Completes Resource Drilling at Donner Lake

TORONTO, ON / ACCESSWIRE / May 31, 2023 / Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) (the 'Company') is pleased to announce final drill results from the completion of the Northwest Dyke drill program at the Donner Lake Lithium Property in Manitoba, Canada. The Company has now received all assays from the winter drilling program which will be incorporated into the upcoming maiden resource estimate expected before the end of Q2/23. SGS Canada has been retained by the Company to complete the estimate which will include both the Main and Northwest Dykes.

Highlights:

• Visible spodumene mineralization noted in all drill holes in the core area of the dyke.
• Northwest Dyke remains open at depth and along strike to the south (current strike length of approximately 715 meters).
• Apparent widths of up to 10 meters identified at 185 meters below surface.
• The Northwest Dyke is exposed at surface and recent resource drilling has projected the lithium bearing pegmatite to at least 300 meters below surface.
• Drilling highlights include:
  • GDL 23-68: 5.9 m of 1.59% Li₂O starting at 14.5 m
  • GLD 23-74: 6.9 m of 1.56% Li₂O starting at 59.1 m
  • GDL 23-78: 10.7 m of 1.13% Li₂O starting at 185.2 m
  • GDL 23-81: 6.7 m of 1.60% Li₂O starting at 54.2 m
  • GDL 23-84: 5.0 m of 1.37% Li₂O starting at 262.7 m

Robin Dunbar, Chief Executive Office of Grid Metals Corp., stated, 'We are pleased to report the final assays from the recently completed Northwest Dyke drill program. The results highlight strong continuity of mineralization across the core area of the dyke with the pegmatite remaining open at depth and to the south along strike. We look forward to releasing a maiden resource estimate at Donner Lake before the end of this quarter that will include the 2023 resource drilling at both the Main and Northwest dykes.'

Following on drilling competed in 2022, the 2023 NW Dyke resource drilling program included 19 holes for a total of 4,379 meters. Analytical results are shown in Table 1. The Company has rapidly progressed the Donner Lake Lithium Project to the resource estimation stage in just over a year since the start of drilling in February 2022. In total 66 resource drill holes were completed in 2023 for a total of 17,696 meters at the Main Dyke and Northwest Dyke.

True width of drill intercepts are between 50-80% of apparent width.

Project Plans

• SGS Canada Inc. has been retained by the Company to complete a resource estimate in compliance with National Instrument 43-101.
• The Company has completed an initial metallurgical testwork program at XPS Metallurgical Laboratories with results expected shortly.
• The Company plans to formally submit an Advanced Exploration Permit to the Manitoba government which would allow for the completion of a bulk sample at Donner Lake.
• The Company has also sent test sample work to the Tanco Mine to ensure there is metallurgical congruency for the pending bulk sample.
• The Company has a pre-production MOU with Tantalum Mining Corporation of Canada ('Tanco') (see October 17, 2023 press release). Discussions with Tanco are ongoing to enable toll mining of Donner Lake ore at the Tanco Mine site - one of two producing lithium mines in Canada.
• The Company has new geochemical and geophysical survey data to define several new exploration targets on the Property that will be validated and explored this upcoming field season prior to initial drill testing.

QAQC

The exploration program at Donner Lake is being supervised by Carey Galeschuk, P.Geo., who is an experienced lithium geologist with nearly three decades of exploration experience in the Bird River Greenstone Belt with Grid Metals, Tantalum Mining Corporation of Canada and other companies. Grid Metals applies best practice quality assurance and quality control ('QAQC') protocols on all it's exploration programs. For the Donner Lake Lithium Project drilling program, core was logged and sampled at the Company's core facility located on the Makwa Property. Generally, 1.0 metre sample lengths were used. Samples were bagged and tagged and then transported by secure carrier to the Actlabs (Thunder Bay) laboratory for sample preparation and analysis for lithium, cesium, tantalum and selected major and trace element abundances using a sodium peroxide fusion total digestion method followed by ICP-OES and ICP-MS analysis. The Company is using two lithium + rare metal certified reference materials ('CRMs') and an analytical blank for the program to monitor analytical accuracy and check for cross contamination between samples.

Mr. Galeschuk has reviewed and approved the contents of this press release with respect to NI 43-101 reporting guidelines.

About Grid Metals Corp.

Grid Metals is focused on both lithium and Ni-Cu-PGM in the Bird River area approximately 150 km north east of Winnipeg Manitoba. The Donner Lake Lithium Property is a 75% owned property subject to a joint venture agreement. In addition to activity at Donner Lake the Company has the Falcon West Lithium Property located southeast of Winnipeg and a PEA stage Ni-Cu-PGM-Co project (Makwa-Mayville) undergoing exploration and development activity.

On Behalf of the Board of Grid Metals Corp.
For more information about the Company please see the Company website at www.gridmetalscorp.com or contact:
Robin Dunbar - President, CEO & Director Telephone: 416-955-4773 Email: [email protected]
David Black - Investor Relations 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 include the Company's closing of the proposed financial transactions, sale of royalty and property interests. 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, metallurgical risk, currency fluctuations, fluctuations in the price of nickel, cobalt, copper 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.

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This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

SOURCE: Grid Metals Corp.