Grid Battery Metals Provides a Financial Update
NEWS RELEASE
Grid Battery Metals Provides a Financial Update
Coquitlam, BC – January 11, 2024- Grid Battery Metals Inc. (the “Company” or “Grid
Battery”) (TSXV: CELL, OTCQB: EVKRF FRA: NMK2 ) is pleased to announce that it has recently
completed the sale of 100% of its holdings in Surge Battery Metals Inc. (“Surge”) (TSXV: NILI, OTC:
NILIF) for total net proceeds of over CAD$5 million to add to the Company’s treasury.
Mr. Tim Fernback, Grid President & CEO comments “In 2021, we initiated the process of selling some
non-core nickel assets in British Columbia to Surge in exchange for 6 million Surge shares. This
transaction has benefited our shareholders immensely, by providing over CAD$5 million in non-
dilutive capital to the Company. Currently, Grid has approximately CAD$7.2 million in its treasury,
and has fully funded its 2024 exploration season.”
Mr. Fernback continues “2024 should be a big year for Grid and its shareholders, as we are planning
to spin out and publicly list our BC nickel assets as a separate public company. We plan to continue
to develop both lithium and nickel assets with an incredible focus. Our shareholders will benefit from
having a proportionate share of this new spin out company, at no additional cost.”
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.
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 303 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).
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
Grid Battery Metals Inc..
3028 Quadra Court
Coquitlam, BC, V3B 5X6
604- 428-5690
www.gridbatterymetals.com
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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 Grid Nickel Project consists of three claim blocks with a total area of 5,000 hectares in the area
surrounding Mount Sidney Williams, 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, whereby nickel has been recorded in the Fe-Ni alloy awaruite
as well as nickel sulphides The Grid Nickel Project are partially underlain by rocks of the Trembleur
Ultramafic Unit, which consist of variably serpentinized harzburgite, dunite, orthopyroxenite, and
locally carbonate-talc altered rocks and listwanite.
On Behalf of the Board of Directors
“Tim Fernback”
Tim Fernback, President & CEO
Contact Information:
Email: [email protected]
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.