Grid Metals Corp (GRDM)

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Grid Metals Discovers Nickel Mineralization and Intersects Additional Pd-Rich Mineralization at East Bull Lake 1/28/2021

TORONTO, ON / ACCESSWIRE / January 28, 2021 / Grid Metals Corp. (the "Company") (TSXV:GRDM) is pleased to announce the further drilling results from its fall 2020 program at its 100% owned East Bull Lake ("EBL") palladium property (the "Property") in Ontario. The first step out hole (EBL20-14) from discovery hole EBL20-13 (119m @ 1.19 g/t palladium equivalent grade = "Pd Eq") is located 85 metres away. It intercepted both significant widths of palladium-dominant disseminated sulfide mineralization and a four metre section of nickel-rich semi-massive sulfide and magnetite including two metres averaging 1.51% nickel, 1.14% copper, 1.55 g/t Pd, 0.38 g/t platinum and 0.22 g/t gold.

Highlights from EBL20-14

Drill hole EBL20-14 was a follow-up to previously reported results for hole EBL20-13 (e.g., 119 metres averaging 1.1 g/t Pd Eq - see Company news release dated December 3, 2020) and intersected several intervals of Pd-dominant mineralization followed by a four metre interval of nickel- rich disseminated to semi-massive sulfide + magnetite mineralization. The nickel-rich mineralization occurs within a footwall breccia unit directly underlying the palladium-rich mineralization.

Analytical results for EBL20-14 (see Table 1 for details) include:

From 84.0m - 15.7m @ 0.83 g/t Pd Eq (disseminated sulfide);
From 113.0m - 6.0m @ 2.42 Pd Eq (disseminated sulfide);
From 129.0m - 14.1m @ 1.14 Pd Eq (disseminated sulfide); and,
From 165.6m - 2.07m @ 1.51% nickel, 1.14% Cu and 1.55 g/t Pd (semi-massive sulfide + magnetite) including a 1.0 metre sample with 1.93% Ni, 1.61% Cu, 2.03 g/t Pd and 0.14% Co.

Program Plans

The Company resumed drilling on the Property on January 21st and is expected to initially complete up to 4,000 metres of drilling over the next 2-3 months, including several new holes at both the Central Parisien Lake target area (Figure 1) and the southwestern part of the East Lobe target area (an area located approximately 6 kilometres to the east). In both areas, drilling will be designed to delineate laterally extensive and thick (i.e., tens of metres) zones of near surface, high tenor, Pd- and Cu-rich disseminated sulfide mineralization, especially within modeled structural depressions along the base of the intrusion. Drilling will also test for additional Ni-rich mineralization, similar to that observed in the Parisien Lake area, by targeting selected conductivity and resistivity anomalies within the lower parts of these structural depressions or along the margins of potential feeder structures.

Dr. Dave Peck, the Company's Vice-President of Exploration and Business Development stated "The intersection of nickel-rich sulfide mineralization is a significant new development for the project. The position of this mineralization at the base of the intrusion fits the pattern observed for sulfide deposition in many layered intrusions globally, with Pd- and Cu-rich disseminated sulfide mineralization developed above denser nickel- and iron-rich sulfides occupying structural depressions along the basal contact and commonly extending into the immediate footwall. The 2020 exploration results support the Company's belief that major deposits of Pd- and Cu-rich disseminated sulfide mineralization - locally underlain by high-value, base metal-rich semi-massive to massive sulfide-oxide mineralization, can be discovered in the Central Parisien Lake area and elsewhere within the prospective lower stratigraphy of the East Bull Lake Intrusion."

Additional Results

Analytical results for EBL20-12 and EBL20-15 were also received (Table 1). These two holes were drilled to the south to intersect the contact area between the Parisien Lake Deformation Zone (PLDZ) in the south - a potential feeder structure to the EBL Intrusion, and the upper part of the prospective Lower Series stratigraphy in the north (Figures 1 to 3). In contrast, EBL20-13 and 14, both of which returned better grade-thickness palladium mineralization, were drilled to the north toward the central axis of a modeled basin structure along the base of the intrusion.

Anomalous Pd mineralization was encountered in both EBL20-12 and EBL20-15 within the prospective Lower Series units with maximum grade-thickness intervals as follows:

EBL20-12

12.0 metres averaging 0.65 g/t Pd, 0.24 g/t Pt, 0.05 g/t Au, 0.07% Cu and 0.05% Ni (1.03 g/t Pd Eq) from 3.0 metres
4.8 metres with 0.67 g/t Pd, 0.24 g/t Pt, 0.05 g/t Au, 0.06% Cu and 0.04% Ni (1.00 g/t Pd Eq) from 22.0 metres
6.4 metres averaging 0.38 g/t Pd, 0.18 g/t Pt, 0.06 g/t Au, 0.20% Cu and 0.08% Ni (0.98 g/t Pd Eq) from 30.6 metres

EBL20-15

10.0 metres averaging 0.86 g/t Pd, 0.23 g/t Pt, 0.05 g/t Au, 0.06% Cu and 0.04% Ni (1.19 g/t Pd Eq) from 50.0 metres including a 3.0 metre section averaging 1.46 g/t Pd, 0.40 g/t Pt, 0.11 g/t Au, 0.13% Cu and 0.07% Ni (2.11 g/t Pd Eq) from 55.0 metres