Grid Battery Metals Update - Drilling Completed on its Clayton Valley Lithium Project

Rhea-AI Summary

Grid Battery Metals has completed its reverse circulation drilling program at its Clayton Valley Lithium Project in Nevada. The project covers 2,300 acres adjacent to Albemarle's evaporation ponds and near Century Lithium's proposed Angel Island Lithium Mine. The company completed five holes totaling 4,730 feet, with the deepest reaching 1,160 feet. The drilling encountered variable conditions, including high water temperatures and volumes, with evidence of hot spring alteration and clay layers. Drill cuttings and water samples have been sent for analysis, with results expected in mid-late November.

Positive

• Strategic location adjacent to Albemarle's operations and Century Lithium's proposed $3.01B NPV project
• Successful completion of drilling program with 5 holes reaching significant depths
• Evidence of hot spring alteration found, which can indicate potential lithium mineralization

Negative

• Variable drilling conditions and bad ground conditions caused loss of one hole
• Results pending, creating uncertainty about actual lithium content

News Market Reaction

+5.42%

1 alert

+5.42% News Effect

On the day this news was published, EVKRF gained 5.42%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

COQUITLAM, BC / ACCESSWIRE / October 28, 2024 / Grid Battery Metals Inc. (the "Company" or "Grid") (TSXV: CELL)(OTCQB:EVKRF)(FRA:W47) is pleased to announce that its reverse circulation drilling program has now been completed on the Company's claim block at Silver Peak, Clayton Valley, Esmeralda County, Nevada. This strategic land package, covering approximately 2,300 acres (930 ha), directly adjoins the western portion of lithium producer Albemarle's (NYSE:ALB) evaporation ponds and is nearby Century Lithium Corp.'s (TSXV:LCE)(OTCQB:CYDVF) proposed 5,430-acre Angel Island Lithium Mine, which recently released a Positive Feasibility Study detailing a 40-year mine life and an after-tax NPV8 of $3.01 billion.

Mr. Tim Fernback, Company President and CEO comments "Now that our fall drilling program at our Clayton Valley Lithium Project has been successfully completed, we are eagerly awaiting the lithium assay results from the lab. One of the stated goals of the planned drilling program was to test the depth of the accumulated lithium brine and claystones on our property. With this knowledge, we can propose a significant follow-on exploration program that will work towards an eventual maiden resource calculation and NI# 43-101 Preliminary Economic Assessment. We remain very excited about this opportunity in Nevada for our company and shareholders."

Exploration Images from the Clayton Valley Lithium Project

Mr. Steven McMillin P.G. comments "We ended the drilling program with our last hole drilled to a depth of 1,160 feet, testing a considerable section of possible lithium bearing sediments on the property. In total, five holes were completed for 4730 total feet. Four holes were originally planned, but a fifth hole (RCV-08) was offset from RCV-06 that was lost at a shallow depth to bad ground conditions. We encountered highly variable drilling conditions in each hole including high water temperatures and volumes. Lithologies were also variable from hole to hole. However, in most holes we encountered evidence of hot spring style alteration within the first 600 feet in the form travertine and tufa. Several heavy clay layers were encountered in most holes that could have originally been tuff units. Our last hole (RCV-08) was terminated by an impenetrable zone of heavy brick red ball clay. In Clayton Valley, sinter, travertine, and tufa are considered surface evidence of geothermal waters that can leach and mobilize lithium from ash layers at depth. Both drill cuttings and water were sent for analysis."

Mr. Fernback continues "The results from the Clayton Valley Lithium Project fall drilling program are expected to arrive in mid-late November."

Area Map (Clayton Valley Lithium Project)

Qualified Person

Mr. Steven McMillin, P.G. is an independent qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information contained within this news release.

About Grid Battery Metals Inc. www.gridbatterymetals.com.

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.

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 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 930 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.

About the 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 Copper Project

The Company acquired a 100% interest in 17 mineral claims comprising 27,525 hectares (approximately 275 km²) located in North Central British Columbia. The region is host to numerous operating mines, good infrastructure including experienced exploration and supporting services. Prominent among early discoveries in the Omineca region include the nearby Lustdust/Stardust Copper - Gold deposit; the Kwanika Copper - Gold deposit and the Lorraine Copper deposit (all of which are owned by (North West Copper Corp. (TSXV:NWST)).

The Company's claims are also located between Centerra Gold Inc.'s (TSX:CG, NYSE:CGAU) prominent Copper/Gold assets, the Kemess North project and the operating Mount Milligan mine, which has produced over 1.8 million ounces of gold and 742 million pounds of copper (Technical Report on the Mount Milligan Mine, November 7, 2022, Borntrager. B, et al.).

On Behalf of the Board of Directors

"Tim Fernback"
Tim Fernback, President & CEO

Contact Information:
Email: info@gridbatterymetals.com
Phone: 604- 428-5690

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).

SOURCE: Grid Battery Metals Inc.

View the original press release on accesswire.com

FAQ

What are the key findings from Grid Battery Metals (EVKRF) Clayton Valley drilling program?

The drilling program completed 5 holes totaling 4,730 feet, encountering hot spring style alteration, multiple clay layers, and variable drilling conditions. The deepest hole reached 1,160 feet. Results are expected in mid-late November.

Where is Grid Battery Metals (EVKRF) Clayton Valley project located?

The project is located in Silver Peak, Clayton Valley, Esmeralda County, Nevada, covering 2,300 acres directly adjoining Albemarle's evaporation ponds and near Century Lithium's proposed Angel Island Lithium Mine.

When will Grid Battery Metals (EVKRF) receive the Clayton Valley drilling results?

The company expects to receive the lithium assay results from the Clayton Valley Project fall drilling program in mid-late November.