15 Drill Holes Completed At Donner Lake Lithium Project

TORONTO - Grid Metals Corp reported on the drill program at its Donner Lake Lithium Property, located in the Bird River Greenstone Belt of southeastern Manitoba. The program will include resource delineation drilling at the Main and Northwest dykes and a series of exploration holes targeting untested spodumene bearing pegmatites. The Company maintains the near-term goal of establishing a maiden resource from the Main and Northwest dykes via the current drilling program. The property is a 75%/25% joint venture between Grid Metals Corp. and Lithium Royalty Corp.

The Company currently has two drills in operation on the Main Dyke and 15 holes for approximately 3400 meters have been completed since the start of the drilling several weeks ago. The Main Dyke is being drilled at an average pierce point spacing of 75 to 90 meters and approximate vertical depths of between 100m and 250m. This work will complement shallow drilling completed in 2018 and surface channel sampling completed earlier in 2022. Pegmatite units have been encountered in every hole. The 11 holes completed in the 2018 drilling program returned average grades of 1.5% Li2O over true widths of approximately 3 meters at an average vertical depth of approximately 50 meters and over a strike length of approximately 760 meters. Historical drilling from 1955 on the dyke covered a strike length of 810 meters. The Main Dyke remains open along strike and to depth.

Later in the program resource delineation drilling will also be completed at the Northwest Dyke where fifteen (15) exploration holes were completed by the Company in the first quarter of 2022. The fifteen drill holes cover a strike length of 500 meters and returned intersection depths of <100 to >250 meters. The results of that program indicated that the near surface part of the Northwest Dyke has an average true thickness of ~ 4 meters and an average grade of 1.3% LiO2 (see the Company's July 28, 2022 New Release for details). The Northwest Dyke remains open along strike in both directions and to depth.

Several other exploration targets in the area of the Main and Northwest Dykes are planned to be drilled in the course of the current drill program. Targets include two outcropping dykes systems. At the Southwest Dykes , 19 surface grab samples were taken of the surface pegmatites with 6 samples yielding assay values greater than 0.4% Li2O with the highest assay being 2.93% Li2O. The 19 samples were also anomalous in cesium, rubidium, and tantalum. At the South Dykes surface grab samples also returned anomalous lithium values and tantalum values (up to 579 ppm).

The Company expects to generate additional exploration targets for future drilling through the integration of surface prospecting and mapping data , historical and recent lithogeochemical analyses, and 2D and 3D geophysical models of both magnetics and apparent resistivity.