Grid Metals Reports Additional Positive Drill Results from East Bull Lake Palladium Property

April 9, 2021 7:01 AM EDT

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Commences Metallurgical Study

TORONTO, ON / ACCESSWIRE / April 9, 2021 / Grid Metals Corp. (the "Company") (TSXV:GRDM)(OTCQB: MSMGF) is pleased to provide new drilling results for an additional three holes from the Central Parisien Lake target area on its East Bull Lake palladium project, located near Sudbury, Ontario. A metallurgical study has been initiated to confirm the potential for generating a palladium-rich sulfide concentrate from representative core samples from the Parisien Lake area.

Highlights

Encouraging new results for three step out holes are reported below. The holes are located between 30 metres and 250 metres away from discovery hole EBL20-13. Significant widths of anomalous palladium and copper sulfide mineralization were encountered in drill holes, including 77.0 metres of 0.81 g/t palladium equivalent grade ("Pd Eq") in EBL21-04. Narrower, higher grade intervals were also intersected including 2.0 metres of 5.39 g/t Pd Eq in EBL21-05.

Hole ID

From
(m)

To
(m)

Length
(m)

Pd
(g/t)

Pt
(g/t)

Au
(g/t)

Cu
(%)

Ni
(%)

Pd Eq
(g/t)

EBL21-04

30.00

107.00

77.00

0.43

0.13

0.03

0.10

0.06

0.81

inc.

82.00

103.00

21.00

0.75

0.24

0.05

0.12

0.10

1.31

with

96.00

99.00

3.00

1.38

0.42

0.09

0.21

0.08

2.12

and

178.94

210.00

31.06

0.27

0.10

0.02

0.11

0.05

0.59

inc.

194.00

200.00

6.00

0.47

0.16

0.03

0.20

0.07

0.98

EBL21-05

52.00

74.00

22.00

0.39

0.13

0.03

0.09

0.06

0.74

inc.

52.00

63.00

11.00

0.60

0.20

0.05

0.10

0.05

1.01

EBL21-06

50.00

59.00

9.00

1.62

0.48

0.08

0.12

0.07

2.19

inc.

56.00

58.00

2.00

3.75

1.05

0.25

0.42

0.24

5.39

and

72.00

73.00

1.00

1.04

0.50

0.02

0.01

0.04

1.41

and

100.00

101.00

1.00

1.99

0.84

0.20

0.55

0.07

3.24

Notes:

  • Based on current 3D geological interpretations, the true thickness is estimated to range between approximately 50-80% of the length of the reported mineralized intervals.
  • Pd Eq is the palladium equivalent grade expressed in grams per tonne that is calculated using the following long-term consensus price forecasts ($US) sourced from S&P Global Metals and Mining Research and dated October 30, 2020: Pd - $1,813.90/oz; Pt - $955.55/oz; Au - $1,832.01/oz; Cu - $2.96/lb; Ni - $6.87/lb.

Dr. Dave Peck, the Company's Vice-President of Exploration and Business Development stated "The new results continue to demonstrate the potential for a significant, near-surface palladium deposit in the Central Parisien Lake target area. EBL21-06 is a notable drill intercept as it was a significant step out hole to the west, which expands the size of the mineralized target area.

Winter Drilling Program Completed - Target Area Expanded

The Company's winter drilling program has been completed. Results for the first three drill holes (EBL21-01- 21-03) were reported in the Company's March 11th, 2021 news release. Thirteen holes were drilled at the Central Parisien Lake target and another two holes were drilled in a new target area located approximately 400 metres to the south (Figure 1). The new drilling at the Central Parisien Lake target includes step out holes to both the east and west of discovery hole EBL20-13, which intersected 119.0 metres averaging 1.13 g/t Pd Eq. Geological logging data indicate that the Inclusion-bearing Zone - the principal host to palladium mineralization at East Bull Lake, is present in all thirteen holes. This information, combined with 2020 and historical drilling results in the area, expands the Central Parisien Lake palladium zone to >1.7 kilometres in length and up to 500 metres in width (Figure 1). The zone remains open to both the east and west, and down dip to the northwest.

Figure 1. Location of Grid Metals Corp. drill holes EBL21-04 to 06, Central Parisien Lake target area, East Bull Lake palladium property.

Drill core is being logged and split at the Company's core facility in Massey Ontario. Hole specifications are provided below.

Hole Number

Easting
(m)

Northing
(m)

Elevation
(m)

Azimuth

Dip

Length
(m)

EBL21-04

410042

5141816

356

350

45

228.7

EBL21-05

410003

5141920

360

350

45

224.0

EBL21-06

409770

5142005

358

190

50

230.0

Metallurgical Test Work Underway

A composite drill core sample from 2020 and 2021 core samples from the Central Parisien Lake target area has been prepared in order to conduct initial metallurgical test work to characterize the potential to produce a saleable palladium concentrate. The Company has signed an initial scope of work with XPS Expert Process Solutions - a Glencore Company, to complete the test work.

Bannockburn Nickel Property Drill Program Set to Commence

The Company will commence drilling at its Bannockburn nickel property before the end of the month. Details of the drilling program will be announced at the start up of the program.

Quality Assurance and Quality Control

Grid Metals applies best practice quality assurance and quality control ("QAQC") protocols on all of its exploration programs. For the current drilling program, core is logged and sampled at a core facility located in the town of Massey, Ontario - approximately 30 km south of the property. NQ-size drill core samples are cut into halves using a diamond saw. Standard sample intervals of 1.00 metre length are used unless a major geological, structural or mineralization boundary is encountered. Samples are bagged and tagged and transported by courier to, for this news release, the Actlabs Thunder Bay analytical facility. Actlabs analyzes each sample for Pd, Pt and Au using a lead collection fire assay on a 30 g pulp split and an ICP-OES finish. Copper, Ni and Co are analyzed using a near total' fusion multi-acid digestion and an ICP-OES finish. The Company uses two PGE certified reference materials ("CRMs") and one analytical blank purchased from Canadian Resource Laboratories to monitor analytical accuracy and check for cross contamination between samples. One of the CRMs or the blank are inserted every tenth sample within a given batch. The analytical results for the two CRMs and the blank for the sample batches reported here did not show any significant bias compared to the certified values and the results fell within the acceptable limits of variability.

Dr. Dave Peck, P.Geo., has reviewed and approved the technical content of this release for purposes of National Instrument 43-101.

About Grid Metals Corp.

Grid Metals Corp. is an exploration and development Company that has a diversified portfolio of projects in the nickel-copper-platinum group metal sectors. These commodities are vital to the emerging battery metals, energy storage and automotive sectors. All of Grid's projects are located in secure North American mining jurisdictions. The Company is focused on timely advancement of its property portfolio through prudent exploration and development activities.

To find out more about Grid Metals Corp., please visit www.gridmetalscorp.com.

On Behalf of the Board of Grid Metals Corp.
Robin Dunbar - President, CEO & Director Telephone: 416-955-4773 Email: rd@gridmetalscorp.com
David Black - Investor Relations Email: info@gridmetalscorp.com

We seek safe harbour.

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements may include the Company's plans for its properties, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward- looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risk, uncertainty of production and capital costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, metallurgical risk, currency fluctuations, fluctuations in the price of nickel, cobalt, copper and other metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Management Discussion and Analysis for the most recent financial period and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

SOURCE: Grid Metals Corp.



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https://www.accesswire.com/639588/Grid-Metals-Reports-Additional-Positive-Drill-Results-from-East-Bull-Lake-Palladium-Property



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