Grid Battery Metals Inc. is pleased to announce that the NI 43-101 Technical Report for Grid's Clayton Valley Lithium Project, dated March 4, 2024, prepared by Mr. Steven McMillin P.G. of Rangefront Geological, has been filed on SEDAR+ (www.sedarplus.ca) and can be viewed on the Company's website at Clayton Valley Technical Report.
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 favorable to lithium accumulation and determine next steps for its overall exploration plan. The recommended 2024 exploration plan includes additional CSAMT geophysical survey work, additional soil sampling, and a subsequent multi-hole exploratory drilling program on the property.
Mr. Tim Fernback Grid President & CEO comments "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 CAD$7.0 million in our treasury, we are well-positioned and fully funded for our 2024 exploration season."
Mr. Fernback continues "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 Corporation (NYSE:ALB), home to the only producing lithium mine in North America. Previously, Albemarle Corporation 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 pre-feasibility study referencing a 26% after-tax internal rate of return and an NPV8 of $1.03 billion. Furthermore in May 2023, Nevada was ranked again as the #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."
