Tim Fernback, Grid President & CEO states "Now that our team has completed the recent site visit of Clayton Valley Lithium Project in Nevada, we have a clearer understanding of what Grid needs to accomplish for the 2024 mineral exploration season. We are excited to offer a summary of what our team has determined as next steps for each of our three lithium property prospects in Nevada."
Texas Spring Lithium Property
Our team recently completed the Phase 1 exploration of the Texas Springs Property in fall 2023 which included both a CSAMT geophysical survey and a detailed soil sampling on a 50 m X 100 m spacing. Results were impressive and on-trend with the results found at the Surge Battery Metals Inc. ("Surge") ( TSXV: NILI, OTC: NILIF ) Nevada North Lithium Property that adjoins the Texas Spring Property to the north. Our Phase 1 Exploration results included average grades of 2010 ppm, (applying a 1,000 ppm cut-off), and up to an impressive 5,610 ppm. Lithium .
Four drillholes are recommended for a Phase 1 Reverse Circulation program targeting the mineralized zones identified in surface sampling. Drilling should be advanced to the bottom of the depositional basin, characterized by a basal conglomerate above bedrock. Depths to the base of the basin will vary depending on the location of the drillhole relative to the basin structure which is not well defined. Based on limited information, basin depths are expected to range from 150m (492 ft) to 300m (984 ft).
Samples should be collected for the entire length of hole and composited at regular 1.5m (5ft) intervals. Duplicates, blanks and standards should be inserted once every 20 samples (5%) for QA/QC. A four-acid aqua regia digestion analysis method is recommended for drill samples. This aggressive digestion method will sufficiently extract lithium and other elements of interest in the clays and other rocks encountered at the Project.
Drilling should be followed up with interpretation of the results. A 3D geologic model should be made using rock chips, assay results, CSAMT data and existing geologic mapping. The CSAMT data should be used to infer continuity of changes in subsurface strata, especially between sandy and clayey interfaces. The modeling should look for correlation between mineralized clay strata along trend with other high-grade intercepts. A comparison of any identified high grade lithium zones should be made with the CSAMT data collected. If correlation between high lithium clays is and a specific range of ohms is consistently identified at depth, this correlation should be used to inform additional drill targets at the Project.
If Phase 1 exploration is successful, a Phase II drill program should be undertaken to refine the location size and grades of mineralized zones. As few as five (5) additional drillholes may be sufficient, however if zones of interest are identified in the far western portion of the claim block, or anywhere on the eastern half of the claim block, as many as twenty (20) drillholes may be required.
Volt Canyon Lithium Project
At the Volt Canyon Lithium Project, the Company contracted the services of Rangefront Geological ("Rangefront") to perform a detailed soil sampling on a 100 m X 100 m spacing as a first phase of the Company's exploration plan on site. The Company proposes to use the results of these soil samples, together with a planned second phase exploration program involving geophysical surveys of the property, to help predict geological structure and possible locations for lithium accumulation. Unfortunately, an unusually wet fall and winter has shortened the exploration season on the Volt Canyon Lithium Project, and we plan on continuing the remaining soil sampling and assay work in 2024 when the exploration season begins.
Once the first two phases of this exploration program at Volt Canyon have been successfully completed, the Company will determine the next steps for its overall exploration plan. This may include, but is not limited to, a subsequent drilling program.
Soil Samples (100 X 100M Grid) (Volt Canyon Lithium Project)
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Clayton Valley Lithium Project
Mr. Fernback states "Recently we have issued news of our site visit to the Clayton Valley Lithium Property in Esmeralda County, Nevada. This lithium project is located in Clayton Valley, Nevada adjacent to the village of Silver Peak, Nevada, about 48 km (29 miles) southwest of Tonopah, Nevada, and 273 kilometers (170 miles) southeast of Reno, Nevada.
At the Clayton Valley Lithium Project, the Company contracted the services of Rangefront to perform an updated and revised NI #43-101 Technical Report. The Company proposes to use the results of this Technical Report and prior soil samples, geophysical surveys, and drilling on the property, to help identify structure and target areas favorable to lithium accumulation and determine next steps for its overall exploration plan. This may include, but is not limited to, additional CSAMT geophysical survey, additional soil sampling and a subsequent exploratory drilling program on the property. "
Mr. Fernback has recently made additional comments in the Company's February 2, 2024 news release, and as a reminder to our shareholders, " Clayton Valley holds the only producing lithium brine system in the United States and also holds amazing potential for lithium clay-hosted deposits . Our lithium claims in Clayton Valley are bordering 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 an NPV 8 of $1.03 billion. It will be great to realize the potential of this area of Nevada for lithium-hosted brine and claystone for our shareholders."
Mr. Fernback continues "We are very excited about the upcoming 2024 Lithium Exploration Season in Nevada. We have recently completed the NI#43-101 Technical Report on our Texas Spring Lithium Project and plan on issuing the NI #43-101 Technical Report on our Clayton Valley Lithium Project, both of which will outline our subsequent exploration programs in more detail. Given that we have fully funded our 2024 Mineral Exploration Season with the cash currently held in our treasury, we are looking forward to deploying these funds to the benefit of our shareholders."
Clayton Valley Property
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It should be noted that results from any adjacent property(s) are not an indication of what may be found on the Company's property(s).
About Rangefront Geological
Elko Nevada-based Rangefront Geological has combined in-depth expertise with cutting-edge technology to provide mining consulting services, contract labor, field crew services, and vehicular support to the mining industry. With services available across North America, Rangefront works closely with its clients to provide high-quality mineral exploration services.
Qualified Person
Mr. Steven McMillin, P.G. is a Qualified Person as defined by National Instrument 43-101 and has approved the technical information contained within this news release.
About Grid Battery Metals Inc.
Grid Battery Metals Inc. is a Canadian based exploration company whose primary listing is on the TSX Venture Exchange. The Company's maintains a focus on exploration for high value 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 lithium clay deposit in volcanic tuff and tuffaceous sediments of the Humbolt Formation. A Phase 1 exploration program at the Texas Springs Property (Fall 2023) yielded r esults with average lithium grades of 2010 ppm, applying a 1,000 ppm cut-off, and up to 5,610 ppm Lithium .
The Texas Spring property adjoins the southern border of the Nevada North Lithium Project - owned by Surge Battery Metals Inc. ("Surge") ( TSXV: NILI, OTC: NILIF ) and comprised of 725 mineral claims. Surge's first round of drilling identified strongly mineralized lithium bearing clays. The average lithium content within all 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 up to 8070 ppm on this property after initial drilling (Press release September 12, 2023 ). Our exploration results are on-trend with these results.
About Clayton Valley Lithium Project
The Company owns a 100% interest in 113 lithium lode and placer claims covering over 640 hectares in Clayton Valley. Clayton Valley is a down-dropped closed basin formed by the Miocene age Great Basin extension and is still active due to movement along the Walker Lane structural zone. As a result, the basin has preserved multiple layers of lithium bearing volcanic ash, resulting from multiple eruptive events over the past 6 million years including eruptions from the 700,000-year-old Long Valley Caldera system and related events. These ash layers are thought to contribute to the lithium brines extracted by Albemarle and are also likely involved in the formation of the exposed lithium rich clay deposits on the east side of Clayton Valley.
Volt Canyon Lithium Property
The Company owns a 100% interest in 80 placer claims covering approximately 635 hectares of alluvial sediments and clays located 122 km northeast of Tonopah, Nevada.
About the British Columbia, Nickel Projects
The Mount Sidney Williams Group consists of three claim blocks with a total area of 10,569 hectares in the area surrounding Mount Sidney Williams, both adjoining and near the Decar project of FPX Nickel Corp., located 100 kilometres northwest of Fort St. James, B.C., in the Omineca mining division. Metallic mineralization includes nickel, cobalt, and chromium. At least some of the nickel mineralization occurs as awaruite. The Mitchell Range Group area claim consists of one claim block covering 8,659 hectares with demonstrated metallic mineralization including nickel, cobalt, and chromium. Nickel cobalt mineralization has not been well explored, but the 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 nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. It should be noted that results from any adjacent property(s) are not an indication of what may be found on the Company's property(s).
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Figure 1: Cave Hill Project tenements on aeromagnetics with new lithium anomalies and other lithium deposits