GRID:CC - Grid Battery Metals Announces the Fourth Phase of the Nickel Exploration Program in British Columbia
(TheNewswire)
Coquitlam, BC – TheNewswire - January 10, 2024- Grid Battery MetalsInc. (the “Company” or “GridBattery”) ( TSXV:CELL ) ( OTC:EVKRF ) ( FRA:NMK2 ) is pleased toannounce that the National Instrument 43-101Technical Report for the Nickel Project, dated December 4, 2023, inthe Takla Lake Area, BC and prepared by Jeremy Hanson, P.Geo. (the“Technical Report”) has been filed on SEDAR+(www.sedarplus.ca) and can be obtained on theCompany’s website at gridbatterymetals.com/nickel-project . As a recap, the third phase of our BCNickel exploration program was completed in 2023 and included adetailed sampling, trenching and initial drilling program.
The proposed exploration budget of approximatelyCAD$200,000 follows a recommendation contained within the TechnicalReport. Within this exploration plan, funds have been allocated for exploration work that includes field work onall three claim blocks targeting historic results, vectoring towardselevated DTR Ni, and sampling and mapping of untested magneticanomalies.
Grid’s wholly-ownedsubsidiary, AC/DC Battery Metals Inc. (“AC/DC”), will carry outthe proposed fourth phase exploration plans in 2024. Thisexploration program will take place following Grid’s proposedsubsidiary Spin-out plan originally announced on September 28, 2023 . As part of the proposed Grid Spin-out plan, current Gridshareholders will receive a common share dividend in AC/DC sharesrepresenting a proportionate value in this new public company. Thisoverall transaction is proposed to give our shareholders a bonus - ashare in another public company for no additional cost. In order tofund its operations going forward, AC/DC also plans to complete a private placement financing as part of theoverall transaction.
After a review by Company management, this explorationcontract work has been awarded to Hardline Exploration Corp. ,(“Hardline”) an experienced contract mineral exploration company. Hardline, headquartered in Smithers, BC. Founded in 2014.
Hardline specializes in executing programs on complexexploration projects to generate new discoveries and have a proventrack record of successful projects incorporating highly skilledgeologists and team members with vast experience across Canada on avariety of deposit types. The Technical Report for the NickelProject, dated December 4, 2023, was prepared by a Qualified Person,Jeremy Hanson, P.Geo..
About the Company’s Nickel Projectand Exploration Region in British Columbia
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The Nickel Project (“project”) consists of fivenon-contiguous mineral claim blocks in three Groups (“Hard NickelCentre”, “Hard Nickel 3” and “Hard Nickel South”). Theexploration stage project is in the Takla Lake area of central BritishColumbia, partially adjacent to FPX Nickel Corp.’s Decar NickelProject.
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The Decar Nickel Project is an advanced projecttargeting awaruite, a nickel-iron alloy mineral, hosted byserpentinized ultramafic intrusive rocks of the Trembleur UltramaficUnit within the Permian to Triassic age Cache Creek Complex.
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All the claim groups of the project are partiallyunderlain by variably serpentinized ultramafic intrusive rocks of theTrembleur Ultramafic Unit. Metallic mineralization discovered to dateon the project includes nickel, cobalt, and chromium, and some of thenickel mineralization occurs as the nickel-iron alloy awaruite, and assulphide minerals including heazlewoodite, bravoite and siegenite.
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The principal target on the project is nickel occurringas awaruite, but at the exploration stage all other styles ofmineralization should be considered.
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Systematic, ground-based exploration work began withinthe area of the claims now covered by the Nickel Project under thedirection of Ms. Ursula Mowat, P.Geo. in 1987, continuingintermittently until 2012. This work established the presence ofelevated nickel, cobalt and chromium values in rocks, soils, andstream sediments.
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The area of the claim groups of the project wereincluded in Geoscience BC’s QUEST and QUEST-West projects, includingmultiparameter regional geophysical surveys, and regional streamsediment reanalyzes and data compilations between 2008 and2009.
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R. Britten’s technical paper “Regional Metallogenyand Genesis of a New Deposit Type – Disseminated Awaruite (Ni3Fe)Mineralization Hosted in the Cache Creek Terrane published in 2017 inEconomic Geology should be utilized as an interim mineral depositmodel or profile for the Nickel Project.
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The Nickel Project is worthy of phased, systematicexploration programs designed and implemented to delineate areas withknown or high probability metallic nickel mineralization, and todiscover new areas of similar mineralization.
The exploration stage project is in the Trembleur Lakearea of central British Columbia, partially adjacent to FPX Nickel Corp.’s (TSXV:FPX, OTC: FPOCF) Decar Nickel Project , which isan advanced project targeting awaruite, a nickel-iron alloy mineral,hosted by serpentinized ultramafic intrusive rocks of the TrembleurUltramafic Unit. FPX Nickel Corp. has invested over CAD$25 milliondeveloping the Decar Project and plans to issue a Prefeasibility Studythis calendar year as announced on June 27, 2023 showing increased nickel recoveries on the project. FPX’s Decar Nickel Project is widelyrecognized as on the 7 th largest nickel deposit in the world (Source: Mining.com , May 1,2023).
Qualified Person
Jeremy Hanson, P.Geo., aqualified person as defined by NI 43 – 101, is responsible for thetechnical information contained in this release regarding Grid’s BCNickel Properties. Readers are cautioned thatthe information in this press release regarding the property of FPXNickel Corp is not necessarily indicative of the mineralization on theproperty of interest.
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 Texas Springs Property
The Company owns a 100% interest in the TexasSpring Property which consists of mineral lode claims located inElko County, Nevada. The Property is in the Granite Range southeastof Jackpot, Nevada, about 73 km north-northeast of Wells, Nevada. Thetarget is a lithium clay deposit in volcanic tuff and tuffaceoussediments of the Humbolt Formation.
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 ). More recent results have shown higher grade lithium upto 8070 ppm on this property after initial drilling (Press release September 12, 2023 ).
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 Nickel Project consists of three claim blocks witha total area of 5,000 hectares in the area surrounding Mount SidneyWilliams, near the Decar project of FPX Nickel Corp., located 100kilometres northwest of Fort St. James, B.C., in the Omineca miningdivision. Metallic mineralization includes nickel, cobalt, andchromium, whereby nickel has been recorded in the Fe-Ni alloy awaruiteas well as nickel sulphides The Grid NickelProject are partially underlain by rocks of the Trembleur UltramaficUnit, which consist of variably serpentinized harzburgite, dunite,orthopyroxenite, and locally carbonate-talc altered rocks andlistwanite .
On Behalf of the Board of Directors
“Tim Fernback”
Tim Fernback, President & CEO
Contact Information:
Email: info@gridbatterymetals.com
Phone: 604- 4 28-5690
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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