VOLT LITHIUM ANNOUNCES TRANSITION TO PURE-PLAY LITHIUM DEVELOPER WITH TERMINATION OF OPTION AGREEMENTS FOR COPPER ASSETS
August 17 2023 - 8:00PM
Volt Lithium Corp. (TSX-V: VLT, OTCQB: VLTLF, FSE: S9G) (the
“
Company” or “
Volt”) announced
today the termination of two existing option agreements related to
copper assets that were part of its predecessor company’s portfolio
and were not being pursued as part of Volt’s strategy. With the
termination of these agreements, Volt’s asset base has been
streamlined and offer investors exposure to a growing, pure-play
lithium development and technology company aiming to be North
America’s first commercial producer of lithium hydroxide and
lithium carbonates from oilfield brine.
Details of the Terminated Option
Agreements
The two terminated option agreements include:
(i) the option to acquire a 100% interest in the Stateline
Property, pursuant to an option agreement among Cloudbreak
Discovery PLC, Cloudbreak Discovery (Canada) Ltd., Tarsis Resources
US Inc., Alianza Minerals Ltd. and Volt dated February 9, 2022 (the
“Stateline Agreement”); and (ii)
the option to acquire a 100% interest in the Silver King Property,
pursuant to an option agreement among Goodsprings Exploration LLC,
Robert Cole, Lori Cole and 1269280 BC Ltd.
(“BCCo”) dated February 10, 2021
(the “SK Agreement”).
The terms of the Stateline Agreement were
announced in the Company’s press release dated February 10, 2022.
In accordance with the Stateline Agreement, the Company has given
notice for the termination of the Stateline Agreement, which will
be effective immediately. Upon termination, Volt is required to
maintain the mineral claims that comprise the Stateline Property in
good standing for a period of two years, which is expected to cost
approximately $30,000.
The Company acquired the option underlying the
SK Agreement when it acquired BCCo on October 27, 2021, pursuant to
a three-cornered amalgamation in accordance with Section 260 of the
Business Corporations Act (British Columbia) (the “RTO
Transaction”). Pursuant to the RTO Transaction, BCCo was
amalgamated with 1303288 BC Ltd. (“Volt SubCo”),
which is a wholly-owned subsidiary of the Company. The terms of the
SK Agreement were disclosed in the Company’s filing statement dated
October 18, 2021. In accordance with the SK Agreement, the Company,
through Volt SubCo, has given notice for the termination of the SK
Agreement, which will be effective immediately.
About Volt
Volt is a lithium development and technology
company aiming to be North America’s first commercial producer of
lithium hydroxide and lithium carbonates from oilfield brine. Our
strategy is to generate value for shareholders by leveraging
management’s hydrocarbon experience and existing infrastructure to
extract lithium deposits from existing wells, thereby reducing
capital costs, lowering risks and supporting the world’s clean
energy transition. With four differentiating pillars, and a
proprietary Direct Lithium Extraction (“DLE”)
technology, Volt’s innovative approach to development is focused on
allowing the highest lithium recoveries with lowest costs,
positioning us well for future commercialization. We are committed
to operating efficiently and with transparency across all areas of
the business staying sharply focused on creating long-term,
sustainable shareholder value. Investors and/or other interested
parties may sign up for updates about the Company’s continued
progress on its website at www.voltlithium.com.
Contact Information
For Investor Relations inquiries or further
information, please contact:
Alex WyliePresident and CEOM:
+1.403.830.5811 Forward
Looking Statements
This news release includes certain
“forward-looking statements” and “forward-looking information”
within the meaning of applicable Canadian securities laws. When
used in this news release, the words “anticipate”, “believe”,
“estimate”, expect”, “target”, “plan”, “forecast”, “may”, “would”,
“could”, “schedule” and similar words or expressions, identify
forward-looking statements or information. Statements, other than
statements of historical fact, may constitute forward looking
information and include, without limitation, the Company’s
obligation to maintain the mineral claims that comprise the
Stateline Agreement in good standing for a period of two years.
Forward-looking statements and forward-looking information also
include any statements relating to future lithium production,
liquidity, enhanced value and capital markets profile of Volt,
future growth potential for Volt and its business, and future
exploration plans. With respect to the forward-looking information
contained in this news release, the Company has made numerous
assumptions regarding, among other things, the price of lithium and
other metals; no escalation in the severity of the COVID-19
pandemic; costs of exploration and development; the estimated costs
of development of exploration projects; Volt’s ability to operate
in a safe and effective manner and its ability to obtain financing
on reasonable terms, that the geological, metallurgical,
engineering, financial and economic advice that the Company has
received is reliable and are based upon practices and methodologies
which are consistent with industry standards. While the Company
considers these assumptions to be reasonable, these assumptions are
inherently subject to significant uncertainties and contingencies
and may prove to be incorrect. Additionally, there are known and
unknown risk factors which could cause the Company’s actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking information contained herein. Known
risk factors include, among others: fluctuations in commodity
prices and currency exchange rates; uncertainties relating to
interpretation of well results and the geology, continuity and
grade of mineral deposits; uncertainty of estimates of capital and
operating costs, recovery rates, production estimates and estimated
economic return; the need for cooperation of government agencies in
the exploration and development of properties and the issuance of
required permits; the need to obtain additional financing to
develop properties and uncertainty as to the availability and terms
of future financing; the possibility of delay in exploration or
development programs or in construction projects and uncertainty of
meeting anticipated program milestones; uncertainty as to timely
availability of permits and other governmental approvals; increased
costs and restrictions on operations due to compliance with
environmental and other requirements; increased costs affecting the
metals industry and increased competition in the metals industry
for properties, qualified personnel, and management. All
forward-looking information herein is qualified in its entirety by
this cautionary statement, and the Company disclaims any obligation
to revise or update any such forward-looking information or to
publicly announce the result of any revisions to any of the
forward-looking information contained herein to reflect future
results, events or developments, except as required by law.
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