Bolt Metals Enters Into Option Agreement to Acquire Ontario Gold Project
Vancouver, B.C. – July 4, 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 1395548 BC Ltd. (the “Option Agreement”), pursuant to which the Company may acquire (“Option”) a 100% ownership interest in and to the Thundercloud South gold property in the Kenora Mining Division, Northwestern Ontario, Canada (“Property”).
Highlights
- contiguous with Dynasty Gold Corp (TSX-V:DYG) “Thundercloud Project” which reported on January 13, 2023, drill intercepts of; 5m of 246g/t, 3m of 101g/t, 12.5m of 25.66g/t, 28.5m of 13g/t, 51m of 7.35g/t Gold
- area actively being explored by several companies including Kinross, Treasury Metals, Kenorland Minerals and Dryden Gold
- part of prolific central Wabigoon greenstone belt in Western Ontario
- property easily accessible by network of roads Wabigoon Greenstone Belt
The Thundercloud South Property is located in the central Wabigoon Greenstone belt in Western Ontario. The geological setting is analogous to the Abitibi belt in Eastern Ontario but area is much less explored. The belt contains numerous gold showings, several deposits and historic past producers including the Elora, Big Master Mine (1902-1943), Laurentian Mine (1906-1909), and the Goldlund & Goliath Deposit (Treasury Metals).
Several large scale mining operations in the area include New Gold’s Rainy River Mine (6.4 Million oz Au and 18.7 Million oz Ag), and Evolution Mining’s Red Lake Gold Mine (9.25 Million oz Au) as well as several multi-million ounce gold reserves, defined at the Canadian Malartic Hammond Reef deposit (5.8 Million oz Au) by Agnico Eagle, and First Mining Gold’s Springpole deposit (4.9 Million oz Au) as well as the Goliath Gold Complex held by Treasury Metals (2.1 Million oz Au &
3.52 Million oz Ag) Thundercloud
The Thundercloud South Property consists of 160 single cell claims totaling ~3364ha and is located 51km south southeast of Dryden, Ontario. The Property is accessed by paved highway and a network of logging roads that intersect the Property. The Property is underlain by Mafic Metavolcanics with Gabbro and Quartz-Feldspar Porphyry with several north trending faults.
Key Transaction Details
In order to exercise the Option and thereby acquire a 100% ownership interest in the Property (the “Option Closing”), the Company would be required to make the following cash and share payments (the “Option Payments”) to the Vendor:
- CAD$25,000 and 400,000 common shares of the Company within five business days of signing (“the Effective Date”):
- 500,000 common shares on the first anniversary of the Effective Date;
- 600,000 common shares on the second anniversary of the Effective Date;
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.
Clarifying Remark
The Company would like to clarify certain statements contained in the news release dated June 18, 2024. The Company previously announced that Mr. William Page is a Chartered Financial Analyst (“CFA”). The Company would like to clarify that Mr. William Page has successfully passed all three CFA exams and is currently working towards earning the CFA designation.
Bolt Metals Corp.
Ranjeet Sundher – President and CEO (604) 922-8272
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.
Reproduced as filed: This news release is reproduced as originally issued. The Company currently trades on the Canadian Securities Exchange under BOLT, the OTCQB under PCRCF, and the Frankfurt Stock Exchange under A3D8AK. Refer to the Company's profile on SEDAR+ (sedarplus.ca) for current filings.
Mineral Resource Cautionary: The Company has not defined any mineral resources or mineral reserves on any of its properties. There is no guarantee that exploration will result in the discovery of an economic mineral deposit.
Adjacent Properties: References to mineralization, deposits, mines, and resources on adjacent or nearby properties are for geological context only. Mineralization on adjacent properties is not necessarily indicative of mineralization on the Company's properties.