(TheNewswire)
Coquitlam, BC – May 2, 2024 – TheNewswire – Grid Battery Metals Inc. (the “Company” or “Grid”) (TSXV: CELL, OTCQB: EVKRFFRA: NMK2) is pleased announce the results of the initial explorationprogram, a Magnetotelluric (MT) geophysics survey performed by the KLMGeoscience (“KLM”). The geophysics survey was overseen byGrid’s Qualified Professional, Mr. Steven McMillin P.G.
MT survey profiles
The MT survey is a preferred method for identifyingstrata that may contain lithium brine evidenced by low resistivity(high conductivity) signatures, structures that potentially focusbrine, and basin floor geometry.
Mr. Steven McMillin P.G. comments “The MT survey wascompleted over eleven profiles. The results were plotted in horizontalslices at 250m, 500m and 750m with bedrock depths that range from 216to 406 m within the Grid claims. A major northeast faultinterpreted from gravity bisects the claim block and is best apparentin the 500m slice even though the slice is below the basin floor. Thissuggests that the fault may be a fluid conduit at depth The fault isless apparent in the strong near-surface anomaly in the 250m slicethat may reflect a spread of fluids within the basin sediments awayfrom the fault. The 750m depth slice is likely below the basin floorand conductivity is mostly focused near the basin boundingfaults”.
Mr. Steven McMillin continues “We plan to complete aninfill sample program on the southern half of the property claims on125 m centers. Results will be incorporated with available surfacegeology, previous drilling, and previous geophysics into a 3D Leapfrogmodel. This model will provide a good framework to assist locatingfuture exploration and drilling.”
MT Geophysical Survey Results
Grid’s Clayton Valley LithiumProject
Tim Fernback, Grid President & CEO comments“Clayton Valley Nevada is home to North America’s only lithiumbrine producer (Albemarle Corporation’s Silver Peak Mine) and ourproperty is immediately to the west of their lithium property andproduction facility. Recently, Century Lithium (our nearby neighbourto the east of Albermarle) has just released their Positive FeasibilityStudy (April 29, 2024) with Measuredand Indicated resources totaling 1,207.33 million tonnes (Mt) at anaverage grade of 957 parts per million (ppm) lithium (Li) containing1.155 Mt of Li or 6.148 Mt of lithium carbonate equivalent (LCE), a40 year mine life and an after-tax NPV 8 of $3.01 billion. With the MTsurvey that has just been completed, together with the results of theplanned detailed soil sampling program in the southern area of ourClayton Valley claim block, these results will allow us to determinenext steps for our exploration programs later in the year.”
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 KLM Geoscience LLC
KLM ( https://www.klmgeoscience.com/ ) is an industry leading, Nevada-basedgeophysical exploration company. Established in 2014, KLMspecializes in a wide array of geophysical methods. Using stateof the art equipment, KLM’s services include induced polarization(IP), natural-source magnetotellurics (MT, AMT),controlled-source audio-frequency magnetotellurics (CSAMT), passiveseismic and magnetic potential field surveys. With a head officelocation in Nevada, this allows KLM to rapidly mobilize and beginwork at a moment's notice throughout the Western United States andbeyond. KLM has been a preferred vendor for Grid and its managementteam for many years.
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 based exploration company whose primary listing is onthe TSX Venture Exchange. The Company’s maintains a focus onexploration for high value battery metals required for the electricvehicle (EV) market.
The Company owns a 100%interest in the Texas Spring Property which consists of mineral lodeclaims located in Elko County, Nevada. The Property is in theGranite Range southeast of Jackpot, Nevada, about 73 kmnorth-northeast of Wells, Nevada. The target is a lithium clay depositin volcanic tuff and tuffaceous sediments of the Humbolt Formation. APhase 1 exploration program at the Texas Springs Property (Fall 2023)yielded r esults with average lithium grades of 2010ppm, applying a 1,000 ppm cut-off, and up to 5,610 ppmLithium .
The Texas Springproperty adjoins the southern border of the Nevada North LithiumProject - owned by Surge Battery Metals Inc. (“Surge”) (TSXV:NILI, OTC: NILIF) and comprised of 725 mineral claims. Surge's firstround of drilling identified strongly mineralized lithium bearingclays. The average lithium content within all near surface clay zonesintersected 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 ). Ourexploration results are on-trend with these results.
AboutClayton Valley Lithium Project
The Company owns a 100%interest in 113 lithium lode and placer claims covering over 640hectares in Clayton Valley. Clayton Valley is a down-dropped closedbasin formed by the Miocene age Great Basin extension and is stillactive due to movement along the Walker Lane structural zone. As aresult, the basin has preserved multiple layers of lithium bearingvolcanic ash, resulting from multiple eruptive events over the past 6million years including eruptions from the 700,000-year-old LongValley Caldera system and related events. These ash layers arethought to contribute to the lithium brines extracted by Albemarle andare also likely involved in the formation of the exposed lithium richclay deposits on the east side of Clayton Valley.
The Company owns a 100%interest in 80 placer claims covering approximately 635 hectares ofalluvial sediments and clays located 122 km northeast of Tonopah,Nevada.
On Behalf of the Boardof Directors
Email: info@gridbatterymetals.com
Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisrelease. This news release may contain forward-looking statementswhich include, but are not limited to, comments that involve futureevents and conditions, which are subject to various risks anduncertainties. Except for statements of historical facts, commentsthat address resource potential, upcoming work programs, geologicalinterpretations, receipt and security of mineral property titles,availability of funds, and others are forward-looking. Forward-lookingstatements are not guarantees of future performance and actual resultsmay vary materially from those statements. General business conditionsare factors that could cause actual results to vary materially fromforward-looking statements. It should be noted that results from any adjacent property(s) are notan indication of what may be found on the Company’sproperty(s).
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