Grid Battery Closes Acquisition of Copper Property with AC/DC Battery Metals Inc.
(TheNewswire)
Coquitlam, BC – TheNewswire - March 17, 2025 - Grid Battery MetalsInc. (the “Company” or “GridBattery”) (TSXV: CELL, OTCQB: EVKRF FRA: NMK2) announces thatfurther to its news release dated August 29, 2024, and the TSX VentureExchange’s (“Exchange”) conditional acceptance letter datedOctober 9, 2024, the Company has now closed the “related party”transaction subject to final Exchange approval.
The Company entered into a Purchase and Sale Agreementdated August 26, 2024 (the “Agreement”), with AC/DC Battery MetalsInc. (“AC/DC”), whereby the Company has acquired a 100% interestin 17 copper mineral claims comprising 27,525.24hectares located in North Central British Columbia. The region is host to numerous operating mines, goodinfrastructure including experienced exploration and supportingservices (the “Transaction”).
Terms of the Transaction:
Pursuant to the terms of the Agreement, the Companyissued 5,000,000 common shares at a deemed value of $0.05 per share toAC/DC upon Closing. The Company also paid AC/DC $48,172.15 instaking costs.
All securities issued in connection with theTransaction are subject to a four month and a day hold period expiringon July 18, 2025, in accordance with Canadian Securities Laws.
Pursuant to TSXV Policy5.9 and Multilateral Instrument 61-101 -- Protection of MinoritySecurity Holders in Special Transactions (" MI61-101 "), the Agreement constitutes a"related party transaction" due to the fact that there arecommon officers and directors of the Company and AC/DC. The Companyrelied on Section 5.5(a) of MI 61-101 for an exemption from the formalvaluation requirement and Section 5.7(1)(a) of MI 61-101 for anexemption from the minority shareholder approval requirement of MI61-101 as the fair market value of the transaction did not exceed 25%of the Company's market capitalization. No newinsiders will be created, nor will any change of control occur, as aresult of the Transaction .
Tim Fernback, Presidentand CEO States “It has taken a while to get this Transactionapproved but it is for the ultimate benefit of the shareholders. Nowwe can begin the next exploration steps as outlined in our NI 43-101Technical Report.”
In connection with the closing of the Transaction theCompany has filed on SEDAR+ at www.sedarplus.ca a NI 43-101 TechnicalReport for Grid’s BC Copper Gold Project, dated January 24, 2025,prepared by Jeremy Hanson. The Report can also be viewed on theCompany’s website at Grid Copper ProjectTechnical Report .
Qualified Person
Jeremy Hanson, P.Geo.,an independent qualified person as defined under National Instrument43-101 has reviewed and approved the technical content in this newsrelease.
AboutGrid Battery Metals Inc. www.gridbatterymetals.com .
Grid Battery Metals Inc.is a Canadian based exploration company whose primary listing is onthe TSX Venture Exchange. The Company’s maintains a focus onexploration for high value battery metals required for the electricvehicle (EV) market.
Aboutthe British Columbia Copper Property
“We’re excited that we have acquired approximately275 km 2 of tenures in such a favourable mining region within BC.”commented Tim Fernback, President and CEO. “This area of theProvince has already generated several promising projects, and ourland package is strategically situated to exploit the high copper-goldvalues of the region. NorthWest Copper Corp. ( TSXV: NWST ) on thenearby Kwanika project intercepted 400 metres of 1.01% Copperequivalent (News Release January 16, 2023 Northwest Copper Corp). BCis a mining-friendly jurisdiction with reasonable processes, goodinfrastructure and potential First Nation partners.”
B.C. Minfile assessment report data indicates that mostof the area covered by the Copper Property was at one time or anothercovered by staking during surges of exploration in B.C. dating fromthe 1940’s to present day. Largely the claims appear to have beenminimally explored with little follow-up. However, some work wasrecorded on several claims with results for stream sediment samplingshowing anomalous to highly anomalous results for gold in a few areas. These areas were recommended for detailed follow-up, however due toa downturn no further work was recorded
Prominent among early discoveries in the Omineca regionwere the nearby Lustdust/Stardust property (a property developed byLorraine Copper that was sold to Sun Metals Corp. which eventuallymerged with Serengeti Resources to become NorthWest Copper Corp.)covering a large, coherent integrated porphyry-skarn, epithermalsystem; the Kwanika property (a Serengeti/POSCO Daewoo property alsobecame a NorthWest Copper Corp. property upon the merger withSerengeti Resources) a promising advanced stage copper-gold project;the Lorraine property (originally discovered by Lorraine Copper andnow a NorthWest Copper Corp. property)an alkalic copper-goldporphyryr. The tenures are located between the Kemess North projectbeing developed by Centerra Gold Inc. ( TSX: CG, NYSE: CGAU )and its operating Mt Milligan mine, which is reported to contain 1.8million ounces of gold and 742 million pounds of copper (TechnicalReport on the Mount Milligan Mine, November 7, 2022, Borntrager. B, etal.)
The Omineca Group claim areas are within the northernQuesnel Trough underlain by Cache Creek Terrane and lies close to thePinchi Fault. The Quesnel Trough hosts numerous porphyrycopper-gold deposits. The Pinchi Fault can be traced for 600 kmthrough north-central B.C and separates Cache Creek rocks from theJurassic Hogem Batholith and Triassic-Jurassic Takla rocks to thewest. Rocks have a north-northwest strike trend typical of theentire Intermontane Belt in which the Cache Creek Terrane lies(Gabrielse and Yorath, 1992). A wide range of Jurassic to Tertiaryintrusions cuts the Cache Creek Assemblage and many of these areemplaced along the prominent NW-trending structures and stratigraphicbreaks. Numerous mercury occurrences are present along the length ofthe Pinchi fault (Albino, 1987) and a few gold and base metaloccurrences are present near the Pinchi fault including the Lustdust,Lorraine, Indata and Axelgold properties. There are at least twoalkalic gold-copper Porphyry systems in the immediate Lustdust (nowknown as Stardust) area: J49 and Axel Properties (Schiarrizza,2000).
The Company owns a 100%interest in the Texas Spring Property which consists of mineral lodeclaims located in Elko County, Nevada. The Property is in theGranite Range southeast of Jackpot, Nevada, about 73 kmnorth-northeast of Wells, Nevada. The target is a lithium clay depositin volcanic tuff and tuffaceous sediments of theHumbolt Formation. A Phase 1 exploration program at the Texas SpringsProperty (Fall 2023) yielded average lithium grades of 2010ppm, applying a 1,000 ppm cut-off, and up to 5,610 ppmLithium .
The Texas Springproperty adjoins the southern border of the Nevada North LithiumProject - owned by Surge Battery Metals Inc. (“Surge”) (TSXV:NILI, OTC: NILIF) and comprised of 725 mineral claims. Surge's firstround of drilling identified strongly mineralized lithium bearingclays. The average lithium content within all near surface clay zonesintersected in the 2022 drilling program, applying a 1000 ppm cut-off,was 3254 ppm. (Press release March 29,2023 ). More recent results haveshown higher grade lithium up to 8070 ppm on this property afterinitial drilling (Press release September 12,2023 ). Ourexploration results are on-trend with these results.
AboutClayton Valley Lithium Project
The Company owns a 100%interest in 113 lithium lode and placer claims covering over 930hectares in Clayton Valley. Clayton Valley is a down-dropped closedbasin formed by the Miocene age Great Basin extension and is stillactive due to movement along the Walker Lane structural zone. As aresult, the basin has preserved multiple layers of lithium bearingvolcanic ash, resulting from multiple eruptive events over the past 6million years including eruptions from the 700,000-year-old LongValley Caldera system and related events. These ash layers arethought to contribute to the lithium brines extracted by Albemarle andare also likely involved in the formation of the exposed lithium richclay deposits on the east side of Clayton Valley.
Aboutthe Volt Canyon Lithium Property
The Company owns a 100%interest in 80 placer claims covering approximately 635 hectares ofalluvial sediments and clays located 122 km northeast of Tonopah,Nevada.
On Behalf of the Boardof Directors
Email: info@gridbatterymetals.com
Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisrelease. This news release may contain forward-looking statementswhich include, but are not limited to, comments that involve futureevents and conditions, which are subject to various risks anduncertainties. Except for statements of historical facts, commentsthat address resource potential, upcoming work programs, geologicalinterpretations, receipt and security of mineral property titles,availability of funds, and others are forward-looking. Forward-lookingstatements are not guarantees of future performance and actual resultsmay vary materially from those statements. General business conditionsare factors that could cause actual results to vary materially fromforward-looking statements. It should be noted that results from any adjacent property(s) are notan indication of what may be found on the Company’sproperty(s).
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