02:40:22 EDT Sat 12 Jul 2025
Enter Symbol
or Name
USA
CA



Volta Metals Ltd
Symbol VLTA
Shares Issued 51,013,112
Close 2024-11-07 C$ 0.035
Market Cap C$ 1,785,459
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Volta Metals to acquire ZigZag property in Ontario

2024-11-07 17:27 ET - News Release

Mr. Kerem Usenmez reports

VOLTA AGREES TO ACQUIRE THE ZIGZAG LITHIUM PROJECT CONTIGUOUS TO ITS FALCON WEST LITHIUM DISCOVERY IN ONTARIO

Volta Metals Ltd. has agreed to acquire a 100-per-cent interest in the strategic ZigZag lithium property contiguous to its Falcon West lithium project in Northwestern Ontario. The ZigZag project hosts the high-grade Dempster East lithium showing, which returned values up to 3.67 per cent Li2O (lithium oxide), and has excellent potential to host lithium, cesium, tantalum, gallium and niobium mineralization.

The total area of the ZigZag project is 2,710 hectares, which, combined with the company's Falcon West and Crescent Lake lithium projects, encompasses a total of 8,287 hectares (83 square kilometres), making it one of the larger prospective land packages within the emerging Seymour-Falcon lithium belt and extending known high-grade lithium occurrences to over 10 kilometres of strike length.

The ZigZag project covers the geological extensions of Green Technology Minerals' Seymour lithium belt to the southwest and the company's Falcon West lithium system to the east. The Dempster East pegmatite is located in the middle of the project, with historic samples returning up to 3.67 per cent Li2O over 0.3 metre. Spodumene is readily observed in outcrops with crystal sizes ranging from three centimetres to 15 centimetres on average and is consistent throughout the entire pegmatite unit. In detail, the pegmatites form part of the highly evolved Crescent Lake pegmatite swarm and are tantalum rich, returning the highest tantalum oxide results in Ontario, with an impressive 0.37 per cent Ta2O5 (tantalum pentoxide) over one metre (Dr. F.W. Breaks, J.B. Selway and A.G. Tindle, 2003).

Dempster East pegmatite sampling has returned high lithium values and anomalous beryllium, cesium, gallium, niobium, rubidium, tin and tantalum values. Results for tantalum, and gallium were also returned with recoverable amounts (see attached table).

Kerem Usenmez, chief executive officer of Volta Metals, commented: "I am very pleased to bring this highly prospective and strategic project into Volta's portfolio. ZigZag has excellent potential to host more than one lithium system with Seymour-Crescent emerging from the southwest and Falcon from the east. This strategic acquisition cements Volta's position within this critical belt and provides us with a large consolidated land position with excellent potential to expand the known mineralized pegmatites in addition to discovering new ones. Having already demonstrated our efforts with discovering multiple lithium-bearing pegmatites within Falcon, this project adds to the company's growth with one of the best land positions in the area and in Ontario."

The company's adviser, Dr. Fred Breaks, also commented: "This property lies adjacent to Tebishogeshik lithium-tantalum pegmatites and could represent an eastward extension of this pegmatite cluster, where discovery potential is high. The initial results at Dempster East include a pronounced fractionation of tantalum relative to niobium (niobium/tantalum mean 0.6 compared with average upper continental crust of 3.8), similar to the adjacent Tebishogeshik pegmatites. The tantalum-niobium mineralogy at Tebishogeshik is extremely varied and amongst the most diverse for any lithium pegmatite group in Ontario, as documented in a study by Breaks, Selway and Tindle (2006) that included over 900 electron microprobe analyses."

Transaction terms

The agreement to purchase the ZigZag project was entered into with Integral Metals Corp. Pursuant to the definitive agreement, the Company has agreed to purchase the ZigZag project for a cash payment of $350,000 and has agreed to the release of all claims against Integral upon closing of the acquisition (see company's news release dated March 22, 2024, for details of the claims against Integral). Closing of the acquisition is subject to certain terms and conditions.

Financing

The company is also pleased to announce a proposed non-brokered private placement to raise proceeds of up to $200,000. The offering will comprise the issuance of units of the company at a subscription price of five cents per unit. Each unit will comprise one common share of the company and one-half of one common share purchase warrant of the company, with each warrant entitling the holder thereof to purchase an additional share of the company at an exercise price of 10 cents per warrant share for a period of 24 months from the closing of the offering.

It is expected that certain directors and officers of the company may participate in the offering. The participation of insiders in the offerings will constitute a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company anticipates relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the units to be acquired by the participating insiders nor the consideration to be paid by such insiders is anticipated to exceed 25 per cent of the company's market capitalization.

The offering is expected to close on or about Nov. 14, 2024, and is subject to certain closing conditions, including, but not limited to, the receipt of all necessary approvals, including the acceptance of the CSE. The company expects to use the proceeds of the offering for general corporate and working capital purposes.

The securities issued under the offering will be subject to a statutory hold period in Canada of four months and one day from the date of issuance in accordance with applicable securities laws.

Qualified person

The technical content of this news release has been reviewed and approved by Andrew Tims, PGeo, who is an independent qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Volta Metals Ltd.

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

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