Grid Metals Corp (GRDM)

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Grid Metals Commencing Drill Program at East Bull Lake Palladium Property 1/21/2021

TORONTO, ON / ACCESSWIRE / January 21, 2021 / Grid Metals Corp. (the "Company") (TSXV:GRDM) is pleased to confirm that drilling has now commenced at the East Bull Lake Palladium Property (the "Property") located 80 kilometres west of Sudbury, Ontario. The drilling will continue a program started last year that is focused on the discovery of significant near surface deposits of near palladium-rich magmatic sulfide mineralization. The new drilling will focus on two areas located approximately six kilometres apart along the prospective southern margin of the intrusion. Two drills will be deployed for the majority of the program.

The first seven holes are planned for the Parisien Lake area as a follow up to the best intersection ever obtained on the Property from drill hole EBL20-13, as reported in the Company's December 3, 2020 news release. This intersection included a 119 metre interval, starting at three metres below surface, that averages 0.75 g/t Pd, 0.21 g/t Pt, 0.04 g/t Au, 0.08% Cu and 0.05% Ni (1.13 g/t palladium equivalent grade = Pd Eq), within which occurs a higher grade 48 metre section averaging 1.85 g/t Pd Eq. The new drill holes will test a recently modeled basin structure developed in the lower stratigraphy of the intrusion. This basin structure occurs on the north flank of a potential feeder structure and is generally coincident with a sharp gradient in the magnetic field signature, extensive resistivity and conductivity anomalies, and outcropping palladium mineralization (Figure 1). The planned holes will cover a distance of approximately 350 metres extending both to the east and west of hole EBL20-13.

Figure 1. Planned Holes for the Central Parisien Lake target area, East Bull Lake Intrusion.

The Company is currently finalizing plans for several drill holes in the East Lobe of the intrusion that will target coincident geological, geophysical and geochemical anomalies similar to those seen in the Central Parisien Lake target area. Drilling on the East Lobe is expected to commence in mid-February.