Grid Metals Provides Corporate Update & Announces Participation At PDAC

TORONTO, ON / ACCESSWIRE / March 1, 2024 / Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) ("Grid" or the "Company") is pleased to announce a corporate update of its activities and that it is participating in the upcoming Prospectors & Developers Association of Canada's Convention ("PDAC") at the Metro Toronto Convention Centre from Sunday, March 3 to Wednesday, March 6, 2024.

Drilling Update

The Company commenced drill programs in January 2024 at both its Donner Lake Lithium Project and its Falcon West Lithium Project. To date the company has drilled 20 holes at Donner Lake designed to (1) upgrade inferred resources to indicated category at the Northwest Dyke; and (2) extend the Main Dyke below the current resource shell.

At Falcon West, the Company is targeting the extension of known mineralized zones and the initial definition of mineralization along strike and at depth at the two known mineralized occurrences - the Lucy and the ArtDon targets. The two target areas are approximately one kilometer apart. Historical drilling at Falcon West has shown evidence of a highly evolved pegmatite system with occurrences of high-grade lithium, cesium and tantalum.

The Company will report on the drill results from the programs as they become available.

Other Corporate Activities

The Company is continuing its engagement activities towards final receipt of its Advanced Exploration Permit at Donner Lake. Receipt of the permit will enable site clearing, initial surface infrastructure construction and the extraction of a bulk sample. The Province of Manitoba has declared itself to be supportive of development activities and mining of critical metals provided the proponents have the active support of the affected First Nations. The Company is conducting its permitting efforts in line with this philosophy.

The Company is completing a number of mining, metallurgical and related studies towards completion of a Preliminary Economic Assessment technical report. Results from these studies are expected to be received during the first half of 2024.

The Company has applied for $2 million of funding to the Canadian Federal Government's Critical Minerals Infrastructure Fund ("CMIF") to support studies and consultation in relation to its Manitoba lithium projects.

The Company has issued 50,000 common shares in relation to the acquisition of the Alan 1 and Alan 2 claims which comprise part of the Falcon West Lithium Project. Historical assessment files note significant pegmatite intersections in historical drilling for base metals on the claims. The shares will be subject to a hold period of four months and one day from the date of issue.