GRID:CC - Grid Battery Metals Provides a Year End Update
(TheNewswire)
Coquitlam, BC - TheNewswire - December 20, 2023 - Grid Battery Metals Inc. (the “ Company ” or “ Grid Battery ”) ( TSXV:CELL ) ( OTC:EVKRF ) ( FRA:NMK2 ) provides the following update to its Shareholders.
TO OUR SHAREHOLDERS
As the year draws to a close, I would like to take thistime to thank you for your continued support of the Company, our teamand the development of our world class North American lithium andnickel properties.
2023 has been a banner year for the Company adding keyNevada lithium assets to our property portfolio, completing threeseparate equity financings to bolster our balance sheet, completingmaterial exploration activities in both Nevada and British Columbia,and starting the process to spin out our Canadian Nickel assets into aseparate public company to be listed and financed on the TSX VentureExchange. All big benefits to the Grid shareholders, including aplanned common share dividend in 2024 associated with the newlycreated spin out public company.
We currently have a cash balance of approximately CAD$5 million in our treasury and, in addition to this, over CAD$1.5 million inmarketable securities on our balance sheet. If all our outstandingwarrants and options are converted (they are all in the money) thatwould add another ~ CAD$3million to our treasury. I am proud to say thatwe are fully funded for the 2024 mineral exploration season.
As you are all aware, a key component in the productionof EVs is the exploration, mining and refining of key battery metalslike 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 andfunctional support to the mining industry as part of an overall longterm strategy for clean technology and progressive solutions toclimate change.
We have reached a global milestone in EV carproduction. There are now over 41 million electric vehicles on theroad globally, thanks in part to incentives found in the InflationReduction Act.
The transition to EV from gas guzzling automobiles isan undeniable consumer trend that we are experiencing. Governmentsaround the world are beginning to require that all new cars be zero emissionvehicles , and are stepping up with EVsubsidies for both consumers and manufacturers . Automanufacturers worldwide are producing more EVs for sale each year,both in terms of the number of car and truck model options availablefor consumers but also in terms of the numbers of cars produced. Tesla Inc. ( NASDAQ:TSLA ), the global leader in EV manufacturing,plans to increase the capacity of a newlyproposed Mexican manufacturing facility to produce over 2 millionvehicles / year and committing to an investment of US$10 Billion in2025 .
Nevada Lithium ExplorationProperties
Recently we have added two new and highly prospectivelithium properties to our asset portfolio in Nevada, and in May2023, 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.
The Company added key Nevada lithium clay properties,the Texas SpringsProperty and the Volt Canyon Property to our existing Clayton ValleyLithium assets in Nevada. Our team completedthe Phase 1 exploration of the Texas Springs Property in fall 2023 whichincluded both a CSAMT geophysical survey and adetailed soil sampling on a 50 m X 100 m spacing. Results wereimpressive and on-trend with the results found at the Surge Battery Metals Inc. (“Surge”) ( TSXV:NILI, OTC: NILIF ) NevadaNorth Lithium Property that adjoins the Texas Spring Property to thenorth. Our Phase 1 results showed average Lithium Grades of 2010ppm, applying a 1,000 ppm cut-off, and up to an impressive 5,610ppm Lithium .
Now that the first phase of the exploration program iscomplete, we plan to gather as a group to interpret the geologicaldata and plan our next steps at Texas Springs for the upcoming 2024exploration season. We have some encouraging results to discuss,which is great news for our shareholders.
Our TexasSprings Property adjoins the southern border ofthe Nevada North Lithium Project - owned by Surge Battery Metals Inc. (“Surge”) ( TSXV:NILI, OTC: NILIF ).
It should be notedthat the Grid Battery Metals management and geological team was theoriginal founding management team at Surge, and while there,discovered the Nevada North Lithium property. Here, the average lithium content within all near surface clay zonesintersected in the 2022 drilling program,applying a 1000 ppm cut-off, was 3254 ppm. Subsequently, Surgeannounced the results another recent drilling program at thisproperty, and recorded itshighest grades to date, with up to 8070ppm Lithium on theNorthern Nevada Lithium project .
For our ClaytonValley Lithium Project , we plan to update our NI#43-101 Technical Report in early 2024 for a multi-phased explorationprogram planned on site. The first phase includes building thegeologic infrastructure through data compilation and initial augersampling to collect lakebed material below the sand dunes and alluvialcover, and the second phase is to determine the sub-surface structureand topography to identify drill targets. This would require ageophysical survey using gravity, seismic or magnetotellurictechniques. Phase three would be to drill the best targets identifiedin the first two phases and includes drilling, assaying, permits andreporting. At VoltCanyon , we plan to complete the proposed soilsampling program announced earlier in the fall, once we are able toget on the property in the new year.
Our aim is to advancethese projects as quickly as possible and build them into long-termrobust assets benefiting all shareholders.
BC Canada Nickel ExplorationProperties
We have recentlyannounced that our nickel project inBritish Columbia is being spun into a subsidiary to better distributefocus and resources on this project. We now plan to list thiscompany on the TSX Venture Exchange in the early part of 2024. Itwill be called AC/DC BatteryMetals Inc . (“AC/DC”). Current Gridshareholders will receive a significant boost in value from thistransaction, as it will result in a free common share dividend inAC/DC shares representing a proportionate value in this new publiccompany. We are doing this to give our shareholders a bonus — ashare in another public company for no cost.
For a bit of addedperspective, our BC Nickel Property is located beside what isconsidered the world's eighth-largest undeveloped nickel resource, the FPX Nickel Corp. (TSXV: FPX,OTCQB: FPOCF) Decar Property as reported in the Canadian MiningJournal .
Nickel continues to bein high demand and global giants like BHP Group Ltd., predict thatnickel demand in the next 30 years will be 200%-300% of the demandin the previous 30 years . Thisbodes well for this commodity and our Company plans will benefit ourshareholders in the long-term by spinning out this venture as aseparate entity to be valued accordingly.
In closing out thisyear, we wanted to thank you for your continued support and we lookforward to creating new value each and every day for ourshareholders.
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.
Mr. Seth Cude, P.G. is a Qualified Person as defined byNational Instrument 43-101 and has approved the technical informationcontained within this news release regarding Grid’s Nevada LithiumProperties.
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 Texas SpringProperty which consists of mineral lode claims located in Elko County,Nevada. The Property is in the Granite Range southeast of Jackpot,Nevada, about 73 km north-northeast of Wells, Nevada. The target is alithium clay deposit in volcanic tuff and tuffaceous sediments of theHumbolt 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 haveshown higher grade lithium up to 8070 ppm on this property afterinitial 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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