Grid Metals begins drilling at Falcon West, Makwa

Executive Summary

• Grid Metals Corp. announced that exploration programs are underway at its Falcon West and Makwa projects, following a recent financing.
• A new cesium-focused drill program has commenced at Falcon West targeting the Lucy zone, with a minimum of 40 holes planned to define a discrete cesium zone.
• Drilling has begun at the Makwa project's Pavo anomaly, financed by partner Teck Resources, following the receipt of exploration permits.

Key Details

• Financing Completion: The company completed a financing for aggregate gross proceeds of $4,027,158, with the majority of funds coming from a single strategic investor making their first investment in Grid.
• Falcon West Cesium Project:
  • A cesium-focused drill program has commenced targeting the Lucy cesium zone.
  • This marks the first concerted effort to define a discrete cesium zone at the property.
  • Drilling targets a near-surface pegmatite system known to host cesium mineralization.
  • A minimum of 40 drill holes are planned.
  • Cesium is designated a critical metal in the most recent Canadian federal budget.
• Makwa Nickel/Copper Project:
  • The project is subject to an option and joint venture agreement with Teck Resources Ltd.
  • The project is now permitted for exploration drilling and downhole geophysics at the Pavo anomaly.
  • The Pavo anomaly features semi-massive nickel sulphide mineralization at surface (up to 1.1% nickel in grab samples).
  • The drill rig has been mobilized to the site.
• Grant of Incentive Awards:
  • The Board approved the issuance of 7.2 million stock options.
  • Exercise price: 15 cents per share.
  • Recipients: Eligible directors, management, employees, and consultants under the company's equity incentive plan.
• Project Portfolio Overview:
  • Makwa Property: Located on the south arm of the Bird River greenstone belt. Teck can earn up to a 70% interest by incurring $17.3 million total (comprising $15.7 million in project expenditures and $1.6 million in cash payments or equity participation).
  • Mayville Property: Located on the north arm of the Bird River greenstone belt; owned subject to a minority interest.
  • Falcon West Property: Located 110 km east of Winnipeg; contains historical high-grade intercepts including 2.2 metres at 15.0% Cs2O and 3.2 m at 4.6% Cs2O.
  • Donner Property: Adjacent to Mayville; Grid owns 75% of the project.
  • All projects are located on the ancestral lands of the Sagkeeng First Nation, with whom the company maintains an exploration agreement.

Notable Quotes

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