GRID:CC - Grid Battery Metals Provides a CEO Update
(TheNewswire)
Coquitlam, BC – TheNewswire - September 13, 2023- Grid Battery MetalsInc. (the “Company” or “GridBattery”) ( TSXV:CELL ) ( OTC:EVKRF ) ( FRA:NMK2 ) provides the following update to itsShareholders.
TO OUR SHAREHOLDERS
First off, I would like to thank you for your supportof our Company. Your continued support of our team and thedevelopment of our world class North American lithium and nickelproperties is impressive.
We have spoken many times in the past about the shiftto Electric Vehicles (EV) in North America and throughout the globe. This is an undeniable consumer trend that we are experiencing. Auto manufacturers worldwide are producing more EVs for sale eachyear, both in terms of the number of car and truck model optionsavailable for consumers but also in terms of the numbers of carsproduced. Governments are stepping up with EV subsidies for bothconsumers and manufacturers, and auto manufacturers are increasingtheir manufacturing capacity. One example can been seen by therecent announcement by Tesla Inc. ( NASDAQ: TSLA ) toincrease the capacity of a newly proposed Mexican manufacturingfacility to produce over 2 million vehicles / year and committing toan investment of US$10 Billion in 2025 .
A key component in the production of EVs is theexploration, mining and refining of key battery metals like Lithium and Nickel . Both Canada and the US havecommitted to supporting the mining industry for these key batterymetals and recent legislation like the US Inflation ReductionAct confirms both financial and functionalsupport to the mining industry as part of an overall long termstrategy for clean technology and progressive solutions to climatechange.
As you are aware, Grid Battery Metals has completed twofinancings in 2023 and we currently have a cash balance ofapproximately CAD$5 million in our treasury and, in addition to this, over CAD$4.8 million in marketable securities on our balance sheet. The Companywas fortunate to have disposed some of our non-core nickel assetsearlier in the year to yield this very positive situation for ourCompany and shareholders. I am proud to say that we are fully funded for the2023 and 2024 mineral exploration seasons.
Nevada Lithium ExplorationPlan
Recently we have added two new and highly prospectivelithium properties to our asset portfolio in Nevada. The Texas SpringsProperty and the Volt Canyon Property been added to our existing Clayton Valley Lithium assets in Nevada. Ourteam is currently on the ground exploring the Texas Springs Property with our planned summer/fall 2023 exploration program whichincludes both a CSAMT geophysical survey and adetailed soil sampling on a 50 m X 100 m spacing. The CSAMT surveyis a method for obtaining information about subsurface resistivity andgeology, which can help predict geological structure and locations forlithium, while the detailed surface sampling will allow us todetermine lithium values at surface. Results from these twoexploration programs will be key to determining our 2024 explorationplan and also possible drilling locations for clay-based lithiumtargets. Once we have completed this work at Texas Springs , wewill move the crew and repeat the process at Volt Canyon likely inOctober of this year. Assays and results should be available laterin the calendar year for public disclosure. This is part of amethodical and systematic approach to high quality mineral explorationfor this highly sought after metal in Nevada.
Of note, our Texas Springs Property adjoins the southernborder of the Nevada North Lithium Project - owned by Surge Battery Metals Inc. (“Surge”) ( TSXV:NILI, OTC: NILIF ). Surge's first round ofdrilling identified strongly mineralized lithium bearing clays. Theaverage lithium content within all near surface clay zones intersectedin the 2022 drilling program, applying a 1000 ppm cut-off, was 3254ppm. Yesterday, Surge announced some exciting results of its most recentdrilling program at this property, and recorded its highest grades todate, with up to 8070 ppm Lithium on the Northern Nevada Lithium project.
For our ClaytonValley Lithium Project , we plan to follow therecommendations of our NI #43-101 Technical Report during 2023 and2024. This includes a multi-phased exploration program, the first phase includes building the geologicinfrastructure through data compilation and initial auger sampling tocollect lakebed material below the sand dunes and alluvial cover, andthe second phase is to determine the sub-surface structure andtopography to identify drill targets. This would require a geophysicalsurvey using gravity, seismic or magnetotelluric techniques. Phasethree would be to drill the best targets identified in the first twophases and includes drilling, assaying, permits and reporting.
2023 and 2024 will beactive years for the Company as we focus our lithium explorationefforts in Nevada. Our aim is to advance these projects as quicklyas possible and build them intolong-term robust assets benefiting all shareholders.
Thank you for yoursupport and we look forward to creating new value each and every dayfor our shareholders.
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 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”
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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