GRID:CC - Grid Battery Metals Provides a Financial Update
(TheNewswire)
Coquitlam, BC – TheNewswire - January 11, 2024 - Grid Battery MetalsInc. (the “Company” or “Grid Battery”)( TSXV:CELL ) ( OTC:EVKRF ) ( FRA:NMK2 ) is pleased to announce that it has recently completed the sale of 100% of itsholdings in Surge BatteryMetals Inc. (“Surge”) ( TSXV: NILI, OTC: NILIF ) for total net proceeds of over CAD$5 million to addto the Company’s treasury.
Mr. Tim Fernback, Grid President & CEO comments“In 2021, we initiated the process of selling some non-core nickelassets in British Columbia to Surge in exchange for 6 million Surgeshares. This transaction has benefited our shareholders immensely,by providing over CAD$5million in non-dilutive capital to the Company. Currently, Grid has approximately CAD$7.2 million inits treasury, and has fully funded its 2024 explorationseason.”
Mr. Fernback continues “2024 should be a big year forGrid and its shareholders, as we are planning to spin out and publiclylist our BC nickel assets as a separate public company. We plan tocontinue to develop both lithium and nickel assets with an incrediblefocus. Our shareholders will benefit from having a proportionateshare of this new spin out company, at no additional cost.”
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 Grid Nickel Project consists of three claim blockswith a total area of 5,000 hectares in the area surrounding MountSidney Williams, near the Decar project of FPX Nickel Corp., located100 kilometres northwest of Fort St. James, B.C., in the Ominecamining division. 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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