Grid Battery Metals Inc. (Ticker: CELL.v or EVKRF for US investors) is positioning itself in the electric vehicle (EV) revolution by focusing on high-value battery metals. With a commitment to exploration and a portfolio of strategic properties, the company is making significant strides in securing essential resources for the booming EV market.
Texas Springs Property: Pioneering Lithium Exploration in Nevada
At the heart of Grid Battery Metals' ventures is the Texas Springs Property, situated in Elko County, Nevada. The company owns a 100% interest in this mineral-rich site, targeting a lithium clay deposit within volcanic tuff and tuffaceous sediments of the Humbolt Formation. Recent sampling has revealed promising lithium content, with grades averaging 2010 ppm lithium and reaching up to 5610 ppm lithium.
The proximity to Surge Battery Metals Inc.'s Nevada North Lithium Project, which has returned lithium values up to 8070 ppm, adds to the allure of the Texas Springs Property.
Clayton Valley Lithium Project: Unearthing Lithium Riches
Grid Battery Metals also controls the Clayton Valley Lithium Project, covering 640 hectares with 113 lithium lode and placer claims. The geological characteristics of Clayton Valley, shaped by the Miocene age Great Basin extension and Walker Lane structural zone movement, provide an ideal setting for lithium-rich volcanic ash layers. These layers, formed over millions of years, contribute to the lithium brines extracted by industry giant Albemarle. Grid's strategic positioning in this basin positions them as key players in the lithium market.
Volt Canyon Lithium Property: A Strategic Holding
The company's Volt Canyon Lithium Property, located northeast of Tonopah, Nevada, further diversifies its portfolio. With 80 placer claims covering approximately 635 hectares of alluvial sediments and clays, this property represents another promising area for future lithium
exploration.
Beyond Lithium Holdings: The Grid Nickel Project in British Columbia:
The Grid Nickel Project, controlled by a newly-created Grid subsidiary, covers 5,000 hectares near Mount Sidney Williams, in close proximity to FPX Nickel Corp.'s Decar project.The geological composition and mineralization of the Grid Nickel Project make it a significant asset for potential nickel, cobalt, and chromium extraction in the region.
Strategic Financial Moves: Strengthening the Treasury for Future Growth
In a recent strategic move, Grid Battery Metals successfully completed the sale of its holdings in Surge Battery Metals Inc. for over CAD$5 million in net proceeds. This decision adds considerable non-dilutive capital to the company's treasury, currently standing at approximately CAD$7.2 million.
Mr. Tim Fernback, President & CEO of Grid, highlights the shareholder benefits derived from the 2021 non-core nickel asset sale to Surge, which has paved the way for a fully funded 2024 exploration season.
Full press release here:
https://gridbatterymetals.com/grid-battery-metals-provides-a-financial-update/
Posted on behalf of Grid Battery Metals Inc.