East Bull Lake New Drill Results

TORONTO - Grid Metals Corp. reported new drilling results for its first three holes from the Q1 2021 program at its 100% owned East Bull Lake (EBL") palladium property  in Ontario. The Company resumed drilling in January, following up on encouraging drilling results from its fall 2020 campaign. Significant results from the first three holes from the ongoing winter drilling program are:54.0 meters averaging 1.05 g/t palladium equivalent grade (Pd Eq) in hole EBL21-01 including 3.0 meters of 3.04 g/t Pd Eq; 24.0 meters averaging 0.94 g/t Pd Eq in hole EBL21-02 including 2.0 meters of 2.34 g/t Pd Eq; and 40.3 meters averaging 1.15 g/t Pd Eq in hole EBL21-03 including 2.30 meters of 3.23 g/t Pd Eq. These three holes represent short step outs from discovery hole EBL20-13 (119m of 1.1 g/t Pd Eq) reported last December.

Dave Peck, Vice-President of Exploration and Business Development, said, "We continue to intersect good widths of palladium mineralization in the Central Parisien Lake target area. We will be assessing all of the new drilling results over the coming weeks and begin making plans for a summer field program and the next phase of exploration drilling on the Property. With over 20 km of prospective strike length to explore, the continued refinement of our exploration methodologies is a critical step toward meeting our ultimate objective of delivering one or more discoveries having the size and grade required for potential extraction."

The Company resumed drilling on the Property in January and expects to complete over 3,000 meters in approximately 15 holes before the end of the month. Drilling is focussed on the Central Parisien Lake target area. Drilling is targeting a >1 km long geophysical anomaly (resistivity low) with favorable geology and historical outcropping palladium mineralization. This is the first area that the company has focussed on since resuming exploration at East Bull Lake in the spring of last year. Several other similar target areas existing on the Property remain to be drilled. Each of these has comparable size, prospective geology, outcropping mineralization styles and geophysical anomalies to those observed in the Central Parisien Lake area.