NIKLF - Grid Battery Metals Exploration Team Completes Phase 1 of its 2024 Exploration Plan on the Clayton Valley Lithium Project
(TheNewswire)
Coquitlam, BC – TheNewswire - May 30, 2024 - Grid Battery MetalsInc. (the “Company” or “Grid”) (TSXV:CELL, OTCQB: EVKRF FRA: NMK2) announces that it has completed thefirst phase of its spring/summer exploration program at its ClaytonValley Lithium Property near Silver Peak, Nevada, which includes adetailed infill soil sampling program and a previously announced MTgeophysical survey.
At the Clayton Valley Lithium Project, the Companycontracted the services of Rangefront Geological(“Rangefront”) to perform both a detailedinfill soil sampling of the southern section of the claim block and tooversee a Magnetotelluric (“ MT”) geophysical survey to obtain information aboutsubsurface resistivity and geology performed by KLM Geoscience LLC(“KLM”) over the entire property. The infill soil samplingexploration work has now been completed and samples have beentransported to the assay lab pending results. Together thesegeological techniques should help predict geological structure andpossible locations for lithium accumulation. This is part of amethodical and systematic approach to high quality mineral explorationfor this highly sought after metal in Nevada and will assist theCompany in determining next steps for the overall exploration plan,including but not limited to a subsequent drilling program.
Recent Infill Soil Samples Taken(Clayton Valley Lithium Project)
The MT geophysical survey was performed by the KLM andwas overseen by Grid’s Qualified Professional, Mr. Steven McMillinP.G.
MT survey profiles
Mr. Steven McMillin P.G. comments “The MT survey wascompleted over eleven profiles. The results were plotted in horizontalslices at 250m, 500m and 750m with bedrock depths that range from 216to 406 m within the Grid claims as announced on May 2, 2024 . A major northeast fault interpreted from gravity bisects the claimblock and is best apparent in the 500m slice even though the slice isbelow the basin floor. This suggests that the fault may be a fluidconduit at depth. The fault is less apparent in the strongnear-surface anomaly in the 250m slice that may reflect a spread offluids within the basin sediments away from the fault. The 750m depthslice is likely below the basin floor and conductivity is mostlyfocused near the basin bounding faults”.
Tim Fernback, Grid President & CEO comments “Nowthat the infill detailed soil sampling and MT geophysical surveyprograms are complete at Clayton Valley, we will gather as a group tointerpret the geological data and assay lab results to plan our nextsteps at Clayton Valley. This next step will likely include a 3DLeapfrog model of the subsurface to identify additional drillingtargets, and a subsequent drilling program later in the year to testthe depth of the lithium bearing claystone. We are very excitedabout the results to date on the property.”
Prior Exploration Programs
This current work associated with the first phase ofthe 2024 exploration plan compliments prior exploration work on theClayton Valley Lithium Project which includes a soil sampling programover the entire property and an initial priordrilling program consisting of three reverse circulation holestotaling 356 meters (1155 feet). The holes were intended to test thepresence of lithium bearing clay members of the lakebed sediments. Drillhole RCV-01, drilled to a depth of 130m (425 feet), was designedto twin a geothermal gradient hole drilled by a previous explorer. Results of this hole correlated with the log of the previous holeincluding intervals of volcanic ash and dark green clay. Hole RCV-02,located approximately 1260 meters north of RCV-01 was drilled to adepth of 135.6m (445 ft) and penetrated a section consisting primarilyof rhyolitic volcanic ash and interbedded sediments. It penetrated a4.5-meter section of dark green clay before entering the metamorphicalluvium. Poor drilling conditions and high-water flows ended thehole before reaching the target depth but after successfullyevaluating the lake sediment section. Hole RCV-03, located 3,890m (12,762 ft) north from Hole RCV-01, wasdesigned to look for a perched section of volcanoclastic sedimentsbeneath an alluvial fan. Previous water well logs indicated a layerof clay, ash, and silt beneath the alluvium and above the bedrock.Apparently, this hole was located too close to the pediment andencountered metamorphosed dolomite at a depth of 56 meters (185 feet)and about the projected elevation of the sedimentary section. Thehole lost circulation in an apparent karst horizon at 68.5 meters (225feet) and was terminated at 79.2 meters (260 ft) without regainingsample return.
Grid’s Clayton Valley LithiumProject (RC Drilling Locations Identified)
Tim Fernback, Grid President & CEO comments“Clayton Valley Nevada is home to North America’s only lithiumbrine producer (Albemarle Corporation’s Silver Peak Mine) and ourproperty is immediately to the west of their lithium property andproduction facility. Recently, Century Lithium (our neighbor to theeast of the Silver Peak Mine) has just released their Positive FeasibilityStudy by T. Lane et al. (2024). Measured and Indicated resources totaling 1,207.33 milliontonnes (Mt) at an average grade of 957 parts per million (ppm) lithium(Li) containing 1.155 Mt of Li or 6.148 Mt of lithium carbonateequivalent (LCE), a 40-year mine life and an after-tax NPV 8 of $3.01 billion. Additional information is in Century Lithium’s NI-43-101by Fayram et al. (2020) 43-101 Report .
With the MT survey that has just been completed,together with the results of the planned detailed soil samplingprogram in the southern area of our Clayton Valley claim block, theseresults will allow us to determine next steps for our explorationprograms later in the year.”
It should be noted that results fromany adjacent property(s) are not an indication of what may be found onthe Company’s property(s).
About Rangefront Geological
Elko Nevada-based Rangefront Geological has combinedin-depth expertise with cutting-edge technology to provide miningconsulting services, contract labor, field crew services, and vehicular support to the mining industry. With servicesavailable across North America, Rangefront works closely with itsclients to provide high-quality mineral exploration services.
About KLM Geoscience LLC
KLM ( https://www.klmgeoscience.com/ ) is an industry leading, Nevada-based geophysicalexploration company. Established in 2014, KLM specializes in awide array of geophysical methods. Using state of the artequipment, KLM’s services include induced polarization (IP),natural-source magnetotellurics (MT, AMT),controlled-source audio-frequency magnetotellurics (CSAMT), passiveseismic and magnetic potential field surveys. With a head officelocation in Nevada, this allows KLM to rapidly mobilize and beginwork at a moment's notice throughout the Western United States andbeyond. KLM has been a preferred vendor for Grid and its managementteam for many years.
Qualified Person
Mr. Steven McMillin, P.G. is a Qualified Person asdefined by National Instrument 43-101 and has approved the technicalinformation contained within this news release.
Grid Battery Metals Inc.is a Canadian based exploration company whose primary listing is onthe TSX Venture Exchange. The Company’s maintains a focus onexploration for high value battery metals required for the electricvehicle (EV) market.
The Company owns a 100%interest in the Texas Spring Property which 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 Humbolt Formation. APhase 1 exploration program at the Texas Springs Property (Fall 2023)yielded average lithium grades of 2010 ppm, applying a1,000 ppm cut-off, and up to 5,610 ppm Lithium .
The Texas Springproperty adjoins the southern border of the Nevada North LithiumProject - owned by Surge Battery Metals Inc. (“Surge”) (TSXV:NILI, OTC: NILIF) and comprised of 725 mineral claims. Surge's firstround of drilling identified strongly mineralized lithium bearingclays. The average lithium content within all near surface clay zonesintersected 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 ). Our exploration results are on-trendwith these results.
AboutClayton Valley Lithium Project
The Company owns a 100%interest in 113 lithium lode and placer claims covering over 640hectares in Clayton Valley. Clayton Valley is a down-dropped closedbasin formed by the Miocene age Great Basin extension and is stillactive due to movement along the Walker Lane structural zone. As aresult, the basin has preserved multiple layers of lithium bearingvolcanic ash, resulting from multiple eruptive events over the past 6million years including eruptions from the 700,000-year-old LongValley Caldera system and related events. These ash layers arethought to contribute to the lithium brinesextracted by Albemarle and are also likely involved in the formationof the exposed lithium rich clay deposits on the east side of ClaytonValley.
The Company owns a 100%interest in 80 placer claims covering approximately 635 hectares ofalluvial sediments and clays located 122 km northeast of Tonopah,Nevada.
References
Prefeasibility Study Clayton Valley Lithium Project,Esmerelda County, Nevada, August 5, 2020, Amended March 15, 2021, ToddFayram MMSA-QP (CMS), Terre A. Lane MMSA-QP (GRE), J.J. Brown, SME-RM(GRE), NI43-101 TechnicalReport for Century Lithium
Century Lithium Announces Positive Feasibility Studyfor the Clayton Valley Lithium Project, Nevada, April 29, 2024, TerreA Lane MMSA-QP (GRE), Hamid Samari, Principal Geologist, Todd-Fayram,Sr. V.P Metallurgy-Century Lithium, Alan Drake, Process Engineering,Haiming (Peter)Yuan Principal Geotechnical Engineer, Paul Blauch,Technical Director, Farza Kossari, Cost Estimating Engineer, Century Lithium PressRelease.
On Behalf of the Boardof Directors
Email: info@gridbatterymetals.com
Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisrelease. This news release may contain forward-looking statementswhich include, but are not limited to, comments that involve futureevents and conditions, which are subject to various risks anduncertainties. Except for statements of historical facts, commentsthat address resource potential, upcoming work programs, geologicalinterpretations, receipt and security of mineral property titles,availability of funds, and others are forward-looking. Forward-lookingstatements are not guarantees of future performance and actual resultsmay vary materially from those statements. General business conditionsare factors that could cause actual results to vary materially fromforward-looking statements. It should be noted that results from any adjacent property(s) are notan indication of what may be found on the Company’sproperty(s).
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