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Volta Metals acquires new ground next to Its Falcon West Lithium Project

Jul 2, 2024

Volta Metals Ltd. has acquired additional claims contiguous to its Falcon West Lithium Project in northwestern Ontario. The newly acquired mineral claims account for a total surface area of 820 hectares and are contiguous to the Company's Falcon West and Crescent Lake lithium projects, resulting in one larger land package within the Seymour-Falcon Lithium Belt (Figure 1). The Company owns a 100% interest of these newly acquired claims and has granted the vendors a 1.5% net smelter returns royalty.

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Figure 1. Newly acquired claims, combining the Crescent Lake and Falcon West projects with an increased footprint within the Falcon-Seymour Lithium greenstone Belt

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The Company will pay $31,000 in cash and issue 400,000 common shares in its capital to the vendors of the newly acquired claims. This will provide the Company with additional ground to explore within the highly prospective greenstone belt, increasing the total contiguous land position to 5,290 hectares. The common shares will be subject to a four-month hold period under applicable securities laws in Canada.

In addition, the Company also acquired the "Lee Creek" Project, which consists of multiple claims, located north of Green Technology Metals' Seymour Lithium deposit (MRE 10.3Mt 1.03% Li2O).

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Figure 2. Lee Creek Lithium and Polymetallic Project

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Lee Creek Project

The Lee Creek Project is situated in the same part of the Caribou Lake greenstone belt as Green Technology Metals' Seymour project and Midex Resources Ltd's Crescent Lake project. Both of these projects have outcropping Lithium-bearing pegmatites. As documented in 2002 Ontario Geological Survey ("OGS") work (Breaks, Selway, and Tindle, 2006), anomalous Li, Cs, and Sn occur in the area. No known exploration has been undertaken for rare metals in the claim block area and vicinity since the OGS work.

The property is situated in mafic and intermediate metavolcanics of the Marshall assemblage. This assemblage is well known for its base metal potential, exemplified 75 km east in the Marshall Lake area. Four mineral occurrences have been identified containing Cu, Zn, and Au (Dyno Mines Limited showings). Work was done in this area from 1967 to 1968 and 1991 to 1992. Four diamond drill holes were completed by Dyno Mines Limited, with the best intersection for Au-Cu mineralization being 1.87 g/ton Au over 3m and 0.25% Cu over 1.5m (Maitland 1992).

The Company's technical advisor, Dr. Fred Breaks, commented, "The additional properties situated along the Pashkokogan fault system now provide the Company with a total strike length of 17 km along this important structural corridor that apparently controls all known spodumene pegmatites in the Falcon Lake pegmatite group. The Marshall property has never been explored for lithium and has documented base metals and gold mineralization that adds to the Company's diversification."

Shares to be Issued

Pursuant to the Purchase Agreement, Volta will issue 400,000 common shares as part of the commitment to earn a 100% interest on these properties. The common shares will be subject to a four-month hold period under applicable securities laws in Canada.

Option Grant

The Company has granted 250,000 stock options (the "Options") to its newly elected director, Fady Mansour. Each Option entitles the holder to acquire one common share of the Company at an exercise price of $0.06 per common share until July 2, 2029, in accordance with the Company's share compensation plan. The common shares issuable upon the exercise of the options held by the Director are subject to a hold period of four months and one day from the date of grant of the Options.

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