Business
Grid Metals Completes Geophysical Survey at East Bull Lake - Acquires Additional Property and Prepares for Drill Program
TORONTO, ON / ACCESSWIRE / May 6, 2020 / Grid Metals Corp. (the " Company ") (TSXV:GRDM) is ...
About this update from Grid Metals Corp.
[{"type":"text","content":"Grid Metals Completes Geophysical Survey at East Bull Lake - Acquires Additional Property and Prepares for Drill ProgramTORONTO, ON / ACCESSWIRE / May 6, 2020 / Grid Metals Corp. (the \"Company\") (TSXV:GRDM) is pleased to provide an update on the exploration program at its 100% owned East Bull Lake (\"EBL\") palladium property (\"the Property\") in Ontario.HighlightsCompletion of the spring 2020 magnetotelluric (\"MT\") survey with several new targets identifiedEmerging pattern of coincident MT anomalies, major structures and known palladium mineralizationTenders for a planned summer 2020 drill program are in progressAcquisition of additional property in the EBL areaNew MT Survey ResultsThe data collection phase of the 2020 Spartan MT survey has been completed. Results from the previously completed Parisien Lake grid were announced by the Company on April 28. New data has been received from two transect lines across the West Lobe and a grid over a portion of the East Lobe (Figure 1) and illustrated on a longitudinal section A-A' (Figure 2). Key results are discussed below.West Lobe - Northern MarginA laterally persistent, southwest dipping, low resistivity layer has been identified along the north margin of the West Lobe of the intrusion (northern part of profile P16, Figure 2). It may relate to outcropping palladium mineralization along this largely untested area. The only drill hole near the anomaly is hole EB12-05 which intersected 2.50 metres averaging 3.4 g/t Pd including 0.60 metres at 11.23 g/t Pd, 2.07 g/t Pt and 0.40% Cu. The true thickness of this mineralized interval is not known as there is insufficient geological information for this part of the EBL intrusion to support an estimate. The palladium mineralization in hole EB12-05 occurs at approximately the same depth as the northernmost MT anomaly shown in profile P19. The southern part of profile line P19 appears to have detected a previously reported southwest-dipping resistivity low identified on profile line P09. This anomaly appears to follow the strike of the Parisien Lake structure over a distance of approximately 2 kilometres.East LobeTo date, three discrete resistivity anomalies are recognized from the new East Lobe MT survey results (see profile P16, Figure 2). Two of these are adjacent to discrete, east-trending zones of palladium mineralization and the th...