TORONTO, April 12, 2022 /CNW/ - Voltage Metals Corp. (CSE: VOLT) (the "Company" or "Voltage") is pleased to provide this corporate update to its shareholders.
Property Acquisition
Voltage has entered into an option agreement to acquire the Jerry Lake nickel/copper property located 140 km northeast of Timmins Ontario. The Jerry Lake intrusion has never been evaluated with ground geophysical surveys and has only had a single drill hole which failed to reach bedrock. The Ni-Cu sulphide potential of the Jerry Lake gabbro is supported by a well pronounced chalcopyrite and nickel-in-till dispersal fan in the down-ice location.
The project covers 2,080 hectares and displays many strong similarities with the Company's St Laurent project 60 km to the east. In 2019, drilling at St Laurent returned a number of encouraging intersections demonstrating the high nickel tenor, nickel sulphide potential (see Table 1).
Table 1 – 2019 St. Laurent Significant Diamond Drill Intersections
|
DDH #
|
From m
|
To m
|
Width m
|
Ni %
|
Cu %
|
Co ppm
|
Au ppb
|
Pt ppb
|
Pd ppb
|
S %
|
|
SL-19-01
|
238.5
|
248.6
|
10.1
|
0.32
|
0.33
|
155.4
|
66.9
|
23.9
|
31.8
|
2.2
|
|
SL-19-01
|
252.4
|
256.0
|
3.6
|
1.10
|
0.45
|
503.9
|
46.0
|
279.6
|
84.4
|
5.1
|
|
SL-19-01
|
256.7
|
260.9
|
4.2
|
1.30
|
0.47
|
567.5
|
690.2
|
132.9
|
124.7
|
5.6
|
|
SL-19-01
|
265.8
|
270.5
|
4.7
|
1.00
|
0.83
|
506.0
|
119.9
|
243.9
|
91.4
|
4.8
|
|
SL-19-03
|
328.0
|
441.4
|
113.4
|
0.22
|
0.17
|
139.4
|
16.3
|
23.7
|
20.5
|
3.4
|
Voltage has the right to earn a 100% interest in the Jerry Lake Project by making cash payments totaling $150,000 and issuing 1.7 million shares, over the three-year option period. The mining claims are subject to a 2.5% NSR with a buyback of 1% of the NSR for 1 million dollars.
Independent Director Appointment
The Board of Directors has nominated Layton Croft to join the Board. Mr. Croft currently serves as independent Chairman of Erdene Resources Development (TSX: ERD) and President, CEO and Director of Pancontinental Resources, (TSXV: PUC). Mr. Croft is a corporate executive with diversified global management and resource industry experience spanning 25 years. Based in North Carolina, USA, he has worked for or advised Rio Tinto, Ivanhoe Mines, Peabody Energy, Duke Energy, Atrium Health and Bank of America. Mr. Croft holds degrees from the University of North Carolina at Chapel Hill, the School for International Training in Vermont, and the Fletcher School of Law and Diplomacy at Tufts University in Massachusetts.
Option Grant
The Company has granted to directors and management, a total of 795,000 stock options with a strike price of $0.18 and a two-year expiry.
About Voltage Metals
Voltage is a mineral exploration company with a highly experienced team focused on nickel and other battery metals exploration in the Canadian provinces of Ontario and Newfoundland. The Company looks to create shareholder value by aggregating and exploring projects that possess sound geology and brand-new discovery potential. Voltage has a deep roster among management and key stakeholders, that are fluent in the essential resource trifecta of exploration, operations and finance.
Todd Keast, P.Geo., consulting geologist for Voltage, is the Qualified Person responsible for the technical content of this press release
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by management. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information. There can be no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward- looking information for anything other than its intended purpose. Management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Voltage Metals Corp.
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