Grid: News from old drill core
Grid Metals (GRDM.V) has announced assay results for drill core samples obtained from a 2012 exploration program on the Lucy claim, part of the company's 100% owned Falcon West Lithium Property located in Manitoba, Canada. The new samples were obtained by Grid staff from the property vendor and outline an outcropping and relatively flat-lying, highly fractionated spodumene-bearing pegmatite system featuring high-grade lithium, cesium, and tantalum values. The results confirm the presence of a highly evolved pegmatite system similar to the world-class Tanco pegmatite. The pegmatite system is open to the north, west, and south and at depth. The company plans to drill the 1.25 km trend later this year after completing consultation with affected First Nations in the area.
The quote above, with the exception of the symbol link and the link to the press release itself was generated by pasting today’s Grid press release into Chat.AI and asking for a summary. I wrote about Grid a month ago.
The news is, in itself, very interesting and it is worth popping over to motherlodetv.net to read the whole thing.
There is a Russian proverb, “The marvel is not that the bear dances well, but that the bear dances at all.” What is missing from Chat.AI’s summary is an appreciation of how unusual a high grade cesium deposit actually is. Grid discusses it in the press release. There are only three principal cesium deposits in the world. Potentially, the Lucy claim may represent a fourth.
Chat.AI also missed the fact that the Lucy claim is less than 100 kilometres from the Tanco Lithium Mine and processing facility. In 2019 this facility imported 19,000 tonnes of cesium bearing rock from Australia at a cost of A$17.4 million to provide feed stock for its mill.
I suspect I will learn to prompt Chat.AI to make sure it includes a pithy quotation from press releases I have it summarize, but we are not quite there yet. So here is Grid Vice President Lithium Carey Galeschuk noting that “It is rare to see outcropping pegmatites with this high degree of geochemical fractionation – especially so close to major infrastructure. The new Lucy Pegmatite assay results underscore the potential of the ADL trend to develop into a near surface resource and for new discoveries of similar, evolved LCT-type pegmatites along the 90 km of the prospective contact zone that we’ve captured in the greater Falcon West property.”
The Lucy deposit and the Falcon West property are another piece of the already impressive Grid puzzle. Having another lithium deposit with cesium in the mix simply enhances the overall value of the company.
Grid is trading at $0.14 as I write this. Chat.AI can’t recommend entry points nor, really, can I. But a company which is fully funded for the next few years of exploration and development, has a working agreement with a mill specializing in lithium, cesium and tantalum production within 100 kilometres of its projects and has a market cap of less than 24 million Canadian is certainly worth a look.
[Disclaimer: This is not investment advice. I am not an investment professional. I am down about 30% at the moment on my overall portfolio. I will write about companies that I hold. I will disclose any holdings. Do your own due diligence. Do it hard. Call the CEO.
I currently own shares in Grid which I intend to hold but which I may sell at any time.
Grid is a client as well as a holding.]