NIKLF - Grid Battery Metals Files NI 43-101 Technical Report on its Clayton Valley Lithium Project in Nevada
(TheNewswire)
Coquitlam, BC / TheNewswire / March 6, 2024- Grid Battery MetalsInc. (the “Company” or “Grid Battery”) ( TSXV:CELL ) ( OTC:EVKRF ) ( FRA:NMK2 ) is pleased to announce that the NI 43-101Technical Report for Grid’s Clayton Valley Lithium Project, datedMarch 4, 2024, prepared by Mr. Steven McMillin P.G. of RangefrontGeological, has been filed on SEDAR+ (www.sedarplus.ca) and can be viewed onthe Company’s website at Clayton Valley TechnicalReport .
At the Clayton Valley Lithium Project, the Companycontracted the services of Rangefront to performan updated and revised NI 43-101 Technical Report. To complete theTechnical Report, the Company used the results of prior soil samples,geophysical surveys, and drilling on the property, to help identifystructure and target areas favorable to lithium accumulation anddetermine next steps for its overall exploration plan. Therecommended 2024 exploration plan includes additional CSAMTgeophysical survey work, additional soil sampling, and a subsequentmulti-hole exploratory drilling program on the property.
Mr. Tim Fernback Grid President & CEO comments“We are happy to report the filing of the NI 43-101 Technical Reporton our Clayton Valley Lithium Project. The recommendation for futureexploration ultimately includes a drilling program as a logical nextstep here on the property. The timing is good for the Company, andwith approximately CAD$7.0million in our treasury, we are well-positionedand fully funded for our 2024 exploration season.”
Mr. Fernback continues “ ClaytonValley holds the only producing lithium brine system in the UnitedStates and holds amazing potential for lithium clay-hosteddeposits . Our lithiumclaims in Clayton Valley are bordering the Silver Peak Lithium Projectof Albemarle Corporation ( NYSE: ALB ), home to the only producing lithiummine in North America. Previously, Albemarle Corporation announcedthat it will continue to invest inits Silver Peak mine in order todouble lithium production by the year 2025. Another neighbour ofours to the east, Century Lithium Corp. ( TSXV: LCE OTCQX: CYDVF ), has issued a pre-feasibilitystudy referencing a 26% after-taxinternal rate of return and an NPV 8 of $1.03 billion. Furthermore inMay 2023, Nevada was ranked again as the #1 Mining Jurisdictionin the world by the Fraser Institute,a position it has held several times in the recent past. Our planat Grid is to realize the potential of this area of Nevada forlithium-hosted brine and claystone for our shareholders. ”
Clayton Valley Property
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.
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 r esults with average lithium grades of 2010ppm, applying a 1,000 ppm cut-off, and up to 5,610 ppmLithium .
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 allnear 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 haveshown higher grade lithium up to 8070 ppm on this property afterinitial drilling (Press release September 12,2023 ). Ourexploration results are on-trend with 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 brines extracted by Albemarle andare also likely involved in the formation of the exposed lithium richclay deposits on the east side of Clayton Valley.
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.
Aboutthe British Columbia, Nickel Projects
The Mount SidneyWilliams Group consists of three claim blocks with a total area of10,569 hectares in the area surrounding Mount Sidney Williams, bothadjoining and 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. At least some of the nickel mineralization occurs asawaruite. The Mitchell Range Group area claim consists of one claimblock covering 8,659 hectares with demonstrated metallicmineralization including nickel, cobalt, and chromium. Nickel cobaltmineralization has not been well explored, but the presence ofawaruite has been documented. The Company’s B.C. Nickel propertiesare held within Grid’s wholly-owned subsidiary, AC/DC Battery MetalsInc.
The Company has previouslyannounced plans to spin out itswholly-owned subsidiary, AC/DC Battery Metals Inc., finance itseparately, and separately list it on the TSX Venture Exchange in2024. This transaction once complete, will provide a valuable sharedividend to each Grid Shareholder of record for no additionalcost.
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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