Grid Acquires New PGM Zone at East Bull Lake, Ontario Canada

TORONTO, ON / ACCESSWIRE / September 30, 2019 / Grid Metals Corp (TSXV:GRDM)(OTC:MSMGF) (“Grid” or “the Company”) is pleased to provide details of the Parisien Lake/Kid strategic land acquisition at its East Bull Lake PGM Property, located 80 km west of Sudbury Ontario. Historical exploration drilling results from the newly acquired Parisien Lake claims have outlined a 1.3 km exploration corridor defined by geological mapping, grab and channel analytical samples, trenching and drilling.

Recently Grid acquired approximately two kilometers of prospective strike length of the Parisien Lake Deformation Zone ( “PLDZ”) by staking unpatented mining claims. Six widely spaced drill holes were drilled within these claims in 2000 north of the PLDZ Zone. The six drill holes were covered 600 meters of east-west strike length and contained significant palladium and platinum values. The drill holes intersected a similar style of mineralization identified by Grid in 2002 in a channel sampling and trenching program approximately 500 meters along strike to the west. In all, a drill target horizon with a 1.3 km strike length has been defined and will be a priority area for exploration at East Bull going forward. A number of other PGM mineralized horizons occur along the south margin of the East Bull Lake Intrusion which are being evaluated by the Company. Grid has an extensive database of exploration information covering the 22 km x 4 km East Bull Lake Intrusion.

The Company has commenced a field sampling program at PLDZ to confirm the mineralized zone and prepare the target for drilling. A map showing the location of the drill holes and the trenches at the PLDZ has been posted on the Grid website at https://gridmetalscorp.com/properties/east-bull-lake-pgm-property/.

“Accumulation of palladium dominant mineralization, proximal to structural zones, is a key exploration target at East Bull. The PLDZ is a major structural deformation zone with significant mineralization and hence is an important exploration target for PGM at East Bull ” said Robin Dunbar President and CEO of Grid.

The PLDZ drill holes completed in 2000 were filed with the Ministry of Northern Development and Mines (“MNDM”) as an assessment report (MNDM Assessment File #41J08NE2010). The mineralization in all the drill holes contained from trace up to a maximum of 10% sulfide mineralization with corresponding elevated copper and nickel values. The following table summarizes the significant assay values reported in the assessment file that were completed at Swastika Laboratories Ltd., located in Swastika, Ontario in 2000.

Drill Hole

UTM E

UTM N

Azimuth / Dip

From (m)

To
(m)

Interval (m)

Pd
(ppb)

Pt
(ppb)

Au
(ppb)

Pd+Pt+Au (ppb)

Cu
(ppm)

PDZ 1

410500

5141743

180/45

32.00

76.66

44.66

319

100

25

444

724.9

Including

     

39.93

40.84

0.91

789

677

24

1490

530

Including

     

45.72

47.24

1.52

1149

446

81

1676

512

And

     

56.69

61.26

4.57

849

161

35

1045

1282

       

83.52

87.78

4.26

80

79

218

377

1924

PDZ 8

410500

5141761

180/90

36.58

39.01

2.43

883

265

48

1196

973

And

     

61.57

73.15

11.58

1029

300

46

1375

580

Including

     

66.14

71.32

5.18

1945

476

87

2507

1109

And

     

85.04

87.78

2.74

1293

259

39

1590

697

Including

     

85.04

85.95

0.91

2811

634

81

3526

1250

And

     

111.86

119.79

7.93

113

22

433

567

537

And

     

134.72

154.53

19.81

430

125

33

588

668

Including

     

134.72

138.38

3.66

1142

296

55

1492

998

PDZ 10

410500

5141920

180/65

97.84

101.50

3.66

504

214

23

740

730

And

     

104.24

110.64

6.4

1254

346

38

1637

402

And

     

112.47

113.39

0.92

1054

370

27

1451

22

And

     

119.18

123.75

4.57

513

116

29

657

551

PLZ 6

410300

5141709

180/45

39.62

42.37

2.75

800

237

63

1101

920

And

     

43.28

45.11

1.83

352

128

34

513

812

And

     

46.94

48.46

1.52

1057

303

48

1408

1542

And

     

61.87

64.62

2.75

774

210

40

1024

366

And

     

65.53

69.19

3.66

603

162

40

805

863

PDZ 7

410300

5141742

180/75

68.58

142.95

74.37

319

98

25

442

498

Including

     

68.58

69.49

0.91

957

233

77

1267

1680

Including

     

82.30

86.56

4.26

988

241

43

1271

441

Including

     

110.95

113.69

2.74

809

163

59

1032

1669

Including

     

134.72

135.64

0.91

931

310

65

1306

2190

PLZ 9

410900

5141806

180/45

86.67

99.06

12.39

383

117

50

550

1513

Including

     

87.78

90.37

2.59

1224

320

44

1588

708

1000 ppb = 1 gram per tonne

Note Widths are apparent widths. Information in the above table for the PDZ holes is historical in nature and is not NI 43-101 compliant. The Company believes that the exploration results are relevant based on review of the historical information. The EB holes were drilled by Grid in 2008.

Along strike, 500 meters to the west from PLZ drilling at UTM 409778E, 5141625N, Grid completed a trenching program in 2001 which identified a showing with a similar style of PGM mineralization as that reported within the drill hole records. Samples were taken by continuous channel sampling (south to north) across the outcrops at 1 meter intervals.

When averaged, the 1 meter continuous channel sample mineralized intervals are:

Discussion

The Parisien Lake Deformation Zone is one of a number of prospective stratabound PGM horizons that occur at East Bull representing both bulk tonnage and underground targets. The potential for concentration of PGM mineralization around cross cutting faults and/or structures on the property has been proposed in an updated geological model for PGM deposition. Grid controls approximately 80% of the East Bull Intrusion with its interest held by unpatented mining claims subject only to an underlying NSR. With solid prospects for palladium prices going forward, prospective geology and encouraging historical exploration results the Company perceives an excellent opportunity at the East Bull Property.

The Company has submitted an application to the Ministry of Energy, Northern Development and Mines in order to obtain an exploration permit for drilling at the Property. Field mapping and geological sampling has commenced to further define and test the on strike extent of the PLDZ and other mineralized trends within the property boundaries.

QA/QC

The 2001 trench samples completed by Grid were analyzed at XRAL Laboratories in Rouyn-Noranda Quebec using Fire Assay. Standards were inserted in the samples and a number of duplicates were analyzed for quality control purposes.

The drill core from the 2008 diamond drill program was logged at site and prepared and assayed for platinum, palladium, gold, copper and nickel at Accurassay Laboratories in Thunder Bay, Ontario. Platinum, palladium and gold were sampled using a lead pellet fire assay. Copper was analyzed by Aqua Regia dissolution with analysis by ICP. The core was split at the drill site and a sample split retained and the other sent to the laboratory. As part of the QA/QC program, blank and standards were introduced into the sample shipment at known intervals.

Paul Davis P. Geo is overseeing the exploration at East Bull as a consultant to the Company and is a Qualified Person under NI 43-101. He has reviewed and approved the scientific and technical information in this release

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 metals and lithium-rare metals sectors. These commodities are vital to the emerging battery metals and energy storage sector. 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, please visit www.gridmetalscorp.com.

On Behalf of the Board of Grid Metals Corp.

Robin Dunbar – President, CEO & Director
Telephone: 416-955-4773
David Black – Investor Relations
Email: rd@gridmetalscorp.com
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 it 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.

SOURCE: Grid Metals Corp

View source version on accesswire.com:
https://www.accesswire.com/561359/Grid-Acquires-New-PGM-Zone-at-East-Bull-Lake-Ontario-Canada

error: Content is protected !!