Bolt Metals Corp.

 

Vancouver, B.C. – TheNewswire – September 9, 2024 – Bolt Metals Corp. (“Bolt” or the “Company”) (CSE: BOLT) (FRANKFURT: A2QEUB) (OTCQB: PCRCF) is pleased to announce that it has entered into an agreement with an arms-length party (the “Vendor”) (the “Option Agreement”), pursuant to which the Company may acquire (“Option”) a 100% ownership interest in and to the New Britain antimony and gold property in the Slocan Mining Division, BC, Canada (“Property”).

Property Highlights:

  • Historic chip sample across 0.6 metre of vein material assayed 10.4% antimony, 9.7 g/t gold, 2358 grams per tonne silver (g/t), and 29.9% lead 

  • Multiple indications of high-grade antimony occurrences in the area are associated with gold, silver, and lead values 

  • Road accessible and unexplored for antimony potential 

  • Application of state-of-the arts geophysics and geochemical surveys could efficiently advance the property to the drill stage 

  • Company friendly, results driven option terms  

The Case for Antimony

“A supply shortage has triggered the steepest rally in price “ever recorded” in the global antimony market since April, according to Fast Markets who began recording prices from January 1980. In May, prices reached US$17,589 per metric ton of antimony ingot, up 54% in 2024, according to the Shanghai Metals Exchange; prices in Europe reached US$22,700 a ton on June 14, up more than 75% on 2023. And now China has announced it will impose export limits on antimony because of “national security”. The reason: an extreme shortage of supply from China, Russia, and south east Asia, while demand primarily from solar power and global arms production both soar. Antimony supply faces both a short-term volatility squeeze and long-term structural deficit”. (The Oregon Group, August 28, 2024; “Why are antimony prices exploding”)

CEO Comment

Mr. Branden Haynes, CEO of Bolt, remarked, “with China’s export restrictions on antimony taking effect and several active conflicts around the world, the need for antimony has increased. Antimony is used heavily in a variety of military applications, as a fire retardant, in solar panels and electric batteries. Bolt’s acquisition of the New Britain project will provide the Company the opportunity to focus on this essential mineral”.

New Britain Property

The Property comprises 493 hectares located approximately 40 kms north, north-west of Kaslo, BC and is accessible by highway and forest service roads.

Development at New Britain in the early 1980s included extending a short adit excavated to evaluate a quartz vein within a 20-metre-wide shear zone that strikes north and dips subparallel to bedding. The rocks within the shear are altered to sericite schist. High silver, lead and antimony values occur with massive sulphides on the apex of drag-folds within the shear. Mineralization consists of galena and tetrahedrite within quartz-calcite veins. A chip sample across 0.6 metre of vein material assayed 10.4% antimony and 9.7 g/t gold, 2358 g/t silver, and 29.9% lead1.

There are multiple antimony occurrences in the area, including the North Star prospect in the Goat Range Park, and the West Ridge prospect at Eagle Plains Resources’ Snowstorm property. Geological mapping and interpretation at Snowstorm indicate a southeast-northwest trend in geology and structure, interpreted to trend onto the New Britain property. The West Ridge prospect located 4.7 km to the northwest of the New Britain property was developed in the late 1920’s, with a shallow shaft and a 150-metre adit. Assessment reports indicate mineralization of massive stibnite-galena in quartz veining assaying up to 16.1% antimony, 1.58% copper, 41.1% lead, and 1,539 g/t silver over a width of “at least 1 metre2.

Mineralization on proximal properties and historical data is for informational purposes only and gives no assurance as to their reliability and relevance to possible future exploration programs at the property. The company has not completed any quality assurance program or applied quality control measures to the historical data.

Key Transaction Details

In order to exercise the Option and thereby acquire a 100% ownership interest in the Property, the Company would be required to make cash and share payments to the Vendor and incur exploration expenditures on the Property as follows:

  • Cash payments of CAD $5,000 within 5-business days of the Effective Date, CAD $25,000 on the six-month anniversary of the Effective Date and CAD $50,000 on each of the 1st and 2nd year anniversaries of the Effective Date; 

  • Share payments of 500,000 common shares on the 1st anniversary of the Effective Date and 1,000,000 common shares on the 2nd anniversary of the Effective Date; 

  • Exploration Expenditures of CAD $100,000 prior to the 1st anniversary of the Effective Date and CAD $200,000 prior to the 2nd anniversary date of the Effective Date 

 

The Vendor maintains a 2% Net Smelter Returns Royalty of which the Company may purchase 1% for CAD $1,000,000 at any time subsequent to its exercise of the Option.

 

Whether or not to exercise the Option is within the discretion of the Company. In addition, the Company may accelerate the Option Payments, in its discretion, at any time during the term of the Agreement.

Qualified Person

Mr. Garry Clark, P. Geo., a member of the Company’s Board of Directors, a “Qualified Person” under NI 43-101, has reviewed the technical contents of this news release and has approved the disclosure of the technical information contained herein.

1 (BC Geological Survey – Assessment Report 8532; Donald W. Tully, P.Eng. for Paymaster Mines Inc.; September 15, 1980).

2 (BC Geological Survey – Assessment Report 16433; C. Geoffrey Spearing, B.SC. (Eng) and John Ostler, M.Sc., P.Geol. for Ambergate Explorations Inc.; October 15, 1987); and

(BC Geological Survey – Assessment Report 18136; C. Geoffrey Spearing, B.SC. (Eng) and John Ostler, M.Sc., P.Geol. for Ambergate Explorations Inc.; November 1, 1988

 

Bolt Metals Corp.

Branden Haynes – Director and CEO
(604) 817-1595
[email protected]

Reader Advisory

This news release may contain statements which constitute “forward‐looking information”, including statements relating to the exercise of the Option and the making of Option Payments. The words “may”, “potential”, “should”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, and similar expressions, are intended to identify such forward‐looking statements. Investors are cautioned that any such forward‐looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward‐looking statements. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

The Canadian Securities Exchange has not approved or disapproved this news release.

Copyright (c) 2024 TheNewswire – All rights reserved.