Grid Battery Metals Inc. [TSXV-CELL; OTCQB-EVKRF; FSE-NMK2] has filed the NI 43-101 technical report for its Clayton Valley lithium project, Nevada, dated March 4, 2024, prepared by Steven McMillin, PG, of Rangefront Geological, has been filed on SEDAR+.
At the Clayton Valley lithium project, the company contracted the services of Rangefront to perform an updated and revised NI 43-101 technical report. To complete the technical report, the company used the results of prior soil samples, geophysical surveys and drilling on the property to help identify structure and target areas favourable to lithium accumulation and determine next steps for its overall exploration plan. The recommended 2024 exploration plan includes additional CSAMT (controlled-source audio-frequency magnetotellurics) geophysical survey work, additional soil sampling, and a subsequent multihole exploratory drilling program on the property.
Tim Fernback, president and CEO, commented: “We are happy to report the filing of the NI 43-101 technical report on our Clayton Valley lithium project. The recommendation for future exploration ultimately includes a drilling program as a logical next step here on the property. The timing is good for the company, and with approximately $7 million in our treasury, we are well-positioned and fully funded for our 2024 exploration season.”
Fernback continued, “Clayton Valley holds the only producing lithium brine system in the United States and holds amazing potential for lithium-clay-hosted deposits. Our lithium claims in Clayton Valley are bordering the Silver Peak lithium project of Albemarle Corp. [NYSE-ALB], home to the only producing lithium mine in North America. Previously, Albemarle announced that it will continue to invest in its Silver Peak mine in order to double lithium production by the year 2025.
Another neighbour of ours to the east, Century Lithium Corp. [TSXV-LCE; OTCQX-CYDVF], has issued a prefeasibility study referencing a 26% after-tax internal rate of return and an NPV 8% [net present value at an 8% discount] of $1.03 billion. Furthermore, in May 2023, Nevada was ranked again as the No. 1 mining jurisdiction in the world by the Fraser Institute, a position it has held several times in the recent past. Our plan at Grid is to realize the potential of this area of Nevada for lithium-hosted brine and claystone for our shareholders.”
The company owns a 100% interest in the Texas Spring Property which consists of mineral lode claims located in Elko County, Nevada. The Property is in the Granite Range southeast of Jackpot, Nevada, about 73 km north-northeast of Wells, Nevada. The target is a lithium clay deposit in volcanic tuff and tuffaceous sediments of the Humbolt Formation. A Phase 1 exploration program at the Texas Springs Property (Fall 2023) yielded results with average lithium grades of 2010 ppm, applying a 1,000 ppm cut-off, and up to 5,610 ppm Lithium.
The Texas Spring property adjoins the southern border of the Nevada North Lithium Project, owned by Surge Battery Metals Inc. [TSXV-NILI; OTC-NILIF] and comprised of 725 mineral claims. Surge’s first round of drilling identified strongly mineralized lithium bearing clays. The average lithium content within all near surface clay zones intersected in the 2022 drilling program, applying a 1000 ppm cut-off, was 3254 ppm. More recent results have shown higher grade lithium up to 8070 ppm on this property after initial drilling. Our exploration results are on-trend with these results.
The company owns a 100% interest in 113 lithium lode and placer claims covering over 640 hectares in Clayton Valley. Clayton Valley is a down-dropped closed basin formed by the Miocene age Great Basin extension and is still active due to movement along the Walker Lane structural zone. As a result, the basin has preserved multiple layers of lithium bearing volcanic ash, resulting from multiple eruptive events over the past 6 million years including eruptions from the 700,000-year-old Long Valley Caldera system and related events.
The company owns a 100% interest in 80 placer claims covering approximately 635 hectares of alluvial sediments and clays located 122 km northeast of Tonopah, Nevada.
The company has previously announced plans to spin out its wholly-owned subsidiary, AC/DC Battery Metals Inc., finance it separately, and separately list it on the TSX Venture Exchange in 2024. This transaction once complete, will provide a valuable share dividend to each Grid Shareholder of record for no additional cost.
