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Grid Metals Corp. reports mineral exploration developments for critical-metal projects in Manitoba. Company news centers on drill assays and technical updates from the 100%-owned Falcon West property, where the Lucy South lithium-cesium-tantalum pegmatite hosts pollucite-bearing cesium mineralization, spodumene-associated lithium, and related tantalum and rubidium values.
Recurring updates also cover project-level activity across Grid's Manitoba portfolio, including the Donner lithium-cesium property and the Thompson East copper-nickel project. News items include exploration results, mineral-target definition, material agreements, joint venture or option arrangements, and governance matters tied to the company's public mineral exploration business.
Grid Metals Corp has acquired the Falcon West Lithium Property, covering 61,268 hectares near Winnipeg, Manitoba. The property features high-grade lithium values, including historical drill results with up to 3.51% Li2O. The acquisition enhances Grid's existing Donner Lake Lithium project and positions the company as a significant player in the lithium sector. The focus will be on the ADL Target Area, known for its spodumene-rich pegmatites. The property provides access to critical infrastructure, potentially boosting regional lithium production.
Grid Metals Corp (OTCQB:MSMGF) announced the appointment of Patrick Murphy to its board of directors following a shareholder meeting on November 23, 2022. Mr. Murphy, a Managing Director at AMCI, brings over 15 years of mining investment experience and expertise in battery metal initiatives. The meeting also confirmed the board size to four members, reappointed existing directors, and approved a new equity incentive plan. Grid Metals focuses on lithium and Ni-Cu-PGM projects in Canada, including activity at Donner Lake and the Makwa-Mayville project.
Grid Metals Corp provided a progress update on its drill program at the Donner Lake Lithium Property in Manitoba, highlighting both resource delineation drilling and exploration efforts. The drilling at the Main Dyke has seen 15 holes completed over approximately 3400 meters. Previous drilling in 2018 returned averages of 1.5% Li2O. In addition, the Northwest Dyke has potential as it remains open along strike and to depth. The Company aims to establish a maiden resource through these efforts, bolstered by positive surface sampling results from additional exploration targets.
Grid Metals Corp has commenced drilling at its Donner Lake Lithium Property in Manitoba. The program will focus on resource delineation of two main spodumene-bearing pegmatite dykes: the Main and Northwest dykes. Initial drilling at the Main Dyke aims to a depth of 250 meters, targeting an initial NI 43-101 compliant resource estimate. Past drilling at both dykes returned average grades of 1.5% LiO2 and 1.3% LiO2, respectively. The property is a 75% Grid/25% Lithium Royalty Corp joint venture. Additional exploration targets and metallurgical tests are also planned.
Grid Metals Corp. clarifies that its recent $8.52 million private placement included insider participation from Waratah Capital Partners Ltd., constituting a related party transaction. The Company has commenced drilling at the Donner Lake Lithium Property to estimate resources, aligning with its portfolio focused on nickel, copper, and lithium. Additionally, the Company granted 300,000 incentive stock options to consultants at $0.19 per share. These developments may influence investor sentiment and stock performance.
Grid Metals Corp. (TSXV:GRDM, OTCQB:MSMGF) has entered into a Memorandum of Understanding with Tantalum Mining Corporation of Canada Limited for metallurgical tests on lithium spodumene ore from the Donner Lake Lithium Property. This collaboration aims to evaluate the potential for toll milling and establish a profitable mining venture between both parties. The Tanco Mine is North America's only lithium spodumene concentrate producer, and successful testing could pave the way for a binding agreement to share costs and profits based on lithium prices. This agreement highlights the growing importance of southeastern Manitoba in the lithium market.
Grid Metals Corp. has successfully completed a private placement, raising $8.52 million. The placement included the issuance of 56 million common shares, with 20 million shares priced at $0.21 and the remaining 36 million at $0.12. Proceeds will support exploration in Manitoba and Ontario, focusing on the Makwa Mayville and lithium properties. Key investors include Lithium Royalty Corp and AMCI Group. All shares are subject to a one-year hold, and total finders fees amounted to $355,200 in cash and warrants.
Grid Metals Corp. announced the closure of a $4,920,000 first tranche of a non-brokered private placement, part of an $8,520,000 offering. The first tranche includes 20 million charitable flow-through common shares at $0.21 each, raising $4,200,000, and 6 million ordinary common shares at $0.12 for $720,000. Proceeds will fund Canadian exploration expenses eligible for critical mineral tax credits. The final tranche is anticipated by September 23, 2022, pending regulatory approvals. All shares issued are subject to a four-month hold period.
Grid Metals Corp. (TSXV:GRDM) has announced a non-brokered private placement to issue up to 56 million shares, raising gross proceeds of up to C$8,520,000. Key investors include AMCI and Primero Group. The offering consists of ordinary common shares priced at C$0.12 and charitable flow-through shares at C$0.21. Funds will be allocated to advancing lithium and nickel-copper projects in Manitoba, including a planned airborne EM survey for high-potential mineral leases. Closing is expected around September 15, 2022, pending regulatory approvals.
Grid Metals Corp. has announced the successful completion of its Phase 1 drill program at the Donner Lake lithium property. The final three drilled holes revealed significant lithium grades, with GDL22-16 reporting 1.17% Li2O over 7.3 meters. The Northwest Dyke, traced for 600 meters, shows notable continuity and opens for further exploration. The company is moving forward with project development, including environmental assessments and metallurgical tests, while keeping investors updated on future drill plans for resource calculation.