- Grid Metals (TSXV:GRDM) has posted the results from its exploration program at East Bull Lake
- The junior miner has identified several new drilling targets through the geological mapping process
- East Bull Lake is 100 per cent owned by Grid Metals
- The company’s mapping has outlined structures with known palladium mineralization
- Grid Metals (GRDM) is up 17 per cent to C$0.20 per share and has a market cap of $11 million
Grid Metals (TSXV:GRDM) has posted its results from the exploration program at the company’s East Bull Lake property in Ontario.
Grid owns 100 per cent of the East Bull Lake property, and has completed its 2020 magnetotelluric (MT) survey, identifying several new targets.
The patterns outlined by the magnetic mapping are consistent with known palladium mineralization.
The mapping program focused on the Spartan section of East Bull, and the company is now searching for a tender to begin it’s drilling program in the summer of 2020.
The big mineralization deposit uncovered in Spartan is the West Lobe mineralised deposit.
The only drill hole near the anomaly that has been completed on West Lobe returned 2.50 metres averaging 3.4 grams per tonne of palladium including 0.6 metres at 11.23 grams per tonne of palladium.
Grid Metals is currently trying to determine the thickness of the vein, as the drilling work done on the site was only done to a shallow depth.
The company has stated a pattern has emerged where samples with large palladium grades are found within major structures with low resistivity.
Grid has also acquired an extra property at the east end of the East Bull Lake property. Known as the Shib property, it sits 1.8 kilometres to the east of the East Lobe survey grid.
Surface sampling from the Shib property has returned palladium results ranging from 0.7 grams per tonne of palladium to 2.20 grams per tonne of palladium.
Dave Peck, the company’s Vice President of exploration and business development said: “We are pleased with the results of the MT survey, which appear to validate our recent decision to focus on well documented faults that may have acted as feeders to the EBL intrusion and it’s extensive palladium mineralization.
“We look forward to testing the top-ranked MT anomalies in our upcoming drill program,” he added.
Grid Metals (GRDM) is up 17 per cent to $0.20 per share at 2:50pm EDT.