Bolt Metals Acquires Switchback Copper-Silver Property
Mr. Branden Haynes reports
BOLT METALS ACQUIRES SWITCHBACK COPPER-SILVER PROPERTY
Further to the press releases on Sept. 19, 2024, and Oct. 3, 2024, Bolt Metals Corp. has closed the previously announced transaction which provides for the acquisition by the company by 1436060 B.C. Ltd., which holds a beneficial interest in the Switchback copper-silver property, located in the Omineca mining division of British Columbia, from the shareholders of 143 B.C.
The Switchback copper-silver property is an exploration-stage property located 55 kilometres east of Terrace, B.C., through forest service roads. The property consists of eight contiguous mineral claims totalling 2,560 hectares, and is prospective for volcanic redbed copper and polymetallic copper-silver-lead-zinc deposits.
Under the terms of the definitive agreement, the company issued an aggregate of four million common shares in the company to the shareholders of 143 B.C. pro rata to their respective shareholdings in 143 B.C. The company also made a cash payment of $20,000 to 143 B.C. The transaction is arm’s length, and there are no finders’ fees payable in connection therewith. The consideration shares issued pursuant to the transaction are subject to a six-month voluntary lock-up period, whereby the recipients of the consideration shares are restricted from trading the consideration shares. Following the initial lock-up period, the consideration shares will be released at a rate of 20 per cent per month.
The company would also like to correct the press release dated Oct. 3, 2024, wherein the company stated, due to clerical error, that the definitive agreement relating to the transaction was executed on Sept. 30, 2024. The definitive agreement was executed on Oct. 2, 2024.
Qualified person
Garry Clark, PGeo, a member of the company’s board of directors, a qualified person under National Instrument 43-101, has reviewed the technical contents of this news release, and has approved the disclosure of the technical information contained herein.
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.