As the electric vehicle (EV) market continues its dominance, companies like Grid Battery Metals (TSXV:CELL)continue rising to the occasion in order to meet growing demand.
With its lithium properties located in the heart of Nevada, the Coquitlam, B.C.-based company announced soil sample results from its Texas Springs property, highlighting average lithium grades of 2,010 ppm.
In an interview with The Market Herald Canada, CEO Tim Fernback explained that the company recently completed a geophysics survey that indicated clay-bearing soils at depth, which he added is “great news.”
“[The company] has also completed a detailed soil sampling at the project, and from there we received results over 5,000 ppm and on average 2,000 ppm lithium,” he said.
Notable results from the region around the Texas Spring project
| The project is ideally located on the southern border of Surge Battery Metals’ (TSXV:NILI) Nevada Lithium Project, which identified strongly mineralized lithium-bearing clays in its 2022 drilling program. The average lithium content within all near-surface clay zones intersected, applying a 1,000 ppm cut-off, was 3,254 ppm. Subsequent Surge exploration lead to the announcement of results, and its highest recorded grades to date, with up to 8070 ppm Lithium on the Northern Nevada Lithium project. |
Image credit: Grid Battery Metals
“Now that the first phase of the exploration program is complete, we plan to gather as a group to interpret the geological data and plan our next steps at Texas Springs for the upcoming 2024 exploration season,” Fernback said in a statement.
At the Texas Spring property, a total of 810 samples were collected by Grid with values ranging between 10 ppm to 5,610 ppm, with 40 samples having grades of 1,000 ppm. Using a 1,000 ppm cutoff, average grades were 2,010 ppm.
Seth Cude, Grid Battery Metals’ qualified person, explained the CSAMT data on the Texas Springs Property indicates several near horizontal to gently dipping subsurface horizons may have potentially served as accumulation basins for collecting lithium-bearing clays.
“This information, combined with the soil assay, will help us propose excellent future drilling targets,” he said.
Looking into 2024, Fernback told The Market Herald Canada that the company will be able to move ahead with a drill program and find out what steps going forward will be best for the property.
Grid Battery Metals year-end update
In addition to its soil sample results at the Texas Springs project, Grid Battery Metals released a year-end update.
In a statement, the company said that over the course of 2023, Grid Battery Metals added a range of Nevada lithium assets to its property portfolio. The company said it also completed three separate financings in order to strengthen its balance sheet and complete material exploration activities in Nevada and British Columbia.
Projects added to the company’s portfolio include the Texas Springs Property and the Volt Canyon Property to its existing Clayton Valley Lithium assets in Nevada.
At its Clayton Valley project, Grid Battery Metals plans to update its NI 43-101 Technical Report in early 2024 for a multi-phased exploration program planned on site. The first phase of drilling will include building the geologic infrastructure through data compilation and initial auger sampling to collect lakebed material below the sand dunes and alluvial cover, and the second phase is to determine the sub-surface structure and topography to identify drill targets.
Grid Battery Metals has also begun the process of spinning out its Canadian nickel assets into a separate public company to be listed on the TSX Venture Exchange sometime in 2024.
The investment opportunity
With the end of 2023 fast approaching, all eyes are on what’s next for companies all across the board and, of course, the EV battery market.
Grid Battery Metals is certainly poised for an exciting year ahead as it looks to advance its newly acquired Texas Springs property and its Clayton Valley property.
With a share price of just $0.08 and market cap of $14 million, Grid Battery Metals just might be the junior company missing in your portfolio before it takes off.
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