Grid Metals Corp. (TSXV: GRDM | OTCQB: MSMGF) has filed on SEDAR the technical report for the updated Mineral Resource Estimate for its copper/nickel MM Project in Project in southeastern Manitoba, prepared in accordance with CIM (2019) Best Practice Guidelines.
The MM Project resource comprises two separate deposits, located approximately 35km apart, and approximately 145km from Winnipeg, the capital of Manitoba. Makwa is a nickel dominant resource with palladium, platinum, and copper credits while Mayville is a copper dominant deposit with significant nickel content as well as platinum group metals. Contained metal content in the indicated open pit category includes 317Mlbs of copper, 263Mlbs of nickel and 452,000oz of precious metals (palladium, platinum, and gold).
The company has applied for exploration drill permits in order to enable exploration drilling at the Mayville Property in the area of and along strike of the historical New Manitoba deposit – one of three deposits acquired in the MM Project area which are not part of the current resource. Historical drilling at the New Manitoba yielded copper-nickel-cobalt mineralization with similar metal ratios to that of the Mayville Deposit, also located along the northern arm of the Bird River Greenstone Belt. The exploration program will be financed by existing working capital of the company and is scheduled to commence during the third quarter of 2024. The exploration target/model at MM is to increase the contained tonnage to a range between 75 and 100Mt with similar or higher grade to the current resource. The current resources are conventional sulphide metal deposits which have had extensive metallurgical testwork completed which has demonstrated their ability to produce marketable nickel and copper concentrates that contain associated precious metal by-products.
The company is of the view that there is a scarcity of North American domiciled nickel deposits with attractive grade/tonnage and capital intensity metrics that can be developed to supply future demand for nickel required in response to the Inflation Reduction Act. Located in the attractive ESG friendly mining jurisdiction of Manitoba Canada, Grid has stated that the MM Project has the potential to become an important contributor to the North American EV supply chain.
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