GRID:CC - Grid Battery Metals Team Provides Nevada Exploration Update for 2024
(TheNewswire)
Coquitlam, BC – TheNewswire - February 7, 2024 - Grid Battery MetalsInc. (the “Company” or “GridBattery”) ( TSXV:CELL ) ( OTC:EVKRF ) ( FRA:NMK2 ) announces its plans to explore forthe upcoming 2024 mineral exploration season in Nevada.
Tim Fernback, Grid President & CEO states “Nowthat our team has completed the recent site visit of Clayton ValleyLithium Project in Nevada, we have a clearer understanding of whatGrid needs to accomplish for the 2024 mineral exploration season. Weare excited to offer a summary of what our team has determined as nextsteps for each of our three lithium property prospects inNevada.”
Texas Spring Lithium Property
Our team recently completed the Phase 1 exploration ofthe Texas SpringsProperty in fall 2023 which included both aCSAMT geophysical survey and a detailed soilsampling on a 50 m X 100 m spacing. Results were impressive andon-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 Exploration results included average grades of 2010 ppm, (applying a 1,000ppm cut-off), and up to an impressive5,610 ppm. Lithium .
Four drillholes are recommended for a Phase 1 ReverseCirculation program targeting the mineralized zones identified insurface sampling. Drilling should be advanced to the bottom of thedepositional basin, characterized by a basal conglomerate abovebedrock. Depths to the base of the basin will vary depending on thelocation of the drillhole relative to the basin structure which is notwell defined. Based on limited information, basin depths are expectedto range from 150m (492 ft) to 300m (984 ft).
Samples should be collected for the entire length ofhole and composited at regular 1.5m (5ft) intervals. Duplicates,blanks and standards should be inserted once every 20 samples (5%) forQA/QC. A four-acid aqua regia digestion analysis method is recommendedfor drill samples. This aggressive digestion method will sufficientlyextract lithium and other elements of interest in the clays and otherrocks encountered at the Project.
Drilling should be followed up with interpretation ofthe results. A 3D geologic model should be made using rock chips,assay results, CSAMT data and existing geologic mapping. The CSAMTdata should be used to infer continuity of changes in subsurfacestrata, especially between sandy and clayey interfaces. The modelingshould look for correlation between mineralized clay strata alongtrend with other high-grade intercepts. A comparison of any identifiedhigh grade lithium zones should be made with the CSAMT data collected.If correlation between high lithium clays is and a specific range ofohms is consistently identified at depth, this correlation should beused to inform additional drill targets at the Project.
If Phase 1 exploration is successful, a Phase II drillprogram should be undertaken to refine the location size and grades ofmineralized zones. As few as five (5) additional drillholes may besufficient, however if zones of interest are identified in the farwestern portion of the claim block, or anywhere on the eastern half ofthe claim block, as many as twenty (20) drillholes may berequired.
Volt Canyon Lithium Project
At the Volt Canyon Lithium Project, the Companycontracted the services of Rangefront Geological (“Rangefront”) to perform a detailed soil sampling on a 100 m X100 m spacing as a first phase of the Company’s exploration plan onsite. The Company proposes to use the results of these soil samples,together with a planned second phase exploration program involvinggeophysical surveys of the property, to help predict geologicalstructure and possible locations for lithium accumulation. Unfortunately, an unusually wet fall andwinter has shortened the exploration season on the Volt Canyon LithiumProject, and we plan on continuing the remaining soil sampling andassay work in 2024 when the exploration season begins.
Once the first two phases of this exploration programat Volt Canyon have been successfully completed, the Company willdetermine the next steps for its overall exploration plan. This mayinclude, but is not limited to, a subsequent drilling program.
Soil Samples (100 X 100M Grid) (VoltCanyon Lithium Project)
Clayton Valley Lithium Project
Mr. Fernback states “Recently we have issued news ofour site visit to the Clayton Valley Lithium Property in EsmeraldaCounty, Nevada. This lithium project islocated in Clayton Valley, Nevada adjacent to the village of SilverPeak, Nevada, about 48 km (29 miles) southwest of Tonopah, Nevada, and273 kilometers (170 miles) southeast of Reno,Nevada.
At the Clayton Valley Lithium Project, the Companycontracted the services of Rangefront to performan updated and revised NI #43-101 Technical Report. The Companyproposes to use the results of this Technical Report and prior soilsamples, geophysical surveys, and drilling on the property, to helpidentify structure and target areas favorable to lithium accumulationand determine next steps for its overallexploration plan. This may include, but is not limited to,additional CSAMT geophysical survey, additional soil sampling and asubsequent exploratory drilling program on the property. ”
Mr. Fernback has recently made additional comments inthe Company’s February 2, 2024 news release, and as a reminder to our shareholders,“ Clayton Valley holds the only producinglithium brine system in the United States and also holds amazingpotential for lithium clay-hosted deposits . Our lithium claims in Clayton Valley arebordering the Silver Peak Lithium Project of Albemarle Corporation( NYSE: ALB ), home to the only producing lithium mine in North America. Another neighbour of ours to the east, Century Lithium Corp.( TSXV: LCE OTCQX:CYDVF ), has issued a pre-feasibility study referencing a 26% after-tax internal rate of return and anNPV 8 of $1.03billion. It will be great to realize thepotential of this area of Nevada for lithium-hosted brine andclaystone for our shareholders.”
Mr. Fernback continues “We are very excited about theupcoming 2024 Lithium Exploration Season in Nevada. We have recentlycompleted the NI#43-101 Technical Report on our Texas Spring LithiumProject and plan on issuing the NI #43-101 Technical Report on ourClayton Valley Lithium Project, both of which will outline oursubsequent exploration programs in more detail. Given that we havefully funded our 2024 Mineral Exploration Season with the cashcurrently held in our treasury, we are looking forward to deployingthese funds to the benefit of 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 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. A Phase 1 exploration program atthe Texas SpringsProperty (Fall 2023) yielded r esults with average lithium grades of 2010 ppm, applying a1,000 ppm cut-off, and up to 5,610 ppmLithium .
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 725 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 ). Our exploration results are on-trendwith these results.
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. It should benoted that results from any adjacent property(s) are not an indicationof what may be found on the Company’s property(s).
Copyright (c) 2024 TheNewswire - All rights reserved.