GRDM.V · 2024-12-02 12:00:00

Grid Metals Corp. Intersects 44 m at 0.93% CuEq, Including 25 m at 1.47% CuEq, in First Drill Holes at Eagle Gabbro

Drill Results

Grid Metals Corp. Intersects 44 m at 0.93% CuEq,

Including 25 m at 1.47% CuEq, in First Drill Holes at

Eagle Gabbro

December 2, 2024 TORONTO -- Grid Metals Corp. (TSXV:GRDM; OTCQB:MSMGF) ("Grid" or the

"Company") is pleased to announce positive drill results from the first six drill holes of its maiden

drill program at the Eagle gabbro, located within the MM copper/nickel project in southeastern

Manitoba. The goal of the current drill program is to test for the existence, grade, and potential

for lateral continuity of near-surface, copper-rich magmatic mineralization within the 4 km target

trend. The initial drilling intersected an outcropping, moderately to steeply dipping zone of

copper-rich magmatic sulfide mineralization averaging 20-30 metres in width at two separate

areas located 400 m apart at the southern end of the target trend. The zone remains open along

strike and at depth.

Highlights

• Drill holes EAG24-01 and -02 were drilled at the E15 target located 400 metres north of

the historical New Manitoba occurrence and intersected significant widths of copper and

nickel mineralization including 15.3 metres with 0.92% CuEq* (0.65% Cu and 0.11% Ni ,

from 63.75m) in hole 1 and 20.0 metres with 0.99% CuEq (0.61% Cu and 0.16% Ni, from

69.0m) in hole 2

• EAG24-03 to 06 were drilled at the New Manitoba occurrence and returned similar or

higher grades including 26.5 metres with 1.19% CuEq (0.78% Cu and 0.16% Ni, from 71.5

metres) in hole 5 and 25.0 metres with 1.47% CuEq (0.72% Cu and 0.35% Ni, from 63.0

metres) in hole 6

• An additional 12 holes have been completed including 5 at the New Manitoba area and

6 at the E15 target (results pending)

• The completed drill holes define a discrete zone of disseminated chalcopyrite +

pyrrhotite + pentlandite mineralization containing local, approximately one-metre-wide

intervals of net-textured to massive magmatic sulfides with higher Ni and/or Cu grades

(e.g., hole EAG24-06 intersected 0.75 metres with 2.37% Ni from 71.25 metres)

• The mineralization at both the New Manitoba and E15 targets is part of a moderately to

steeply dipping zone (the Eagle copper trend) that averages 20-30 metres in thickness

and that remains open along strike and at depth

• Drilling will commence at the ACME target shortly, located ~two kilometres northwest

of the New Manitoba area, where no previous drilling has been completed and where

similar copper-nickel sulfide mineralization has been confirmed by Grid in its 2024

summer field program

*Note: The copper equivalent grades reported here were calculated as follows: 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) where R = metal recovery and P = meta l price.

The following fixed metallurgical recoveries were assumed, guided by metallurgical test results reported by Micon Internation al in

the current Technical Report for the property (June 2024 – see Company website for details): Cu – 85%; Ni and Co – 60%; Pd, Pt and

Au – 70%. The following long-term metal prices in US dollar amounts were assumed: Cu - $4.00/lb; Ni - $9.00/lb; Co - $22.50/lb; Pd

- $1,100/oz; Pt - $1,100/oz; Au - $2,200/oz.

Dr. Dave Peck, P. Geo., Grid’s Vice President of Exploration , stated "Grid has embarked on an

ambitious drill program targeting the 4 km -long Eagle gabbro with the dual objectives of

establishing the existence, grade and potential continuity of near-surface disseminated sulfide

Cu/Ni mineralization and discovering localized, higher-grade massive Cu-Ni sulfide deposits. The

Eagle gabbro is the easternmost part of the 20 km long Mayville - Eagle Complex, which hosts

Grids’ pit-constrained 32 million tonnes Mayville Cu-Ni sulfide resource. With a successful drill

program, we will demonstrate the potential for the Eagle gabbro to host large additional tonnage

of near surface copper-rich resources. Less than 5% of the prospective Eagle gabbro target area

has previously been drilled with the majority of that drilling having been completed in the 1950’s,

so this is an exciting opportunity to drill a highly prospective magmatic sulfide trend using modern

exploration methods. The initial drilling and new geophysical survey results support our view that

the Eagle gabbro is highly prospective for hosting a significant magmatic sulfide deposit(s).”

Table 1. Highlights from the 2024 Eagle drill program. The true thickness of the drill intersections

reported here are estimated to represent 50 – 90% of the interval lengths.

From

(m)

Interval

(m)

Cu Eq*

(%)

(g/t)

(%)

EAG24-01 45.50 87.15 41.65 0.58 0.35 0.10 0.01 0.05 0.01 0.03 1.39 1.44

inc. 63.75 79.00 15.25 0.92 0.65 0.11 0.01 0.07 0.02 0.05 2.47 1.87

with 75.90 77.00 1.10 3.70 3.43 0.11 0.01 0.01 0.00 0.09 10.89 4.53

and inc. 86.50 87.15 0.65 2.95 0.30 1.40 0.07 0.43 0.06 0.01 1.10 17.9

EAG24-02 53.00 90.00 37.00 0.69 0.41 0.12 0.01 0.06 0.02 0.04 1.84 1.69

inc. 69.00 89.00 20.00 0.99 0.61 0.16 0.01 0.08 0.03 0.06 2.70 2.46

EAG24-03 56.00 93.90 37.90 0.74 0.38 0.17 0.01 0.07 0.02 0.03 1.92 2.46

inc. 82.00 88.00 6.00 1.41 0.49 0.45 0.03 0.11 0.04 0.04 2.22 7.03

with 86.35 87.05 0.70 2.81 0.28 1.28 0.09 0.21 0.12 0.07 1.90 18.77

EAG24-04 62.00 82.00 20.00 0.90 0.45 0.21 0.02 0.05 0.02 0.03 1.83 3.36

inc. 69.00 73.00 4.00 2.03 0.87 0.58 0.04 0.06 0.03 0.05 2.80 9.20

EAG24-05 55.00 101.0 46.00 0.93 0.58 0.15 0.01 0.09 0.03 0.05 2.71 2.79

inc. 71.55 98.00 26.45 1.19 0.78 0.16 0.01 0.13 0.05 0.07 3.73 3.03

EAG24-06 50.00 94.30 44.30 0.93 0.46 0.21 0.02 0.09 0.03 0.04 1.96 3.03

inc. 63.00 88.00 25.00 1.47 0.72 0.35 0.03 0.13 0.05 0.05 2.90 5.05

with 71.25 86.00 14.75 1.86 0.87 0.47 0.03 0.16 0.06 0.06 3.43 6.43

and inc. 71.25 72.00 0.75 4.92 0.20 2.37 0.16 0.58 0.38 0.01 1.80 9.44

Figure 1. Reported, completed and planned drill hole locations for the ongoing Eagle gabbro

drilling program. The map shows the i nterpreted position of the 4 km -long Eagle gabbro (black

dotted outline) , which is the host to the New Manitoba occurrence, on a tilt derivative total

magnetic intensity background image . Magnetic high anomalies are indicated by warmer

colours.

Figure 2. Southeastern section of the current, interpreted extent of the Eagle gabbro (black

dotted outline) with completed drill hole locations.

Geological Notes

The drill results reported here are in line with those documented from the 1950’s vintage

resource drill holes from the New Manitoba target area. They also confirm that the

mineralization extends to a magnetic anomaly with coincident surface Cu/Ni mineralization

(herein referred to as the E15 target area) located approximately 400 metres to the north of the

New Manitoba target area. The magmatic sulfide mineralization hosted by the Eagle gabbro

typically involves low-sulfide contents (commonly 1-5%) and high copper tenors and with Cu:Ni

ratios in the range 2:1 to 4:1. The mineralization contains minor amounts of cobalt and precious

metals, including silver. It is similar in grade, width, metal ratios and metal tenors to that found

at the Mayville Deposit , located 10 km to the west in the same mafic -ultramafic complex (see

Figure 3).

Figure 3. Mayville-Eagle project area on shaded total magnetic intensity background image. The

current drilling results are from the Eagle gabbro, which represents the easternmost portion of

the ~20 km long Mayville-Eagle mafic-ultramafic complex.

A c ross section for holes EAG2 4-05/06 (Figure 4 ) illustrates the general, positive correlation

between Cu and Ni grades in the Eagle copper zone. Narrow (<1m wide) intervals of Cu- and/or

Ni-rich, net-textured, semi-massive and massive sulfide mineralization are also locally present in

the Eagle copper zone . These features are interpreted to represent strong fractionation and

accumulation of the original high -temperature magmatic sulfide liquid – opening up the

prospects of discovering high -value massive sulfide deposits. Drilling results obtained to date

indicate the presence of a moderate to steeply dipping magmatic sulfide zone having an

estimated, average true thickness of 20-30 metres. Magnetic susceptibility measurements taken

on the core from all completed holes confirm that the total magnetic intensity generally increases

with increasing pyrrhotite content in the Eagle gabbro . This s uggests that magnetics should

prove to be a very powerful exploration guide for future drilling programs.

Figure 4. Cross section showing hole traces for EAG24-05 and EAG24-06 with logged geology and

mineralized sections of the Eagle gabbro. Looking to the northwest.

Grid is also in the process of completing geophysical surveys to help map out the disseminated

sulfide zones (utilizing ground IP) and has just completed two EM surveys designed to detect

more massive sulfide concentrations. These include:

1) A ZTEM survey to map out deeper feeder structures to the Eagle deposit and adjacent

portions of the Mayville -Eagle complex and to show changes in thickness and sulfide

concentrations with depth

2) A Geotech VTEM MAX survey to look for high -grade semi -massive to massive sulfide

mineralization within ~300 metres from surface

3) An Induced Polarization (“IP”) survey over selected areas to assist in locating areas of

thickening of the widespread disseminated Cu-Ni sulfides within the Eagle gabbro

Quality Assurance and Quality Control

Grid Metals applies best practice quality assurance and qual ity control ("QAQC") protocols in all

of its exploration programs. For the current Eagle drilling program, core was logged and sampled

at the Company’s core facility located on the Makwa property. Standard 1.0 metre sample

lengths were used. Samples were bagged and tagged and then transported by secure carrier to

the Actlabs (Thunder Bay) laboratory for sample preparation and analysis for nickel, copper,

cobalt and selected major and tra ce element abundances using a multi -acid digestion method

followed by ICP -OES analysis. Samples were also analyzed for Pd, Pt and Au using a lead

collection 30 g fire assay method followed by ICP -OES analysis. The Company is using several

different certified reference materials ("CRMs") and one analytical blank for the Makwa program

to monitor analytical accuracy and check for cross contamination between samples. The

analytical results for the CRMs and the blank for the new analytical results reported here did not

show any significant bias compared to the certified values and the fell within the acceptable limits

of variability.

Qualified Persons Statements

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.

About Grid Metals Corp.

Grid Metals is focused on advancing its MM copper/nickel project in the Bird River area,

approximately 150 km northeast of Winnipeg, Manitoba. The MM Project consists of the Makwa

and Mayville deposits with a fully-funded drill program ongoing at the prospective Eagle gabbro

which sits outside of the current resource. Grid’s other projects in southeastern Manitoba

include the Donner lithium project and the Falcon West cesium/lithium project. Grid has a lease

agreement on the True North mill where it has rights to process feed from Donner, and Grid also

has an MOU with Tantalum Mining Corporation of Canada Limited who operates the near by

producing Tanco Mine.

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.

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) (together, "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 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 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.

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