NIKLF - Grid Battery Metals Provides Shareholders with an Update
(TheNewswire)
Coquitlam, BC – TheNewswire - July 14, 2023- Grid Battery Metals Inc.(“formerly Nickel RockResources Inc.”) (the “Company” or “GridBattery”) (TSXV:CELL ) ( OTC:EVKRF ) ( FRA:NMK2)
As you are very muchaware, the electric vehicle (EV) industry is experiencing massivedemand from consumers. A consumer shift, from combustion engine carsto those with electric motors, has provoked unparalleled activity inthe EV battery manufacturing market with the follow-on impacts on theEV metals exploration market. This undeniable trend has caused theglobal auto industry to react swiftly with equally massive investmentsin new EV production facilities to meet this demand.
What is new is that these same auto manufacturingcompanies have demonstrated a high interest in searching fordownstream mineral supplies of important EV metals such as lithium,nickel and cobalt etc. and are approaching companies like Grid who areactively searching for these metals.
Furthermore, EV friendlylegislation like the recently enacted US Inflation Reduction Act of2022 encourages investment in North American EV manufacturing byproviding financial incentives for the purchase of EVs made in NorthAmerica by US citizens. To qualify for the incentive, EV batterymetals must be extracted or processed in the United States or in acountry that has a free trade agreement with the United States, andthis includes Canada.
The combination of allthese market forces and legislation provides a unique opportunity forGrid to be a preferred and sought out supplier to the EV batteryindustry with our unique North American mineral assets. As ashareholder it is important to know we are currently focussed on thesearch for all EV battery metals with a focus on projects locatedwithin the USA and Canada.
At the time of this letter, it should be notedthat Grid is currently well financed and has capital for both its 2023and 2024 exploration programs. Grid has recently completed twofinancings which has allowed us to have over CAD$4.5 million inworking capital, with an additional ~ CAD$3.48 million in marketablesecurities, for a total of ~ CAD$8 million available to theCompany.
We have also updated our logos, website ( www.gridbatterymetals.com ) and social media channels ( , and ) to reflect our new direction and focus for the Company.
NewLithium Project Evaluation and 2023 Exploration Plan
That said, it isimportant to note that beyond our existing world class nickel assetsin Canada, Grid has been actively searching for lithium mineralexploration assets in North America with a focus on Nevada. Duringthe last couple years, we have built up a team of lithium and landexperts in Nevada to complement our Canadian nickel exploration team. As of the date of this letter, the Company has thoroughly canvasseda large number of Lithium projects in Nevada (from establishedexploration projects to grass roots projects) and has completed theevaluation of many of these projects. Recently we have added two new and highlyprospective lithium properties to our asset portfolio inNevada. The Texas SpringProperty and the VoltCanyon Property been added to our existing Clayton Valley Lithium assets in Nevada, and in the summer/fall of 2023, we plan to carry outa detailed initial exploration plan for these properties.
On our two new lithiumassets, this will include a historical review of past exploration (onand nearby to our properties), extensive surface sampling andassaying, geochemistry and geophysics and the commissioning of a N.I.#43-101 technical report to be written by our QP, Mr. Alan Morris. The second phase of the exploration plan will begin in 2024, andwill include likely additional surface sampling and assaying, a smallreverse circulation exploratory drilling program (8-10 holes at250-500m depth) and assaying Li clays and brine at depth, followed onby a larger drill program dependant on all results to date.
Of note, our TexasSpring Property adjoins the southern border of the Nevada NorthLithium Project - owned by Surge Battery Metals Inc. (“Surge”)( TSXV: NILI, OTC:NILIF ) and comprised of 303 mineral claims. Surge's first round of drilling identified strongly mineralizedlithium bearing clays. The average lithium content within all nearsurface clay zones intersected in the 2022 drilling program, applyinga 1000 ppm cut-off, was 3254ppm .
For our Clayton ValleyLithium Project, we plan to follow the recommendations of our NI#43-101 Technical Report during 2023. This includes a multi-phased exploration program to test the property for alithium brine or clay deposits. The first phase is building thegeologic infrastructure through data compilation and initial augersampling to collect lakebed material below the sand dunes and alluvialcover. The second phase would be to determinethe sub-surface structure and topography to identify drill targets.This would require a geophysical survey using gravity, seismic ormagnetotelluric techniques. Phase three wouldbe to drill the best targets identified in the first two phases andincludes drilling, assays, permits, and reporting.
NickelExploration Plan for 2023
The Company hascompleted the second phase of our initial exploration program on itsNickel exploration claims located in northern British Columbia,Canada. We plan to carry out a small sampling, trenching and initialdrilling program in 2023 as our third phase of exploration, inpreparation for a larger follow on drilling program planned in 2024 asphase four.
Grid’s BC NickelExploration Project consists of two non-contiguous mineral claimsgroups held by the Company after selling off two claims to our partner Surge Battery MetalsInc. in 2023 in exchange for 6,000,000 Surgeshares (as at June 21, 2023 these shares on Grid’s asset list werevalued at CAD$3.48million ). The exploration stage project is inthe Trembleur Lake area of central British Columbia, partially adjacent to FPX NickelCorp.’s (TSXV: FPX, OTC: FPOCF) Decar Nickel Project , which is an advanced project targeting awaruite, anickel-iron alloy mineral, hosted by serpentinized ultramaficintrusive rocks of the Trembleur Ultramafic Unit. FPX Nickel Corp.has invested over CAD$25 million developing the Decar Project and plans to issue aPrefeasibility Study this calendar year as announced on June 27, 2023 showing increased nickel recoveries on the project. FPX’s DecarNickel Project is widely recognized as on the 7 th largest nickeldeposit in the world (Source: Mining.com ,May 1, 2023).
As you can see, 2023will be an active year for the Company as we focus our explorationefforts in Nevada on our three Lithium Projects, as well as, our BCNickel Project. Our properties are well positioned beside othermineral deposits that have shown to be very promising. Our aim is toadvance these important properties towards discovery as quickly aspossible and build them into long-term robust assets benefiting allshareholders.
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 Spring Property 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 a lithiumclay deposit in volcanic tuff and tuffaceous sediments of the HumboltFormation.
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 ).
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”
604-428-5690
Tim Fernback, President & CEO
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.
Copyright (c) 2023 TheNewswire - All rights reserved.