Drill Program Commencing At East Bull Lake Palladium Property

TORONTO - Grid Metals Corp. has confirmed that drilling has now commenced at the East Bull Lake Palladium Property located 80 kilometers west of Sudbury, Ontario. The drilling will continue a program started last year that is focused on the discovery of significant near surface deposits of near palladium-rich magmatic sulfide mineralization. The new drilling will focus on two areas located approximately six kilometers apart along the prospective southern margin of the intrusion. Two drills will be deployed for the majority of the program.

The first seven holes are planned for the Parisien Lake area as a follow up to the best intersection ever obtained on the Property from drill hole EBL20-13. This intersection included a 119 meter interval, starting at three meters below surface, that averages 0.75 g/t Pd, 0.21 g/t Pt, 0.04 g/t Au, 0.08% Cu and 0.05% Ni (1.13 g/t palladium equivalent grade = Pd Eq), within which occurs a higher grade 48 meter section averaging 1.85 g/t Pd Eq. The new drill holes will test a recently modeled basin structure developed in the lower stratigraphy of the intrusion. This basin structure occurs on the north flank of a potential feeder structure and is generally coincident with a sharp gradient in the magnetic field signature, extensive resistivity and conductivity anomalies, and outcropping palladium mineralization. The planned holes will cover a distance of approximately 350 meters extending both to the east and west of hole EBL20-13.

The Company is currently finalizing plans for several drill holes in the East Lobe of the intrusion that will target coincident geological, geophysical and geochemical anomalies similar to those seen in the Central Parisien Lake target area. Drilling on the East Lobe is expected to commence in mid-February.