I am pleased to report we have now successfully raised $3.5 million of funding to be used to advance our properties. We have a lot on the go at Grid. Three significant projects at different stages - which is more than the average junior with market cap like ours has on its plate.
Bottom line is though we like certain attributes of each of the project and feel that they are all worthy of further investment. Some common attributes of the three projects ( East Bull, Bannockburn and Makwa Mayville ) is that they all encompass large land positions, they all cover highly prospective geologic terrain and that they have low carrying costs which gives us some staying power.
At East Bull ( our palladium project near Sudbury ) we have approximately 85% of the ~20 km x ~4 km East Bull Lake intrusion. We have seen very interesting drill results from our current drilling and also historical drilling across the entire property including recently some higher ( and up to spectacular values ) in drilling . So East Bull gives us a large area to explore and potential for size. What is really encouraging is that the basal layer ( the contact between the intrusion and the country rocks ) is often mineralized. Palladium fundamentals remain very strong so this is a great project for us. We hope to build a multi-million ounce resource and have undertaken early stage metallurgy to ensure we are on the right track there. Being able to produce a quality concentrate ( which is the product that would be produced by an East Bull mining project by flotation of the ore ) is key to the project. Not all PGM projects are equal in that regard. You want to have a project that can make a high value precious metal rich concentrate that is attractive to the smelters who are the buyers of the product. Look for another major round of drilling at East Bull later this year to test some of the other areas we have identified as prospective as well as follow up at the Parisien Lake area where we have been recently drilling.
We are currently drilling at our Bannockburn Project for nickel. The target/model there is a bulk tonnage deposit of nickel hosted in serpentinized dunite. We are looking for sulfide nickel that can be floated to make a high value nickel concentrate. ( the limited work we did many years ago was encouraging in this regard. ) We will need a lot of tonnes and sufficient grade and metallurgy but Bannockburn is an intriguing target in that the project while low grade has potential scale. So we are conducting an initial exploration program to see what is there in terms of grade and then if encouraging we will proceed to some preliminary metallurgical work to make sure we are on the right track. The work is proceeding well. Bannockburn is clearly a nickel rich system as there are also multiple lenses of massive sulfides with nickel values from 1-4%. Much smaller but higher grade. A worthy target to consider down the road.
In Manitoba we have a district scale nickel-copper-PGM-cobalt project at Makwa Mayville in the Bird River belt. We have significant resources there ( ~ US $3.5 billion at current prices) in pit constrained resources) With improvements in metal prices it’s a good time for us to move this project forward and build on the limited but important metallurgical work we have done in the past few years, work that has shown the potential for good metals concentrates to be produced from the resources. Lots of value there in our view and we have put together a team to advance the project.
I am pleased to report that at all three projects we have exploration agreements with the affected First Nations that enable us to proceed with that important aspect of social licence. Its an ongoing process and an important one and one that we take seriously and that is in interests of our shareholders and other stakeholders.
The importance of future sustainable sources of metals is becoming increasingly prominent in the public mind. These metals will be required to enable a transition to new green technologies such as wind, solar, energy storage and EVs. So this is a much better backdrop for us to navigate going forward.
At Grid we are carefully building out our exploration and development teams under the leadership of Dave Peck who brings a large reservoir of knowledge and a global perspective to what we are doing at Grid. We are therefore more able to assess our own strategies and actions with a critical lense to make sure what we are doing is relevant in the context of the mining business.
Its an exciting time for Grid Metals and we appreciate all those who as shareholders are part of it.
President and CEO.