Grid Battery Metals Update - Drilling Completed on its Clayton Valley Lithium Project
NEWS RELEASE
Grid Battery Metals Update - Drilling Completed on its Clayton Valley
Lithium Project
Coquitlam, BC – October 28, 2024 - Grid Battery Metals Inc. (the “Company” or “Grid”) ( TSXV:
CELL, OTCQB: EVKRF FRA: W47 ) is pleased to announce that its reverse circulation drilling
program has now been completed on the Company’s claim block at Silver Peak, Clayton Valley,
Esmeralda County, Nevada. This strategic land package, covering approximately 2,300 acres (930
ha), directly adjoins the western portion of lithium producer Albemarle’s (NYSE: ALB) evaporation
ponds and is nearby Century Lithium Corp.’s (TSXV: LCE) (OTCQB: CYDVF) proposed 5,430-acre
Angel Island Lithium Mine, which recently released a Positive Feasibility Study detailing a 40-year
mine life and an after-tax NPV8 of $3.01 billion.
Mr. Tim Fernback, Company President and CEO comments “Now that our fall drilling program at our
Clayton Valley Lithium Project has been successfully completed, we are eagerly awaiting the lithium
assay results from the lab. One of the stated goals of the planned drilling program was to test the
depth of the accumulated lithium brine and claystones on our property. With this knowledge, we can
propose a significant follow-on exploration program that will work towards an eventual maiden
resource calculation and NI# 43-101 Preliminary Economic Assessment. We remain very excited
about this opportunity in Nevada for our company and shareholders.”
Exploration Images from the Clayton Valley Lithium Project
Mr. Steven McMillin P.G. comments “We ended the drilling program with our last hole drilled to a
depth of 1,160 feet, testing a considerable section of possible lithium bearing sediments on the
property. In total, five holes were completed for 4730 total feet. Four holes were originally planned,
but a fifth hole (RCV-08) was offset from RCV-06 that was lost at a shallow depth to bad ground
conditions. We encountered highly variable drilling conditions in each hole including high water
temperatures and volumes. Lithologies were also variable from hole to hole. However, in most holes
we encountered evidence of hot spring style alteration within the first 600 feet in the form travertine
and tufa. Several heavy clay layers were encountered in most holes that could have originally been
Grid Battery Metals Inc..
3028 Quadra Court
Coquitlam, BC, V3B 5X6
604- 428-5690
www.gridbatterymetals.com
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tuff units. Our last hole (RCV-08) was terminated by an impenetrable zone of heavy brick red ball
clay. In Clayton Valley, sinter, travertine, and tufa are considered surface evidence of geothermal
waters that can leach and mobilize lithium from ash layers at depth. Both drill cuttings and water
were sent for analysis.”
Mr. Fernback continues “The results from the Clayton Valley Lithium Project fall drilling program are
expected to arrive in mid-late November.”
Area Map (Clayton Valley Lithium Project)
Qualified Person
Mr. Steven McMillin, P.G. is an independent qualified person as defined by National Instrument 43-
101 and has reviewed and approved the technical information contained within this news release.
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. A Phase 1 exploration program
at the Texas Springs Property (Fall 2023) yielded average lithium grades of 2010 ppm, applying a
1,000 ppm cut-off, and up to 5,610 ppm Lithium.
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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 725
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). Our exploration results are on-trend with these results.
About Clayton Valley Lithium Project
The Company owns a 100% interest in 113 lithium lode and placer claims covering over 930
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.
About the 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 Copper Project
The Company acquired a 100% interest in 17 mineral claims comprising 27,525 hectares
(approximately 275 km2) located in North Central British Columbia. The region is host to numerous
operating mines, good infrastructure including experienced exploration and supporting services.
Prominent among early discoveries in the Omineca region include the nearby Lustdust/Stardust
Copper – Gold deposit; the Kwanika Copper - Gold deposit and the Lorraine Copper deposit (all of
which are owned by (NorthWest Copper Corp. (TSXV: NWST)).
The Company’s claims are also located between Centerra Gold Inc.’s ( TSX: CG, NYSE: CGAU )
prominent Copper/Gold assets, the Kemess North project and the operating Mount Milligan mine,
which has produced over 1.8 million ounces of gold and 742 million pounds of copper (Technical
Report on the Mount Milligan Mine, November 7, 2022, Borntrager. B, et al.).
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. It should be noted that results from any adjacent property(s) are not an indication
of what may be found on the Company’s property(s).