Independent Ni 43-101 Technical Report on the Bannockburn Nickel Sulphide Project

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Independent Ni 43-101 Technical Report on the Bannockburn Nickel Sulphide Project INDEPENDENT NI 43-101 TECHNICAL REPORT ON THE BANNOCKBURN NICKEL SULPHIDE PROJECT Matachewan Area Ontario, Canada PREPARED FOR: Grid Metals Corp. 3335 Yonge Street, Suite 304 Toronto, Ontario M4N 2M1, Canada PREPARED BY: Caracle Creek International Consulting Inc. 1545 Maley Drive, Suite 2018 Sudbury, Ontario P3A 4R7, Canada Effective Date: December 31, 2020 Issue Date: January 19, 2021 Qualified Persons: Dr. Scott Jobin-Bevans (PhD, P.Geo., PMP) Principal Geoscientist Mr. Paul Davis (M.Sc., P.Geo.) Geoscientist Project Number: 605.20.00 Grid Metals Corp: Bannockburn Nickel, Ontario, Canada NI 43-101 Technical Report January 19, 2021 DATE AND SIGNATURE The Report, “Independent NI 43-101 Technical Report on the Bannockburn Nickel Sulphide Project, Matachewan Area, Ontario, Canada”, dated the 19th January 2021, with an Effective Date of the 31st December 2020, and prepared for Grid Metals Corp., was authored by the following: “signed and sealed original on file” _______________________________________ Scott Jobin-Bevans (PhD, P.Geo. #0183, PMP) Principal Geoscientist Caracle Creek International Consulting Inc. (Canada) “signed and sealed original on file” _______________________________________ Paul Davis (M.Sc., P.Geo. #1109) Geoscientist Paul Davis Consulting Dated: January 19, 2021 Caracle Creek International Consulting Page i of vi Grid Metals Corp: Bannockburn Nickel, Ontario, Canada NI 43-101 Technical Report January 19, 2021 TABLE OF CONTENTS Table of Contents ........................................................................................................................................ ii List of Tables ............................................................................................................................................... iv List of Figures .............................................................................................................................................. v List of Appendices ....................................................................................................................................... vi 1.0 Summary ............................................................................................................................................. 1 1.1 Introduction ................................................................................................................................ 1 1.2 Property Description and Location .............................................................................................. 1 1.3 History ......................................................................................................................................... 2 1.4 Geology and Mineralization ........................................................................................................ 2 1.5 Deposit Types .............................................................................................................................. 3 1.6 Exploration .................................................................................................................................. 4 1.7 Drilling ......................................................................................................................................... 4 1.8 Interpretation and Conclusions ................................................................................................... 4 1.9 Recommendations ...................................................................................................................... 5 2.0 Introduction ........................................................................................................................................ 6 2.1 Terms of Reference and Project Scope ....................................................................................... 6 2.1.1 Declarations ...................................................................................................................... 7 2.2 Qualifications of Consultant ........................................................................................................ 8 2.3 Details of Inspection – Site Visit .................................................................................................. 8 2.4 Sources of Information.............................................................................................................. 10 2.5 Effective Date ............................................................................................................................ 10 2.6 Units of Measure and Terminology ........................................................................................... 10 2.6.1 Cumulate Igneous Rock Textures .................................................................................... 10 3.0 Reliance on Other Experts ................................................................................................................ 12 4.0 Property Description and Location ................................................................................................... 13 4.1 Mineral Disposition ................................................................................................................... 13 4.2 Mining Lands Tenure System in Ontario ................................................................................... 18 4.2.1 Mining Lease ................................................................................................................... 19 4.2.2 Freehold Mining Lands .................................................................................................... 19 4.2.3 Licence of Occupation ..................................................................................................... 19 4.2.4 Land Use Permit .............................................................................................................. 20 4.3 Mining Law: Province of Ontario ............................................................................................... 20 4.3.1 Required Plans and Permits ............................................................................................ 20 4.3.1.1 Exploration Plans ....................................................................................................... 20 4.3.1.2 Exploration Permits ................................................................................................... 21 4.3.1.3 Current Permits and Project Status ........................................................................... 21 4.4 Royalties and Obligations .......................................................................................................... 22 4.5 Environmental Liabilities ........................................................................................................... 22 4.6 Other Significant Factors and Risks ........................................................................................... 22 4.6.1 Social or Community Impact ........................................................................................... 22 5.0 Accessibility, Climate, Local Resources, Infrastructure and Physiography ........................................ 23 5.1 Accessibility ............................................................................................................................... 23 5.2 Climate ...................................................................................................................................... 23 5.3 Local Resources and Infrastructure ........................................................................................... 24 5.4 Physiography ............................................................................................................................. 24 5.4.1 Flora and Fauna .............................................................................................................. 24 5.5 Power, Water, Mine Facilities ................................................................................................... 25 Caracle Creek International Consulting Page ii of vi Grid Metals Corp: Bannockburn Nickel, Ontario, Canada NI 43-101 Technical Report January 19, 2021 6.0 History .............................................................................................................................................. 26 6.1 Asbestos .................................................................................................................................... 26 6.2 Nickel Sulphides ........................................................................................................................ 26 6.3 The Bannockburn Property ....................................................................................................... 27 6.3.1 Outokumpu Mines Ltd (1995-1999) ................................................................................ 27 6.3.2 Geological Mapping ........................................................................................................ 28 6.3.3 Enzyme Leach Soil Survey ............................................................................................... 28 6.3.4 Mobile Metal Ion (MMI) Soil Survey ............................................................................... 29 6.3.5 Geophysical Surveys ....................................................................................................... 29 6.3.5.1 Ground Magnetometer Survey.................................................................................. 29 6.3.5.2 HLEM Survey
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