Grid Metals Corporation (“company”, “Grid”) holds an advanced stage nickel-copper-palladium asset in Manitoba (named Makwa-Mayville), and an early stage PGE (platinum group elements) exploration asset (named East Bull Lake / “EBL”) in Sudbury, Ontario.
Makwa-Mayville has an indicated resource of 201 million pounds (“Mlbs”) nickel, 276 Mlbs copper, and 0.2 Moz palladium.
A 2014 Preliminary Economic Assessment (“PEA”) returned an After-Tax Net Present Value (“AT-NPV”) of $97 million, and an After-Tax Internal Rate of Return (“AT-IRR”) of 16%, based on a copper price of US$3.4 per lb, and a nickel price of US$8.5/lb.
Bench scale metallurgical tests conducted on Mayville in 2019 returned a significantly higher 65.1% recovery rate for nickel (versus a 40% recovery used in the PEA), and a 62.5% recovery of cobalt (versus nil in the PEA). These improvements will significantly enhance the project’s robustness. The company has commenced preliminary work to update the 2014 PEA.
Immediate focus will be on the early stage / relatively untested EBL property in Sudbury, which is a PGM exploration project. The company recently appointed a former VP-Exploration of North American Palladium Ltd. (“NAP”), which was acquired by Impala Platinum (JSE: IMP) in 2019 for $1 billion. Management is planning a 10 – 15 hole drill program.
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