Mr. Kerem Usenmez reports

VOLTA DISCOVERS NEW LITHIUM-BEARING PEGMATITE AT ITS FALCON WEST LITHIUM PROJECT, ONTARIO, CANADA

Volta Metals Ltd. has discovered a new lithium-bearing pegmatite dike at its Falcon West lithium property in the emerging Seymour-Falcon lithium field in Northwestern Ontario, Canada. The lithium pegmatite system on the company's property now extends intermittently over a 100-metre-by-250-metre area and remains open for expansion in all directions. The contact zones of the four constituent spodumene pegmatites have yet to be identified and will be the focus of continuing exploration.

The previously undocumented spodumene pegmatite showing, named AM, lies 148 m west of the Falcon Far West showing, which returned channel samples of up to 1.95 per cent Li2O (lithium oxide; see news release dated June 19, 2023). This newly discovered lithium showing is surrounded by thick overburden and the dike width is currently unknown.

The pegmatite is hosted in metasediment units and has minimum dimensions of three m in length and over six m wide. Spodumene crystals (the primary lithium mineral) of up to 50 centimetres in length were noted and detailed field mapping estimates the visible spodumene content of approximately 50 per cent. Follow-up exploration will include mechanized removal of overburden to further delineate this significant discovery as part of the continuing drill target definition.

The company has channel sampled all four outcropping lithium pegmatites, in addition to screening overburden-covered areas with geochemical soil sampling. Rock samples are sent to ActLabs in Thunder Bay for geochemical analyses, and soil samples are sent to SGS Mineral Services Lab in Burnaby, B.C. Contingent on receiving the necessary approvals, the company is planning to drill test these targets in Q4.

Volta's chief executive officer, Kerem Usenmez, PEng, commented: "This is the second lithium discovery this month at Falcon West which we believe forms part of an emerging lithium pegmatite swarm. All outcropping lithium pegmatites discovered to date remain open for expansion in all directions, including depth, and the exploration team is confident that additional extensions to the LCT system will be forthcoming."

The company's technical adviser, Dr. Fred Breaks, commented: "We are extremely pleased with the progress to date on the Falcon West property as the spodumene pegmatite swarm appears to be expanding to the west and is now exposed over a 100 m by 250 m area. We believe additional pegmatites may occur in either direction, based on the mineralogical fractionation present."

Qualified person

The technical content of this news release has been reviewed and approved by Andrew Tims, PGeo, who is an independent qualified person (QP) as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. The QP and the company have not completed sufficient work to verify the historical information on the properties, particularly regarding historical exploration, neighbouring companies and government geological work.

About Volta Metals Ltd.

Volta Metals is a mineral exploration company focused on lithium, cesium and tantalum, and is based in Toronto, Ont. It has optioned and is currently exploring a critical minerals portfolio of lithium, cesium and tantalum projects in Northwestern Ontario, which is considered to be one of the most prolific emerging hard-rock lithium districts in the world.

We seek Safe Harbor.