Grid Metals Corp. (TSXV: GRDM | OTCQB: MSMGF) has provided an update on its Donner Lithium and MM Copper/Nickel Projects located in southeastern Manitoba.
The company has made significant progress with its permitting initiatives at Donner and is preparing to resume drilling at its MM Copper Nickel Project this fall. The new drill campaign will focus on a largely untested ~4km long outcropping trend of Cu-rich magmatic sulphide mineralization that includes the historical New Manitoba deposit that was acquired by Grid in 2023. MM and Donner are both located on the northern part of the Bird River Greenstone Belt 150km northeast of Winnipeg, Manitoba.
Grid has received notice from the Mines Branch of Manitoba regarding its Advanced Exploration Permit (“AEP”) for the Donner Lithium Project. The permit has been approved subject to the posting of a reclamation bond by Grid. The permit application was coordinated with and supported by the Sagkeeng First Nation, in whose ancestral territory the Donner Project is located. Grid agreed to coordinate with SFN on environmental mitigation measures and economic benefits relating to the permit activities.
As lithium prices have further declined in 2024, the Company does not plan to immediately proceed with the bulk sample outlined in the AEP. Grid will keep the market informed on the timing of the bulk sample and finalization of the AEP for Donner, which is expected to be re-initiated with the occurrence of higher lithium prices.
Grid has reduced its near-term financial payments for the lease of the True North Mill in Bissett for the processing of lithium spodumene material from Donner. The company most recently made a C$100,000 payment with the next payment (C$200,000) scheduled for the end of 2024.
The continued focus of Grid is to explore and develop critical mineral resources located in southeastern Manitoba and specifically in the Bird River greenstone belt where the Company holds mineral title over the most advanced lithium project in the region (Donner) and controls over 50km of Cu- and Ni-rich exploration targets including four separate 43-101 compliant Cu-Ni-PGE-Co resources: the Makwa, Mayville, Ore Fault and Page deposits.
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