TORONTO, April 29, 2022 — Voltage Metals Corp. (formerly, Mansa Exploration Inc.) (CSE: VOLT) The Company is pleased to announce the appointment of Nickolas Mah as Chief Financial Officer of the company effective April 29, 2022. Mr. Mah has over 10 years of public practice experience. He worked in senior management positions at major financial institutions, including BDO Canada and KPMG. Mr. Mah has been a Chartered Professional Accountant (CPA) in Canada and a Chartered Accountant (CA) since 2010. He has a bachelor’s degree in science from the University of British Columbia.
The company announces that Mr. Ryan Cheung has tendered his resignation as Chief Financial Officer of the Company, effective April 17 2022, in order to focus on other business endeavours. The company wishes to thank Ryan for his service.
Further Information Clayton Fisher, Director, Tel: 416-218-2018, or by email at info@voltagemetals.com
Forward Looking Statements This press release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the timing of the commencement of trading on the CSE and the business and operations of the Company and Voltage Metals. The forward-looking statements and information are based on certain key expectations and assumptions made by management, including expectations and assumptions concerning the Company and Voltage Metals and the timely receipt of CSE approval. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information. There can be no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to, general economic conditions, the state of the regulatory environment, and the delay or failure to receive CSE approval. Please refer to the Listing Statement for more details on the risks faced by the Company. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward- looking information for anything other than its intended purpose. Management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
April 19, 2022 – Toronto, Ontario: Voltage Metals Corp., (“Voltage” or the “Company”) (CSE: VOLT) has commenced a diamond drill exploration program at the Company’s 100% owned St. Laurent Nickel-Copper-Cobalt Project, located 160 km northeast of Timmins, Ontario. The program consists of approximately 3,000 metres of drilling with downhole geophysical surveys to define deeper conductive targets for testing in the later phases of the program.
The St. Laurent Project has received minimal exploration activity since the initial discovery in the mid 1960’s when nickel-copper mineralization was first identified in a series of shallow drill holes. Subsequent airborne geophysical surveys defined a strong electromagnetic (EM) anomaly with an associated bullseye magnetic response, both of which are coincident with the mineralized zone. Diamond drilling in 2008 and 2019 identified geological characteristics indicative of a gabbro breccia/conduit hosted style nickel mineralization comparable to the Lynn Lake Deposit (28.4 million tons @ 0.91% Ni, 0.49% Cu)1 the Kenbridge deposit (7.5 million tonnes @ 0.58% Ni, 0.32% Cu)2, and the Montcalm Deposit (3.9 million tonnes @ 1.3% Ni, 0.67% Cu, 0.05 Co)3.
During the last phase of diamond drilling (2019), the highest nickel grades on the project were intersected with three separate intervals of >1.0% Ni, as well as the widest intersection (113.4 m) of low-grade nickel mineralization, (see Table 1). Nickel assays in conjunction with the associated sulphur results indicate a high nickel tenor4 of 5% Ni for massive sulphides (35% S) in the magmatic system. Drilling to date has failed to intersect massive sulphides, yet strong airborne and borehole EM anomalies suggest the presence of strongly conductive sulphides.
Table 1 – St. Laurent Diamond Drill Assay Results, 1966-2019
DDH #
Year
From m
To m
Width m*
Ni %
Cu %
Co ppm
Au ppb
Pt ppb
Pd ppb
S %
SL-19-01
2019
238.5
248.6
10.1
0.32
0.33
155.4
66.9
23.9
31.8
2.2
SL-19-01
2019
252.4
256.0
3.6
1.10
0.45
503.9
46.0
279.6
84.4
5.1
SL-19-01
2019
256.7
260.9
4.2
1.30
0.47
567.5
690.2
132.9
124.7
5.6
SL-19-01
2019
265.8
270.5
4.7
1.00
0.83
506.0
119.9
243.9
91.4
4.8
SL-19-03
2019
328.0
441.4
113.4
0.22
0.17
139.4
16.3
23.7
20.5
3.4
SL-08-01
2008
57.4
82.4
25.0
0.14
0.16
88.5
45.1
17.5
21.3
1.1
SL-08-01
2008
101.9
112.4
10.5
0.23
0.16
182.0
25.4
24.2
12.3
3.3
SL-08-01
2008
120.3
125.4
5.1
0.21
0.09
149.3
12.9
19.6
19.7
2.0
SL-08-02
2008
65.2
81.1
15.9
0.27
0.23
148.7
34.5
33.7
16.7
1.9
SL-08-02
2008
84.4
104.3
19.8
0.32
0.34
189.2
45.7
31.0
26.8
2.7
SL-08-03
2008
157.1
187.7
30.6
0.24
0.19
143.8
40.0
32.7
19.8
2.0
SL-08-03
2008
191.2
205.7
14.5
0.13
0.14
109.2
15.0
8.7
8.1
1.7
PA-1
1966
48
50.7
2.7
0.78
0.23
PA-5
1966
45
64.3
19.3
0.37
0.33
PA-5
1966
73
78.7
5.8
0.15
0.12
PA-7
1966
112
138.5
26.5
0.16
0.23
*Reported width represents core measurements as insufficient information available to determine true thickness.
Bob Bresee, CEO of Voltage states: “The high nickel tenor of the St. Laurent magmatic system includes appreciable amounts of cobalt and PGE’s, which combined with a high nickel grade provides an extremely exciting exploration target due to the high dollar value of the contained minerals. A series of borehole and airborne EM anomalies extending along an 800-metre-long corridor allows us to focus our drilling activities in this most prospective area. Massive sulphides and high-grade nickel are the primary exploration focus, but we are also keeping in mind the historical wide, low grade nickel intersections, which are interesting given the current robust metal prices.”
About the St. Laurent Project:
The St. Laurent Project covers 4,170 hectares and is located in St. Laurent Township, Northern Ontario, 160 kilometres northeast of Timmins, 50 kilometres south of the Detour Lake Mine and 20 kilometres southwest of the Casa Berardi Mine.
Past shallow drilling at the St. Laurent Project encountered disseminated, multi-element sulphide mineralization across notable widths, trending towards a large gabbro-hosted magnetic feature.
The Ni-Cu-Co-Au-Pt-Pd zone is open along strike and at depth. This mineralized zone is coincident with a strong 800-metre-long EM anomaly.
Drilling to date has not yet intersected massive sulphides, and the strong airborne EM anomaly has not yet been explained. The disseminated sulphide halo provides an important vector to guide upcoming exploration work.
Nickel tenor at St Laurent is high at 5% in the system.
References:
Pinsent R.H., 1980, Nickel Copper Mineralization in the Lynn Lake Gabbro, Manitoba Department of Energy and Mines Minerals Resources Division Economic Geology Report ER-79-3.
Tartisan Nickel Corp. Sedar Website P & E Mining Consultants, Sept 17,2020, Technical Report and Updated Mineral Resource Estimate of the Kenbridge Nickel Project.
Atkinson, 2011, Ministry of Northern Development and Mines.
Nickel Tenor is a common practice in magmatic nickel-copper exploration where the nickel vs S ratio is extrapolated to 100% sulphides (35% S), to estimate the grade of massive sulphide. Nickel tenor does not provide certainty that massive sulphides will be discovered.
Qualified Person:
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101 and reviewed and approved by Todd Keast, P.Geo., a Qualified Person as defined by NI 43-101.
About Voltage Metals
Voltage is a mineral exploration company with a highly experienced team focused on nickel and other battery metals exploration in the Canadian provinces of Ontario and Newfoundland. The Company looks to create shareholder value by aggregating and exploring projects that possess sound geology and brand-new discovery potential. Voltage has a deep roster among management and key stakeholders, that are fluent in the essential resource trifecta of exploration, operations and finance.
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by management. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information. There can be no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward- looking information for anything other than its intended purpose. Management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Canada’s federal budget will include an investment of at least C$2 billion ($1.6 billion) for a strategy to accelerate the production and processing of critical minerals needed for the electric vehicle (EV) battery supply chain, two senior government sources said.
Prime Minister Justin Trudeau’s government, which is due to release its budget on Thursday, will make the investment to ramp up the extraction of processing of critical minerals including nickel, lithium, cobalt and magnesium, said the sources who are familiar with the matter but were not authorized to speak on the record.
he investment could be spread over more than one year, but the sources declined to comment on the time frame.
Canada last month announced financial support for building two facilities that will make battery materials for electric vehicles, and one battery gigafactory, but no agreements have yet been announced for mineral extraction or refining. read more
“There are some particular projects that we are looking at and working on at the present time,” Natural Resources Minister Jonathan Wilkinson said in a recent telephone interview with Reuters.
All the potential projects, “whether they’re extraction or processing, need to be accelerated significantly, and that’s what the critical mineral strategy will be about,” he added.
Canada’s finance ministry declined to confirm whether the investment would be in the budget that will be presented by Finance Minister Chrystia Freeland in the House of Commons.
“Canada has an abundance of valuable critical mineral deposits, and with the right investments, this sector can create thousands of new good jobs, grow our economy, and make Canada a vital part of the growing global critical minerals industry,” said Adrienne Vaupshas, press secretary for Freeland.
There are “many active conversations” between the Canadian government and companies “on the need to accelerate and scale up the production of raw materials used in EV batteries,” one of the sources said.
Canada, which is home to a large mining sector, has a multi-billion-dollar fund set up to invest in green technologies and is trying to woo companies involved in all levels of the EV supply chain to safeguard the future of its manufacturing heartland in Ontario as the world seeks to cut carbon emissions.
Ontario is geographically close to U.S.-based automakers in Michigan and Ohio, and General Motors Co (GM.N), Ford Motor Co (F.N) and Stellantis NV (STLA.MI) have all announced plans to make electric vehicles at factories in the Canadian province.
MINERALS FROM MINING WASTE
Since it can take many years – even a decade or more – to open new mines, Wilkinson said some of the projects being considered involve “tailings from existing mines from which you could extract critical minerals.”
“We’re looking at brines and oil sands, tailings ponds, and all of those things,” he said.
Brendan Marshall, the vice president of economic and northern affairs for the Mining Association of Canada, said this kind of project would require research.
“There needs to be research and development” to develop technologies that can identify and separate critical minerals “from the general waste stream,” Marshall said.
Canada’s critical mineral strategy will focus on, among other things, driving research, innovation and exploration, one of the sources said.
GM said on Monday that it was investing C$2 billion on two plants, including one that will produce an electric vehicle for commercial use in Canada. Last month, GM said it had partnered with South Korea’s POSCO Chemical (005490.KS) to build a facility to make battery materials in Quebec. read more
Scott Bell, the president and managing director of GM Canada, said last month that Canada’s abundance of nickel and other raw materials would be used to make cathode active material in the Canadian province, without elaborating.
“These companies are going to need those critical minerals that our country has, so we need to start aggressively ramping up the mining and processing required,” Canadian Industry Minister Francois-Philippe Champagne said in Vancouver last week.
Demand for minerals needed for batteries, including lithium and cobalt, could increase by almost 500% by 2050, the World Bank estimates. Currently Asia, and in particular China, dominates global production and processing of critical minerals, rare earths and rare metals used to make EVs.
Constantine Karayannopoulos, president and chief executive officer of Neo Performance Materials Inc(NEO.TO), a rare earths and rare metals processing company based in Toronto, said Canada and North America have a lot of catching up to do.
“We are behind the eight ball collectively in the West, behind China,” Karayannopoulos said in a telephone interview. “China is dominating this space … We need a lot of money (to build the supply chain) because we’re playing catch-up.”
Voltage Metals Corp. (formerly, Mansa Exploration Inc.) (CSE: MANS) (the ” Company ” or ” VMC “) is pleased to report that it has completed its previously announced acquisition (the ” Transaction “) where it changed its name from “Mansa Exploration Inc.” to “Voltage Metals Corp.” (” VMC “), and then acquired Voltage Metals Inc. (” Voltage Metals “).
Voltage is a mineral exploration company focused on its 100% interest in the St. Laurent Project located in St. Laurent Township , Northern Ontario , 160 kilometres northeast of Timmins , 50 kilometres south of Detour Lake Mine and 20 kilometres southwest of Casa Berardi Mine. Past shallow drilling at the St. Laurent Project identified disseminated multi‐element sulphide mineralization across notable widths trending towards a large gabbro‐hosted magnetic feature. The Ni‐ Cu‐Co‐Au‐Pt‐Pd zone is open along strike and at depth. This mineralized zone, importantly, is coincident with a strong 600‐metre long EM anomaly. Drilling to date has not yet intersected massive sulphides, and the EM anomaly has not yet been explained. The disseminated sulphide halo provides an important vector to guide the upcoming future exploration work.
Voltage also owns a 100% interest in the Montcalm Project, the Nova Project and the Gambler Project, which are early‐stage exploration projects located in the Montcalm Greenstone Belt, approximately 65 kilometres northwest of Timmins, Ontario .
Overview of the Transaction
The Transaction was completed by way of a share exchange pursuant to which VMC acquired all the issued and outstanding common shares of Voltage Metals (the ” Voltage Metals Shares “) in exchange for its common shares (” VMC Shares “) on the basis of 1.269841 VMC Share for each Voltage Metals Share issued and outstanding for a total of 36 million VMC Shares being issued to Voltage Metals shareholders, as a result of which Voltage Metals became a wholly-owned subsidiary of the Company.
A finder’s fee of 750,000 VMC Shares was also issued to an arm’s length party in connection with the completion of the Transaction.
For further information with respect to the Transaction and the business of VMC, please refer to the listing statement (the ” Listing Statement “) of VMC which will be filed under its profile on SEDAR at www.sedar.com .
Commencement of Trading
The Transaction constituted a fundamental change in accordance with the policies of the Canadian Securities Exchange (the ” CSE “). Trading in the common shares of the Company is currently halted; however, the CSE has conditionally approved the listing of the VMC Shares in connection with the Transaction. Listing is anticipated shortly but is subject to VMC fulfilling all listing requirements of the CSE. Subject to final approval, the VMC Shares are anticipated to commence trading on the CSE under the ticker symbol “VOLT”. The Company will provide an update once the CSE has issued a bulletin confirming the date on which trading on the CSE will commence.
Unit Financing
As previously announced on January 4, 2022 and February 17, 2022 , prior to the closing of the Transaction, VMC completed a non-brokered private placement for gross proceeds of $2,211,650 (the ” Financing “). The Company issued: (i) 8,718,998 units (the ” Units “) at an issue price of $0.15 per Unit with each Unit consisting of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a ” Warrant “), with each Warrant entitling the holder thereof to purchase one common share of the Company at a price of $0.25 per share for a period of twenty-four months from the closing date; and (ii) 4,520,000 flow-through shares at an issue price of $0.20 per share.
The Company intends to use the proceeds of the flow-through shares for ongoing general exploration of the Company’s mineral exploration properties in Canada.
Capitalization
Upon completion of the Transaction, VMC has 82,796,844 VMC Shares issued and outstanding (non-diluted), of which the former shareholders of the Company hold 32,807,846 VMC Shares representing approximately 39.6%, the former shareholders of Voltage Metals hold 36,000,000 VMC Shares representing approximately 43.5%, and the investors in the Financing hold 13,238,998 VMC Shares representing approximately 16%.
Early Warning Disclosure
In connection with the closing of the Transaction, G+G Corp. (the ” New Insider “), was issued 15,238,092 VMC Shares, representing approximately 18.4% of the issued and outstanding VMC Shares. The New Insider holds the VMC Shares for investment purposes, and may evaluate such investment on an ongoing basis and subject to various factors including, without limitation, the Company’s financial position, the price levels of the VMC Shares, conditions in the securities markets and general economic and industry conditions, the Company’s business or financial condition, and other factors and conditions that the New Insider may deem appropriate. The New Insider may increase, decrease or change his ownership over the VMC Shares or other securities of the Company.
A copy of the Early Warning Report with additional information in respect of the foregoing matters will be filed on www.SEDAR.com under the Company’s profile.
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the timing of the commencement of trading on the CSE and the business and operations of the Company and Voltage Metals. The forward-looking statements and information are based on certain key expectations and assumptions made by management, including expectations and assumptions concerning the Company and Voltage Metals and the timely receipt of CSE approval. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information. There can be no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to, general economic conditions, the state of the regulatory environment, and the delay or failure to receive CSE approval. Please refer to the Listing Statement for more details on the risks faced by the Company. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward- looking information for anything other than its intended purpose. Management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
TORONTO, Feb. 23, 2023 /CNW/ – Voltage Metals Corp., (“Voltage” or the “Company”) (TSXV: VOLT) is pleased to report final assay results from the diamond drill program at the Company’s 100% owned St. Laurent Nickel-Copper-Cobalt Project, located 160 km northeast of Timmins, Ontario. Exploration consisted of seven holes, (2,457m), with borehole EM geophysical surveys completed on six holes. The 2022 program was a follow up to encouraging results from a 2019 program by a previous operator, with SL-19-01 intersecting three separate intervals of >1.0% Ni, and SL-19-03 intersecting 113.4 m 0.22% Ni, 0.17% Cu
Highlights
Six out of Seven holes intersected encouraging Ni-Cu sulphide mineralization.
SL-22-07 intersected 51.8 metres of 0.24% Ni 0.18% Cu, was drilled to provide definition on the broad zone of mineralization intersected in SL-19-03 which included 113.4 metres 0.22% Ni, 0.17% Cu.
SL-22-09 intersected 23.1 metres of 0.36% Ni, 0.23% Cu, including a higher-grade section of 6.0 metres of 0.62% Ni, 0.36% Cu. A deeper intersection in this hole returned 14.0 metres of 0.25% Ni, 0.14% Cu.
SL-22-10 intersected 10.3 metres of 0.29% Ni, 0.17 % Cu and a deeper higher-grade interval of 0.67% Ni, 0.44% Cu over 4.0 metres..
SL-22-11 intersected multiple intervals of mineralization including 17.5m of 0.28% Ni 0.19% Cu, an intermediate interval of 13.0 metres of 0.53% Ni, 0.27 % Cu, and a deeper intersection of 14.4 metres of 0.36% Ni, 0.32% Cu.
A newly identified Maxwell Plate EM anomaly positioned between SL-10-01 and SL-19-02 suggests size and continuity of mineralization for follow-up drill testing.
A recently defined Maxwell Plate EM anomaly proximal to SL-19-06 providing a priority target for follow-up work and suggests continuity of the mineralized system to the northeast.
St. Laurent Nickel Sulphide Mineralized System
The St. Laurent Project displays geological characteristics indicative of a gabbro breccia/conduit hosted style of nickel mineralization, comparable to the Lynn Lake Deposit (28.4 million tons @ 0.91% Ni, 0.49% Cu)1 the Kenbridge deposit (7.5 million tonnes @ 0.58% Ni, 0.32% Cu)2, and the Montcalm Deposit (3.9 million tonnes @ 1.3% Ni, 0.67% Cu, 0.05 Co)3. Characteristics of these systems include, irregular massive sulphide lenses contained within broad intervals of lower grade mineralization, often disrupted by barren xenoliths of gabbro intrusion material and the surrounding wall rock material.
Nickel and sulphur assay data from St Laurent predicts a high nickel tenor4 of 5% Ni for massive sulphides (35% S) in the St. Laurent system. Drilling to date has intersected multiple intervals of wide, lower grade disseminated, stringers and blebby sulphide mineralization.
2022 Drill Hole Results
SL-22-05 was drilled 45 metres up-dip from the three closely spaced mineralized zones intersected in SL-19-01 (1.1% Ni, 0.5% Cu, 503 ppm Co, 5.1% S over 3.6m, 1.3% Ni, 0.5 % Cu, 568 ppm Co, 5.6% S over 4.2m, 1.0% Ni, 0.8% Cu, 506 ppm Co, 4.8% S over 4.7m) coincident with the center of a strong Maxwell Plate EM anomaly. The hole encountered sulphide mineralization at the expected depth with 0.7% Ni, 0.3% Cu over 2.6 m, but was abruptly terminated by the presence of mafic volcanic xenoliths. Several narrow intervals were intersected, including 3.9 m of 0.21% Ni, 0.25% Cu, and a deeper section of 0.8m of 0.81% Ni, 0.14% Cu. The presence of mafic volcanic xenoliths is an expected component of the conduit type system. Identifying the position of the larger xenoliths is important for future drill planning.
SL-22-06 was drilled to test the north-east extension of the mineralized system in the down plunge direction, targeting a deep-strong Maxwell Plate EM anomaly. Non mineralized Gabbro and Diorite were intersected throughout the entirety of hole with no explanation for the anomaly. Follow up Borehole EM surveys have defined a strong, large off-hole anomaly indicating the presence of conductive material continuing in the northeast down-plunge direction.
SL-22-07 was drilled 400 metres in front and oriented back towards SL-19-03. The purpose of the hole was to further define the width and orientation of the low- grade mineralization in SL-19-03, while at the same time testing multiple Maxwell Plate EM anomalies. SL-22-07 intersected 51.8m of 0.24% Ni, 0.18% Cu. The broad zone of mineralization was cut-off early by the presence of a large mafic volcanic xenolith. The mineralized zone in this area is interpreted to be approximately 75 metres wide. Borehole EM surveys have defined a large continuous Maxwell Plate EM anomaly coincident with the broad zone of mineralization, suggesting good continuity to the system.
SL-22-08 was drilled 80 metres east of SL-22-05 to test the edge of a Maxwell Plate EM anomaly. A wide interval of 52.7 metres of 0.12% Ni, 0.09% Cu with a higher-grade interval of 0.25% Ni, 0.18% Cu over 9.0 metres was intersected.
SL-22-09 was drilled from the same setup as SL-22-08 at a steeper dip. SL-22-09 intersected 0.62% Ni, 0.36% Cu over 6.0 m within a broader interval of 23.1 metres of 0.34% Ni, 0.23% Cu. Variation in grade of mineralization between SL-22-09, SL-22-08 drilled 60 metres above, and SL-19-01 drilled 65 metres to the west, highlight the expected variations in this style of a mineralized system. SL-22-09 encountered a large mafic volcanic xenolith interpreted to have cut off a portion of the mineralized zone.
SL-22-10 was drilled to test wide sections of mineralization reported in drill holes PA-2 and PA-4 (1966). Drill casings for these two holes were located in the field, which allows the historical data to be accurately incorporated into the current model. SL-22-10 was positioned between the two older setups and planned to evaluate the western portion of the mineralized system. SL-22-10 intersected 10.3 metres of 0.29% Ni, 0.17% Cu and a second interval of 4.0 metres of 0.70% Ni, 0.44% Cu.
SL-22-11 was drilled from the same setup as SL-22-10 at a shallower dip. Multiple zones of mineralization were intersected throughout the hole, including 5.5 metres of 0.28% Ni, 0.18% Cu, 6.5 metres of 0.22% Ni, 0.21% Cu, 17.5 metres of 0.28% Ni, 0.42% Cu, and 13.0 metres of 0.53% Ni, 0.27% Cu. The mineralized zone is interpreted to be approximately 100 metres thick based on drilling in this area.
Assay results are included in Table 1. Drill intervals in the table are core lengths, as true widths have not been determined due to insufficient drill detail.
Table 1 – St. Laurent 2022 Diamond Drill Program Assay Results
BHID
From m
To m
Width m
Ni ppm
Cu ppm
Co ppm
Au ppm
Pt ppm
Pd ppm
S %
SL-22-05
196.4
204.9
8.5
2978
2116
155
0.01
0.02
0.04
1.9
SL-22-05 incl
196.4
199.0
2.6
6733
3127
315
0.03
0.04
0.07
3.6
SL-22-05
216.6
220.5
3.9
2108
2491
135
0.05
0.03
0.04
2.2
Sl-22-05
256.2
257.0
0.8
8060
1395
408
0.02
0.21
0.13
4.5
SL-22-06
NSA
SL-22-07
289.2
341.0
51.8
2356
1817
159
0.03
0.07
0.07
3.7
SL-22-07 incl
330.5
339.8
9.3
3447
3130
192
0.07
0.14
0.09
3.7
SL-22-07 incl
334.0
339.8
5.8
4176
3718
232
0.09
0.18
0.12
4.3
SL-22-08
190.0
242.7
52.7
1203
917
98
0.01
0.02
0.02
2.5
SL-22-08 incl
190.0
199.0
9.0
2482
1806
129
0.01
0.02
0.02
2.2
SL-22-08
274.5
280.5
6.0
1332
777
112
0.01
0.04
0.04
2.5
SL-22-09
237.4
260.5
23.1
3577
2332
178
0.02
0.02
0.03
2.3
SL-22-09 incl
240.0
246.0
6.0
6183
3564
278
0.02
0.04
0.04
3.4
SL-22-09
284.0
298.0
14.0
2458
1372
149
0.02
0.01
0.03
2.3
SL-22-10
86.0
96.3
10.3
2938
1692
193
0.02
0.07
0.06
3.1
SL-22-10
164.0
168.0
4.0
6696
4352
329
0.16
0.06
0.03
4.5
SL-22-10 incl
165.3
168.0
2.7
8346
5885
408
0.22
0.07
0.04
5.3
SL-22-11
25.0
30.5
5.5
2701
1749
174
0.02
0.06
0.04
2.6
SL-22-11
85.0
91.5
6.5
2148
2183
146
0.03
0.05
0.04
2.2
SL-22-11
106.4
114.0
7.6
1561
770
116
0.01
0.04
0.03
1.6
SL-22-11
134.5
152.0
17.5
2801
1859
178
0.02
0.04
0.02
2.8
SL-22-11
175.5
188.5
13.0
5270
2674
314
0.01
0.04
0.05
3.7
SL-22-11 incl
185.4
186.5
1.1
13445
4480
810
0.01
0.10
0.12
6.9
SL-22-11
209.1
223.5
14.4
3603
3208
196
0.02
0.09
0.04
3.1
2022 Drill Program
Exploration consisted of seven holes, (2,457m), with borehole EM geophysical surveys completed on six holes. A total of 570 samples, representing 800 metres of core were split for analysis. All drill holes, with the exception of SL-22-06, intersected multiple intervals of sulphide mineralization. The St. Laurent mineralized system has been sporadically tested along 650 metres strike extent, with only 4,792 metres of drilling in three separate programs since 2008. In 1966, 13 holes were competed, with drill logs (limited assay data) provided for 7 of the 13 holes (1,081m). Drill Hole locations for the 2022 program are included in Table 2.
Table 2- 2022 Drill Hole Locations
BHID
UTM E
UTM N
Elev Z
Az
Dip
EOH m
SL-22-05
603758
5469208
290
330
-55
300.0
SL-22-06
603988
5469744
290
150
-70
486.0
SL-22-07
603835
5469675
290
150
-55
471.0
SL-22-08
603828
5469243
290
330
-55
309.0
SL-22-09
603828
5469243
290
330
-68
384.0
SL-22-10
603590
5469409
290
150
-65
219.0
SL-22-11
603590
5469409
290
150
-50
288.0
2457.0
Borehole EM Surveys
Borehole EM surveys were performed on the majority of 2019 and 2022 drill holes. The interpreted Maxwell Plate modeling is an effective method at tracking the trend of the mineralization and provides a high level of confidence for future drill targeting.
Comment on Results
The 2022 Voltage diamond drill program has improved the geological understanding of the St. Laurent project and greatly expanded the footprint of the mineralized system. Bob Bresee, President of Voltage states “The objective of the 2022 drill program was to identify massive sulphide mineralization, which based on the nickel tenor of this system indicates high grade 5% nickel. The St. Laurent magmatic system includes appreciable amounts of cobalt and PGE’s which combined with a high nickel grade provides an extremely desirable exploration target due to the high dollar value of the contained minerals. Although massive sulphides are the primary exploration focus, wide lower grade nickel mineralization in conjunction with the current high metal prices present exploration opportunities to evaluate lower nickel grade, larger volume material. The broad zones of lower grade mineralization at St. Laurent indicate a large continuous system that has been lightly drill tested with 5,873 metres total drilling since 1966, along a strike distance of 650 metres.”
Assaying & QAQC
Core was logged, tagged and sawn at the Company’s logging facility in Cochrane, Ontario. Samples were transported in sealed bags to ALS Canada Ltd. facility in Timmins for preparation. Pulps were transported to Vancouver, British Columbia for 35 element MEICP41 Aqua regia ICP AES analysis, PGM ICP23 analysis for Au- Pt- Pd analysis, S-IR08 for Sulphur analysis, Cu OG46 analysis for >10000 ppm Cu and NiOG46 analysis for >10000 ppm Ni. the sampling of, and assay data, from drill core is monitored through the implementation of a quality assurance – quality control (QA-QC) program designed to follow industry best practice.
Qualified Person
The St. Laurent 2022 diamond drill project was completed under the direct supervision of Todd Keast, P.Geo, a consultant to Voltage Metals Corp. Todd Keast, P.Geo. is a Qualified Person as defined in National Instrument 43-101. He has reviewed and approved the technical content of this press release.
References:
Pinsent R.H., 1980, Nickel Copper Mineralization in the Lynn Lake Gabbro, Manitoba Department of Energy and Mines Minerals Resources Division Economic Geology Report ER-79-3.
Tartisan Nickel Corp. Sedar Website P & E Mining Consultants, Sept 17,2020, Technical Report and Updated Mineral Resource Estimate of the Kenbridge Nickel Project.
Atkinson, 2011, Ministry of Northern Development and Mines.
Nickel Tenor is a common practice in magmatic nickel-copper exploration where the nickel vs S ratio is extrapolated to 100% sulphides (35% S), to estimate the grade of massive sulphide. Nickel tenor does not provide certainty that massive sulphides will be discovered.
TORONTO, Aug. 16, 2021 /CNW/ – Mansa Exploration Inc. (“Mansa” or the “Company”) (CSE: MANS) is pleased to announce that it has entered into a binding letter of intent dated August 13, 2021 (the “Agreement”) with Voltage Metals Inc. (“Voltage”). Pursuant to the Agreement, Mansa will acquire all of the issued and outstanding shares of Voltage in exchange for shares of Mansa (the “Transaction”). The Transaction will constitute a reverse takeover of Mansa by Voltage and will be a “fundamental change” of Mansa pursuant to the policies of the Canadian Securities Exchange (“CSE”), requiring approval from the CSE. Approval of the shareholders of Mansa and Voltage will also be required.
Shareholders of Voltage will receive an aggregate of 36,000,000 common shares in the capital of Mansa in exchange for the outstanding common shares of Voltage.
ABOUT VOLTAGE METALS INC.
Voltage is a mineral exploration company with a highly experienced team focused on the St. Laurent Project which covers 4,170 hectares and is located in St. Laurent Township, Northern Ontario, 160 kilometres northeast of Timmins, 50 kilometres south of Detour Lake Mine and 20 kilometres southwest of Casa Berardi Mine.
Past shallow drilling at the St. Laurent Project identified disseminated multi-element sulphide mineralization across notable widths trending towards a large gabbro-hosted magnetic feature. The Ni-Cu-Co-Au-Pt-Pd zone is open along strike and at depth. This mineralized zone, importantly, is coincident with a strong 600-metre long EM anomaly.
Drilling to date has not yet intersected massive sulphides, and the EM anomaly has not yet been explained. The disseminated sulphide halo provides an important vector to guide the upcoming future exploration work.
Voltage is party to a purchase agreement (the “Purchase Agreement”) dated June 20, 2020, as amended March 1, 2021, with Pancontinental Resources Corp. (“Pancon”), pursuant to which Voltage will be acquiring from Pancon a 100% interest in the St. Laurent Project, along with the Montcalm Project, the Nova Project and the Gambler Project, with the latter three projects being early-stage exploration projects located in the Montcalm Greenstone Belt, approximately 65 kilometres northwest of Timmins, Ontario. Pursuant to the terms of the Purchase Agreement, Voltage has two remaining payments to Pancon as follows: (i) $300,000 no later than September 30, 2021; and (ii) $200,000 no later than December 31, 2021.
PRIVATE PLACEMENT
Prior to or concurrently with the completion of the Transaction, it is anticipated that Mansa will carry out a private placement financing (the “Concurrent Financing“) to raise up to $2 million in gross proceeds for the purposes of funding its working capital requirements and carrying out exploration work on the properties of Voltage and Mansa. The terms of the Concurrent Financing will be determined by Voltage and Mansa.
CONDITIONS TO CLOSING TRANSACTION
A listing statement of Mansa will be prepared and filed in respect of the Transaction. Investors are cautioned that, except as disclosed in the listing statement, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Completion of the Transaction is subject to a number of conditions, including, but not limited to, receipt of regulatory approval, compliance with applicable securities laws, and the receipt of all requisite shareholder approvals. Trading in the common shares of Mansa will remain halted pending review of the Transaction by the CSE. There can be no assurance that trading in the common shares will resume prior to completion of the Transaction.
QUALIFIED PERSON STATEMENT
All scientific and technical information contained in this news release was prepared and approved by Todd Keast, P. Geo, who is a Qualified Person as defined in NI 43-101.
The CSE has not, in any way, passed upon the merits of the Transaction and associated transactions and has not, in any way, approved or disapproved of the contents of this news release. The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
ABOUT MANSA EXPLORATION
Mansa Exploration is a Canadian mineral exploration company listed on the Canadian Securities Exchange (CSE) under the symbol MANS. Mansa currently has an option to acquire a 100% interest in the 1,900-hectare Skyfire property located in the Caribou mining area of central British Columbia, Canada. Mansa may earn 100% interest by incurring an aggregate of $1,250,000 in exploration expenditures on the property by December 31, 2022. Mansa is also exploring for Ni-Cu-PGE mineralization on its 100% owned, 19,750-hectare Wheeler Property located in southwestern Newfoundland and Labrador.
FORWARD-LOOKING INFORMATION
Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Transaction, the completion thereof and the use of proceeds. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including the receipt of all necessary regulatory and shareholder approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
As the world moves to meet stringent targets for cutting carbon emissions — partly by phasing out internal-combustion engine cars — demand for lithium, cobalt and nickel vital for electric vehicle batteries will soar, raising the prospect of shortages.
High lithium prices have failed to spur investment in new capacity due to lower long-term contract prices, while the problem for cobalt supply is that it is mainly a byproduct of copper, meaning investment decisions are based on copper prices.
For nickel, new projects in Indonesia, which has the world’s largest reserves, mean the likelihood of major shortfalls may only come into play towards the end of this decade.
Lithium
Electric vehicle batteries can use lithium carbonate or lithium hydroxide, but the industry typically talks of lithium carbonate equivalent (LCE) which contains both.
LCE prices on the spot market have risen above $12,000 a tonne, more than double the levels seen in November last year and the highest since January 2019, Benchmark Mineral Intelligence (BMI) says.
Those levels are high enough to incentivise investment in new capacity, but annual or longer term contracts signed in the last quarter of 2020 with lower prices are a barrier.
BMI’s George Miller forecasts a LCE deficit of 25,000 tonnes this year and expects to see acute deficits from 2022.
“Unless we see significant and imminent investment into large, commercially viable lithium deposits, these shortages will extend out to the end of the decade,” Miller said.
The location of more than 60% of processing capacity in China is a concern as it could pose a risk to electric vehicle supply chains in the United States and Europe.
Roskill’s analysts estimate lithium carbonate equivalent demand will rise above two million tonnes by 2030, a more than 4.5 fold increase from 2020.
Cobalt
Cobalt content in batteries has been cut significantly in recent years, but soaring sales of EVs mean demand for the minor metal is expected to rise overall, leaving deficits.
Analysts at Roskill forecast cobalt demand will rise to 270,000 tonnes by 2030 from 141,000 last year.
Indonesia’s high pressure acid leach (HPAL) projects will help cover some of the shortfall.
But the problem remains that cobalt is mostly a byproduct.
“It’s difficult to invest in cobalt specific capacity because it is a byproduct. There isn’t a mechanism within which supply can react to demand and prices,” said George Heppel, a consultant at CRU.
“If we look out to the mid-2020s, we could really do with another Katanga.”
Glencore expects its Katanga mine in Democratic Republic of Congo to produce 30,000 tonnes of cobalt this year.
CRU forecasts cobalt demand from electric vehicles to account for more than 120,000 tonnes, or nearly 45% of the total, by 2025 compared with nearly 39,000 tonnes, or 27%, in 2020.
The world’s largest cobalt producer is the Democratic Republic of Congo, which is taking steps to develop controls and traceability of artisanal material to make it acceptable to those worried about human rights abuses.
Nickel
Concerns about nickel supply for battery chemicals dissipated after Chinese nickel pig iron (NPI) producer Tsingshan Holding Group said it would convert NPI into matte, which can be used to make chemicals for batteries.
“There are now projects totaling 300,000 tonnes per annum to convert NPI into a product that can be turned into sulphate for batteries,” Macquarie analyst Jim Lennon said.
“That nickel is on the verge of a surpercycle is hype. It will be over-supplied until at least the mid-2020s.”
Lennon also expects Indonesia’s high pressure acid leach (HPAL) projects to produce between 400,000-600,000 tonnes of nickel a year for much of this decade.
Global nickel supply is estimated at around 2.6 million tonnes this year. Of that about two-thirds will be used by stainless steel mills, most of them in China, while electric vehicles account for less than 10% of consumption.
Tsingshan said in March it would supply 100,000 tonnes of nickel matte to customers.
“There are other operators in Indonesia who could follow Tsingshan,” said BoA Securities analyst Michael Widmer, who expcts NPI supply to contribute to surpluses in 2024 and 2025.
BloombergNEF has upped its predictions for annual demand for lithium-ion batteries by more than a third from its previous forecast on the back of expectations for rapid growth in the passenger vehicle segment.
BNEF predicts annual demand for lithium-ion batteries will pass 2.7 terawatt-hours per year by 2030 – a 35% increase from the analytics company’s forecast made last year. Passenger vehicles will represent 72% of the overall market as sales race to 14 million by 2025 from just over 3 million last year.
BNEF expects China to extend its lead in the battery supply chain — particularly processing and refining. The country accounts for almost half of new lithium hydroxide projects coming online this year and has 55% of the world’s nickel sulfate market and 80% of the global market for cobalt sulfate, according to the report.
The Asian nation also accounts for 95% of the world’s manganese sulfate production and almost all of the graphite used in producing materials for anodes. Despite its dominance in the supply chain, the electric car market is expected to grow fastest in Europe with Germany expected to represent 40% of total sales by 2025 versus 25% for China.
“Diversifying the global supply chain would require significant investment from regions such as Europe and North America.”
Chemistries
BNEF says automakers wary of rising raw materials costs could switch to lithium iron phosphate (LFP) batteries, which are significantly cheaper to manufacturebut come at the expense of lower range. This would enable the electrification of transport to continue unabated, says the firm:
“LFP’s share of stationary storage deployments in 2030 jumps to 53% in this outlook from 23%, at the cost of the highest nickel chemistries.”
Lithium
BNEF believes lithium carbonate and hydroxide should be sufficiently supplied until at least 2025, but hydroxide could face a shortage by 2027, as demand for high nickel chemistries surges:
“One key risk is that some 35% of the projected supply growth from now until 2025, will come from integrated spodumene-to-hydroxide converters in Australia.
“These projects are expensive and have a history of delays. Should the commissioning of these Australian converters be delayed there may be a shortage of hydroxide by 2025.”
Lithium prices have been on a tear this year, with carbonate climbing 71%, hydroxide 91%, and spodumene feedstock 58%. BNEF expects all prices to continue their rally but gradually plateau as more supply comes online through 2022.
Nickel
The nickel sulfate market is expected to remain balanced in the medium term and in the near term prices should hover around the $18,000 a tonne mark:
“Domestic demand in China was relatively low as some automakers are shifting to LFP chemistries. This will have limited impact in the adoption of nickel-rich battery cathode chemistries, and as such, the nickel sulfate market may slip into a 128,000 metric ton deficit as early as 2024.
“At the start of the year, BNEF predicted that the nickel market will move into a two-tier system for nickel pricing to further incentivize investment into additional Class 1 battery-grade nickel supply. At the end of the first half of 2021, there have been no concrete developments toward this much-needed change in the dynamics of pricing in the nickel market.”
Cobalt
BNEF expects the cobalt market to move into a small surplus of around 3,300 tonnes this year on the back of increasing large-scale and artisanal mining production. The DRC is responsible for some two-thirds of global output, which is predicted to rise to about 166,434 tonnes in 2021.
From above $50,000 a tonne in March, a two year high, cobalt metal prices could average $45,000 per tonne by the end of the year:
“With the market projected to be relatively in surplus this decade, BNEF expects prices will hold at an average of $44,000 per ton up to 2025.”
Manganese
Manganese production in top producer South Africa in April more than tripled as covid disruptions eased, but BNEF says mining operations in the country are plagued by challenges associated with haulage, electricity reliability and port operations.
The manganese battery supply chain will experience the strongest growth through 2030, with the market increasing in size by a factor of more than 9. Manganese sulfate prices have risen 30%, from $867 per tonne in January to $1,128 in June, and are expected to continue to strengthen over the course of the year:
“With the manganese sulfate market currently projected to be in a deficit, prices are likely to rise to support new refinery projects in order to meet demand by 2024.”
Graphite
Graphite demand from lithium-ion batteries, according to BNEF, is set to grow by 37% year on year to just under 447,000 tonnes in 2021, increasing fourfold by the end of the decade. Commercial vehicles will represent the fastest growth, with year-on-year demand doubling in 2021.
Global demand of nickel used in batteries is expected to rise 18% this year from 2020, backed by strong sales of electric-vehicles (EVs) in China, Sumitomo Metal Mining, Japan’s biggest nickel smelter, said on Tuesday.
Sumitomo Metal, which supplies cathode materials for Panasonic lithium-ion batteries that are used in Tesla EVs, said demand of nickel used in rechargeable batteries will increase to 228,000 tonnes in 2021 from 193,000 tonnes in 2020.
Nickel is mainly used in stainless steelmaking, but is also a vital ingredient for the lithium-ion batteries used to power EVs, where demand is set to accelerate over coming years.
Click here for an interactive chart of nickel prices
“Sales of EVs are growing very fast, especially in China, despite the covid-19 pandemic,” Yusuke Niwa, general manager of Sumitomo Metal’s nickel sales and raw materials department, told reporters.
“The recent drawdown in LME’s nickel stocks is seen to reflect rising demand for the metal used in batteries,” he said, pointing to a drop by more than 30,000 tonnes over the past two months.
The company also predicted that a global nickel market surplus will narrow to 58,000 tonnes this year from 132,000 tonnes in 2020 as robust demand from the stainless steel sector will offset higher output of nickel pig iron (NPI) in Indonesia.
Global demand for nickel is seen increasing by 9.2% in 2021 to 2.58 million tonnes, while supply is expected to climb by 5.8% to 2.638 million tonnes.
During the first four months of the year, the global nickel market saw a deficit of 34,900 tonnes, the International Nickel Study Group said.
“But we expect a surplus later this year as more projects for NPI production in Indonesia will start up,” Niwa said.
Japan’s demand for nickel is projected to rise 15.7% to 167,400 tonnes, while supply is forecast to fall 2.4% to 165,800 tonnes.
The figure, the company’s largest single investment made at its Thompson nickel operations, will also be allocated to continuing exploration in the area and search for new deposits that hold the promise of mining well past 2040.
Dino Otranto, chief operating officer for Vale’s North Atlantic Base Metals operations, said the investment was is just one part of the company’s ambitious Thompson turnaround story.
THE FIGURE, THE COMPANY’S LARGEST SINGLE INVESTMENT MADE AT ITS THOMPSON NICKEL OPERATIONS, WILL ALSO BE ALLOCATED TO CONTINUING EXPLORATION IN THE AREA AND SEARCH FOR NEW DEPOSITS
“[We have a ] plan that will enable us to extract the Thompson nickel resources for many years to come,” he said in a media statement.
The extension of Vale’s current operations is planned as a two-staged project, with the first phase set to include critical infrastructure work, such as new ventilation raises and fans, increased backfill capacity and additional power distribution.
The company, the world’s largest nickel producer, said that phase-one changes are expected to improve current production by 30%.
“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel–positioning the metal we mine as a key contributor to a greener future and boosting world demand,” executive vice-president for base metals, Mark Travers, said.
The Thompson orebody was first discovered in 1956 by Vale, which was then known as Inco, following the adoption of new exploration technology and the largest exploration program to date in the company’s history. Mining began in 1961.
BNEF predicts annual demand for lithium-ion batteries will pass 2.7 terawatt-hours per year by 2030 – a 35% increase from the analytics company’s forecast made last year. Passenger vehicles will represent 72% of the overall market as sales race to 14 million by 2025 from just over 3 million last year.
