We recently changed the name of Mustang Minerals Corp. to Grid Metals Corp. to reflect our focus on the battery metals. Our company is unique in its high quality portfolio of projects that are ideally positioned to create value for our shareholders at this stage in the metals cycle.
Our Makwa Mayville Copper Nickel PGE Cobalt project is ideally located near infrastructure in southeastern Manitoba. A significant portion of development work has been completed and we will focus on metallurgical and exploration work that may materially enhance the project economics outlined in the 2014 PEA. Notably there are significant cobalt credits associated with the Mayville resource that have not been assessed for their potential contribution to project cash flow.
Grid has a specific strategy for its Mayville Lithium property which is a low cost high potential property located near infrastructure. The Property was acquired from Tantalum Mining Corporation of Canada Ltd which has operated a mine in the area for several decades and has produced lithium spodumene, tantalum and currently cesium formate. We believe that the first pegmatite we are drilling in the Mayville field has the potential to produce a high purity, high value spodumene concentrate ( “technical grade”) that can be used in the ceramics business - which is still a significant portion of the lithium market demand. Technical grade spodumene commands a significant market premium over benchmark lithium concentrates which have greater impurties. Our goal is to pursue this target/model of developing a high value ore body which may also yield metal credits for the tantalum and cesium which are found in the LCT type pegmatites.
We are also pursuing new opportunities for the Company both in the prolific Bird River Greenstone Belt and other jurisdictions that are safe and reliable. We think that a certain degree of diversification to account for market cycles is beneficial as is having projects that are at different stages of development.
We look forward to exciting days ahead and thank our shareholders for their continued interest and support.
Robin Dunbar - President and CEO