Significant Palladium Discovery At East Bull Lake

TORONTO - Grid Metals Corp. reported a significant drill hole result at its 100% owned East Bull Lake (EBL) palladium property in Ontario. The Company is exploring for palladium mineralization on the >20 km long East Bull Lake Intrusion with a specific focus on potential feeder structures and other structural trap sites for palladium-rich sulfides. The Property covers approximately 85% of the East Bull Lake Intrusion, which hosts widespread palladium mineralization and is located approximately 80 km west of Sudbury, Ontario.

Highlights: Drill hole EBL20-13 intersected 119 meters averaging 0.75 g/t Pd, 0.21 g/t Pt, 0.04 g/t Au, 0.08% Cu and 0.05% Ni (1.13 g/t palladium equivalent grade = Pd Eq) with significant higher-grade sections including 48.0 meters averaging 1.85 Pd Eq that contains 14.0 meters of 2.97 g/t Pd Eq and 3.68 meters averaging 4.54 g/t Pd Eq; The values obtained in EBL20-13 represent the best intercept of palladium-dominant mineralization obtained by Grid on the Property and are of significant grade-thickness; The mineralization extends from surface to ~100 meters vertical depth and occurs directly above the base of the intrusion in an interpreted structural embayment adjacent to a likely feeder structure; A >2km long target area based on coincident geophysical anomalies, favorable structures and prospective geology has been identified and will be used to explore the mineralization intersected in hole EBL20-13 along strike; Assays are pending for two other holes (14 and 15) located ~75 meter v;,s northeast of hole EBL20-13. Overall these holes had less visible sulfide content than EBL20-13 but intersected favorable stratigraphy. Of note, EBL20-14 intersected a 2.5 meter interval of semi-massive magmatic sulfides that is coincident with a previously untested >1 km trend of enhanced conductivity noted in an airborne EM survey; and Step out drilling from EBL20-13 is expected to resume in January.

Analytical results for drill hole EBL20-13 from the central Parisien Lake target area. Based on current 3D geological interpretations, the true thickness is estimated to be approximately 70-80% of the length of the reported mineralized intervals. Pd Eq is the palladium equivalent grade that is calculated using the following long-term consensus price forecasts ($US) sourced from S&P Global

Dave Peck, Vice-President of Exploration and Business Development, said, "We are now seeing the type of palladium grades and thicknesses we have been searching for. The results from EBL20-13 validate our exploration model and represent a significant discovery. The mineralization in EBL20-13 appears to be part of a structural depression that coincides with the eastern end of a >2 km target trend. This trend has been defined from 3D analysis of our recent MT survey results and previously completed magnetic, EM and IP survey data. Property wide, several similar target trends have been delineated using the same criteria. We are now preparing a systematic drilling plan to define the extent of the high-grade mineralization intersected in hole EBL20-13. Hole EBL20-13 was drilled from the same setup as hole EBL20-12. Both holes were designed to test a trend of coincident geophysical anomalies and anomalous palladium values obtained from both drill core and surface samples. EBL20-13 was drilled on a northerly azimuth to test for sulfide accumulations directly north of the Parisien Lake deformation zone and intersected >120 meters of disseminated sulfides hosted by the lower stratigraphy of the intrusion. EBL20-12 was drilled to the south to test for sulfide accumulations in the Parisien Lake deformation zone. It intersected ~30 meters of sparsely mineralized lower stratigraphy before entering the structure, including a 6.0 ; meter interval of >1.0 g/t Pd.

Maximum PGE grades for individual samples in EBL20-13 are 3.72 g/t Pd and 1.03 g/t Pt over 1.04 meters from 85.00 meters downhole depth. Maximum base metal grades are 0.62% Cu and 0.23% Ni over 1.00 meters from 105.00 meters downhole depth. A total of 20 samples returned palladium grades of >1.0 g/t. Ten samples returned palladium grades of >2.0 g/t. Five samples returned palladium grades of >3.0 g/t. These results represent the thickest drill intersection of consistently anomalous palladium values as well as the best grade times thickness intersection obtained to date on the Property. They provide confidence in the Company's targeting methodology, which has been continually refined as new results have been received. Exploration on the Property is now specifically focused on areas where resistivity lows and magnetic lows coincide with potential feeder structures and anomalous palladium values. Numerous, similar trends to that which hosts EBL20-13 are now recognized on the Property, including several in the greater Parisien Lake target area. One of these trends (Twin Towers) appears to connect to the interpreted eastern extension of Canadian Palladium's Valhalla Zone.

The Company intends to resume drilling on the Property in the New Year. The next drilling campaign is expected to involve systematic drilling across the North Parisien Lake trend to test for lateral continuity of the near surface, higher-grade palladium mineralization intersected in hole EBL20-13 - initially targeting a strike length of 500 meters. In addition, the Company is evaluating initial drill testing of one or more property-wide targets. Target criteria include favorable stratigraphy, proximity to major structures, surface sample palladium grades and magnetic and geophysical features.