Grid Metals Corp. [TSXV: GRDM; OTCQB: MSMGF] provided a corporate update following the successful completion of a financing for aggregate gross proceeds of C$4,027,158. The majority of the financing came from one strategic investor making their first investment into Grid Metals.
A cesium-focused drill program at Falcon West, Manitoba, has commenced which is targeting the Lucy cesium zone that has seen historical high-grade cesium drill intercepts. This drill program marks the first concerted effort to define a discrete cesium zone at the property.
Drilling will be focused on a near-surface pegmatite system which is known to host cesium mineralization. A minimum of 40 drill holes are planned. Cesium was designated a critical metal in the most recent Canadian Federal Budget and is utilized in a growing variety of high-tech applications. Currently, there are only a handful of known cesium projects with resources globally.
The company’s Makwa Ni-Cu-PGE project in southeastern Manitoba is subject to an option and joint venture agreement with Teck Resources Ltd. [TSX: TECK.A; TECK.B; NYSE: TECK]. The project is now permitted for exploration drilling and downhole geophysics at the recently identified Pavo Anomaly where prospecting led to the discovery of semi-massive nickel sulfide mineralization at surface (up to 1.1% nickel in grab samples). The drill rig has been mobilized to site.
The Board of Directors has approved the issuance of 7,200,000 stock options at an exercise price of $0.15 per share (Incentive Awards) under the company’s Equity Incentive Plan. The issuance is to eligible directors, management, employees and consultants.
Grid Metals is focused on exploration and development in southeastern Manitoba with four key projects in the Bird River area.
The Makwa Property (Ni-Cu-PGM-Co), which is subject to an option and joint venture agreement whereby Teck Resources can earn up to a 70% interest in Makwa by incurring a total of CAD$17.3 million, comprising project expenditures (CAD$15.7 million) and cash payments or equity participation (CAD$1.6 million) with Grid. Makwa is located on the south arm of the Bird River Greenstone Belt.
The Mayville Property (Cu-Ni) is located on the north arm of the Bird River Greenstone Belt. The property is owned subject to a minority interest.
The Falcon West Property (Li-Cs) is located 110 km east of Winnipeg along the Trans-Canada highway and contains highly anomalous cesium values in a number of historical drill holes including 2.2 metres at 15.0% Cs2O and 3.2 metres at 4.6% Cs2O.
The Donner Property (Li-Cs) is adjacent to the Mayville Property, and Grid owns 75% of the project.
All of the company’s southeastern Manitoba projects are located on the ancestral lands of the Sagkeeng First Nation with whom the company maintains an exploration agreement.
