Toronto, Ontario (FSCwire) - Grid Metals Corp. (TSX-V: GRDM) (“Grid” or the “Company”) today announced initial results from the winter 2018 drill program targeting the Main Dyke pegmatite at the Mayville Lithium |Project. The first three of eleven holes testing the pegmatite dyke intersected high grade lithium and significant tantalum values. The objective of the initial phase of drilling is to test the potential for a high grade, high purity lithium and rare metals bearing LCT pegmatite dyke.
Highlights from the initial three holes of the drill program are as follows:
- Drill core assays returned Li2O values in excess of 1.5% over the width of the dyke with visual spodumene blades in each of the three holes.
- The iron content and other level of impurities are low
- Significant rare metals were encountered including tantalum
- The three holes were drilled over a strike length of 195 meters
Results from the first three holes are tabulated below:
MAYVILLE LITHIUM PROPERTY - MAIN DYKE DRILLING – Winter 2018
|
DDH
|
From
(m)
|
To
(m)
|
Interval
|
Li2O
(%)
|
Cs2O
(%)
|
Rb2O
(%)
|
Ta2O5
ppm
|
Fe
(%)
|
|
MLI-18-01
|
14.7
|
18.5
|
3.8
|
1.7
|
0.05
|
0.42
|
163
|
0.13
|
|
MLI-18-02
|
36.7
|
39.6
|
2.9
|
1.6
|
0.03
|
0.32
|
146
|
0.28
|
|
MLI-18-03
|
78.6
|
84.0
|
5.4
|
1.5
|
0.05
|
0.42
|
173
|
0.70
|
|
and
|
109.8
|
110.4
|
0.6
|
0.7
|
NA
|
0.25
|
134
|
0.57
|
|
and
|
111.6
|
112.0
|
0.4
|
1.0
|
0.01
|
0.32
|
203
|
0.21
|
|
and
|
112.3
|
112.8
|
0.5
|
0.5
|
0.08
|
0.33
|
151
|
0.31
|
In total eleven holes have been completed by the Company to test a strike length of approximately 775 metres. The Main Dyke remains open to the south and at depth. The drilling occurred in the area of the 1950’s historical drilling which defined the historical mineral resource but did not test for rare metals.
“Our exploration objective is to explore for a high value per tonne spodumene pegmatite by virtue of its lithium grade, rare metal by-products and purity” said Robin Dunbar, President and CEO of Grid. “We look forward to receiving the balance of the drill holes which will give us a good idea of the potential of the Main Dyke”.
The Main Dyke is one four known pegmatite dykes on the Mayville Lithium Property. The Property has a total historical resource of 3.8 million tons grading 1.28% Li2O1 from the Main Dyke and the North Dyke. The pegmatite dykes are located at or near the lithological contact between the Maskwa Lake Batholith and mafic volcanic rocks. This favourable contact horizon has been mapped for approximately 10 kilometers along strike of the Mayville Lithium Property. The four known pegmatites are located in an area approximately 1500 m by 1500 m just south of Mustang’s Mayville Copper-Nickel deposit. Mustang has now staked the remaining prospective horizon and will in future complete prospecting and geochemical analysis in the expanded project area.
Grid Metals acquired the Mayville Lithium Property in February 2018 from the Tantalum Mining Corporation of Canada Ltd in return for a 2% Net Smelter Royalty and a first right to purchase products produced from the property on commercial terms.
For a map of drilling please refer to the 2018 Winter Drill Hole Location Map at the following link to the Company website. [https://gridmetalscorp.com/properties/mayville-lithium/]
QA/QC, Analytical and Metallurgy Work
Core was logged and split at the Company’s Makwa warehouse where all drill core is stored. Samples were sent to AGAT Laboratories in Thunder Bay, Ontario for crushing and preparation with the final assays completed at the AGAT Laboratories in Mississauga, Ontario. The samples are assayed using a Sodium Peroxide Fusion with a ICP-OES/ICP-MS Finish.
Grid implements a QA/QC program on drill core including inserting blanks, duplicates and commercial standards at regular intervals with all sample submissions to the laboratory.
1 Source Manitoba Mineral Inventory File #229. Resources are historical in nature and not NI 43-101 compliant. Mustang does not consider the historical resource estimate as a current resource estimate and is not relying on the historical resource estimate as a current resource estimate until such time as a Qualified Person has reviewed and confirmed the data.
About Grid Metals Corp.
Grid is focused on exploration and development of properties focused on the battery metals. It owns the mineral rights to the Makwa Nickel-Copper Cobalt Property and the Mayville Copper-Nickel Property both located in the Bird River Greenstone Belt in southeastern Manitoba. The Company completed a Preliminary Economic Assessment on the Makwa-Mayville Project in 2014. The Mayville Lithium Property was acquired from Tantalum Mining Corporation of Canada Ltd. The Company also controls mineral rights at the East Bull Lake Property west of Sudbury prospective for PGM and the Bannockburn Nickel Property near Matachewan Ontario
Carey Galeschuk P. Geo is the Qualified Person for Mustang Minerals Corp.
To find out more about Grid Metals Corp.. (TSX-V: GRDM)
visit our website at www.gridmetalscorp.com.com or:
Telephone: 416-955-4773 email: info@gridmetalscorp.com.com
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 mineral projects in Manitoba, 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, currency fluctuations, fluctuations in the price of nickel 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.
To view the original release, please click here
Source: Grid Metals Corp. (TSX Venture:GRDM)
To follow Grid Metals Corp. on your favorite social media platform or financial websites, please click on the icons below.
Maximum News Dissemination by FSCwire. https://www.fscwire.com
Copyright © 2018 FSCwire
