Coquitlam, BC – October 12, 2023- Grid Battery Metals Inc. (the “Company” or “Grid Battery”) (TSXV: CELL, OTCQB: EVKRF, FRA: NMK2) announces that further to the Company’s news release dated June 30, 2023 announcing the engagement of Triomphe Holdings Ltd. (dba Capital Analytica) (the “Consultant”) to provide a multi-faceted Promotional Enhancement Service, the parties have agreed to amend certain terms of the Consulting Services Agreement (the “Agreement”), which Agreement was approved by the TSX Venture Exchange (“Exchange”) on July 14, 2023.
The amended terms are that the Company will pay an additional fee of $60,000 to the Consultant and the Agreement will be extended for an additional three month term from October 11, 2023.
Pursuant to the terms of the Amending Agreement, the Company has also granted incentive stock options to the Consultant to purchase 400,000 common shares at an exercise price of $0.09 per share for a period of five years from the date of grant. The stock options granted will vest in 25% increments every three months over a 12 month period. The stock options granted are also subject to a 4 month and a day hold period in accordance with applicable Canadian Securities Laws. The stock options are subject to the terms and conditions of the Company’s stock option plan and the policies of the Exchange.
The Consultant and Grid are not related parties and operate at arm’s length. Aside from the stock options granted, neither the Consultant nor its principals have any additional interest in the Company’s securities, directly or indirectly, or any right or intent to acquire such an interest.
About Grid Battery Metals Inc.
Grid Battery Metals Inc. is a Canadian based exploration company whose primary listing is on the TSX Venture Exchange. The Company’s maintains a focus on exploration for high value battery metals required for the electric vehicle (EV) market. www.gridbatterymetals.com.
About Texas Springs Property
The Company owns a 100% interest in the Texas Spring Property which consists of mineral lode claims located in Elko County, Nevada. The Property is in the Granite Range southeast of Jackpot, Nevada, about 73 km north-northeast of Wells, Nevada. The target is a lithium clay deposit in volcanic tuff and tuffaceous sediments of the Humbolt Formation.
The Texas Spring property adjoins the southern border of the Nevada North Lithium Project – owned by Surge Battery Metals Inc. (“Surge”) (TSXV: NILI, OTC: NILIF) and comprised of 303 mineral claims. Surge’s first round of drilling identified strongly mineralized lithium bearing clays. The average lithium content within all near surface clay zones intersected in the 2022 drilling program, applying a 1000 ppm cut-off, was 3254 ppm. (Press release March 29, 2023). More recent results have shown higher grade lithium up to 8070 ppm on this property after initial drilling (Press release September 12, 2023).
About Clayton Valley Lithium Project
The Company owns a 100% interest in 113 lithium lode and placer claims covering over 640 hectares in Clayton Valley. Clayton Valley is a down-dropped closed basin formed by the Miocene age Great Basin extension and is still active due to movement along the Walker Lane structural zone. As a result, the basin has preserved multiple layers of lithium bearing volcanic ash, resulting from multiple eruptive events over the past 6 million years including eruptions from the 700,000-year-old Long Valley Caldera system and related events. These ash layers are thought to contribute to the lithium brines extracted by Albemarle and are also likely involved in the formation of the exposed lithium rich clay deposits on the east side of Clayton Valley.
Volt Canyon Lithium Property
The Company owns a 100% interest in 80 placer claims covering approximately 635 hectares of alluvial sediments and clays located 122 km northeast of Tonopah, Nevada.
About the British Columbia, Nickel Projects
The Mount Sidney Williams Group consists of three claim blocks with a total area of 10,569 hectares in the area surrounding Mount Sidney Williams, both adjoining and near the Decar project of FPX Nickel Corp., located 100 kilometres northwest of Fort St. James, B.C., in the Omineca mining division. Metallic mineralization includes nickel, cobalt, and chromium. At least some of the nickel mineralization occurs as awaruite. The Mitchell Range Group area claim consists of one claim block covering 8,659 hectares with demonstrated metallic mineralization including nickel, cobalt, and chromium. Nickel cobalt mineralization has not been well explored, but the presence of awaruite has been documented.
On Behalf of the Board of Directors
Tim Fernback, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.