Grid Metals Provides an Update on Nickel and Palladium Assets
For Immediate Release
Exchange: TSX Venture
September 19, 2019
Toronto, Ontario
Symbol: GRDM
Shares Outstanding: 42,416,610
Grid Metals Provides an Update on Nickel and Palladium
Assets
Toronto, ON –September 19, 2019 – Grid Metals Corp. (TSX.V: GRDM
| USOTC: MSMGF) (“Grid” or “the Company”) is pleased to announce an
update to corporate activities. The Company is positioned with property
holdings with a focus on nickel and palladium.
Makwa Mayville Nickel Copper PGM Project in Manitoba, Canada
Nickel prices have been favourably impacted in the recent weeks by
sustained demand and supply concerns most notably from the
announcement of a ban on ore exports from Indonesia starting on
January 1, 2020. The Company has engaged an external third party with
a mandate to review and update Net Smelter Return factors and key
parameters used in the P reliminary Economic Assessment (“PEA”)
including recent metallurgical results as well as operating and capital
costs, concentrate qualities and metal prices. Foll owing successful
completion of this work the Company will proceed with completing an
updated PEA.
The April 2014 PEA (Roscoe Postle Associates) outlined the production of
nickel and copper concentrates from a central concentrator with ore from
two open pit deposits. Using $8,50 nickel, $3,40 copper and $800
palladium the project had a NPV (7.5%) of C$109.1 million and a 17% IRR
pre-tax and NPV (7.5%) aft er tax of C$ 97.4 million (16% IRR) over a 14-
year mine life. ( the PEA results were disclosed in a news release dated
April 14, 2014) Note: The PEA is preliminary in nature and includes
inferred mineral resources considered too speculative geologically to have
the economic considerations applied to them that would enable them to be
categorized as mineral reserves and there is no certainty that the PEA will
be realized. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
East Bull Lake PGM Property in Ontario, Canada
Palladium has been one of the strongest performing metals due to
strong automotive demand and limited sources of global supply. The
Company has maintained its large land position over the East Bull Lake
Intrusion and has recently acquired key mining claims covering over
approximately two kilometers of strike length of the Parisien Lake
Deformation Zone (the PLDZ) where it previously did not hold mineral
rights. Palladium mineralization has been documented over the PLDZ in
historic drilling and sampling by Ontario Geological Survey , previous
operators and Grid . The Company is currently completing compilation
work and will commence a sampling program in the coming weeks.
East Bull is a ~20km x ~ 4 km layered Proterozoic intrusion which hosts
palladium dominant platinum group metals mineralization which occurs
with associated copper and nickel. Grid controls approximately 80% of
the intrusion through mining claims subj ect to underlying net smelter
royalties. No systematic exploration for platinum group metals has
occurred on Grid’s East Bull Property since 2002 at which time the
property was the subject of a joint venture funded by Falconbridge
Limited. During that peri od an extensive program of gridding, geological
mapping surface sampling and trenching, geophysics and some limited
drilling was completed.
Grid has identified the Parisien Lake Deformation Zone and the South-
Central Zone in the east lobe of the intrusion as initial exploration targets
for bulk tonnage near surface palladium dominant deposits.
About Grid Metals Corp.
Grid Metals Corp. is an exploration and development Company that has a
diversified portfolio of projects in the nickel-copper-platinum group metals
and lithium -rare metals sectors. These commodities are vital to the
emerging battery metals and energy storage sector. All of Grid’s projects
are located in secure North American mining juri sdictions. The Company is
focused on timely advancement of its property portfolio through prudent
exploration and development activities.
Carey Galeschuk P. Geo is the Qualified Person for Grid Metals Corp . as
defined be National Instrument 43-101 and has reviewed and approved the
technical content of this report.
To find out more about Grid Metals, please visit
www.gridmetalscorp.com.
On Behalf of the Board of Grid Metals Corp.
Robin Dunbar – President, CEO & Director
Telephone: 416-955-4773
David Black – Investor Relations
Email: [email protected]
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, uncertainti es 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 polit ical 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, copp er 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 it 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.