Grid Battery Metals Provides Shareholders With an Update
NEWS RELEASE
Grid Battery Metals Provides Shareholders With an Update
Coquitlam, BC – July 14, 2023- Grid Battery Metals Inc. (“formerly Nickel Rock Resources Inc.”)
(the “Company” or “Grid Battery”) (TSXV: CELL, OTCQB: EVKRF FRA: NMK2)
To our Shareholders
As you are very much aware, the electric vehicle (EV) industry is experiencing massive demand from
consumers. A consumer shift, from combustion engine cars to those with electric motors, has
provoked unparalleled activity in the EV battery manufacturing market with the follow-on impacts
on the EV metals exploration market. This undeniable trend has caused the global auto industry to
react swiftly with equally massive investments in new EV production facilities to meet this demand.
What is new is that these same auto manufacturing companies have demonstrated a high
interest in searching for downstream mineral supplies of important EV metals such as lithium,
nickel and cobalt etc. and are approaching companies like Grid who are actively searching for
these metals.
Furthermore, EV friendly legislation like the recently enacted US Inflation Reduction Act of 2022
encourages investment in North American EV manufacturing by providing financial incentives for
the purchase of EVs made in North America by US citizens. To qualify for the incentive, EV battery
metals must be extracted or processed in the United States or in a country that has a free trade
agreement with the United States, and this includes Canada.
The combination of all these market forces and legislation provides a unique opportunity for Grid to
be a preferred and sought out supplier to the EV battery industry with our unique North American
mineral assets. As a shareholder it is important to know we are currently focussed on the search for
all EV battery metals with a focus on projects located within the USA and Canada.
At the time of this letter, it should be noted that Grid is currently well financed and has capital
for both its 2023 and 2024 exploration programs. Grid has recently completed two financings
which has allowed us to have over CAD$4.5 million in working capital, with an additional ~
CAD$3.48 million in marketable securities, for a total of ~ CAD$8 million available to the
Company.
We have also updated our logos, website ( www.gridbatterymetals.com) and social media
channels ( Facebook, Twitter and LinkedIn) to reflect our new direction and focus for the
Company.
New Lithium Project Evaluation and 2023 Exploration Plan
That said, it is important to note that beyond our existing world class nickel assets in Canada, Grid
has been actively searching for lithium mineral exploration assets in North America with a focus on
Nevada. During the last couple years, we have built up a team of lithium and land experts in Nevada
Grid Battery Metals Inc..
3028 Quadra Court
Coquitlam, BC, V3B 5X6
604- 428-5690
www.gridbatterymetals.com
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to complement our Canadian nickel exploration team. As of the date of this letter, the Company has
thoroughly canvassed a large number of Lithium projects in Nevada (from established exploration
projects to grass roots projects) and has completed the evaluation of many of these projects.
Recently we have added two new and highly prospective lithium properties to our asset
portfolio in Nevada. The Texas Spring Property and the Volt Canyon Property been added to our
existing Clayton Valley Lithium assets in Nevada, and in the summer/fall of 2023, we plan to carry
out a detailed initial exploration plan for these properties.
On our two new lithium assets, this will include a historical review of past exploration (on and nearby
to our properties), extensive surface sampling and assaying, geochemistry and geophysics and the
commissioning of a N.I. #43-101 technical report to be written by our QP, Mr. Alan Morris. The
second phase of the exploration plan will begin in 2024, and will include likely additional surface
sampling and assaying, a small reverse circulation exploratory drilling program (8-10 holes at 250-
500m depth) and assaying Li clays and brine at depth, followed on by a larger drill program
dependant on all results to date.
Of note, our 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.
For our Clayton Valley Lithium Project, we plan to follow the recommendations of our NI #43-101
Technical Report during 2023. This includes a multi-phased exploration program to test the
property for a lithium brine or clay deposits. The first phase is building the geologic infrastructure
through data compilation and initial auger sampling to collect lakebed material below the sand dunes
and alluvial cover. The second phase would be to determine the sub-surface structure and
topography to identify drill targets. This would require a geophysical survey using gravity, seismic
or magnetotelluric techniques. Phase three would be to drill the best targets identified in the first
two phases and includes drilling, assays, permits, and reporting.
Nickel Exploration Plan for 2023
The Company has completed the second phase of our initial exploration program on its Nickel
exploration claims located in northern British Columbia, Canada. We plan to carry out a small
sampling, trenching and initial drilling program in 2023 as our third phase of exploration, in
preparation for a larger follow on drilling program planned in 2024 as phase four.
Grid’s BC Nickel Exploration Project consists of two non-contiguous mineral claims groups held by
the Company after selling off two claims to our partner Surge Battery Metals Inc. in 2023 in
exchange for 6,000,000 Surge shares (as at June 21, 2023 these shares on Grid’s asset list were valued
at CAD$3.48 million). The exploration stage project is in the Trembleur Lake area of central British
Columbia, partially adjacent to FPX Nickel Corp.’s (TSXV: FPX, OTC: FPOCF) Decar Nickel Project,
which is an advanced project targeting awaruite, a nickel-iron alloy mineral, hosted by serpentinized
ultramafic intrusive rocks of the Trembleur Ultramafic Unit. FPX Nickel Corp. has invested over
CAD$25 million developing the Decar Project and plans to issue a Prefeasibility Study this calendar
year as announced on June 27, 2023 showing increased nickel recoveries on the project. FPX’s Decar
Nickel Project is widely recognized as on the 7 th largest nickel deposit in the world (Source:
Mining.com, May 1, 2023).
As you can see, 2023 will be an active year for the Company as we focus our exploration efforts in
Nevada on our three Lithium Projects, as well as, our BC Nickel Project. Our properties are well
positioned beside other mineral deposits that have shown to be very promising. Our aim is to
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advance these important properties towards discovery as quickly as possible and build them into
long-term robust assets benefiting all shareholders.
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).
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
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 Mount Sidney Williams Group consists of three claim blocks with a total area of 10,569 hectares
in the area surrounding Mount Sidney Williams, both adjoining and 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. At least some of the nickel
mineralization occurs as awaruite. The Mitchell Range Group area claim consists of one claim block
covering 8,659 hectares with demonstrated metallic mineralization including nickel, cobalt, and
chromium. Nickel cobalt mineralization has not been well explored, but the presence of awaruite has
been documented.
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On Behalf of the Board of Directors
“Tim Fernback”
604-428-5690
Tim Fernback, President & CEO
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.