Grid Metals Corp. announced an updated Mineral Resource Estimate ("MRE") for its copper/nickel MM (previously "Makwa Mayville") Project in southeastern Manitoba, prepared in accordance with CIM (2019) Best Practice Guidelines. Grid has consolidated the majority of the prospective copper-nickel mineral tenure of the highly prospective Bird River Greenstone Belt including several other deposits near the Makwa and Mayville resources.

Concurrent with the new resource estimate the Company has completed a Project wide geophysical review which has identified a number of new high potential targets for drilling. An initial drill program is in planning and expected to commence later in 2024. The Company is seeking financing and/or strategic partnerships to actively develop the Project.

The MM Project includes a copper-rich (Mayville) and a nickel-rich (Makwa) disseminated magmatic sulfide deposit along with three additional near-surface deposits (Page, Ore Fault, and New Manitoba) which were acquired by Grid in April 2023. The Mayville and Makwa deposits are located in the northern and southern parts of the Bird River Greenstone Belt, respectively, in southeastern Manitoba. The Bird River Greenstone Belt and its mineral occurrences have been the subject of multiple research projects including research work completed under the Targeted Geoscience Initiative by the Canadian Geological Survey.

The Project area has been identified as being a direct analogue to the Ring of Fire belt in northwestern Ontario (Houlé et al., 2020) which hosts several significant mineral deposits. The Project consists of a mining lease and mineral claims held by the Company and its subsidiaries. It is readily accessible year-round, by provincial highways from the capital city of Winnipeg located approximately 145 km to the southwest.

The Mayville deposit is situated two km north of the Company's Donner Lithium Project where the Company has published a NI 43-101 Resource Estimate Technical Report. Both the Donner and MM Projects will benefit from efficiencies in exploration, government and First Nations relations, permitting and infrastructure. In total, 99 mineral claims and one mineral lease (Makwa) are held for base metal exploration by the Company and its subsidiaries.

A further 51 mining claims are under option from Gossan Resources with a $300,000 option payment remaining under the option and due in April 2025. The Makwa Deposit is held under a Mineral Lease granted by the Province of Manitoba that expires in 2040 and is subject to annual payments of approximately $10,000 per year. Under the mineral tenure system in Manitoba, assessment credits are "banked" to enable the claims to be held without annual payments provided sufficient exploration credits are expended on the Property.

Currently, the Company has sufficient exploration credits to keep the Project in good standing for over 10 years. The Company views the updated MM resource estimate as an important base upon which it can expand. The Company notes that by far the majority of the exploration completed to date has focused on near surface disseminated mineralization.

The higher-grade cores of the deposits and higher-grade values associated with massive sulfides in multiple drill holes give clear indication that the potential for higher-grade massive sulfide is evident throughout the belt as well as proximal to the known deposits. The Project has several walk-up targets that could provide immediate upside to the current mineral resource. These include the newly acquired New Manitoba Cu-Ni historical occurrence and the untested EM conductors between New Manitoba and the Mayville Cu-Ni Deposit approximately 10 km to the west.

As well, the newly acquired Page and Ore Fault deposits and their potential extensions are also priority targets. The Company plans to complete an initial drill program to test these priority targets later this year and will provide further details on the targets and timing as soon as possible. The other deposits and mineral occurrence in the MM Project area are: The New Manitoba deposit, which has a historical mineral resource estimate of 1.8Mt at 0.75% Cu and 0.33% Ni (Manitoba Mineral Inventory Card #217) (Note: The Company has not been able to verify the historical estimate as relevant and the historical estimate should not be relied on); The Ore Fault deposit, containing a previously NI 43-101 reported indicated resource of 0.9Mt at 0.32% Ni and 0.24% Cu and an inferred resource of 2.5Mt 0.35% Ni and 0.19% (Ewert et al., 2009); and, The Page deposit, containing a previously NI 43-101 reported indicated resource of 1.5Mt at 0.32% Ni and 0.13% Cu (Ewert et al., 2009).

The Ore Fault and Page deposit MREs were prepared in accordance with National Instrument 43-101. The Company considers these estimates to be reasonable but has not independently verified them and will be required to take additional steps including drilling to complete the verification process. The updated mineral resource estimate for the MM Project is provided in Tables 1 and 2, below.

The new estimate was prepared by Micon International Ltd. (?Micon') following the CIM 2019 Best Practice Guidelines and is reported in accordance with National Instrument 43-101 ("NI 43-101") - Standards of Disclosure for Mineral Projects and its Companion Policy 43-101CP. The current mineral resource was estimated by Micon using an updated drill hole database and new mineralization wireframes that capture all verified historical drill hole data sets. Block grade interpolation was performed using the Kriging technique).

The Mayville magmatic sulfide deposit is a copper-rich disseminated sulfide deposit hosted by the western part of the approximately 17 km long late Archean Mayville mafic-ultramafic complex. The Mayville deposit is approximately 1.5 km long, up to 200 metres wide, and has been delineated to maximum depth of approximately 500 metres. It dips steeply to the south.

The deposit includes the Main Zone and two satellite zones located at the eastern end of the deposit. The two satellite zones have not been included in the current resource estimate. The Makwa deposit is a conventional, basal-contact related, Ni- and Pd-rich disseminated magmatic sulfide deposit.

The steep south-dipping and west-plunging Makwa deposit has a minimum strike length of 1.1 km, an average vertical depth of approximately 350 metres and an average width of 30-50 metres. The Makwa deposit remains open along strike to the east and partially down-dip below its currently defined vertical extent. The deposit was briefly mined from a shallow open pit by a subsidiary of Falconbridge Ltd. in 1974.

It was the subject of a standalone Prefeasibility Study completed in 2008 (Micon International) for the mining and production of nickel concentrate for sale to a smelter.