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Grid Metals Announces Maiden Mineral Resource at Donner Lake Lithium Property; Lease Agreement Signed for True North Mill Provides Additional Flexibility for Future Lithium Production
TORONTO, ON / ACCESSWIRE / July 18, 2023 / Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) ("Grid" or ...
About this update from Grid Metals Corp.
[{"type":"text","content":"Grid Metals Announces Maiden Mineral Resource at Donner Lake Lithium Property; Lease Agreement Signed for True North Mill Provides Additional Flexibility for Future Lithium ProductionTORONTO, ON / ACCESSWIRE / July 18, 2023 / Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) (\"Grid\" or the \"Company\") is pleased to announce a maiden National Instrument 43-101 compliant Mineral Resource Estimate (\"MRE\") on its 75% owned Donner Lake Lithium Project in Manitoba, Canada of 6.81 million tonnes (\"MMt\") (Inferred) grading 1.39% Li2O. In addition, the Company has signed a binding lease agreement (the \"Agreement\") with 1911 Gold Corporation (\"1911 Gold\") to use its nearby True North mill for the production of lithium spodumene concentrate. Today's announcement further Grid's objectives of enabling near term production and growing its lithium business in southeastern Manitoba with:Maiden resource of 6.81 MMt (Inferred) at 1.39% Li2OLease of the True North mill - an existing processing facility will be reconfigured to enable lithium spodumene productionTrue North mill is a permitted gold mill utilizing a flotation circuit with nominal annual capacity of 475,000 tonnes. Mill is leased for up to five years plus a two-year cancellation period.True North tailings facility is also permitted (with an additional permit required to reconfigure mill and tailings to process lithium).Contract signed with leading lithium processing engineering firm Primero Group to complete scoping level mill reconfiguration study in the next 90 days.Grid also has ongoing discussions with Tantalum Mining Company of Canada Limited for toll milling available resources at the currently operating Tanco Mine - 35 km south of Donner Lake - a second potentially complimentary lithium processing optionDonner Lake resource remains open for expansion, and ongoing property exploration is focused on generating new exploration targets.Robin Dunbar, CEO of Grid Metals, commented, \"We believe the resource and mill lease announced today are essential building blocks for the development of a lithium production business focused in southeastern Manitoba. Our exploration team has done a great job delineating a significant high-grade initial resource in eighteen months at Donner Lake. We now have a resource at Donner Lake and two potential low capital cost processing options within tr...