Grid Metals Corp. Files National Instrument 43-101 Technical Report for MM Copper/Nickel Project in Southeastern Manitoba
Grid Metals Corp. Files National Instrument 43-101 Technical Report for MM
Copper/Nickel Project in Southeastern Manitoba
June 24 , 2024 TORONTO -- Grid Metals Corp. (TSXV:GRDM ; OTCQB:MSMGF) ( "Grid" or the
"Company") today announced that it has filed on SEDAR the technical report for the updated
Mineral Resource Estimate ( "MRE") for its copper/nickel MM Project in (previously “Makwa
Mayville”) Project in southeastern Manitoba , prepared in accordance with CIM (2019) Best
Practice Guidelines.
The MM Project resource comprises two separate deposits, located approximately 35 km apart,
and approximately 145 kilometres from Winnipeg, the capital of Manitoba . Makwa is a nickel
dominant resource with palladium, platinum and copper credits while Mayville is a copper
dominant deposit with significant nickel content as well as platinum group metals. Contained
metal content in the indicated open pit category includes 317 million pounds of copper, 263
million pounds of nickel and 452,000 ounces of precious metals ( palladium, platinum and gold).
Details of the MRE were contained in the press release of Grid Metals Corp. dated May 6, 2024
and in Table 1A and Table 2 following.
Exploration Drilling Planned - The Company has applied for exploration drill permits in order to
enable exploration drilling at the Mayville Property in the area of and along strike of the historical
New Manitoba deposit – one of three deposits acquired in the MM Project area which are not
part of the current resource. Historical drilling at the New Manitoba yielded copper-nickel-cobalt
mineralization with similar metal ratios to that of the Mayville Deposit , also located along the
northern arm of the Bird River Greenstone Belt . The exploration program will be financed by
existing working capital of the Company and is scheduled to commence during the third quarter
of 2024.
The exploration target/model at MM is to increase the contained tonnage to a range between
75 and 100 million tonnes with similar or higher grade to the current resource . The current
resources are conventional sulphide metal deposits which have had extensive metallurgical
testwork completed which has demonstrated their ability to produce marketable nickel and
copper concentrates that contain associated precious metal by-products. The Company is of
the view that there is a scarcity of North American domiciled nickel deposits ( in particular ) with
attractive grade/tonnage and capital intensity metrics that can be developed to supply future
demand for nickel required in response to the Inflation Reduction Act ( United States ). Located
in the attractive ESG friendly mining jurisdiction of Manitoba Canada , the MM Project has the
potential to become an important contributor to the North American EV supply chain.
Qualified Persons Statements
The Grid Metals’ MM Project 2024 Mineral Resource Estimate with an effective date of December
31, 2023 was prepared by Messrs. Alan J. San Martin, MAusIMM (CP) and Charley Murahwi,
P.Geo. from Micon International Limited, both of whom are Independent Quali fied Persons in
accordance with the guidelines of the Canadian Securities Administrators’ National Instrument
43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Dr. Dave Peck, P.Geo., is the Qualified Person for purposes of National Instrument 43 -101 and
has reviewed and approved the technical content of this release.
Above: Location of MM Property ( Makwa and Mayville Deposits ) in relation to Winnipeg ( see
inset ) and the Bird River Greenstone Belt. . The New Manitoba, Page and Ore Fault Deposits have
been acquired or optioned by the Company.
About Grid Metals Corp.
Grid Metals is focused on both lithium and copper/nickel projects in the Bird River area,
approximately 150 km northeast of Winnipeg Manitoba. The Donner Lithium project is a 75%
owned property subject to a joint venture agreement. Grid has a lease agreement on the True
North mill in order to process feed from Donner. Grid also has an MOU with Tantalum Mining
Corporation of Canada Limited who operates the nearby producing Tanco Mine. The MM
copper/nickel project is a resource-stage project that is undergoing exploration and development
work as reported in this press release.
All of the Company’s southeastern Manitoba projects are located on the Traditional Lands of the
Sagkeeng First Nation with whom the Company maintains an Exploration Agreement.
Resource Estimate
The updated mineral resource estimate for the MM Project is provided in Tables 1 and 2, below.
Table 1A. Mayville Pit Constrained and Underground Resource as of December 31, 2023.
Mining Category Tonnage Density CuEq Cu Ni Co Pd Pt Au SR
% % % % g/t g/t g/t
OP Indicated 32,019,000 3.00 0.61 0.40 0.16 0.01 0.13 0.05 0.05
3.17
Inferred - - - - - - - - -
UG
Indicated 322,461 3.00 1.62 0.96 0.37 0.02 0.19 0.08 0.11
NA
Inferred 203,323 3.00 1.50 0.96 0.32 0.02 0.16 0.08 0.11
*SR = strip ratio
Table 1B. Makwa Pit Constrained and Underground Resources as of December 31, 2023
Mining Category Zone Tonnage Density NiEq Ni Cu Co Pd Pt SR
% % % % g/t g/t
OP
Indicated
HG1 4,846,590 2.94 1.26 0.89 0.17 0.03 0.71 0.19
4.66
LG1 9,370,784 2.88 0.48 0.28 0.08 0.01 0.19 0.06
HG1 + LG1 14,217,374 2.90 0.75 0.48 0.11 0.02 0.37 0.10
Inferred LG1 18,000 2.88 0.36 0.23 0.04 0.01 0.11 0.04
UG Indicated
HG1 437,743 2.94 1.19 0.83 0.11 0.03 0.73 0.21
NA
LG1 62,783 2.88 0.53 0.30 0.08 0.01 0.27 0.08
Mining Category Zone Tonnage Density NiEq Ni Cu Co Pd Pt SR
HG1 + LG1 500,526 2.93 1.11 0.77 0.11 0.02 0.67 0.19
Inferred HG1 + LG1 - - - - - - - -
*SR = strip ratio
Notes to Accompany the Makwa and Mayville Resource Estimate:
1. The effective date of this Mineral Resource Estimate is December 31, 2023.
2. The MRE presented above uses economic assumptions for both, surface mining and underground mining.
3. The MRE has been classified in the Indicated and Inferred categories following spatial grade continuity analysis and geological
confidence.
4. The calculated cut-off grades to report the MRE are dynamic in nature following metallurgical recovery curves, the average
COG for Makwa is 0.30 % Ni in surface mining and 0.84 % Ni in underground mining, for Mayville is 0.30 % Cu in surface
mining and 1.37 % Cu in underground mining.
5. The economic parameters used metal prices of US$9.0/lb Ni, US$3.75/lb Cu, US$23.0/lb Co, US$900/oz Pt, US$1,400/oz Pd
and US$1,750/Au with specific metallurgical recovery curves detailed in tables 4.14 and 14.15 of the technical report (copper
recoveries of 87% to high grade copper concentrate (28%) & nickel recoveries range from 50% to 68% to 10% nickel
concentrate at Mayville and 50 -68% nickel recovery to 10% nickel concentrate based on average grades and over 70%
recovery for highest grade (+1% Ni) block s at Makwa), a mining cost of US$3.5/t in surface and US$80.0/t in underground.
Processing cost of US$15/t and a General & Administration cost of US$3.2/t.
6. For surface mining the open pits at Makwa and Mayville use a slope angle of 53°.
7. The block models for Makwa and Mayville are rotated and use a block size of 10 m x 5 m x 5 m with the narrow side across
strike (North-South).
8. The open pit optimization uses a re-blocked size of 10 m x 10 m x 10 m and for the underground the optimization uses stopes of
20 m long by 20 m high and a minimum mining width of 3 m.
9. Messrs. Alan J. San Martin, MAusIMM(CP) and Charley Murahwi, P.Geo. from Micon International Limited are the Qualified
Persons (QPs) for this Mineral Resource Estimate (MRE).
10. Mineral resources unlike mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
11. The mineral resources have been estimated in accordance with the CIM Best Practice Guidelines (2019) and the CIM Definition
Standards (2014).
12. Totals may not add correctly due to rounding.
13. Equivalent (Eq) Grade Calculations: (a) Makwa NiEq = Ni% + ((Cu% x CuR x CuP) + (Co% x CoR x CoP) + (Pt g/t x PtR x PtP) + (Pd g/t
x PdR x PdP))/(NiR x NiP); (b) Mayville CuEq* = Cu% + ((Ni% x NiR x NiP) + (Co% x CoR x CoP) + (Pt g/t x PtR x PtP) + (Pd g/t x PdR
x PdP) + (Au g/t x AuR x AuP))/(CuR x CuP). NiEQ = nickel equivalent grade. R = metal recovery. P = metal price.
14. The Mayville CuEq calculation assumes the production of separate Cu and Ni concentrates.
15. Metallurgical recoveries range as follo ws using input grades at the cutoff grade (low end) and 2 times the average open pit
resource grade (high end): Makwa: Ni: 36 to 86%; Cu: 85.6% (invariant); Co: fixed to nickel recoveries; Pd: 59 to 90% (capped);
Pt: 39 to 90% (capped); Mayville: For the copper concentrate model :Cu: 86.5 to 86.9%; Ni: 5% (fixed); Co: (5% - fixed to nickel
recovery); Pd: 42% (fixed); Pt: 35% (fixed); Co: 30% (fixed); For the nickel concentrate model: Cu: 5% (fixed); Ni: 42 to 69%;Co:
matches nickel recoveries; Pd: 33%; Pt: 21%; Au: 10%.
Table 2. Contained Metal Values for the Open Pit Resources at the Makwa and Mayville
Properties (Indicated Category only)
Deposit CuEq NiEq Cu Ni Co Pd Pt Au
(t) (t) (t) (t) (t) koz koz koz
Mayville 195,316 - 128,076 51,230 3,202 134 51 51
Makwa - 106,630 15,639 68,243 2,843 169 46 -
Combined 195,316 106,630 143,715 119,474 6,045 303 97 51
Deposit CuEq NiEq Cu Ni Co Pd Pt Au
lbs lbs lbs lbs lbs oz oz oz
Mayville 430,597,339 - 282,358,911 112,943,564 7,058,973 133,826 51,472 51,472
Makwa - 235,079,303 34,478,298 150,450,754 6,268,781 169,127 45,710 -
Combined 430,597,339 235,079,303 316,837,209 263,394,318 13,327,754 302,953 97,182 51,472
On Behalf of the Board of Grid Metals Corp.
For more information about the Company, please see the Company website at
www.gridmetalscorp.com or contact:
Robin Dunbar - President, CEO & Director Telephone: 416-955-4773
Email: [email protected]
Brandon Smith – Chief Development Officer – [email protected]
David Black - Investor Relations Email: [email protected]
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) (togethe r, "forward-looking statements"). Such forward -looking
statements include the Company’s closing of the proposed financial transactions, sale of royalty and
property interests. the overall economic potential of its properties, the availability of adequate f inancing
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 o thers, 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 fluct uations, 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 o ther 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 its 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.