Grid Metals Corp.
Company Data
| Introduction
| Projects in Hand
| Management
News Update
| Chinese
| Address ： |
3335 Yonge Street, Suite 304 Toronto, ON Canada M4N 2M1 |
| Tel No.： | 416-955-4773 |
| Web Site： | www.gridmetalscorp.com |
| E-mail： | info@gridmetalscorp.com |
| Contact Person： | Robin Dunbar | David Black |
| Position： | President & CEO | Investor Relations |
| Traded Market： | TSX-V | OTCQB | FSE |
| Traded Symbol： | GRDM | MSMGF | NJF1 |
| Outstanding Shares： | 203.93M |
| 52 Week High： | $ 0.185 |
| 52 Week Low： | $ 0.06 |
| Present Price： | Click Here |
Developing a Critical Minerals Hub in Southeastern Manitoba, Canada
Grid Metals is focused on becoming one of the next fully permitted lithium operations in North America while advancing its copper/nickel project.
Investment Highlights
Positioning Donner Lake for a Rebound in Lithium Prices
- Submitting mining permit and completing economic study in 2025 to make Donner one of the next fully permitted lithium projects in North America.
- Utilizing existing infrastructure in order to dramatically reduce capex and shorten permitting timeline.
- Establishing the infrastructure base to support development of lithium and the adjacent copper/nickel property (Makwa Mayville).
High Potential Belt-Scale Copper/Nickel Project with Significant Resource
- The Makwa Mayville (MM) Project has an open pit resource of 46.2 million tonnes (Indicated) containing 317 million pounds of copper, 263 million pounds of nickel and 452,000 ounces of combined palladium, platinum and gold. (See news release dated May 6, 2024)
- Commencing resource exploration drilling to support mine development.
Near-Term Catalysts Provide Re-Rate Potential
- Updated copper/nickel resource in the next 1-2 months
- Exploration results from both lithium and copper/nickel drilling
- Advancement of project towards permitted status
Lithium Projects
Donner Lake Project
- 75%-owned project near existing infrastructure, located in the Bird River greenstone belt in southeastern Manitoba.
- The Project contains a maiden NI 43-101 compliant resource (July 2023) of 6.81 million tonnes (“MMt”) (Inferred) grading 1.39% Li2O that is open for expansion.
- The resource estimate from the Main Dyke and Northwest Dyke consists of:
- 2.10 MMt grading 1.42% Li2O of open pit resources (cut-off grade of 0.3% Li2O) and
- 4.71 MMt grading 1.37% Li2O of underground resources (cut-off grade of 0.5% Li2O).
- Excellent lithium recoveries in test work of ~70% using flotation (See news release dated October 25, 2023)
- Grid Metals is targeting the reconfiguration of the True North Mill to produce ~75,000 tpa of spodumene concentrate using a low capital intensity approach.
- Grid Metals has a lease agreement on the True North mill where it plans to process feed from Donner Lake.
- In October 2022, Grid Metals signed a Memorandum of Understanding (MOU) with Tantalum Mining Corporation of Canada Limited (Tanco) who operates the nearby producing Tanco Mine. (See news release dated October 17, 2022)
- Targeting completion of economic study and fully permitted status in 2025
- Leveraging existing infrastructure for processing and tailings to shorten the permitting timeline versus a greenfield operation (~3-5 years quicker to production).
- Preliminary Economic Assessment (PEA) is underway along with permitting activities.
Falcon West Project
- 100%-owned by Grid Metals; Excellent location and access
- Grid Metals controls mineral rights over the majority of the next prospective greenstone belt (the West Hawk Lake Greenstone Belt) situated south of the world class Tanco Mine (reserves of 6.6 MMt grading 2.7% Li2O in 1996).
- Highly prospective geological terrain with historical assays including 1.8% Li2O over 12.3 m and 2.2% Li2O over 12.2 m.
- Opportunity for near-surface resource
- The Company commenced drill program in January 2024, targeting the extension of known mineralized zones and the initial definition of mineralization along strike and at depth at the two known mineralized occurrences – the Lucy and the ArtDon targets. The two target areas are approximately one kilometer apart.
Advanced Nickel/Copper Project
Makwa Mayville (MM) Project
- The MM copper/nickel project is a resource-stage project that is undergoing exploration and development work in the Bird River greenstone belt.
- The Makwa and Mayville magmatic sulfide deposits encompass a cumulative open pit resource of 46.2 million tonnes (Indicated) containing 317 million pounds of copper, 263 million pounds of nickel and 452,000 ounces of combined palladium, platinum and gold. (See news release dated May 6, 2024)
- Mayville is copper dominant and Makwa is nickel dominant with platinum group metal credits.
- Historical production (1970s) at Makwa
- Very high metal tenors in both the Makwa and Mayville deposits support highly favourable metallurgical recoveries & concentrate grades
- In terms of potential scale and mix of metal grades, Makwa Mayville’s closest analogue is the highly profitable, low-cost open pit Kevitsa Mine in Finland (Boliden) – an example of a polymetallic magmatic sulfide deposit.
- Mayville is located immediately adjacent to the Donner Lake Lithium Project and is accessible by the same road network.
- Donner Lake, Mayville and Makwa are located in the traditional territory of the Sagkeeng First Nation with whom Grid Metals signed an Exploration Agreement in April 2021.
- See www.gridmetalscorp.com for details of MM mineral resource estimate
Management and Directors
Robin Dunbar, MBA, President, CEO, and Director
Over 20 years of experience in nickel and platinum group metals exploration and management
Current director of McEwen Mining and was a Director of Western Areas Ltd. (ASX: WSA)
Dr. Dave Peck, Ph.D (Geo.), VP Exploration and Business Development
Former VP Exploration for North American Palladium Ltd. prior to acquisition by Impala Platinum
Former Global Nickel Commodity Leader for Anglo American PLC’s Nickel Exploration Division
Brandon Smith, CFA, MFE, Chief Development Officer
Over 12 years of experience in capital markets
Former lead equity research analyst covering battery metals developers at Cormark Securities Inc.
Douglas Harris, Chief Financial Officer
Chartered Accountant and a Chartered Business Valuator
Over 20 years of experience in the financial services sector
MBA from Rotman School of Management at the University of Toronto
Carey Galeschuk, Consulting Geologist
Lithium geologist with experience in pegmatites
Worked at Tanco for more than 10 years
Author of academic papers concerning lithium exploration
Tom Meredith, Director
30 years experience in the junior mining industry
Chairman of West Red Lake Gold Mines
Former President and CEO of Lexam VG Gold
Ted Munden, Director
Professional geological engineer with an MBA
Held positions in the energy, mining, manufacturing and technology industries for more than 35 years
Patrick Murphy, Director
Managing director at the specialist natural resources group AMCI
Experienced mining investment professional
Holds board positions for several AMCI companies including producing mines and lithium explorer Green Technology Metals (ASX:GT1)
Grant McAdam, Director
Investment analyst at Waratah Capital Advisors since 2019
On October 17, 2024, Grid Metals Corp. has received exploration permits and has begun its maiden drill program at the Eagle gabbro, located within the MM copper-nickel project in southeastern Manitoba. The Eagle gabbro is located at the eastern end of the greater-than-20-kilometre-long Mayville-Eagle complex -- host to the company's 32-million-tonne Mayville copper-nickel-platinum-group-metal deposit. Highlights:
- Drilling will begin at the historical New Manitoba deposit area, located at the southeastern end of the Eagle gabbro, which has seen very limited exploration subsequent to drilling in the 1950s.
- In tandem with the drill program, ground induced polarization and two deep-penetrating, high-resolution airborne magnetic-electromagnetic surveys will also be completed.
- Grid is fully financed to complete the Eagle drill program and geophysical surveys. Initial assays are expected to be received by mid-November.
Robin Dunbar, Grid's chief executive officer and president, stated: "We are pleased to see the drill rig turning at the prospective Eagle gabbro trend, where we see the potential to outline copper-dominant mineralization in several areas over the greater than four km target trend being tested. The Eagle gabbro sits entirely outside of our current 32-million-tonne indicated open-pit resource at Mayville and provides additional resource upside for the MM project. We are looking forward to assays returning early next month and will update the market accordingly."
On October 03, 2024, Grid Metals Corp. provided the results from its ongoing exploration program at its MM copper/nickel project located in southeastern Manitoba. The program has recently been focused on the Eagle Gabbro - host to the historical New Manitoba Cu-Ni sulfide deposit that was acquired by Grid last year. The Company is preparing to commence its inaugural exploration drilling program at Eagle as well as a new round of ground and airborne geophysical surveys over the entirety of its highly prospective Mayville East - Eagle target area. Highlights:
- Surface copper/nickel mineralization confirmed in numerous outcrops over a ~4 km long target trend associated with a gabbroic intrusive known as the 'Eagle gabbro.' The Eagle gabbro is located at the eastern end of the >20 km long Mayville-Eagle complex - host to the Company's 32.0 Mt Mayville Cu-Ni (PGM) deposit1. Mineralization from twelve bedrock grab samples collected during the current field campaign returned copper grades in the range 0.5-1.3% with associated nickel, cobalt and precious metal values.
- Mineralization discovered to date is associated with a prominent magnetic anomaly.
- Drilling is expected to commence this Fall following receipt of exploration permits and the program is fully-funded.
- A large airborne magnetic-EM survey is planned for the highly prospective eastern part of the Mayville-Eagle complex, including the Eagle gabbro target area.
- A ground IP orientation survey is also planned to cover the best exposed, well-mineralized segments of the Eagle gabbro.
- The initial area of drilling is planned for the New Manitoba deposit2 located at the southeast end of the Eagle gabbro. This part of the property was acquired in 2023 and has seen very limited exploration subsequent to drilling in the 1950s.
Dr. Dave Peck, P. Geo., Grid's Vice President of Exploration, stated "Our consolidation of the major copper/nickel deposits and occurrences within the Bird River greenstone belt, completed last year, has provided the first opportunity for any Company to apply modern exploration methods and concepts to the discovery of new massive and disseminated magmatic sulfide resources on all of the prospective ground in this extremely well-endowed mineral belt. Our field review and compilation work has shown the that Eagle gabbro, part of the ~20 km long Mayville-Eagle Complex located in the northeast part of the belt, is a prime initial target area for delineating additional Mayville-style, near surface, copper-dominant magmatic sulfide mineralization."
On August 13, 2024, Grid Metals Corp. is providing an update for its Donner lithium and MM copper-nickel projects which are located in southeastern Manitoba. The company has made significant progress with its permitting initiatives at Donner and is preparing to resume drilling at its MM copper-nickel project this fall. The new drill campaign will focus on a largely untested roughly four-kilometre-long outcropping trend of copper-rich magmatic sulphide mineralization that includes the historical New Manitoba deposit that was acquired by Grid in 2023. MM and Donner are both located on the northern part of the Bird River greenstone belt 150 km northeast of Winnipeg, Man. Donner lithium property highlights.
Grid has received notice from the Mines Branch of Manitoba regarding its advanced exploration permit (AEP) for the Donner lithium project that the permit has been approved subject to the posting of a reclamation bond by Grid. The permit application was co-ordinated with and supported by the Sagkeeng First Nation in whose ancestral territory the Donner project is located. Grid agreed to co-ordinate with SFN on environmental mitigation measures and economic benefits relating to the permit activities.
As lithium prices have further declined in 2024 the company does not plan to immediately proceed with the bulk sample outlined in the AEP. Grid will keep the market informed on the timing of the bulk sample and finalization of the AEP for Donner which is expected to be reinitiated with the occurrence of higher lithium prices.
Grid has reduced its near-term financial payments for the lease of the True North mill in Bissett for the processing of lithium spodumene material from Donner. The company most recently made a $100,000 payment with the next payment ($200,000) scheduled for the end of 2024.
On June 24, 2024, Grid Metals Corp. has filed on SEDAR the technical report for the updated mineral resource estimate (MRE) for its copper/nickel MM project (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).
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.
May 6, 2024, Grid Metals Announces Indicated Open-Pit Mineral Resource of 46.2 Million Tonnes at MM Copper/Nickel Project in Southeastern Manitoba
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 combined palladium, platinum and gold.
April 29, 2024, Grid Metals Intersects High-Grade Lithium Values Including 4.7% Li2O at Maiden Falcon West Drill Program
April 18, 2024, Grid Metals Corp. has released drill results from its January to March, 2024, drill program at the Donner Lake lithium project in southeastern Manitoba, Canada.
Drill Highlights
The two drill holes at the Main Dyke intersected the spodumene-bearing Main Dyke approximately 125 meters beneath the previously deepest drill holes. Both holes were drilled to test the potential for extending the existing underground resources at depth. Grid Metals plans to proceed with a fully-funded summer drill program comprising ~10 additional resource extension drill holes.
All of the 12 infill drill holes at the Northwest Dyke intersected spodumene-bearing pegmatite that returned lithium grades and intersection lengths in line with previous resource delineation drill holes completed in 2022 and 2023. Overall, the Company expects this drilling to enable an upgrade to the resource category at the Northwest Dyke.
- GDL24-01: 6.9 m at 1.28% Li2O (Main Dyke extension drilling)
- GDL24-03: 3.2 m at 1.56% Li2O and 2.3 m at 1.50% Li2O (Main Dyke extension drilling)
- GDL24-07: 6.7 m at 1.85% Li2O (Northwest Dyke infill drilling)
- GDL24-09: 11.5 m at 1.25% Li2O (Northwest Dyke infill drilling)
- GDL24-10: 7.8 m at 1.50% Li2O (Northwest Dyke infill drilling)
- GDL24-13: 7.4 m at 1.62% Li2O (Northwest Dyke infill drilling)