (Press release March 29, 2023 ).
Qualified Person as Defined UnderNational Instrument 43-101
Alan J. Morris, CPG of SpringCreek, Nevada, a Qualified Person as defined under Nation Instrument43-101 has reviewed and approved the technical aspects of this newsrelease.
Grid Battery Metals Inc. is a Canadian basedexploration company whose primary listing is on the TSX VentureExchange. The Company’s maintains a focus on exploration for highvalue battery metals required for the electric vehicle (EV) market. www.gridbatterymetals.com .
About Clayton Valley LithiumProject
The Company owns a 100% interest in 113 lithium lodeand placer claims covering over 640 hectares in Clayton Valley.Clayton Valley is a down-dropped closed basin formed by the Mioceneage Great Basin extension and is still active due to movement alongthe Walker Lane structural zone. As a result, the basin haspreserved multiple layers of lithium bearing volcanic ash, resultingfrom multiple eruptive events over the past 6 million years includingeruptions from the 700,000-year-old Long Valley Caldera system andrelated events. These ash layers are thought to contribute to thelithium brines extracted by Albemarle and are also likely involved inthe formation of the exposed lithium rich clay deposits on the eastside of Clayton Valley.
Volt Canyon Lithium Property
The Company owns a 100% interest in 80 placer claimscovering approximately 635 hectares of alluvial sediments and clayslocated 122 km northeast of Tonopah, Nevada.
About the British Columbia, NickelProjects
The Mount Sidney Williams Group consists of three claimblocks with a total area of 10,569 hectares in the area surroundingMount Sidney Williams, both adjoining and near the Decar project ofFPX Nickel Corp., located 100 kilometres northwest of Fort St. James,B.C., in the Omineca mining division. Metallic mineralization includesnickel, cobalt, and chromium. At least some of the nickelmineralization occurs as awaruite. The Mitchell Range Group areaclaim consists of one claim block covering 8,659 hectares withdemonstrated metallic mineralization including nickel, cobalt, andchromium. Nickel cobalt mineralization has not been well explored, butthe presence of awaruite has been documented.
On Behalf of the Board of Directors
“Tim Fernback”
604-428-5690
Tim Fernback, President & CEO
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward-looking. Forward-looking statements are not guarantees offuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-lookingstatements.
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