Grid Metals Options Newly Discovered Lithium Pegmatite Property In NW Ontario

Grid Metals Options Newly Discovered Lithium Pegmatite Property In NW

Ontario

October 5, 2021 Toronto Canada

Grid Metals Corp. (TSXV;GRDM) (OTCQB:MSMGF) ( the “Company”) is pleased to announce the signing

of an option agreement to acquire a 100% interest in a previously undiscovered and prospective

spodumene and lepidolite-bearing pegmatite lithium property located approximately 250 km northwest

of Thunder Bay (see Figure 1). The property (herein referred to as the “Campus Creek property” or the

“Property”) hosts at least one highly fractioned and rare metal-enriched pegmatite dyke (the “Highstone

dyke”) evidenced by high-grade lithium and highly anomalous cesium, rubidium and tantalum values

obtained from Grid’s initial surface grab sampling.

Highlights from analyses of samples taken from the initial showing of spodumene-bearing pegmatite:

Sample

Easting

(m)

Northing

(m)

Elevation

(m)

Li2O

(%)

Cs2O

(%)

Rb2O

(%)

Ta

(ppm)

Fe

(%)

B419026 599255 5462885 513 4.35 0.01 0.03 88 0.54

B419085 599257 5462880 514 1.50 0.08 0.19 179 0.49

B419088 599255 5462883 482 1.42 0.18 0.45 304 0.45

B419027 599257 5462883 513 0.88 0.12 0.45 71 0.37

B419089 599256 5462882 482 0.68 0.09 0.28 227 0.89

B419103 599256 5462874 516 0.22 0.02 0.11 33 0.53

Above: Selected analytical results for surface grab samples collected from the Highstone Dyke initial

showing at the Campus Creek lithium property.

Campus Creek Property – Highlights

• The Campus Creek property is located directly adjacent to the TransCanada highway (Figure 1)

and is road accessible with the initial discovery attributable to the recent logging in the area.

• Prospective geological setting for rare metal pegmatites, with property straddling a major

tectonic boundary zone between three discrete structural domains in the western Superior

Province

• No previous lithium or rare metal exploration; a bona fide new discovery

• Multiple fertile granite and granite pegmatite dyke outcrops identified by geochemistry over an

initial reconnaissance prospecting area of ~4 km x ~2km

• Outcropping spodumene and lepidolite bearing pegmatite with high-grade Li2O contents

Whole rock geochemical analyses from a suite of ~80 outcrop grab samples consistently returned

highly fractionated incompatible element ratios indicative of a fertile environment for rare metal-

enriched pegmatites. The property remains poorly explored with only a handful of historic drill holes

occurring in the existing claim block – none of which were drilled for rare metals. Initial analytical

highlights for grab samples from the Highstone dyke are given in the table above.

Preliminary investigations indicate there are a number of granitic pegmatite outcrops on the Property

with apparent widths locally exceeding 100 metres. The project occurs in a highly prospective geological

environment centered on a major regional tectonic boundary.

The Company believes the acquisition of a large land position with a highly encouraging initial lithium

and rare metal occurrence, multiple outcropping pegmatite bodies and positive geochemistry is an

exciting initial opportunity for Grid, particularly given the strong market fundamentals for lithium. The

Company’s exploration model for a lithium pegmatite project is the discovery of a large zone(s) of

spodumene-rich granite pegmatite from one or more dykes displaying strong and consistent

mineralogical zonation and having highly fractionated geochemistry. Grid’s target tonnages are on the

order of 10 million tonnes with grades exceeding 1% Li2O in a spodumene-rich resource capable of

delivering a >6% Li2O spodumene concentrate.

Dr. Julie Selway, a foremost expert in rare metal pegmatite geology and exploration approaches, has

been engaged by the Company to guide its ongoing exploration activities and provide interpretations on

the results from initial due diligence work. Dr. Selway commented that “I am excited to be involved in

advising exploration work on this discovery. This is the first time spodumene and lepidolite have been

identified on the Campus Creek Property. The presence of both spodumene and lepidolite in the same

pegmatite indicate a higher level of fractionation than a typical spodumene pegmatite. The spodumene

in Highstone pegmatite is beige to pinkish indicating low iron content for future processing. The presence

of fertile granites near the Highstone pegmatite indicates that there is a potential for more lithium

pegmatite dykes to be found on the Property.”

Figure 1: General geology and location of the Campus Creek lithium property

Above: Recent channel sampling at the initial spodumene discovery in the Highstone pegmatite dyke,

Campus Creek property.

Above: Large spodumene crystal from the initial spodumene discovery in the Highstone pegmatite

dyke, Campus Creek property.

Spodumene

Next Steps

The Company has commenced an initial geological mapping and additional outcrop sampling on the

Property to map pegmatite occurrences and obtain additional geochemical information. Access to the

property is very good via logging roads off the TransCanada highway. The sampling program is expected

to cost approximately $50,000 and be completed over the next several weeks.

Strategic Review Underway

Between its Mayville Lithium and Campus Creek Lithium Properties, Grid has assembled a leading North

American portfolio for hard rock lithium exploration and resource building. In Manitoba, the Mayville

Lithium Property hosts four known lithium bearing dykes, two of which have a historical resource (see

Company’s news release dated September 14, 2021). Like Campus Creek, the Mayville Lithium Property

has excellent access and infrastructure. The Company believes there is excellent potential to establish a

significant 43-101 compliant lithium resource in Manitoba with limited drilling. The potential for the

Mayville Lithium project is highlighted by its close proximity to the operating Tanco Mine (an active rare

metals mining operation) and the recently announced New Age Metals/Mineral Resources Limited

exploration joint venture.

The Campus Creek asset is in the developing Thunder Bay regional hub of lithium and rare metal

exploration and development and is a positive complement to Mayville Lithium. It also has excellent

geological fundamentals and significant blue sky potential.

The Board of Directors and Senior Management of the Company are currently evaluating strategic

options to fund the newly emergent lithium assets going forward given the Company’s competing

requirements for funding for its base and precious metals assets. Regardless, the Company is focused

on commencement of drilling activity in Manitoba utilizing its existing working capital .

Terms of Option

The Property consists of 239 single cell mining clams covering an area of 5,198 hectares measuring 15

km x 5 km. The Company can acquire 100% interest in the mining claims subject to an NSR interest by

incurring annual work expenditures and making annual payments of cash and issuing common shares

(subject to TSXV approval). The schedule of option payments and work commitments is as follows:

Due Date Cash Common Shares Work

Commitments

On signing $10,000 100,000

1st Anniversary $20,000 125,000 $50,000

2nd Anniversary $40,000 133,000 $100,000

3rd Anniversary $60,000 150,000 $200,000

4th Anniversary $80,000 150,000 $400,000

The Vendor (an arm’s length third party) will retain a 2% NSR on the property 1% of which can be

purchased by the Company for $1,250,000.

Update on Other Corporate Exploration Activities

1. Exploration permits have been submitted in Manitoba for Grid’s PEA stage Makwa Mayville Ni-

Cu-PGM-Co project and the nearby Mayville Lithium project in order to commence a

comprehensive drill program as soon as possible. Drilling on both projects will focus on near

deposit exploration targets, resource conversion and expansion and providing feed material for

new metallurgical studies.

2. Results for the Bannockburn Nickel Project near Timmins Ontario are anticipated soon and a

decision on a second phase of drilling will be based on the success of the recently completed

eight-hole program.

3. The Company has completed a significant field program over priority targets at the East Bull

Palladium Project near Sudbury and is compiling that data with other information to assess the

priority of drill targets. At this time Company does not anticipate additional drilling at East Bull

until at least later in 2021 given its competing priorities.

QA/QC, Analytical and Metallurgy Work

All samples referenced in this news release were analysed at Actlabs (Ancaster) using a sodium peroxide

fusion digestion method and a variety of analytical finishes including atomic absorption, XRF, ICP and ICP-

MS. G rid maintains a rigorous QA/QC protocol for all of its exploration programs including inserting of

analytical blanks, duplicates and commercial standards at regular intervals (generally one QA/QC sample

is inserted every ten samples). The results reported herein all passed Grid’s QA/QC thresholds for

standard and blank accuracy for the key rare metals of interest on the property, i.e., lithium, cesium and

tantalum.

Dr. Dave Peck, P.Geo., has reviewed and approved the technical content of this release for purposes of

National Instrument 43-101.

About Grid Metals Corp.

Grid Metals Corp. is an exploration and development Company that has projects focused on Nickel

Copper-PGM-Cobalt and lithium. In addition to the East Bull Lake Palladium and Bannockburn Nickel

properties Grid has a PEA stage Ni-Cu-PGM-Co project (Makwa-Mayville) in southeastern Manitoba.

Grid has signed exploration agreements at all three of its properties with the affected First Nations.

To find out more about Grid Metals Corp., please visit www.gridmetalscorp.com.

On Behalf of the Board of Grid Metals Corp.

Robin Dunbar - President, CEO & Director Telephone: 416-955-4773 Email: [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 may include the Company's plans for its properties, 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, perfo rmance 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, chan ges 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.